Attack Ad Effectiveness - Free Essay Example

Sample details Pages: 7 Words: 2168 Downloads: 3 Date added: 2017/06/26 Category Advertising Essay Type Analytical essay Did you like this example? In the 2012 U.S. Presidential Election Attack ads were a major part of the 2012 presidential election campaign in the U.S. In fact, the Washington Post reports that of the $404 million that was spent on TV ads in favour of Barack Obama, 85% ($343.4 million) was spent on negative ads, while of the $492 million spent on TV ads in favour of Mitt Romney, 91% ($447.72 million) was spent on negative ads (Andrews, Keating, Yourish, 2012). Don’t waste time! Our writers will create an original "Attack Ad Effectiveness" essay for you Create order The attack ad strategies of both candidates were very similar. In fact, the top ten U.S. states in which the candidates spent campaign funds on negative TV ads were exactly the same, with Florida, Virginia, and Ohio being the top three respectively (Andrews, Keating, Yourish, 2012). Given that the vast majority of money spent on TV ads was spent on negative ads, it is reasonable to believe that there must be some efficacy to such ads. In this project, scholarly research on the effectiveness of attack ads in the 2012 U.S. presidential campaign is reviewed in order to answer the question when and in what circumstances were the attack ads effective during this election? Interests Group Involvement and Attack Ads Recent trends in media and campaign ad funding may contribute to the high number of attack ads in the 2012 U.S. presidential campaign, as well as the campaigns high ratio of negative-to-positive ads. While the percentage of negative ads coming directly from the campaigns of the candidates increased significantly from 2008 to 2012, the majority of the increase in negative ads is attributable to the rise in campaign ads that were not funded by the candidates campaigns (Fowler, 2012). In fact, 60% of presidential campaign ads in 2012 were funded by groups other than presidential campaign groups (Fowler, 2012). This is a huge increase from 2008 in which 97% of ads were funded by presidential candidate campaigns (Fowler, 2012). The number of ads from interest groups increased by 1,100% from 2008 to 2012, while the number of TV ads from political parties increased from zero in 2008 to almost 10,000 in 2012 (Fowler, 2012).   Moreover, in 2008, ads from presidential candidates were only 9% negative, while those from interest groups were 25% negative (Fowler, 2012). These numbers quickly changed by 2012, in which 53% of ads from the presidential candidates themselves were negative and 86% from interest groups were negative (Fowler, 2012). The increase in the involvement of special interest groups in advertisement campaigns only partially explains the increase in attack ads in 2012. The change in media and the rise of social media may be able to explain partially both the increase in special interest group participation and the increase in attack ads. Polarized Parties and Polarized Media Several recent changes in news media may have affected not only the number of political attack ads, but also the efficacy of such ads. One major change in news media is that it now covers political ad campaigns much more than in the past. In fact, from 1960 to 2008, the percentage of political news articles and segments that covered political ads rose by over 500% (Geer, 2012). On one hand, the increased coverage of political ads may be because of the increase in attack ads. After all, attack ads tend to be more controversial and news-worthy than positive ads. On the other hand, however, the increase in attack ads may be, in part, the result of an increase in media coverage of negative ads. Geer (2012) argues that news media now cover negative ads so extensively that they have given candidates and their consultants extra incentive to produce and air them (p. 423). There may or may not be a mutualistic relationship between attack ads and media coverage of political ads. Nevertheless , the clear increase in both may help to increase the efficacy of attack ads, given that such ads may receive more media coverage. If it is the case that the medias willingness to cover negative political ads more than positive ads does, in fact, encourage more attack ads, there is not a necessary increase in the efficacy of such ads. Geer (2012) holds that the increase in media coverage on attack ads does not mean that such coverage is in any way influential to voters; that is, it is not typically the goal of news organizations to influence voters. Thus, while an attack ad may receive more public attention because of the media, the increase in attention may not be necessarily favourable or unfavourable to any candidate. Another recent change in news media is its partisanship. Now, many U.S. news outlets are partisan or are considered to be partisan by viewers. For example, just as Fox News is considered to be a conservative news organization that promotes Republican politicia ns over Democratic politicians, MSNBC is considered to be a liberal news organization (Jacobson, 2013). The polarization of the media may actually be the result of the polarization of the current two-party federal political system in the U.S. (Sides Vavreck, 2014). In the last decade, the democratic