Fama And French Model And Capm Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1708 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? Estimating the expected return of the asset is the fundamental of finance subject and it is vital to the existence of the business. There are two models of asset pricing widely used to calculate the cost of equity: Capital asset pricing model (CAPM) and Fama and French three factor model. This report will critically analyze the strength as well as weakness between two models; also, it will explain the reason why CAPM are widely used by the manager even though it has quite a lot of shortcomings. Don’t waste time! Our writers will create an original "Fama And French Model And Capm Finance Essay" essay for you Create order CAPM (Capital asset pricing model) is used to calculate the expected return on one stock, indicating the close relationship between the expected return of the risky asset and the Beta (specific systematic risk, derived from the time-series regression analysis). CAPM predicts that stocks with high expected return should have high risk because the expected return has positive linear relation with the non-diversifiable risk i.e. Beta. (IRJ) CAPM equation: E(r) = rf + Beta[E(rm) rf] CAPM is widely used to estimate the discount rate of the firms future cash flows. Another application of CAPM is the Sharpe ratio e.g. reward to variability ratio, it measures the performance of the asset by dividing the expected return by the standard deviation. (investment) SML (Security market line) graphs the relationship between Beta and the expected return, it measures the rate of return needed to compensate for the risk born by the investors, and for the time value of money as well. As long as CAPM holds, all assets should lie on the SML. Securities lie above the SML will have greater expected return with the same risk, which means they are underpriced, the difference between the actual and expected return is called alpha or abnormal return. In reality, the investor would like to buy the underpriced and sell the overpriced securities. CML (Capital market line) shows the relationship between the expected return and the standard deviation by mixing risky portfolio with the risk free asset.(Bodie) The Sharpe-Lintner model indicates that the Jensens alpha or intercept is zero. Actually, according to recent tests of Douglas (1968), Black, Jensen and Scholes (1972), Blume and Friend (1973) as well as Fama and French (1992), the intercept is greater than the risk free rate. (JEP) According to Banz(1981), CAPM model fails to explain the relation between the firm size and the expected return, which is called size effect. Similarly, the book-to-market ratio is anot her important factor that can affect the return of the stock. Several tests have proved that Beta alone is not enough to explain all the risks in reality. (IRJ) CAPM works by estimating beta from the market, combining it with the risk free rate and market return to calculate the cost of equity capital. However, several empirical tests have proved that the actual relation between Beta and the expected return is much lower than the prediction of CAPM. According to Friend and Blume, CAPM indicates that high beta stocks have high returns and low betas stocks have low returns, which is imprecise. (JEP) To overcome this weakness, researchers such as Jensen and Scholes (1972), Friend and Blume (1970) have tested and they conclude that using Beta of a portfolio would be more precise than using Beta of individual stock. Beta can explain individual stock return therefore it is able to explain the portfolio return; using portfolio beta can help reduce errors in variable problems. Althoug h this method still has a small problem, it decreases the statistical power; it can be fixed by sorting portfolios by the beta, from the lowest to the highest. (JEP) To examine the efficiency of Beta, an empirical test on the Athens Stock Exchange (ASE) has been run: 100 stocks have been selected from FTSE/ ASE 20, FTSE/ ASE Mid 40 and FTSE/ ASE Small Cap and they were formed into 10 portfolios. The table below is the summary of the result from the regression analysis. Portfolio rp beta (p) a10 0.0001 0.5474 b10 0 0.7509 c10 -0.0007 0.9137 d10 -0.0004 0.9506 e10 -0.0008 0.93 f10 -0.0009 0.9142 g10 -0.0006 1.0602 h10 -0.0013 1.1066 i10 -0.0004 1.1293 j10 -0.0004 1.2024 Average Rf 0.0014  Average rm=(Rm-Rf) 0.0001 Source: Metastock (Greek) Data Base and calculations (S-PLUS) (IRJ) One of the main points of CAPM is that high Beta should result in high expected return. Nevertheless, the test on 100 stocks of ASE has provided an opposite conclusion. Portfolio a10 has the lowest Beta (0.5474) but it has the highest return (0.0001) while j10 has the highest Beta with the lowest return. FAMA Beside CAPM, the three factor model (or Fama and French model) is another alternative to achieve asset pricing. According to the model, the sensitivity of the expected return depends on those three factors: + The difference between the return on the market portfolio and the risk free rate: rm rf + The difference between the return on the portfolio of small stocks and the portfolio of large stocks: SMB (small minus big) + The difference between the return on the portfolio of high book- to- market- value stocks and portfolio of low book to market value stocks: HML (high minus low) The expected return of stock i is: Er(i) rf = alpha(i) + Beta(i) (rm rf) + Beta(SMB) r(SMB) + Beta(HML) r(HML) + e(i) Fama and French indicate that firms with high book to market value ratio and positive slope on HML are more likely to