Free Essays on I Want To Know Why

In this story, the kid is shown a significant exercise that he doesn’t comprehend. In the story, the principle character (MC) and his companions go to the course in their old neighborhood to see the ponies and be around the society there. They love ponies and the air that the ponies carry with them to the course. In the story there is a man that MC admires more than his dad. This shows he didn't see his dad as an immediate impact and authority figure in his life. He esteemed another odd man more. He felt that he could identify with this man more. This is obvious in today’s society moreover. Numerous youths see their folks, or all the more legitimately their dads, along these lines. In our story, the MC is semi close with his dad. They are in the regards that his dad comprehends that the MC is most likely going to do what he needs. Locating page two, the whole second passage, the MC says that he and his companions concluded that they were going to embark to an alternate town where there was a major race. They completely dismissed what their folks would state. The MC’s father revealed to him he could go to the race in his old neighborhood; the MC didn’t anticipate that his dad should be excessively disturbed. This depicts the MC has almost no regard for his dad and his choices. At the point when the MC gets back toward the finish of the story, he says that his dad didn’t state a lot, locating page 5 in the fifth full section. This shows his dad was frustrated in him. What might you anticipate from a kid that is as yet growing up and insubordinate without a harsh and constant dad figure. In today’s society, a little fellow of the age of 13 to 16 will do what he needs in the event that he doesn’t have a dad who puts his nose in his son’s business enough to clarify the world for what he can and to help his child through trials throughout his life. From my very own encounters, I can say that I have been one of the lucky little fellows growing up with a dad figure about me. My dad... Free Essays on I Want To Know Why Free Essays on I Want To Know Why In this story, the kid is shown an important exercise that he doesn’t comprehend. In the story, the principle character (MC) and his companions go to the circuit in their old neighborhood to see the ponies and be around the society there. They love ponies and the climate that the ponies carry with them to the circuit. In the story there is a man that MC admires more than his dad. This shows he didn't see his dad as an immediate impact and authority figure in his life. He esteemed another odd man more. He felt that he could identify with this man more. This is evident in today’s society too. Numerous teenagers see their folks, or all the more straightforwardly their dads, thusly. In our story, the MC is semi close with his dad. They are in the regards that his dad comprehends that the MC is likely going to do what he needs. Locating page two, the whole second passage, the MC says that he and his companions concluded that they were going to embark to an alternate town where there was a major race. They completely dismissed what their folks would state. The MC’s father revealed to him he could go to the race in his old neighborhood; the MC didn’t anticipate that his dad should be excessively disturbed. This depicts the MC has next to no regard for his dad and his choices. At the point when the MC gets back toward the finish of the story, he says that his dad didn’t state a lot, locating page 5 in the fifth full passage. This shows his dad was disillusioned in him. What might you anticipate from a kid that is as yet growing up and insubordinate without a harsh and persistent dad figure. In today’s society, a little youngster of the age of 13 to 16 will do what he needs on the off chance that he doesn’t have a dad who puts his nose in his son’s business enough to clarify the world for what he can and to help his child through trials throughout his life. From my very own encounters, I can say that I have been one of the blessed little youngsters growing up with a dad figure about me. My dad...

