Jewish Literature And The Holocaust - 899 Words

Holocaust literature is one of the emerging field in literature during the second half of the twentieth century. Several Holocaust survivors wrote about the atrocities they witnessed and their experiences during the incarceration. The word â€Å"Holocaust† encompasses images of death, horror, and inhumanity. Although many survivors find it difficult to talk aabout their experience, some of the took an oath to use their pen to protest against such horrible genocide and to make sure that this would never happen again. Primo Levi (1919-1987) and Elie Wiesel (1928-2016) were among those writers who made a significant contribution to the modern Jewish literature in general and the Holocaust in particular. Primo Levi is best known for his grandeur†¦show more content†¦Perhaps the most difficult part in studying the Holocaust literature is the language itself. Those who witnessed the Holocaust find it difficult to write about their experiences. Levi once said that words are difficult to describe the horror and feelings of the survivors of the Holocaust (Hornstein, Jacobowitz 1). Levi and Wiesel have fundamental differences with their experiences, observations, and reactions during their incarceration at the camp. The structure of the sentences in Levi’s memoir are concise, yet emotionally charged. Wiesel’s writing, on the other hand, is filled sometimes with religious ideas and prayers and in some occasions a total despair and anger with God. It is important to know that when Eliezer first arrived to Auschwitz, he sees things through a child’s eyes. He was fourteen years old. The fact that he lied about his age is a crucial moment to show his love to his old, sick father. Throughout the novel, Eliezer uses his naà ¯ve optimism and faith to survive. On the other hand, Levi was twenty-four years old when arrived to the camp. He was mature enough to use his genius and expertise to survive the horror. As the events unfold in Night, Eliezer witnesses the burning of the bodies and that immediately crushes his soul. He starts to lose his faith in society and questions the impartiality of God and the divine intervention to save them from such horrible pain. Eliezer sees the flames raising from a ditch andShow MoreRelatedWriters And Poets Of The Post Holocaust Era1426 Words   |  6 PagesThesis: Writers and poets of the post-Holocaust era have struggled through language to record their experiences. Despite the challenges, these authors are dependent on the limits of language and its reliance on metaphors in order to communicate the meaning they ultimately set out to convey. The daunting and complex process of detailing the past is done for the preservation of memory. The way in which past events are documented determines the way that future events are defined. 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They all believed that Germans was â€Å"Superior† and that the Jews, were also alien threating to call German racial community. In 1933, The Jewish population of Europe they all stood over nine million. The Jews lived in the countries that Nazi Germany would occupy of the influenceRead MoreComparing American Slavery and the Holocaust994 Words   |  4 Pages The purpose of this essay is to compare and contrast the American Slavery and the Holocaust, in terms of which one was more malevolent than the other. Research indicates that â€Å"the â€Å"competition† between African-American and Jews has served to trivialize the malevolence which both has suffered† (Newton, 1999). According to L. Thomas â€Å"A separate issue that contributes to the tension between blacks and Jews refer to to the role that Jews played in the American Slave trade.† History Around 1600Read MoreThe Comic Book MAUS1288 Words   |  5 PagesMAUS Introduction Since the publishing of the comic book MAUS, there has been a broad debate not only from the survivors of the Holocaust but within the Jewish community pertaining to the appropriateness and representational meaning of the Holocaust in the modern literature. Many people who participate in the discussions or read the book have perceived the comic fashioning of the book as trivial, hence making the book appear as mocking, derogatory and comedic. Nevertheless, this is not theRead MoreThe Holocaust Of The Nazi Party791 Words   |  4 Pagespolicies included â€Å"purifying† Germany, taking over the world, and exterminating any group of people that contradicted their idea of a perfect society, namely the Jewish. By 1945 twenty million people died, including gypsies (Romanian), the Polish, Soviet citizens, the disabled, Jehovah’s Witnesses, homosexuals and yes the Jewish. The Holocaust is a prime example of genocide. The Nazis sent their prisoners to concentration camps where they were denied food, forced to work ungodly hours and made to sleepRead MoreAutobiographical Literature of the Holocaust1641 Words   |  7 Pagesï » ¿Jpz777 03/11/2013 Order # 2087935 Literature has always been mankinds greatest medium with which to express the spectrum of human emotion and experience, from the anguish of love lost to the joy of discovery, but the evocative power of the written word can also be used to capture the horrors that men are capable of inflicting on one another. During the Holocaust of World War II, during which the Nazi regime of Germany occupied much of continental Europe and murdered more than 6 million Jews

Bowlby s Evolutionary Theory Of Attachment - 1497 Words