gain higher returns and in return, have higher possibility in facing financial distress because small firms are more sensitive to changes of the market. (Multifactor) One of the most serious defects of Fama and French model is the momentum effect of Jegadeesh and Titman (1993), which indicates that stocks which showed high returns in the past 3 or 12 months will continue to gain high returns in the next several months and similarly, stocks performed badly in the past would continue to have poor performance. This assumption is left unexplained. (JEP)(Multi) Also, bad-model is another problem that Fama as well as other asset pricing model fail to explain. Although the three factor model seems to give more accurate result, it is still based on the empirical model of expected returns; however that model cannot completely explain the average return. The bad-model effect is less serious in the short term returns (daily); however, it becomes important in long term returns, especially on small stocks. (10.1) Finally, because Fama and French explain more clearly the factors of risk, it requires detailed forecast of market index r eturn, SMB as well as HML return, which make it difficult and expensive to apply this method.(Bodie) Compare: Beta from CAPM alone cannot fully explained the total risk of the stock, while Fama and French model indicates that the sensitivity of the return depends on the market, size and book-to-market ratio to explain the expected return, many studies have proved that the Fama and French model provides a more accurate estimation for the expected return. CAPM fails because Beta shows little relation to variables such as BE/ME, PE and CP ratio which are important in determining the expected return. Here is an example of applying Fama and French model and CAPM in Thailand Stock Exchange: 421 companies are divided into 6 groups: SH, SM, SL, BH, BM, BL. S and B are the size of the company, whereas H, M, L represents the book-to-market value. SH BH SM BM SL BL 114 14 122 56 52 63 (Thailand) The table below shows the adjusted R squared of CAPM and Fama and French model in Thailand Stock Exchange from 2002 to 2007: According to Bodie, adjusted R-s quared is the square root of the correlation coefficient, it estimates the regression line. It is called the measure of goodness -of-fit; adjusted R-squared is also a tool to compare the usefulness among models because it can measure how much of the difference in individual stock return can be explained by the estimation. (Compare)  CAPM Fama and French SH 0.295 0.567 BH 0.077 0.91 SM 0.143 0.33 BM 0.231 0.885 SL 0.351 0.384 BL 0.671 0.669 According to the table above, the value of adjusted R-squared of Fama and French model dominates the CAPM. The average value of FF model is 0.63 where as CAPMs is 0.3. The range of CAPM is from 0.077 to 0.671 while FF models range is from 0.33 to 0.91. Apparently, Fama and French model can express more efficiently than CAPM model. (Thailand) Here is another test ran by Zhi Da (2008) to compare the efficiency between two models: A set of 30 portfolio has been created and analyzed:  Cross sectional Analysis  CAPM FF 3 Factor Average Factor Return Intercept 0.0034 0.005   -1.76 -2.41 [1.75] [2.39] MKT 0.0058 0.0038 0.0067  -2.22 -1.41  [1.85] [1.18] SMB  0.0041 0.0021  -1.98  [1.72] HML 0.0017 0.0042  -1.11  [0.88] adj R2 32.51% 35.91% (item) According to the table, the intercept of Fama and French model is consistent with its theory, it is greater than CAPMs (0.005 versus 0.0034), while FFs market factor is less than CAPMs. The significant strength of the three factor model is that it acounts for the risk of the size and book-to-market ratio of the company, and therefore the model has higher coefficient as opposed to CAPM, Fama and French model can explain nearly 36% of the expected return, whereas CAPM can explain only 32.5%. Conclusion: CAPM indicates that Beta alone can explain all the risks related to the expected return, the discount rate and Beta is strongly related. However, several tests have proved that CAPM failed. The first point is that the intercept is actually greater than the risk free rate. Secondly, Beta alone is not enough to explain the risk; the expected return can be affected by other factors such as the size and book-to-market ratio. And finally, in reality, Beta does not have the relationship with expected return as strong as predicted by CAPM. Fama and French model provide a more accurate estimation as opposed to CAPM. It indicates that the expected return are affected by three factors: market return, size effect (SMB) and book-to-market ratio (HML). However, it still has shortcomings. The first defect is that it failed to explain the momentum effect. Secondly, not only Fama and French but others asset pricing model are based on the empirical model of expected return, which cannot complete ly explain the average return. Finally, the three factor model is quite complex and expensive to apply. If the forecast of the market return, SMB or HML is not accurate, then the result might be worse than CAPMs. Thus, although CAPM model still has a lot of defects, it is still widely used by managers. (Bodie)

Keny The Heartland Of Eastern Africa - 1549 Words