and republican political parties in the U.S. have moved further away ideologically, resulting in substantial gridlock in Congress (Sides Vavreck, 2014). Such disagreement and polarization may, on one hand, lead to an increase in attack ads. Attack ads may seem more effective when there is such a large ideological divide between the parties. On the other hand, such political polarization has likely contributed to the polarization of news outlets (Sides Vavreck, 2014), which, in turn, further encourages attack ads. Even with the increase in polarized parties and media outlets, attack ads may not be an effective means to sway voters towards or away from particular candidates. Attack Ad Rationale and Efficacy A meta-analysis of research studies on the effects of political attack ads reveals that attack ads tends to be more memorable and stimulate more knowledge about political campaigns than positive campaign ads (Lau, Sigelman, Rovner, 2007). Despite these effects, campaign attack ads were not found to be effective at convincing individuals to either change their votes or to vote in an election (Lau, Sigelman, Rovner, 2007). Moreover, the results of the meta-analysis revealed that attack ads have significant negative effects on individual perceptions of the political system, trust in government, and public mood (Lau, Sigelman, Rovner, 2007). A more recent meta-analysis conducted by Fridkin and Kenney (2011) found that in some cases campaign attack ads can be effective at lower voter evaluations of targeted candidates. However, Fridkin and Kenney (2011) also found that in certain circumstances, attack ads lower voter evaluations of the attacking candidates. For an attack ad to be effective, the researchers found that the attack ad must bring up a relevant issue that is reinforced with fact or must present the opposing candidate as being uncivil in some significant way. Otherwise, the attack ad may have no effect or even a negative effect on voters. Additionally, Fridkin and Kenney (2011) found that effects from attack ads on voter evaluations of candidates tend to be very small. Social Media and Attack Ads The rise of social media has dramatically changed the political advertising landscape. The 2012 presidential campaign features another strong social media showing by President Obama, who outspent every other candidate in social media advertising in his successful 2008 presidential run (West, 2013). Social media allowed Obama to reach key demographics much more effectively than general television commercials allowed (West, 2013). Social media allows candidates to contrast a higher number of messages and aim specific messages at target audiences effectively (West, 2013). This is extremely important during a time in which there are so many issues of disagreement between the two major U.S. political parties and in which transparency is highly valued (West, 2013). Social media outlets serve as a significant platform for all political ads and their content, altering the ways in which we tend to think about politics and the media. Another important aspect of social media and attack ads is that social media acts as a platform for social discussions on attack ads. Just as the news media tends to cover attack ads more than positive political ads, members of social media sites tend to openly discuss attack ads more than positive political ads (Hong Nadler, 2012). Thus, the rise of social media may have further encouraged the use of attack ads during the 2012 U.S. presidential election. Even so, as with news media, there is no significant evidence that the increase in news media coverage generated from attack ads alters voter behaviour or attitudes (Hong Nadler, 2012). As a result, the effectiveness of attack ads cannot be confirmed. A Deeper Look into the 2012 Election and its Attack Ads The 2012 presidential election featured Mitt Romney, who spent significantly more on attack ads than Barack Obama (Andrews, Keating, Yourish, 2012). Moreover, a greater ratio of Romneys television ads were attack ads (Andrews, Keating, Yourish, 2012). Nevertheless, Obama was the victor in the election, as well as the popular vote. The results of the 2012 presidential election, however, do not suggest that attack ads are ineffective. Incumbent candidates are more likely to win elections, including presidential elections, in the U.S. than non-incumbents (Sides Vavreck, 2014). Thus, the efficacy of the attack ads used by either candidate cannot be determined based on the outcome of the election alone. Of the six most memorable attack ads of the 2012 U.S. presidential election, West (2013) argues, five were attack ads. The first is an attack ad from Obama about Romneys Swiss Bank account. This attack ad may have been effective with moderate voters because it singled Romney out as having a major interest in big business, as opposed to improving the middle-class (West, 2013). Additionally, the ad had high relevance to a real issue, which meets the Fridkin and Kenney (2011) criteria for an ad that may be effective at reducing favourability with a particular candidate. The second ad is from Romney and targeted Obamas failure to bring unemployment levels to acceptable levels (West, 2013). This ad targeted a real issue, while providing a positive aspect, which is that Romney has the business