Bowlby defined attachment as â€Å"a lasting psychological integration bounded by human beings† (Bowlby, 1969, p.194). However, attachment can also be described as a strong, mutual, emotional connection or relationship formed between two people, mostly between infant and its caregiver. According to Macoby (1988) attachment has four key characteristics which are: proximity; where an infant always want to stay near the attached caregiver. Separation anxiety; is when the infant is distressed when separated from the caregiver. Pleasure, when the infant and the caregiver feel pleasure at reunion and lastly frequent contact; where the infant is always conscious of the caregiver and desire to be in contact with caregiver. The attachment theory on nativist debate emphases on nature or biological factors, for example genes in developing attachment. Bowlby’s evolutionary theory of attachment is an example that support the nativist debate which recommends that children are present on this earth as a nativist (biological) pre-planned to develop bond with other people, which enable them to survive in their environments. He was greatly prejudiced by ethological theory in overall, but particularly by Lorenz’s (1935) study of imprinting; Lorenz displayed that â€Å"attachment was innate in young ducklings. Lorenz believed the ability for animals to form an emotional bond is inborn and adaptive, so he carried out a study to found out the natural behaviours in animals particularly in greylag geese andShow MoreRelatedThe Attachment Theory Since The Time Of John Bolwby. Bowlby s Evolutionary Theory Of Attachment1979 Words   |  8 PagesThis essay sets out to discuss important developments of the a ttachment theory since the time of John Bolwby. Bowlby’s evolutionary theory of attachment suggests that children come into the world biologically pre-programmed to form attachments with others, to help them survive. He believed that attachment behaviors are instinctive and are activated by any conditions that seem to threaten the achievement of proximity, so separation, insecurity and fear (McLeod, 2007). The first development to be discussedRead MoreOutline Key Features of the Evolutionary Perspective Explanation of Attachment and Evaluate751 Words   |  4 PagesOutline key features of the evolutionary perspective explanation of attachment and evaluate. An attachment is an emotional bond between two people. It is a two-way process that endures over time. An evolutionary perspective of attachment was researched by the famous John Bowlby in 1969. Bowlby observed both humans and mammals. 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Ainsworth and Bell’s theory, based on Strange Situation Test (SST), and Bowlby’s monotropic theory will be evaluated and shall show their usefulness in psychological research. Summary of Attachment. An attachment is, to quote Kagan et al. (1978, cited in Gross, 2015), â€Å"†¦an intense emotional relationship that is specific to two people, that endures over time,Read MoreBowlby s Theory Of Attachment1255 Words   |  6 PagesAttachment refers to an affectional bond; a bond which is exclusive to an individual and cannot be exchanged to another. A particularly important bond is the emotional one between an infant and its primary care giver. When it comes to attachment it is often said that it is either down to nature or nurture. Nature is the belief that it is genetic based whilst nurture believes it is our environment and experiences. Bowlby focuses on the evolutionary argument for attachment. Bowlby’s theory can beRead MoreDevelopment Of Attachment Of The Learning And Evolutionary Theories1579 Words   |  7 Pageswill be evaluating the development of attachment of the learning and evolutionary theories. I will also be looking at different view points regarding the impact of early experience on later life. The first theory I will be looking at is the learning theory. The learning theory is also called behaviourism, which says all of our behaviour is learnt because â€Å"when born our mind is tabula rasa (a blank slate).† (McLeod, 2007). The behaviourist theory of attachment was proposed by Dollard Miller inRead MoreEvolutionary Psychology : The Brain, Immune System, And Genetics894 Words   |  4 Pageswhen put within these situations. Evolutionary Psychology is of humans when they experience a changing environment and look for differences within their behaviours, their cognition and also their brain structure. They use observations to gain knowledge about how it affects people within the changes. Evolutionary psychology was based on the roots of Charles Darwin’s theory of natural selection but it has been massively influenced by other fields such as, evolutionary biology, genetics, ethology andRead MoreLearning Theory Of Attachment And The Other Being Bowlbys Evolution Theory1692 Words   |  7 Pagesdevelopment in later life. Attachment theories are studied and the effect of no attachment or disrupted attachment is studied and aimed to be resolved. John Bowlby defined attachment as the emotional and physical connection that makes two people stay close to one another. It is between children and their primary caregivers (Psychologistworld.com, 2016). This essay will discuss and evaluate two theories of attachment: one being Dollard and Miller’s learning theory of attachment and the other being Bowlby’sRead MoreAttachment Theory886 Words   |  4 Pagesï » ¿Attachment Theory The Attachment theory is focused on the relationships and bonds between people, particularly long-term relationships including those between a parent and child and between romantic partners. Attachment is an emotional bond to another person. Psychologist John Bowlby (1969, 1988) was the first attachment theorist, describing attachment as a lasting psychological connectedness between human beings. Bowlby believed that the earliest bonds formed by children with their caregiversRead MoreThe Theory Of Developmental Psychology1336 Words   |  6 Pageswhich aims to look at how children and adults develop. Theories such as Bowlby s attachment theory can explain how a child s development can be altered by their attachment, thus leading to the ideology of the nature vs nurture debate, nature referring to the process of biological maturation while nurture is referring to the impact of the environment or surroundings, which involves the idea that a person learns through experiences. (McLeod, S. A, 2012) The Psychodynamic approach was developed by

Global Financial Crisis and Nigerian Stock Market Volatility Free Essays