Kenya is a diverse republican country, considered to be the heartland of Eastern Africa. Kenya is named after Mount Kenya, a primary landmark and second highest peak in Africa. As a primary focus for travel, adventure and vacation, Kenya displays multiple aspects of historical materials and knowledge along with recreational exploit that draws tourist from all around the world. Kenya also represents interesting topics and lifestyles such as its geographic location, distinct cultural customs, including some remarkable tribal bodies, world organizations with accomplished leaders and much more that grasp travelers’ attention. If adventuresome travelers venture to Kenya, Africa they will most likely arrive in Jomo Kenyatta International Airport in Nairobi; the capital and largest city in Kenya. Kenya offers a memorable view of diverse Geographic’s. Kenya is located transversely over the equator in east-central Africa, along the coast of the Indian Ocean. With borders of Som alia to the east, Ethiopia to the north, Tanzania to the south, Uganda to the west, and Sudan to the northwest, Kenya has an area of 224,960 square miles. The country is divided into seven geographic regions including The Coastal Region that extends about 250 miles from the southern port where Kenya joins Tanzania, to north border of Somalia. Characterized by a variety of geographical features, this region introduces a variety that is noticeable as one ventures north or south. The larboard shoreline contains

Health Care Interventions For Indigenous People †Free Samples

Question: Discuss about the Health Care Interventions For Indigenous People Answer: Introduction Indigenous people across the globe are custodians of a wide range of biologically diverse areas and hold the responsibility of contributing towards the cultural and linguistic diversity of the world. These group of people are often subjected to marginalisation, discrimination and conflict in socio-economic context. Their way of life has been put under threat against urbanisation and globalisation, and the social inequalities they suffer have been reflected repeatedly in the health issues arising within he population (Gibson et al. 2015). The present report aims to critically analyse the social as well as economic influences on health outcomes of the indigenous populations. The health issue selected for the paper is diabetes which is being examined within the context of two indigenous population, the Maoris of New Zealand, a developed country, and the Adivasis of India, a developing country. The paper compares and contrasts how the social determinants of health influence this problem in both populations. How the social determinants been addressed in an intervention aimed at combatting the problem is also discussed. Health issue within the context of two indigenous populations Though the ethnic composition of the population of New Zealand is predominantly of European descent, the indigenous population of the country comprises of the Maori population and other indigenous groups. The prevalence of diabetes among the Maori population is high, with distinct differences in statistics between the two. With the increase in ageing population and rapid demographic changes, the incidence of type 2 diabetes is also on the rise. The Maori population are known to suffer from high rate of diabetic nephropathy and in comparison to the non-indigenous population they have increased chances of developing renal failure due to diabetes. Self-reported prevalence of diabetes among this population, as reported in the year 2013/14, is almost twice that of the non-Maori population. Research shows that a much higher level of disparities between the M?ori and non-M?ori is prevalent for diabetes complications (Atlantis et al. 2017). In India, the high prevalence of diabetes among the common population has grabbed the attention of public health departments to immediately take necessary actions. This is specially true for the indigenous population of the country, referring to the adivasi community. Studies identify that indigenous population of the country develop diabetes at least ten years earlier than the non-indigenous population. The medical complications arising within this population as a result of diabetes is nephropathy, chronic glomerulonephritis and chronic interstitial nephritis (Harris et al. 2016). Comparison and contrast of how the social determinants of health influence this problem in both populations The predisposition for indigenous population to develop diabetes is indicated to have a relation with young age at the onset of diabetes and socio-economic as well as cultural factors leading to insufficient access to medical care (Zimmet et al. 2014). Income is considered to be the most vital determinant of health as there is a correlation between low income and poor health outcomes. In India, the indigenous people have a high risk of suffering from diabetes without proper care regimen due to low income. This can be understood well in light of the fact that India is a developing country and there is economic instability across the different areas. However, the impact of this determinant of health is similar in New Zealand, which is a developed country. The Maoris experience a financial crisis that has a direct impact on their health. Poverty in New Zealand has become a topic of public discussion over the last few years. Patients suffering from diabetes as a result of poverty are not in a condition to treat this issue with required eating habits. Likewise, in India, the scenario is somewhat similar to most of the indigenous population living in poverty, unable to afford the nutrients required to combat diabetes. Education level is critical in determining the economic and social position and therefore health status. The Maori population is known to attain a high level of educational participation through a high level of literacy. In contrast, indigenous people in India have low education levels. As a result of low education levels, the