experience to create jobs as President. The third attack ad is also from Romney and claimed that Obamas recent tax plan would raise taxes on the middle class (2013). This can be viewed as a direct rebuttal to Obamas attack ad and consequently addresses a real and relevant topic. The fourth memorable attack ad in this campaign is the attack from the American Crossroads, which is a Super Political Action Committee (PAC). The attack targets Obamas celebrity status (West, 2013 ). This attack fails to address any real issue and, thus, should not be viewed under the Fridkin and Kenney (2011) criteria as being able to influence voter favourability toward Obama. Finally, the Priorities USA Super PAC targeted Romneys capitalization on Bain Capital, again indicating that Romney does not have the interests of the middle-class in mind, but instead has the interests of the upper-class in mind. This attack ad addresses a highly relevant issue. For the most part, the attack ads of the 2012 U.S. Presidential Election were likely to be somewhat effective in decreasing voter favourability. While there is no strong evidence that attack ads actually sway voter decisions or voter turnout (Lau, Sigelman, Rovner, 2007), there is evidence that voter favourability of a candidate can be decreased through political attack ads when such ads address a relevant issue (Fridkin Kenney, 2011). Moreover, attack ads tend to generate considerably more media attention than positive political ads. While this may seem, prima facie, to benefit candidates who put out attack ads, there is no evidence that such media coverage influences voter behaviour. Thus, the logic behind one of the primary reasons for attack ads may be flawed. Nevertheless, the 2012 U.S. Presidential Election featured a number of attack ads, many of which were on-topic and relevant, others were off-topic and irrelevant. The actual effectiveness of these attack ads is not currently known, though they likely, at the very least, increased media coverage for the targeted candidates. References Andrews, W., Keating, D., Yourish, K. (2012) Mad Money: TV Ads in the 2012 Presidential Campaign. The Washington Post. Accessed on 15 October 2015 from: https://www.washingtonpost.com/wp-srv/special/politics/track-presidential-campaign-ads-2012/ Fridkin, K. L., Kenney, P. (2011) Variability in Citizens Reactions to Different Types of Negative Campaigns. American Journal of Political Science, 55(2), pp.307-325. Fowler, E. F. (2012) Presidential Ads 70 Percent Negative in 2012, Up from 9 Percent in 2008. Wesleyan Media Project, May, 2, pp.119-136. Geer, J. G. (2012) The News Media and the Rise of Negativity in Presidential Campaigns. PS: Political Science Politics, 45(03), pp.422-427. Hong, S., Nadler, D. (2012) Which candidates do the public discuss online in an election campaign?: The use of social media by 2012 presidential candidates and its impact on candidate salience. Government Information Quarterly, 29(4), pp.455-461. Jacobson, G. C. (2013) How the Economy and Partisanship Shaped the 2012 Presidential and Congressional Elections. Political Science Quarterly, 128(1), pp.1-38. Lau, R. R., Sigelman, L., Rovner, I. B. (2007) The Effects of Negative Political Campaigns: a Metaà ¢Ã¢â€š ¬?analytic Reassessment. Journal of Politics, 69(4), pp.1176-1209. Sides, J., Vavreck, L. (2014) The Gamble: Choice and Chance in the 2012 Presidential Election. Princeton University Press. West, D. M. (2013) Air Wars: Television Advertising and Social Media in Election Campaigns, 1952-2012. Sage.

Analysis Of H.j s Article A Journal Call Question

H.J. McCloskey Published an article in a journal call Question One in February of 1968, he named it â€Å"On Being an Atheist†. In McCloskey’s article, he states a very compelling explanation in why he thinks the everlasting disputes of God’s existence fails. My paper is responding to McCloskey’s arguments with a theistic worldview. In McCloskey’s article, he ventured to explain how atheism is by far more rational, as well as more comfortable than theism is. McCloskey used the word â€Å"proof† instead of â€Å"theory† to add deceptive power to this argument of his. Unfortunately, there are many of his theories that can be and are accepted as a truth, but they cannot be absolutely proven. Nothing in this world can be proven one†¦show more content†¦The Cosmological Argument as previously discussed, is the existence of the universe and â€Å"cosmos† is the direct suggestion that God exists. This can be and is often indicated as the â€Å"first-cause argument†. This is because they believe that God is the first reason for the cause of the existence of the universe. One of McCloskey first complaints is that people are not suitable to believe that the universe needs a cause. McCloskey finds this to be true simply because, it would require a root for the universe whic h in turn, would also obligate a source for God. He then continues to profess that even if the cosmological argument is able to facilitate us to hypothesize the existence of God, then there would be no reason to hypothesize that God has to be omniscient, omnipotent, and many more. There are living things in our world that have no clue how they came to be. Essentially everything that happens has to be caused by something, which would mean that the actualization