string(624) " small changes in economic fundamentals, Minsky’s theorised that financial fragility is a typical feature of any capitalist economy and financial fragility levels move together with the business cycle, but the Herding and Learning models explained that asset purchases by a few agents encourage others to buy too, not because the true value of the asset increases when many buy \(which is called â€Å"strategic omplementarity†\), but because investors come to believe the true asset value is high when they observe others buying \(Avery Zemsky, 1998, Chari and Kehoe, 2004, Cipriani Guarino, 2008\)\." GLOBAL FINANCIAL CRISIS AND NIGERIAN STOCK MARKET VOLATILITY Abdul ADAMU Department of Business Administration, Nasarawa State University, Keffi – Nasarawa State. adamuabdulmumeen@yahoo. com uooba1009@gmail. We will write a custom essay sample on Global Financial Crisis and Nigerian Stock Market Volatility or any similar topic only for you Order Now com Tel. +2348029445391, +2348064851648. Paper presented at the National Conference on â€Å"Managing the challenges of Global Financial Crisis in Developing Economies† organised by the Faculty of Administration, Nasarawa State University, Keffi, Nasarawa State – Nigeria held between March 9 – 11, 2010. Abstract The current global financial crisis is no longer news but a reality. Our policy makers in the country have been proven wrong based on their argument that the country was insulated. Some of the sectors that have felt the heat of the crisis are the banking sector and the stock market. In the stock market, investors lost trillions of naira due the downward fall in the prices of stock. Based on this, the study assesses the extent of the stock market volatility in the period preceding the crisis and the period of the crisis. Using the All Share Index, the returns for various months were computed, descriptive statistics of the returns was calculated and the volatility of the market was estimated using the standard deviation. It was found that the stock market is highly volatile in the period of the financial crisis than the period preceding it. The recommendation is that the depth of instruments in the stock market should be varied in terms of fixed securities than equity instruments. Introduction The global economic crisis, which first emerged as a financial crisis in one country, has now fully installed itself with no bottom yet in sight. The world economy is in a deep recession, and the danger of falling into a deflationary trap cannot be dismissed for many important countries (UNCTAD, 2009). The recent global economic crisis was a result of economic and political events in the United States. What started with amended federal policy and poor mortgage lending practices, resulted in a world-wide economic meltdown that spread like a virus (Beck, 2008). The US sub-prime mortgage market triggered the crisis as a result of credit crunch within this market. Most countries around the world have approached this ‘tsunami’ pragmatically with emergency funding support for relevant sectors, so as to mitigate the impact of the crisis on economies as well as avoiding the entire collapse of the international financial system (Ajakaiye Fakiyesi, 2009). Despite these supports by various governments in the form bailout, it does not stop some countries to go into recession, because of large decline in their wealth, manifesting itself in falling productive capacity, growth, employment and welfare. At first, the direct impact of the financial crisis on the African economies was limited as African countries has weak integration with the global economy and most commercial banks in the region refrained from investing in the troubled assets from the US and other part of the world (Adamu, 2008). This is why most commentators argue that Africa is so far insulated from the direct effects of the financial crisis at least in the short-run. But now, this is not the case as the rate of unemployment and liquidity squeeze is becoming unbearable. In Nigeria, like other African developing countries, the initial response to the crisis was rather meek, as if our policy makers do not understand the gravity of the crisis. While the developed countries were busy trying to bailout their economy in order to mitigate the effects of the crisis, our leaders were hiding under the shadow of insulation. The most visible sector being hit by this crisis in the Nigerian economy is the capital market. The Nigerian Stock Exchange, the flagship of Nigeria’s capital market has witnessed unprecedented turbulence since April, 2008. First, the downward slide of the stocks on the market dominated by the banking sector made experts restive and regulatory authorities jittery. While accusing fingers were being pointed at different directions as the cause of this volatility in the prices of stocks, the market began a free-fall never witnessed in the history of capital market operations in Nigeria. Both local and foreign investors who had taken advantage of the optimal return on investments on the stock exchange began to scamper elsewhere in desperation. Some of the questions that are critical to this trend in the capital market are; what is the extent of the stock price volatility on the Nigerian Stock Exchange? What are the factors that impacted the stock price volatility? To what extent has this volatility in stock price affected investors? What can the regulatory authority do to contain this problem? This paper will address the first question raised above. This part is the introduction and the rest of the paper is arranged as follows; section two discussed the concept of financial crisis, the Nigerian capital market and the crisis, then stock market volatility. In section three, we discuss data and methodology, then results and discussions in section four and finally, summary and conclusions in section five. The concept of financial crisis The term financial crisis is applied broadly to a variety of situations in which some financial institutions or assets suddenly lose a large part of their value. In the 19th and early 20th centuries, many financial crises were associated with