patients suffering diabetes are not in the position to understand the adverse implications of diabetes. The knowledge base they have regarding diabetes is less, and it is difficult to make them understand the importance of adhering to a strict management plan (Holt et al. 2016). Cultural and ethnicity play a pivotal role in the health outcomes of the indigenous population. The concept of culture in the broad sense is the norms and accepted patterns of behaviour in a group within the society. As indicated, the tendency to adhere to traditional beliefs and customs regarding health is the man cause of poor adherence to treatment procedures. In India, the indigenous people prefer referring their traditional and cultural remedies for diabetes that are not appropriate under many circumstances (Kaveeshwar and Cornwall 2014. Likewise, within the Maoris, culture is central to their well-being and how they perceive diabetes. Cultural inequalities are the underlying socioeconomic determinants of health (Farmer 2015). How the social determinants are been addressed in an intervention aimed at combating the problem Maori leadership has been identified to be a key tool for developing health promotion within the Maori community. The intervention that has proved to be effective in addressing the social determinants of health among the Maori population is health care delivery through Maori health care providers. This approach has been important to bring changes in the health behaviours of the vulnerable population through creating a social connect. Use of Maori models of health promotion is a key philosophy underpinning the primary health outcomes of the patients. Maori specific services have been crucial to developing a bond between the care providers and thereby bringing changes in the way this population perceive their healthcare. These care providers work mainly with the families who suffer from the adverse impacts of low socio-economic factors and drive the changes that can be brought within this context. The providers address the issues such as low health literacy and educational levels so th at there is an increased knowledge about the risk factors for diabetes and the management practices. However, it is too soon for assessing the impact of major provider health organisations on addressing the social determinants of health (Cram 2014). In India, cultural safety education has been implemented in parallel with other interventions to improve access to the indigenous population to mainstream services of healthcare in order to combat the socioeconomic determinant. Cultural safety acts as a framework for education imparted regarding diabetes prevention and management. The initiatives of cultural safety include the teaching of the advantages and disadvantages of traditional care practices in relation to health. In addition, it strives to identify the social and cultural attitudes impacting the perception of individuals. The community is given a chance to reflect on their view and expression regarding diabetes and share their cultural experiences governing them. Self-awareness is constantly being promoted, and healthcare professionals are advocating cultural non-immersion approach. Along with confronting and understanding the issue of cultural health practices, a critical component of the education is to achieve an overall improvement in the socio-economic determinants of health in an indirect manner (Farmer et al. 2016). Conclusion Coming to the end of this report it can be concluded that prevalence of diabetes among the indigenous population of both developing and developed countries are continually compelling public health departments to implement strategies to address this health issue. Though much progress has been made as these strategies address the social and economic determinants of heath, there is scope for improvement in this area. This can only be achieved through research and involvement of the population in health decision making. Reference Atlantis, E., Joshy, G., Williams, M. and Simmons, D., 2017. Diabetes Among M?ori and Other Ethnic Groups in New Zealand. InDiabetes Mellitus in Developing Countries and Underserved Communities(pp. 165-190). Springer International Publishing. Cram, F., 2014.Improving M?ori access to cancer, diabetes and cardiovascular health care: Key informant interviews. Auckland: Katoa Ltd. Farmer, A., 2015. A Community Based Participatory Research Approach to Create a Diabetes Prevention Documentary for M?ori. Farmer, A., Gage, J., Kirk, R. and Edgar, T., 2016. Applying Community-Based Participatory Research to Create a Diabetes Prevention Documentary with New Zealand M?ori.Progress in Community Health Partnerships: Research, Education, and Action,10(3), pp.383-390. Gibson, O., Lisy, K., Davy, C., Aromataris, E., Kite, E., Lockwood, C., Riitano, D., McBride, K. and Brown, A., 2015. Enablers and barriers to the implementation of primary health care interventions for Indigenous people with chronic diseases: a systematic review.Implementation Science,10(1), p.71. Harris, S.B., Tompkins, J.W. and TeHiwi, B., 2016. Call to Action: A New Path for Improving Diabetes Care for Indigenous Peoples, a Global Review.Diabetes Research and Clinical Practice. Holt, R.I., Cockram, C., Flyvbjerg, A. and Goldstein, B.J. eds., 2016.Textbook of diabetes. John Wiley Sons. Kaveeshwar, S.A. and Cornwall, J., 2014. The current state of diabetes mellitus in India.The Australasian medical journal,7(1), p.45. Zimmet, P.Z., Magliano, D.J., Herman, W.H. and Shaw, J.E., 2014. Diabetes: a 21st century challenge.The lancet Diabetes endocrinology,2(1), pp.56-64.