of our universe has to be contingent on a cause. He also stated that he believes that the cosmological argument, â€Å"does not entitle us to postulate an all-powerful, all-perfect, uncaused cause,â€Å" (McCloskey, 51). It seems that McCloskey believes that it is not necessary to believe in an â€Å"uncaused cause† merely because the earth exists. McCloskey feels as if the only outcome that we can takeShow MoreRelatedInclusion Practices in Education Essay example4520 Words   |  19 Pagesresources, education new s and feature articles, and background on education materials. Visit the OnWEAC Home Page at www.weac.org to see the latest news, services and educational resources. This article was updated March 15, 2007 Inclusion remains a controversial concept in education because it relates to educational and social values, as well as to our sense of individual worth. 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Importance of Institutional Investors-Free-Samples for Students

Questions: 1.Does his Optimistic outlook for his Cash Position appear to be correct? 2.what would Elis ending Cash Balance be? 3.Argue why are Treasury bills a favorite place for Financial Managers to invest excess cash, as Compared to other Options? Your answer must be supported with examples and academic citations 4.Why are Institutional Investors Important in today's Business world? Your answer must be supported with examples and academic citations. Answers: 1.In the given case, Eli Lilly is showing optimistic outlook for his cash position, since he is expecting it to be doubled in this year from $600,000 to $1,200,000. It can be seen that the net assets will remain at 50% of total sales and his firm is going to enjoy 8% return on total sales. Thus, being his cash balance started with $ 120,000 in the current year, further cash balance or deficit for the year end is computed below. Actual sale of previous year = $ 600,000 Actual net asset remains 50% of the actual sale = $ 600,000 * 50% = $ 300,000 Expected sale of next financial year = $ 1,200,000 Expected net asset will be 50% of the expected sale = $ 1,200,000 * 50% = $ 600,000 Assumed asset is 50% of sales increase. In this case, increase in sales is $ 600,000, hence total asset is 50% of increased sale = $ 300,000 Since Eli Lilly has started with cash of $ 120,000 therefore rest asset is assumed to be fixed asset amounted to $ 180,000 ($ 300,000 - $ 120,000). Thus, it can be said that optimistic outlook of Eli for his cash balance is positive, because his expected sales is double of previous years sales. 2.In this case, if there would be no increment in sales, the ending cash balance is computed below. Actual sale of previous year = $ 600,000 Actual net asset remains 50% of the actual sale = $ 600,000 * 50% = $ 300,000 Therefore, assumed total asset would be 50% of total sales, that is $ 300,000 * 50% = $ 150,000, out of which his beginning cash balance is $ 120,000. Therefore, his ending cash balance would be $ 30,000. Thus, based on the analysis of both the case examples, it can be said that prudence concept of accounting is to be maintained. Where anticipated loss to be booked first and anticipated gain should be ignored (Chase Rice, 2014). Here in this situation, Eli has been found highly optimistic about his expected increment in sales and started to dream for buying luxury car and house, without even realizing that the increment in sales might not happen in future. Thus, Eli should realize the actual sale first and then brag for luxurious things. 3.Treasury bills are offer a very low risk in the investment and to earn guaranteed return and this makes it more attractive to many investors. In treasury bills, the par value and the purchase price is interest, where option for purchasing T-Bills to the investors lies at auction and then it is discounted at par value. (Bodie, Kane Marcus, 2014). This bill has maturity period for less than one year and is generally sold up to denomination of $1000. However, the significant disadvantage of treasury bills is that it offers very low return in comparison of other investment opportunities in the market. (An Zhang, 2013). Apart from this T-bills are associated with liquidity and absorbs amount of invested in business. These are issue for three-time periods basically, such as 91-day bill, one year note and 182 days bills (Krishnamurthy Vissing-Jorgensen, 2012). Some of the features of T-bills are mentioned below- Eligibility: Any individuals, company, trust, bank, financial institutions, firms, insurance company can make investment in treasury bills Minimum bid: It requires minimum bidding price but have the capacity to yield higher return Issue price: One of the most important features of T-bill is that it is issued by government at discount rate but at the time of redemption it is redeemed at par (Nyawata, 2013) Repayment: As mentioned earlier, the T-bills are repaid by government at par Availability: These financial instruments are highly liquidated instrument and can be easily available from primary and secondary market As financial managers are entrusted with the role of ensuring efficient financial position of company, they take investment decision focusing on three key areas such as tenure of investment, finance and dividends (Moser, 2017). Financial managers are stressed upon