banking panics, and many recessions coincided with these panics. Other situations that are often called financial crises include stock market crashes and the bursting of other financial bubbles, currency crises, and sovereign defaults (Kindleberger Aliber, 2005, Laeven Valencia, 2008). Some economic theories that explained financial crises includes the World systems theory which explained the dangers and perils, which leading industrial nations will be facing (and are now facing) at the end of the long economic cycle, which began after the oil crisis of 1973. While Coordination games, a mathematical approach to modelling financial crises have emphasized that there is often positive feedback between market participants’ decisions (Krugman, 2008). Positive feedback implies that there may be dramatic changes in asset values in response to small changes in economic fundamentals, Minsky’s theorised that financial fragility is a typical feature of any capitalist economy and financial fragility levels move together with the business cycle, but the Herding and Learning models explained that asset purchases by a few agents encourage others to buy too, not because the true value of the asset increases when many buy (which is called â€Å"strategic omplementarity†), but because investors come to believe the true asset value is high when they observe others buying (Avery Zemsky, 1998, Chari and Kehoe, 2004, Cipriani Guarino, 2008). You read "Global Financial Crisis and Nigerian Stock Market Volatility" in category "Papers" The Nigerian Capital Market and the Crisis The All Share Index and the market capitalisation of the 233 listed equities capture activities and performance on the Nigerian Stock Exchange (NSE). Before t he crisis, there has been a consistent growth in these performance indicators over the year (see fig. 1). For instance, the All Share Index according to data from www. cashcraft. com grow from a value of 12,137 in 2002 to 66,371. 2 points on March 5, 2008, with a market capitalisation of about N12. 640 trillion, after which values fell to 20,827. 17 points on December 31, 2009, with a market capitalisation of 4. 989 trillion because of the meltdown. This shows that by the end of the year 2009, the All Share Index had lost a total share of about 69%, while market capitalisation had lost 61% of its value. There are concerns regarding how rapidly the global financial crisis affected the Nigerian Capital Market, especially given that there is virtually no cross-ownership of banks (investment or otherwise) between Nigeria and foreign countries, and there is hardly any domestic mortgage market for there to be a sub-prime problem as found particularly in the UK and the USA (Aluko, 2008; Ajakaiye Fakiyesi, 2009). The decline of indicators of activities on the NSE before the escalation of the crisis on the global scene in July 2008 became a source of concern for many. It is difficult to attribute this decline to any particular factor, but those factors that may have direct or indirect impact are as follows; i. Foreign portfolio investments withdrawals and reduced foreign direct investment affect investor confidence in Nigeria (Adamu, 2008; Aluko, 2008; and Ajakaiye Fakiyesi, 2009). This is the case because most foreigners withhold their investments in order to service their financial problems at home. This exposed the country to FDI uncertainties and vagaries, particularly in an era where public-private partnership (PPP) of huge investment plans such as oil and gas – LNG projects, power plants, railways, housing and roads are being encouraged. ii. Another factor which according to Ajakaiye Fakiyesi (2009) that had serious impact on the stock market is what they called the ‘intensifiers’. These include policy interpretations by the market, which may have been induced by the slow government initial stand on the economy. This also includes interpretation of announcements, proclamations and rumours by the market. Examples include the proposed recapitalisation plan of the stock market players (stock broking firms), as well as rumours on the termination of margin lending by banks. iii. The phenomenon of marginal lending in Nigeria, whereby investors borrow money from banks to invest in other financial instruments like IPOs of banks with the hope of making quick returns. This may also be termed Nigeria’s own version of the ‘sub-prime problem’, as it resulted in an exploding domestic stock market and stock prices and astounding returns to both the speculators and providers of the margin funds. This make the banks to feel the heat of the crisis as most margin loans become difficult to repay due to the downward trend in the market. iv. With the currency overdependence on oil revenue, the downward trend in the price of crude oil and prospects for economic recession in the developed world and Europe which are the markets for the oil, also contributed for the fall in the stock market. Because it look as if Nigeria’s capital market bear cycle actually began with the decline of oil prices in July, and accelerated with its further decline in September and October (Aluko, 2008; Ajakaiye Fakaiye, 2009). Stock Market Volatility Stock volatility refers to the potential for a given stock to experience a drastic decrease or increase in value within a predetermined period of time. Investors evaluate the volatility of stock before making a decision to purchase a new stock offering, buy additional shares of a stock already in the portfolio, or sell stock currently in the possession of the investor. In recent months, it has not been unusual to see the value of major stock indexes, such as the S 500, NIKKEI, DOW JONES, KOSPI, FTSE, and our own NSE-ASI change by as much as 3% in a single day. Unfortunately for many investors, the general direction of those changes has been downward. To many, this volatility is driven by the recent global financial crisis. Stock market volatility tends to be persistent; that is, periods of high volatility as well as low volatility tend to last for months. In particular, periods of