Awesome List of Philosophy Dissertation Topics and Questions

Writing philosophy papers presents challenges because the majority of philosophy topics pursue questions that have no specific answers or issues to which no solutions have been found. Such topics mostly rely on critical thinking of the students to defend their arguments. This guide highlights some tips to help you choose appropriate questions as well as sample topics to consider. Do you Know How to Select the Best Philosophy Dissertation Topic? The selection procedure aims to find what topic you can explore best. However, selecting a topic for your dissertation can be the difference between success and failure in your paper. You need to be careful in the selection process because it dictates the nature of your dissertation paper. So how do you select the best one? Below are some useful tips to help you determine a suitable dissertation topic. Knowledge on the Subject Matter Pick a topic which you are familiar with. Many students have gotten stuck or failed to complete the work because they realized later that the topic was ‘too hard for them.’ You are given the freedom of choice, and you should use it to your advantage. Your Interests Choose a topic that aligns with questions that fascinate you or issues that you are interested in. Writing about something that you like is motivating, and thus you are likely to complete the work on time. Manageability Too wide or too narrow topics are your enemies. Find a topic whose content can fit within the required number of pages. You should be able to exhaust all the essential points in a topic and adequately present them in the dissertation. We Have a List of Philosophy Dissertation Topics to Guide You Philosophy dissertations are based on themes such as religion, theology, ethics, epistemology, morality, ontology and many more. Unfortunately, we cannot cover them all here. However, our experts have gathered random sample topics to help give you some inspiration in creating one of your own. The topics include: How God and the grounds of morality affects human actions The theory of resistance and its impact on human beings Theories behind moral obligation and how they affect society The rationality of taboo and its consequences to human practices The moral justification between combatants killing each other in war and murder. The justification behind the use of terror tactics in war and their effects on society. The difference between blasphemy laws and freedom of expression. An examination of shame in relation to immoral art. An application of corporate social responsibility to the entertainment industry. Investigating artificial intelligence against philosophical logic. An analysis and defense of the concept of evil. An analysis of religion versus ethics and defense of medical studies opting to use animal parts to save human lives. The philosophical foundations in ancient Indian medicine. The concept of empathy and how it lacks in sadists. An analysis of the concept of happiness and its direct correlation to helping others. A basic ontology of play and leisure. Ethics and religion in William of Ockham philosophy. The logic behind the insanity defense. Philosophy Dissertation Questions You Can Consider Below are sample questions that can help you develop a topic for your philosophy dissertation. Why can’t physics explain the presence of evil in the world? Would it be ethical to get brain implants that give you an eidetic memory? Is God real? Should voluntary euthanasia be legalized? What makes an action to be considered evil? Why should we be moral? Should science be controlled? Can all forms of equality ever be achieved? Is it morally justifiable to sterilize another human being? Do genetics determine human behavior? Is sexual behavior the key to interpreting human behavior? Why do we have dreams? Does wealth make life easier or harder? Find Your Fit with Philosophy Dissertation Ideas You Can Pursue There are many concepts in philosophy that you can choose to explore to develop a dissertation topic. Let’s highlight some of them: Deductive reasoning The illusion of free will Hedonism Idealism Knowledge and the nature of knowledge The existence of life beyond death Moral reasoning War crimes The concept of beauty Human rights The concept of modernism Marxism The concept of humanitarianism Theory of functionalism Fatalism concept Ethics and decision making Political obligation Human behavior and genetics The concept of equality Philosophy as a way of life Pragmatism Philosophy science and the concept of substance Existentialism Contact us for Help Is that philosophy paper making your life difficult? Let us handle it for you. Our team of experts can provide a dissertation help service on any topic tailored to suit your requirements. Contact us today. We assure quality and confidentiality.