buying T-bill because within a short time period it provides maximum return (Nixon Burns, 2012). In T-bills, the return is secured and guaranteed and have capacity to immune against risk like inflation, recessions and depressions. Treasury bill yields more return to financial investors than that of other securities due to various reasons. Some of the reasons are mentioned below- Nature of treasury bills: Earning from investment in Treasury bill has indirect relationship with the price. It can be observed from the secondary market, when demand for bond is higher in market, their bidding price also rise, but in case of Treasury bill, their coupon rate remains lower as compared to higher prices of other investments in the market. As financial investors prefer low risk, they are likely to make investments in T-bills, because this protects investors against market risk in uncertain financial condition of economy (Dungey Hvozdyk, 2012). Risk-free treasuries: Like all bonds, T-bills also provide return to investors at the time of maturity. As T-bill is issued by government there are least chances that government of economy will fail to meet their obligations related to debts (Bodie, Kane Marcus, 2014). Interest rate on Treasury bill and other bonds: Interest received on other bonds like loans, short-term investment, deposit accounts is always compared with interest rate received on treasuries. At present, it is seen that interest rate offered on T-bills is similar to bond issued by several corporate bonds (Huang Huang, 2012). In order to evaluate by applying which policy financial investor invest in T-bills, the following example is taken to explain the scenario. For instance, interest rate on T-bill is 5% and on any other corporate bond is also same but an investor always selects T-bills because they are safer bond as compared to any other bonds also the expected return remains unaffected due to market fluctuations. Easier liquidity facility: T-bill is easily convertible into cash due to their liquidity nature. In addition to this even if the time period does not elapse, an investor can withdraw the invested amount. Not associated with any transaction cost: No transaction cost is associated with T-bills like other investments. Apart from this, a broker also does not charge any brokerage for purchasing T-bills (Jagric et al. 2015). Thus, from above explanations it can be concluded that T-bills are best option to use in portfolio by a financial investor as it carries almost no or minimum risk. Apart from this, another reason for which financial investor opts for making investment in T-bill is that it does not have any provision for call. Thus, at the economic slowdown when corporate or municipal bonds are called, treasury investors can easily configure the holding period of security. 4.The term Institutional investors refer to any individual person or an organization which trades large shares of equities for lower commissions and preferential treatment. They face less regulation as compared to other investors because it is assumed that they are knowledgeable enough to protect themselves. Some example of institutional investor includes commercial banks, hedge funds, mutual funds, and endowment funds (McCahery, Sautner Starks, 2016). As compared to retail investor they have extensive knowledge about investment options and have specialized knowledge because they are one of the largest forces for encouraging demand and supply in security market. Before analyzing importance if institutional investor in business world it is necessary to understand the difference between retail investors and institutional investors and their role in market. Difference between retail investors and institutional investors: In case of retail investors, they are bound to pay brokerage fees, distribution cost and marketing cost for every transaction carried out. However, institutional investors make transaction independently and avoid payment of marketing and distribution cost (McCauley, 2012). Both retail and institutional investors invest in stock, options, bonds and future contracts but some markets are basically for institutional investors only due to nature of market securities and risk. Such market includes forward market and swaps. Role of institutional investors Institutional investors reduce information asymmetries: It is seen in financial market that flow of asymmetric information generates price discount. In order to understand this concept better, an example of car market is shown here. Rational buyers of car assume that they have better information about quality of car offered in sale and due to this situation, they will buy car which have lower quality (Dhiman Raheja, 2017). So, the good quality of car seller will be driven out from the market. Therefore adverse selection of product through flow of asymmetric information is observed, it is also seen in stock market as well. It creates negative impact on share market but this negative impact is reduced by institutional investors by deploying book building method in stock market (Helwege, Intintoli Zhang, 2012). Increases liquidity: Liquidity refers to ease of asset to convert into cash without affecting its actual value. Prevalence of less liquidity in stock market reduces price of shares in stock market and affects negatively. If