high volatility tend to occur when stock prices are falling and during recessions. Stock market volatility also is positively related to volatility in economic variables, such as inflation, industrial production, and debt levels in the corporate sector (Schwert, 1989). The persistence in volatility is not surprising: stock market volatility should depend on the overall health of the economy, and real economic variables themselves tend to display persistence. The persistence of stock market return volatility has two interesting implications. First, volatility is a proxy for investment risk. Persistence in volatility implies that the risk and return trade-off changes in a predictable way over the business cycle. Second, the persistence in volatility can be used to predict future economic variables. For example, Campbell, Lettau, Malkiel, and Xu (2001) show that stock market volatility helps to predict GDP growth. Volatility may impair the smooth functioning of the financial system and adversely affect economic performance (Mala Reddy, 2007). Similarly, stock market volatility also has a number of negative implications. One of the ways in which it affects the economy is through its effect on consumer spending (Campbell, 1996; Starr-McCluer, 1998; Ludvigson Steindel, 1999; and Poterba, 2000). The impact of stock market volatility on consumer spending is related via the wealth effect. Increased wealth will drive up consumer spending. However, a fall in stock market will weaken consumer confidence and thus drive down consumer spending. Stock market volatility may also affect business investment (Zuliu, 1995) and economic growth directly (Levine Zervos, 1996; and Arestis, Demetriades, Luintel, 2001). A rise in stock market volatility can be interpreted as a rise in risk of equity investment and thus a shift of funds to less risky assets. This move could lead to a rise in cost of funds to firms and thus new firms might bear this effect as investors will turn to purchase of stock in larger, well known firms. While there is a general consensus on what constitutes stock market volatility and, to a lesser extent, on how to measure it, there is far less agreement on the causes of changes in stock market volatility. Some economists see the causes of volatility in the arrival of new, unanticipated information that alters expected returns on a stock (Engle, 1982). Thus, changes in market volatility would merely reflect changes in the local or global economic environment. Others claim that volatility is caused mainly by changes in trading volume, practices or patterns, which in turn are driven by factors such as modifications in macroeconomic policies, shifts in investor tolerance of risk and increased uncertainty. The degree of stock market volatility can help forecasters predict the path of an economy’s growth and the structure of volatility can imply that â€Å"investors now need to hold more stocks in their portfolio to achieve diversification†(Krainer, 2002). Data and Methodology This research relies on the daily All Share Index (ASI) of the Nigerian Stock Exchange as reported by the exchange and on Cashcraft database. There are 233 listed companies on the Nigerian Stock Exchange and the ASI is the major index that captures the performance of all the shares of the listed companies. Using the ASI, the monthly returns (%) were calculated using the formula below; Where Vf is the ASI at the end of the month, and Vi is the ASI at the beginning of the month. These returns were calculated for all the 48 months used in this study. We measure volatility using the standard deviation and/or variance. This is done by dividing the period under study into two. The first period comprises of 24 months observation for 2006 and 2007, the period prior to the crisis and the second 24 observations were for 2008 and 2009, the period of the crisis. In examining volatility changes over time, we compare the variances or standard deviations of the different periods and determine if they are statistically significantly different from each other. To estimate volatility, the expected returns or mean for these periods returns were computed using the equation; This implies that is the average of the return values. Using this value for and the variance estimate results in a formula for the volatility is given as; . It follows that the estimation of the volatility constant given by Wilmott, Howison and Dewynne (1995) is: Lastly, the expected returns and the standard deviations will be used in testing the hypothesis whether there is a significant difference between the means of the two observation using t – statistic for testing difference of two means. Results and Discussions Table 1 shows the descriptive statistics of the monthly returns for the two periods. For the period 2006 – 2007, the average return was 3. 42% with a standard deviation of 5. 37%. This is showing that during this period, stock market returns was less volatile because a less volatile stock will have a price/return that will deviate relatively from the mean little over time. This is the period when investors have consistent positive returns on their investment and there are willing to invest because stock returns are less volatile and their exposure to risk is less. Table 1. Descriptive Statistics RETURNS %2006-072008-09 Mean3. 4233 -4. 3658 Standard Error1. 09552. 5003 Median3. 550-4. 8400 ModeN/AN/A Standard Deviation5. 367012. 2489 Sample Variance28. 8050150. 0365 Kurtosis0. 67236. 3865 Skewness0. 39191. 4372 Range24. 6669. 15 Minimum-7. 44-30. 95 Maximum17. 2238. 2 Sum82. 16-104. 78 Count2424 Source; excel output On the other hand, during the period 2008 – 2009, there was a negative average return of –4. 37% with a standard deviation of 12. 