Laugh in Spanish With the Verbs Reír and Reírse

Laugh in Spanish With the Verbs Reà ­r and Reà ­rse Is there a difference in meaning between reà ­r and reà ­rse? Dictionaries give the same definition for both. The two verbs, which mean to laugh, mean basically the same thing. Although you will find some regional variations, reà ­rse is the more common of the two. Thus, while reà ­ would be understood to mean I laughed, it would be more common to say me reà ­. Reà ­r by itself can sometimes sound poetic or old-fashioned. When Reà ­r or Reà ­rse Is Required There are at least two cases where one form is required: More commonly, when followed by de, the reflexive form reà ­rse usually means to make fun of or to laugh at: Me reà ­a de mi hermano, pero ahora somos amigos. (I used to make fun of my brother, but now were friends.)14. 3/19. Expanded, fixed error, added takeawaysSe reirn de su falta de sofisticacià ³n computarizada. (They will laugh at your lack of computer sophistication.)Me quiero reà ­r de mà ­ mismo. (I want to laugh at myself.) If you are talking about  what makes a person laugh, the reflexive form isnt used. Hacer is typically used as the verb for to make: Me hace reà ­r cuando estoy triste. (She makes me laugh when Im sad.)Austin Powers no me hizo reà ­r ms de una vez. (Austin powers didnt make me laugh more than once.)Ayer me hiciste daà ±o y hoy me vas a hacer reà ­r. (Yesterday you hurt me and today youre going to make me laugh.) Theres no logical reason why reà ­rse de is used to mean to laugh at rather than reà ­rse a or even reà ­rse en. Thats just the way it is. This is one of those cases where you should learn the preposition along with the verb. Conjugation of Reà ­r and Reà ­rse Reà ­r is one of the very few -ir verbs with an accent on the final syllable. It is conjugated irregularly, but only in terms of writing, not pronunciation. An written accent is needed in many forms to prevent the e of the stem and and à ­ of the ending from forming a diphthong. And example of the written irregularity can be seen in the indicative present forms with the irregular forms shown in boldface): yo rà ­o, tà º rà ­es, usted/à ©l/ella rà ­e, nosotros/as reà ­mos, vosotros/as reà ­s, ustedes/ellos/ellas rà ­en. Words Related to Reà ­r Among the Spanish words related to or derived from reà ­r: la risa - laugh (noun), laughterrisible - laughablerisià ³n - mockery, ridicule (noun)la risita - chuckle (noun)el riso - chuckle (noun; word used in limited areas)la risotada - guffawsonreà ­r - to smilesonriente - smiling (adjective)la sonrisa - smile (noun) Among the few English words etymologically related to reà ­r are derision and risible. All these words come from the Latin  ridÄ“re, which meant to laugh. Phrases Using Reà ­r or Reà ­rse Here are four common expressions that use these verbs, most often reà ­rse. Translations other than those given here can be used: reà ­rse a carcajadas - to laugh ones head off, to laugh ones tail off, to roar with laughter, etc. (A carcajada is a loud laugh or a guffaw.) - Nos reà ­amos a carcajadas de las cosas que decà ­a el cà ³mico. (We roared with laughter at the things the comic said.) A more colloquial way of saying the same thing is reà ­r a mandà ­bula batiente, literally to laugh with a flapping jaw.reà ­rse entre dientes - to chuckle (literally, to laugh between the teeth) - La tenista rià ³ entre dientes y sacudià ³ la cabeza. (The tennis player chuckled and shook her head.)reà ­rse hasta el llanto - to laugh until crying - Muchos dà ­as nos reà ­amos hasta el llanto. (Many days we would laugh to the point of crying.)reà ­rse para adentro - to laugh on the inside - Me rà ­o para adentro cuando recuerdo lo que escribià ³. (I laugh on the inside when I remember what she wrote.) Key Takeaways Both reà ­r and its reflexive form, reà ­rse, mean to laugh, and they are often interchangeable with little to no change in meaning.The reflexive form reà ­rse is used in the phrase reà ­rse de, meaning to laugh at, while the simple form reà ­r is used in the phrase hacer reà ­r, meaning to cause to laugh.Reà ­r and reà ­rse are conjugated regularly in terms of pronunciation, but a written accent is often needed to maintain that pronunciation.