stocks are not regularly traded in market its underlying value will remain uncertain and thus liquidity will decrease as investors will take less interest on stock market (Manconi, Massa Yasuda, 2012). But research conducted by economist revealed that liquidity in stock market is still going on due to presence of institutional investors. Presence of institutional investors affects cost of equity and stock price in market and also assists in reducing tax bill paid by company from the global context. Improve corporate governance: Corporate governance implies developing performance of company operating in market. In order to develop structure and performance of company in market it is necessary to oversights of managers present in respective company. Thus, if shareholders or institutional investors of company remain dissatisfied with corporate government of company they will deploy two methods to improve corporate governance (Basak Pavlova, 2013). They will either sell shares or raise the voice for showing their dissatisfaction which as a result will enhance companys performance in market. From the above discussion importance of institutional investors in todays world has been drawn below- Firstly, these investors have huge amount of cash and can easily finance large projects for economic development of companies (Nixon Burns, 2012). Apart from this, company can utilize the money to build their respective company financially strong. Second, they are entrusted with large power when they invest large amount of fund in company. The board of director of respective company gives importance to their decision based on their investment capacity. Thirdly, majority of institutional investors control stock market of country and thus they have the ability to control stock market (Jagric et al. 2015). Thus, they expand their activity areas to trade in overseas market and make the economy of country strong. Fourthly, institutional investors control corporate governance of company by regulating and mitigate the agency problems (An Zhang, 2013). They stress upon management of company to pay interest to the profitability of shareholders of company and address their problems by exercising their bargaining power. Lastly, they play important role in allocation of capital in different companies by regulating corporate governance. Moreover, they monitor the risk by providing proper information about stock market. References An, H., Zhang, T. (2013). Stock price synchronicity, crash risk, and institutional investors.Journal of Corporate Finance,21, 1-15. Basak, S., Pavlova, A. (2013). Asset prices and institutional investors.The American Economic Review,103(5), 1728-1758. Bodie, Z., Kane, A., Marcus, A. J. (2014).Investments, 10e. McGraw-Hill Education. Chase, A. F., Rice, P. M. (Eds.). (2014).The Lowland Maya Postclassic. University of Texas Press. Dhiman, B., Raheja, S. (2017). Does personality traits and emotional intelligence influence investment decisions of investors?.Asian Journal of Research in Social Sciences and Humanities,7(7), 99-110. Dungey, M., Hvozdyk, L. (2012). Cojumping: Evidence from the US Treasury bond and futures markets.Journal of Banking Finance,36(5), 1563-1575. Retrieved from https://www.repository.cam.ac.uk/bitstream/handle/1810/236114/wp39.pdf?sequence=1 [Accessed on 22nd July 2017] Helwege, J., Intintoli, V. J., Zhang, A. (2012). Voting with their feet or activism? Institutional investors impact on CEO turnover.Journal of Corporate Finance,18(1), 22-37. Retrieved from https://jacobslevycenter.wharton.upenn.edu/wp-content/uploads/2014/06/14.12.Keim_.pdf [Accessed on 21st July 2017] Huang, J. Z., Huang, M. (2012). How much of the corporate-treasury yield spread is due to credit risk?.The Review of Asset Pricing Studies,2(2), 153-202. Retrieved from https://archive.nyu.edu/bitstream/2451/26484/2/02-40.pdf [Accessed on 22nd July 2017] Jagric, T., Podobnik, B., Strasek, S., Jagric, V. (2015). Risk-adjusted performance of mutual funds: some tests.South-eastern Europe journal of Economics,5(2). 1- 12. Krishnamurthy, A., Vissing-Jorgensen, A. (2012). The aggregate demand for treasury debt.Journal of Political Economy,120(2), 233-267. Manconi, A., Massa, M., Yasuda, A. (2012). The role of institutional investors in propagating the crisis of 20072008.Journal of Financial Economics,104(3), 491-518. Manconi, A., Massa, M., Yasuda, A. (2012). The role of institutional investors in propagating the crisis of 20072008.Journal of Financial Economics,104(3), 491-518. Retrieved from https://www.newyorkfed.org/medialibrary/media/research/conference/2013/fire_sales/Paper_Yasuda_Ayako_et_al.pdf [Accessed on 21st July 2017] McCahery, J. A., Sautner, Z., Starks, L. T. (2016). Behind the scenes: The corporate governance preferences of institutional investors.The Journal of Finance,71(6), 2905-2932. McCauley, R. N. (2012). Risk-on/risk-off, capital flows, leverage and safe assets. Moser, J. (2017). Failed Delivery and Daily Treasury Bill Returns.Evolution,5, 17. Nixon, B., Burns, J. (2012). The paradox of strategic management accounting.Management Accounting Research,23(4), 229-244. Nyawata, O. (2013). Treasury bills and/or central bank bills for absorbing surplus liquidity: the main considerations.Journal of International Commerce, Economics and Policy,4(02), 135-145.