25% showing high volatility in returns. This is as a result of the accelerated downward fall of the stock prices on the Nigerian Stock Exchange as a result of loss of investors’ confidence due to the global financial crisis. This period is characterised by negative returns which results to high volatility, and as we can see, the more volatile that a stock is, the harder it is to isolate where it could be on a future date. Since volatility is associated with risk, the more volatile that a stock is, the more risky it is. Consequently, the more risky a stock is, the harder it is to say with any certainty what the future price of the stock will be. When people invest, they would like to have no risk. The least amount of risk that is involved, the better the investment is. Since almost every investment has some risk, investors have looked for ways to minimize risk, so their best reaction was to avoid the stock market and this affected the market. The other descriptive statistics showed that both distributions are positive or right – skewed, meaning that most of the returns are in the lower portion of the distribution and there are some returns that has extremely large values and this pull the mean return upward to be greater than the median, specifically for the second period. Both has a positive kurtosis value of 0. 6723 and 6. 865 indicates a distribution with a sharper peak than a bell – shaped curves. The result of the test for the hypothesis to determine whether there is a significant difference between the means of the two observations is presented in table 2 below. The hypothesis is; Ho:  µ1 =  µ2 i. e. there is no difference in the means of the two observations H1:  µ1 ?  µ2 i. e. there is difference in the means of the tw o observations. From the result of the t- test, the null hypothesis is rejected at 5% level of significance. This is because t = 2. 85 ; t = 2. 01. the p – value computed is 0. 064 and it indicates that if the means are equal, the probability of observing a difference this large in the sample means is only 0. 0064. Based on this, there is sufficient evidence to conclude that the mean returns are different for the two periods, and that returns are lower in the period of the crisis than the period before it. This confirms the reason why there is higher volatility in this period than the other period. Table 2. t – Test for differences in Two means (assumes equal population variances) Data Hypothesized Difference0 Level of Significance0. 05 Population 1 Sample Sample Size24 Sample Mean3. 233 Sample Standard Deviation5. 367 Population 2 Sample Sample Size24 Sample Mean-4. 3658 Sample Standard Deviation12. 2489 Intermediate Calculations Population 1 Sample Degrees of Freedom 23 Population 2 Sample Degrees of Freedom23 Total Degrees of Freedom46 Pooled Variance89. 42012 Difference in Sample Means7. 7891 t Test Statistic2. 853384 Two-Tail Test Lower Critical Value-2. 012896 Upper Critical Value2. 012896 p-Value0. 006463 Reject the null hypothesis Source; Excel output Conclusion and recommendations The paper studied the extent of the stock market volatility in the period of 2006 – 2009. The period is divided into 24 months each to study the volatility of market returns between 2006 – 2007, and between 2008 – 2009. On the basis of the results it was found that the period 2006 – 2007 is less volatile than the period of 2008 – 2009; and this is due to the global financial that have affected investors’ confidence. Since volatility is associated with risk, the more volatile that a stock is, the more risky it is. Consequently, the more risky a stock is, the harder it is to say with any certainty what the future price of the stock will be. When people invest, they would like to have no risk. The least amount of risk that is involved, the better the investment is. Since almost every investment has some risk, investors have looked for ways to minimize risk, so their best reaction was to avoid the stock market and this affected the market. The recommendation is that the stock market instruments need to be diversified away form equity instruments to more of fixed security instruments. References Adamu, A. (2008). The Effects of global financial crisis on Nigerian Economy. International Journal of Investment and Finance Vol. 1. #12. Ajakaiye, O. Fakiyesi, T. (2009). Global financial crisis Discussion paper 8: Nigeria. Oversea Development Institute, London. Aluko, M. (2008). The global financial meltdown: Impact on Nigeria’s capital market and foreign reserves. retrieved from www. google. com on 14 January, 2010. Arestis, P. , Demetriades, P. O. Luintel, K. B. (2001). Financial development and economic growth: The role of stock markets. Journal of Money, Credit and Banking, 33(2):16-41. Avery, C. , Zemsky, P. (1998). Multidimensional uncertainty and herd behavior in financial markets. American Economic Review 88, pp. 724-748. Campbell, J. (1996). Consumption and the stock market: Interpreting international experience. NBER Working Paper, 5610. Campbell, J. , Lettau, M. , Malkiel, B. , Xu, Y. (2001). Have individual stocks become more volatile? An empirical exploration of idiosyncratic risk. Journal of Finance 56, pp. 1–43. Chari, V. , Kehoe, P. (2004). Financial crises as herds: overturning the critiques. Journal of Economic Theory 119, pp. 128-150. Cipriani, M. , Guarino, A. (2008). Herd behavior and contagion in financial markets. The B. E. Journal of Theoretical Economics 8(1) (Contributions), Article 24, pp. 1-54. Engle, R. F. (1982). Autoregressive conditional heteroscadasticity with estimates of the variance of the U. K. inflation. Econometrica, 50(3):987-1008. Kinder, C. (2002). Estimating Stock Volatility. retrievd from www. google. com on 19 January, 2010. Kindleberger, C. P. , Aliber, R. (2005). Manias, Panics, and Crashes: A History of Financial Crises (5th ed). Wiley, ISBN 0471467146. Krainer, J. (2002). Stock market volatility. FRBSF Economic Letter, Western Banking, 2002-32, pp1-4. Krugman, P. (2008, October, 27). The widening gyre. New York Times. Laeven, L. , Valencia, F. (2008). Systemic banking crises: A new database. International Monetary Fund Working Paper 08/224. Levine, R S. Zervos (1996). Stock market development and long-run growth. World Bank Economic Review, 10(1):323-339. Ludvigson, S C. Steindel (1999). How important is the stock market effect on consumption. Federal