Strategic Analysis & Planning Coursework Example | Topics and Well Written Essays - 3000 words

Strategic Analysis & Planning - Coursework Example With such widespread popularity, it would appear that Microsoft made a lucrative and rational decision to acquire Minecraft in order to secure a more profitable strategic position in the international gaming market. However, the acquisition of Minecraft was an all-cash agreement that cost Microsoft $2.5 billion, which is a substantial financial risk in terms of expenditures for the acquisition in an environment where Mojang, Minecraft’s original developing company, only earned $326 million in revenues in 2013 (Stuart and Hern 2014). With the assumption that Minecraft manages the same revenue-producing capabilities year-on-year, it would theoretically take Microsoft 6.1 years to recover the just the cost of the acquisition of Mojang. This report conducts a strategic analysis of this acquisition in order to determine whether this was a shrewd business decision and whether the $2.5 billion acquisition can effectively serve the strategic objectives of Microsoft. It should be recognised that there is not a specific strategic business unit at Microsoft that is being evaluated as in 2013 the firm restructured the organisation in an effort to consolidate global business operations. The firm desired to unify the company and believed that this reorganization and consolidation would contribute to greater control and innovation production as a result of incorporating established SBUs (Ludwig 2013). Hence, strategic analysis will consider Microsoft as a newly-combined firm that now has inter-dependencies controlled centrally in areas of production, development, marketing and strategy. Michael Porter (1987) introduced his Five Forces model which describes the potential competitive forces that pose risk to a competing business, a framework for projecting future competitive activity and potential for profitability over an extended period of time. Figure 1 illustrates Porter’s

Family Violence Essay Example | Topics and Well Written Essays - 750 words

Family Violence - Essay Example As the causes of family violence are understood, there are effective methods that society can employ to reduce the frequency of this horrific behavior. Patterns. There are many patterns relevant to family violence which have been identified by health and law enforcement officials. The first of these is the patterns associated with cause. It should be stressed that seeking a simple, single identifying cause is not the correct approach. In fact, "one-dimensional accounts of cause and effect are manifestly inadequate" (Shipway 4). One of the many causes for family violence is the fact that it can be a learned behavior. It is common knowledge that children who grow up in abusive environments have a much higher likelihood of becoming abusers themselves when compared to those children who have been raised in non-violent homes. There is also the matter of individual deviant behavior. Sometimes, regardless of an individual's history, they turn violent and are unable to control their impulses. There are also behavioral patterns associated with family violence. One major pattern in this category is that of substance abuse. Whether they are over-consuming alcohol or using street drugs, individuals who abuse these substances tend to be involved in family violence incidents more frequently. Another behavioral pattern is that of rage, or "acting out." For whatever reason, when these people are under stress, they tend to strike out violently. The most frequent recipient of this violence is a family member. There are two victim response patterns that are particularly noteworthy. The first is the tendency to react to violence with violence. In many cases, an abuser will initiate an act of violence against a family member, only to have that person turn violent themselves. Many a drunken husband has found that a wife with a frying pan can be a formidable opponent. At the opposite end of the spectrum is the victim response of total passivity. In this pattern, the victim never stands up for themselves and just takes whatever abuse the violent party wants to subject them to. Strategies. Once the patterns are identified, there are some strategies that can be implemented which will address and help resolve the problem. In terms of social policy, there is the need to address the issues of negative learned behavior, provide behavioral modification tools for the individual actors, and ensure the protection of the victims. It is important that there be a multi-agency approach to these solutions. For example, instead of simply relying on law enforcement to battle the criminal aspect of family violence, social services should respond by "setting up treatment centers for the violators, offering them aggression management therapy, and at the same time supporting the women through assertiveness training and therapy" (Shipway 15). As education is provided so that the pattern of learned violence is addressed, therapy could be included so that effective behavior modification could supplement that education. These two strategic efforts, combined with law enforcement's protection of the victims or removal of the abuser from the family environment, present a combination of methods that, when taken together, are more effective than each one standing alone. With the combination of understanding the patterns that contribute to