Pierre De Fermat Essays - Integer Sequences, Additive Number Theory

Pierre De Fermat Pierre de Fermat Pierre de Fermat was born in the year 1601 in Beaumont-de-Lomages, France. Mr. Fermat's education began in 1631. He was home schooled. Mr. Fermat was a single man through his life. Pierre de Fermat, like many mathematicians of the early 17th century, found solutions to the four major problems that created a form of math called calculus. Before Sir Isaac Newton was even born, Fermat found a method for finding the tangent to a curve. He tried different ways in math to improve the system. This was his occupation. Mr. Fermat was a good scholar, and amused himself by restoring the work of Apollonius on plane loci. Mr. Fermat published only a few papers in his lifetime and gave no systematic exposition of his methods. He had a habit of scribbling notes in the margins of books or in letters rather than publishing them. He was modest because he thought if he published his theorems the people would not believe them. He did not seem to have the intention to publish his papers. It is probable that he revised his notes as the occasion required. His published works represent the final form of his research, and therefore cannot be dated earlier than 1660. Mr. Pierre de Fermat discovered many things in his lifetime. Some things that he did include: -If p is a prime and a is a prime to p then ap-1-1 is divisible by p, that is, ap-1-1=0 (mod p). The proof of this, first given by Euler, was known quite well. A more general theorem is that a0-(n)-1=0 (mod n), where a is prime to n and p(n) is the number of integers less than n and prime to it. -An odd prime number can be expressed as the difference of two square integers in only one way. Fermat's proof is as follows. Let n be prime, and suppose it is equal to x2 -y2 that is, to (x+y)(x-y). Now, by hypothesis, the only basic, integral factors of n and n and unity, hence x+y=n and x-y=1. Solving these equations we get x=1 /2 (n+1) and y=1 /2(n-1). -He gave a proof of the statement made by Diophantus that the sum of the squares of two numbers cannot be the form of 4n-1. He added a corollary which I take to mean that it is impossible that the product of a square and a prime form 4n-1[even if multiplied by a number that is prime to the latter], can be either a square or the sum of two squares. For example, 44 is a multiple of 11(which is of the form 4 x 3 - 1) by 4, therefore it cannot be expressed as the sum of two squares. He also stated that a number of the form a2 +b2, where a is prime b, cannot be divided by a prime of the form 4n-1. -Every prime of the form 4n+1 is accurate as the sum of two squares. This problem was first solved by Euler, who showed that a number of the form 2(4n+1) can be always showen as the sum of two squares, of course it was Mr. Pierre de Fermat. -If a, b, c, are integers, a2 + b2= c2, then ab cannot be a square. Lagrange solved this. - The determination of a number x such that x2n+1 may be squared, where n is a given integer which is not squared. Lagrange gave a solution of this also. -There is only one integral solution of the equation x2 +4=y3. The required solutions are clearly for the first equation x=5, and for the second equation x=2and x=11. This question was issued as a challenge to the English mathematicians Wallis and Digby. -No basic values of x, y, z can be found to satisfy the equation xn+yn=zn; if n is an integer greater than 2. This thesis has achieved extraordinary celebrity from the fact that no general demonstration of it has been given, but there is no reason to doubt that this true. -Fermat also discovered the general theorem that was on the guess that a number can be found into the product of powers of primes in only one way. These were some interesting things that Mr. Fermat did in his life. During Mr. Fermat's life many things happened as world events. First Ludolph Van Ceulen died, there is a site dedicated to this long-ignored mathematician, who spent his entire life, approximating Pi to 35 places. Then Blaise Pascal lived

Free Essays on Montgomery

Montgomery After reading â€Å"Montgomery County Taketh Away† by Reynolds Williams, I learned that it was a very strong argument between two different opinions that people had. â€Å"We hold these truths to be self-evident, that all men are created equal, [that they are born with the right to] Life, Liberty, and the Pursuit of Happiness†. This quote allows and argument to take place considering it is in the constitution. One side of the argument is that the public schools do not give the teacher and the fifth graders what they need. The students will not have the potential to understand what the history of America is actually saying in the constitution. The other side of the argument is about what the quote actually said, â€Å"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their creator with certain unalienable rights, that among these are Life, Liberty and the pursuit of Happiness†. In this statement, it tells that not all people may have the same rights as many people do. The fifth graders would never hear this quote because of slavery. The citizens who fight this on this side of the argument believe that the students should hear the truth and correct quote so they know the actual history of America that all the citizens had to live in. My point of view is simple. I believe that all the students should know what really happened in America. The quote should not be â€Å"sugar coated† for fifth graders to read, but instead they should see the quote and talk about how much America has changed from when it was first written. The students should learn from the teacher why America used this quote and what the quote means. This debate is mostly about rights and who had them and who did not. Also the students should learn why we had slavery which could be taught after reading this particular quote. I personally believe that I am an activist because the constitution needs to change as Americ... Free Essays on Montgomery Free Essays on Montgomery Montgomery After reading â€Å"Montgomery County Taketh Away† by Reynolds Williams, I learned that it was a very strong argument between two different opinions that people had. â€Å"We hold these truths to be self-evident, that all men are created equal, [that they are born with the right to] Life, Liberty, and the Pursuit of Happiness†. This quote allows and argument to take place considering it is in the constitution. One side of the argument is that the public schools do not give the teacher and the fifth graders what they need. The students will not have the potential to understand what the history of America is actually saying in the constitution. The other side of the argument is about what the quote actually said, â€Å"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their creator with certain unalienable rights, that among these are Life, Liberty and the pursuit of Happiness†. In this statement, it tells that not all people may have the same rights as many people do. The fifth graders would never hear this quote because of slavery. The citizens who fight this on this side of the argument believe that the students should hear the truth and correct quote so they know the actual history of America that all the citizens had to live in. My point of view is simple. I believe that all the students should know what really happened in America. The quote should not be â€Å"sugar coated† for fifth graders to read, but instead they should see the quote and talk about how much America has changed from when it was first written. The students should learn from the teacher why America used this quote and what the quote means. This debate is mostly about rights and who had them and who did not. Also the students should learn why we had slavery which could be taught after reading this particular quote. I personally believe that I am an activist because the constitution needs to change as Americ...