Reserve Bank of New York Economic Policy Review, 5(1):29-51. Mala, R, Reddy, M. (2007). Measuring stock market volatility in an emerging economy. International Research Journal of Finance and Economics Issue 8 126-133. Poterba, J. M. (2000). Stock market wealth and consumption†, Journal of Economic Perspectives, 14(2):99-118. Schwert, W. (1989). Why does stock market volatility change over time? Journal of Finance 44, pp. 1,115–1,153. Starr-McCluer, M. (1998). Stock market wealth and consumer spending. Board of Governors of the Federal Reserve System, Finance and Economics Discussion Paper Series, 8/20. UNCTAD (2009). Global economic meltdown. Geneva: United Nation Conference on Trade and development Wilmott, P. , Howison, S. , Dewynne, J. (1995). The Mathematics of Financial Derivatives. New York: Cambridge University Press. Zuliu, H (1995). Stock market volatility and corporate investment†, IMF Working Paper, 95/102. www. cashcraft. com Appendices 1. Monthly returns computed using the NSE-ASI MONTHS/ YEARSRETURNS %MONTHS/ YEARSRETURNS % Jan-06-1. 69Jan-08-0. 02 Feb-060. 30Feb-08-11. 1 Mar-06-2. 00Mar-08-4. 01 Apr-06-0. 75Apr-08-5. 67 May-065. 45May-08-0. 33 Jun-065. 66Jun-080. 00 Jul-066. 75Jul-08-6. 90 Aug-0617. 22Aug-08-9. 22 Sep-060. 67Sep-08-6. 07 Oct-060. 35Oct-08-20. 96 Nov-06-3. 84Nov-08-9. 08 Dec-064. 92Dec-08-2. 37 Jan-078. 93Jan-09-30. 95 Feb-0710. 62Feb-097. 17 Mar-074. 87Mar-09-12. 60 Apr-078. 44Apr-098. 15 May-075. 95 May-0938. 20 Jun-072. 44Jun-09-12. 63 Jul-070. 94Jul-09-7. 09 Aug-07-7. 44Aug-09-10. 42 Sep-07-0. 12Sep-09-2. 2 Oct-07-0. 16Oct-09-3. 08 Nov-077. 82Nov-09-3. 64 Dec-076. 83Dec-090. 05 Figure 1. Stock market performance, 2002-2009 Source: Extracted from Ajakaiye and Fakiyesi (2009) How to cite Global Financial Crisis and Nigerian Stock Market Volatility, Papers

Underground Band Music Musician of Bangladesh free essay sample

The underground bands in our country are originally influenced by western underground culture and Metallic, Iron Maiden, Judas Priest, Megalith, Painter, Bullet For My Valentine, Children of Stood, Cradle of Filth, Red Jumpsuit Apparatus, Green Days, Van Helen and so on. Some musicians of underground bands play an important role in promoting and developing underground music and musical activities. During these few years we have seen many big musical talent hunt shows in country. These talent hunt shows were telecast in national TV channels.In these days we can see that people love to go concerts and places where music is available. In the past underground music were very much neglected by the common people of our country. Ere present situation of our country is favorable to the music industry and culture of our country. Now-a-days different event management firms are not only coming forward to organize music events and shows but also they are helping promoting of underground music and bands. Underground bands of our country are not only performing in our country but also doing the same in some others countries.Even they are working with foreign bands and artists. We really hope that someday the underground music of our country will get international recognition. 11)Underground World Music: Ere term underground music has been applied to several artistic movements, such s the psychedelic music movement of the mid-asses, but the term underground has since then come to be defined by any musical artist/band that avoids becoming a trend/mainstream. Other early underground bands include the Velvet Underground, MAC, The Grateful Dead, Patti Smith, and the Stooges.Frank Zap tried to define underground by noting that the mainstream comes to you, but you have to go to the underground. In the asses, the term underground was associated Ninth the hippie counterculture of young people who had dropped out of college and their middle class life to live in an off-the-grid commune of fre e love and cannabis. In modern popular music, the term underground refers to a performers or bands ranging from artists that do DID guerilla concerts and self-recorded shows to those that are signed to small independent labels.In some musical styles, the term controversial, as in the case of early asses death metal bands in the US such as Cannibal Corpse for their gory cover art and lyrical themes. Black metal is also an underground form of music and its Norwegian scene are notorious for their association with church burnings, the occult, murders and their Anti-Christian views. All of extreme metal is considered underground music for its extreme nature. 1. 1)Evolution: Ere style of underground music ranges from the asses psychedelic music of the US hippie counterculture, to the DID anti-corporatism of asses-era punk rock, to asses and asses-era hip hop.While the term comprises a range of different musical genres, they can typically share common values, such as the valuing of sincerity and intimacy; an e mphasis on freedom of creative expression; an appreciation of artistic creativity. As well, while very few types of underground music are completely hidden -?except perhaps the underground rock scenes in the pre-Geographer Soviet Union-? he performances and recordings may be difficult to find for outsiders. Some underground musical genres never left their non-mainstream roots, such as Jagged, aggressive I-J 82-style hardcore punk bands like Discharge.Some underground styles eventually became mainstream, commercialese pop styles, such as underground hip hop of the early asses, which eventually became popular. In the asses, the increasing availability of the Internet and digital music technologies made underground music easier to distribute using streaming audio and bedposts. Some experts in cultural studies now argue that that there is no underground because the internet has made what was underground music accessible to everyone at the click of a mouse.One expert, Martin Raymond, of London based company The Future Laboratory commented in an article in The Independe nt, saying trends in music, art and politics are frequently changing. 11. 