The Legacy of the French Revolution essays

The Legacy of the French Revolution essays One of the periods of tremendous upheaval throughout Europe was the French revolution, beginning in 1789. As the people of France, from the workers to the bourgeoisie to the nobles, vied for political power and control, the country went through intense periods of terror and bloodshed. Some may argue that the revolutions end did not fulfill the desires of the French people or aid them in their search for reform. But the revolution did create the inextinguishable spark throughout Europe: the right to rebel. All over the continent oppressed countries began following Frances lead, trying to better their life through rebellion. This spark of hope in Europes lower classes is the foremost legacy of the French revolution; all people realized the power of the working man and his ability to unite a country. While the revolution, with its moderate yet useless political reform, implement the beginning of the modern age of France, the revolutions true legacy was to afford Europes lower classes wi th the confidence, cause, and motivation to change their country through rebellion. The political reforms created by the revolution in France did little to better the peoples lives or empower them through representation. As power shifted hands throughout the revolutions four stages, the demands of the lower classes remained as they had been upon the meeting of the Estates General. The peasants cry for lower taxes and less economic pressure was due to their lack of food and privileges, neither of which were addressed at all during the revolution. The drafters constitutions of the 1790s were never concerned about socialist reforms, instead they wish to empower themselves. But by 1848, the socialist peasants realized their immense oppression and soaring taxes had not been eliminated, and revolted against the revolutionaries in a violent outburst that left unrest all over France. A truly reformed country...

Own topic Essay Example | Topics and Well Written Essays - 1250 words

Own topic - Essay Example How the temperature of the solution influences the enzyme activity. It is expected that the enzyme will be destroyed at high temperatures and will work slowly at low temperatures because the enzyme is found in a plant that lives approximately at 10C-30C. The influence of the pH on enzyme activity. Because the plant tissue that the enzyme is found in is not extremely acidic or basic, it is expected that extremes of pH will have a negative effect on enzyme activity. Previously prepared enzyme extract at volumes of 0.5, 1.0 and 2.0 ml was added to tubes containing 1.0 ml guaicol dye (or 0 ml for control), 2.0 ml H2O2 (or 0 ml for control), and buffer (pH 5) at volumes of 3-5 ml to produce a total volume of 8.0 ml. Spectrophotometer readings at 500 nm were performed at 20 second intervals immediately after mixing the tubes for two minutes and the results were recorded. Mixtures of 4 ml buffer (pH 5) (or 0 ml for control), 2.0 ml H2O2 (or 0 ml for control), 1.0 ml of extract (or 0 ml for control) and 1.0 ml guaicol dye (or 0 ml for control) were combined at a total volume of 8 ml, incubated at 4C, 22C, 32C and 48C and 100C All the solutions were pre-incubated at the appropriate temperatures for 15 minutes to allow them to equilibrate before mixing. Spectrophotometer readings at 500 nm were performed at 20 second intervals immediately after mixing the tubes for two minutes and the results were recorded. To determine the effects of pH mixtures of 4 ml buffer at pH 3, 5, 7 or 9 (or 5 or 0 ml for control), 2.0 ml H2O2 (or 0 ml for control), 1.0 ml of extract (or 0 ml for control) and 1.0 ml guaicol dye (or 0 ml for control) were combined at a total volume of 8 ml. Spectrophotometer readings at 500 nm were performed at 20 second intervals immediately after mixing the tubes for two minutes and the results were recorded To see how inhibitors effect enzyme activity mixtures of 4 ml buffer (pH 5) (or 0 ml