2)Trends and Current Situation: Music is a part of life and culture. As the time passes music finds a way of its own like our life style, culture and attitude. Different types of new music genres are being introduced every day. People are accepting these new trends in a positive way which Nas not possible in previous times. This is a significant sign that worlds music culture is walking toward a vast new musical evolution.With the development of technologies and communication system the quality of music is getting richer and becoming available to the people of every corner of the world. Page Z)Underground Music In Bangladesh: Englands is traditionally very rich in its musical heritage. From the ancient times, music documented the lives of the people and was widely patronized by the rulers. Music style of Bangladesh may be divided into three categories, mainly the classical, folk and the modern. 1971-1990: Bangladesh becomes independent during this period of time.So as an obvious fact patriotic song was the most popular genre in this era. During 75176 the now GURU of angel pop music, Exam Khan started a whole new era of music that lasted till the nineties. They introduced some modern instruments like Electric guitar, Bass, Drums and Banjo etc. Influenced by the western pattern of music, such as band like Battles, Eagles, and Rainbow etc. 1991-2000: During this time pop music or the so-called band music captured the music industry of our country. Souls, Obscure, Feed Back, Chime, Different Touch, Renaissance, L. R.B, Feelings, Miles, Winning, ARK, Mongo Ball, Warfare etc. Were some of the leading bands of our country at that time. They had begun a new race in lyrics and composition. These bands were greatly influenced by the western music of that time. They started a different genre of music in our country with a western flavor, by which our teen generation are still amazed. 2000-Present: In this era some extremely popular bands like Black, Orthicon, ARTICLE, Chromatin, Cryptic Fate and a few others raised in this country. Most of them were influenced by the western metallic bands like Metallic, Iron Maiden, Judas Priest,Black Sabbath, Megalith, Supernatural etc. Some underground bands like Mechanic, Power Surge, Stentorian, Generalist, Nemesis, Airbrush are hugely popular among the new generation. Page 2. 2)Some of the popular underground bands and their genre: 1)Rock/Hard Rock/Alternative Rock/Progressive Rock Cryptic Fate Article The Watson Brothers DNA Fake Plastic Superheroes Breach Nemesis Decipher Bassoonist 2)Thrash Metal Poison Green X-Cranium 3)Death Metal/Black Metal Barrack Dripping Gore Eclipse Severe Dementia (formerly known as 666) Voodoo Economic 4)Gothic Metal Druids Page 2. 3)elements:Underground music basically depends on instruments as most of their music are instrumental. Again there are various genres of underground bands so they need to produce different types of music with various instruments. Most commonly they use electric guitar, bass guitar, keyboard, drums, guitar processors, equalizer, amp and so on. Sometimes they use voice synthesizer, percussions and studio effects. But it is not necessary that only electrical instruments are used in underground band music. Sometimes they also use acoustic instruments and classical instruments like Tablas, setter, bash, violin, cetera and so on. E underground bands in our country are originally influenced by western underground culture and their mainstream music. Our underground band musicians not only follow western music but also their on stage appearance. Even they try to elk on the life style of the western band members. The most popular and worldwide renowned bands are Metallic, Iron Maiden, Judas Priest, Megalith, Painter, Bullet For My Valentine, Children of Stood, Cradle of Filth, Red Jumpsuit Apparatus, Green Days, Van Helen, System Of A Down, Dream Theatre, Lamb Of God, Godsends, Off Fighter, Tritium, Scorpions, and so on.Actually the number of the international underground bands is enormous. So the influence and effects of their music and life style has a great impact on the underground bands of our country. Page 13)Underground Musicians in Bangladesh: 13. 1 )Pioneer: Some musicians of underground bands play an important role in promoting and developing underground music and musical activities. They have given a lot to our underground music history. They are called pioneer because they not only have created some great songs but have also showed the way to walk through the path of underground music world to the next generation.Kamala, Tip, Salaam, Milan of Narrate, Summon, Raff, Pickup of Orthicon, Lincoln, Rasher, Shahs, Cezanne of Article, Ion, Tony, Johan of Black, Turbo of Cryptic Fate, Parrot of Souls, Shafts, Manama, Jewel, ours of Miles, Bibb Bacchus of LURE are the pioneer underground musicians in our country because they have entered the main stream music with their endless efforts. So new generation is looking towards them and entering the underground music Nor. 3. ) Facilities and Patronage: Ere underground musicians of our country hardly receive any financial support from families or any other institutions. They face difficulties to buy musical instruments own. Only main stream bands get support from various organizations. So facilities are very rare for the new underground bands. But after they become popular among the listeners their situation begins to change in a positive way. It becomes also a way to earning for them along with the popularity amongst the young generation and even in the society.So it is clear that underground bands and musicians create facilities of their own and carry on their musical Journey. Page 9)Events: 9. 1)Talent Hunt: Recently musical events in Bangladesh have become very popular. Common people are looking for various musical events and festivals. Almost in every functions and occasions we love to enjoy music. In this regard underground musical events are getting popularity and progressing rapidly. During these few years we have seen many big musical talent hunt shows in country.