Negative Comments for Nursing

Questions: 1.What do you think this conclusion depends on? 2.Discuss how this situation could influence the patient ? 3. What are the repercussions of a senior medical attendant communicating this sentiment? 4. How might you react to this announcement? Answers: 1. As I would like to think, I hold the view that this supposition depends on generalization and proof. He chose to make such articulations on account of the pessimistic mentality he has towards the elderly folks individuals and older patients specifically. His generalization has made him to see the old as individuals who ought not be given equivalent treatment like the more youthful ages since they don't merit that (Braithwaite Schrodt, 2014). Then again, the Senior Nurse is an accomplished proficient who has been in the administration for an extremely lengthy timespan. He more likely than not offered that expression since he has encountered the equivalent or depended on logical research. There is sufficient research that has been done to demonstrate that careful tasks performed on the old is unsafe in view of the perioperative and postoperative intricacies, for example, falls, daze, respiratory disappointment, congestive cardiovascular breakdown, practical decrease, contamination, regurgitating, queasiness, heart difficulties, and mortality (DiCenso; Cullum Ciliska, 2011). This is the reason the Senior Nurse doesn't care for the old people to be exposed to enormous tasks. It may open them to such intricacies. 2. The negative remarks given by the Senior Nurse were unseemly in light of the fact that they would adversely affect on the patient and understudy. As a matter of first importance, the remark will meddle with the thriving of the understudy or youthful medical attendant. It will cause him to lose trust in the office and old consideration. Simultaneously, it may impact him to build up a comparable discernment and begin treating the older patients with preference. The Senior Nurse is very compelling and viewed by the more youthful medical attendants as guides (Fairman, Rowe, Hassmiller Shalala, 2011). Since what they do is imitated by the more youthful ones, clearly the understudy may wind up creating poor relational correspondence relations with a specific area of the patients. Plus, it shows that the Senior Nurse is discriminative and has built up a generalization towards the old patients. The remarks would make the patient to lose trust in the administrations gave by the office. The way that one of the workers isn't content with the administrations gave implies that they are not up to the normal norm. In this manner, the patient will change his conviction and begin building up a negative mentality towards the office, its workers and the administrations gave to the customers (Bylund, Peterson Cameron, 2012). A negative discernment will end meddling with the recuperation procedure of the patient. It may result into passionate and mental pain that may wind up influencing the patient considerably after release. 3. The negative remarks given by the Senior Nurse were bad since they would have a ton of consequences for the clinic. The remarks would contrarily influence the notoriety of the association. It would make the patient to accept that the medical clinic isn't worried about the life of the patients. The announcement may be deciphered to imply that the specialists demand working the older for bringing in cash, however not to improve their wellbeing (Fairman, Rowe, Hassmiller Shalala, 2011). When the customers lose confidence in the office, they will stop utilizing its administrations. This is shocking that may wind up prompting the loss of patients, pay, and productivity. 4. In the event that I were available when the announcement was made, I would give a valiant effort to rescue the notoriety of the clinic. To begin with, I would utilize my influence abilities to tell the senior medical attendant and the patient that it is important for the older people to experience enormous careful activities since it is vital for sparing their basic lives. Additionally, I would engage the Senior Nurse to shun such articulations since they can hurt the association (Braithwaite Schrodt, 2014). On the off chance that the Senior Nurse wishes to offer such expressions, I would interest him to do as such without the patients. References Braithwaite, D.O. Schrodt, P. eds., 2014. Connecting with speculations in relational correspondence: Various points of view. New York: Sage Publications. Bylund, C.L., Peterson, E.B. Cameron, K.A., 2012. A specialist's manual for relational correspondence hypothesis: An outline and investigation of chose speculations. Quiet training and advising, 87(3), pp.261-267. DiCenso, A.; Cullum, N. Ciliska, D. (2011). Executing proof based nursing: a few misguided judgments. Proof Based Nursing 1 (2): 3840. doi:10.1136/ebn.1.2.38.

Prof(ILL)es Series Sarah Warren

Prof(ILL)es Series Sarah Warren This is post 3 of 3 in my Prof(ILL)es Series. If you are interested in learning more about why I’m doing this, check out my introduction piece. Click here if you missed last week’s Prof(ILL)e with Paul Ceneac. You can learn a lot from athletics. There’s a reason why many dedicate their lives to participating, covering, and building businesses around the idea of competition and sport. This is certainly the case for Sarah Warren. Growing up in a motivated, athletic family, Sarah excelled in sports such as speed skating (where she was a Junior U.S. National Team member) and soccer. A talented student as well, Sarah had plenty of options to consider when it came to where she was going to go to college (she mentions the University of Chicago as an early frontrunner). However, when the University of Illinois called to offer a spot on the women’s varsity soccer team it was, in Sarah’s words, “an opportunity [she] couldn’t pass up. These days, Sarah is able to reflect as a senior class captain on the time and effort she’s dedicated to both the team and this university. She’s most proud of her work with the soccer team, both on and off the field. “The connections you make on the team is an opportunity not many get to experience, but it’s one of those that completely changes your life forever.” The soccer experience seems to be a unique one for Sarah: “It’s just one of those things where you’re either all in or not in at all, and when you’re all in you create these bonds and experiences that not only shape your time here but shape your time in the future.” Sarah on the pitch for the orange and blue Not only has Sarah been able to build important bonds, but develop important skills like leadership and time management through the sport. Regarding leadership, she said “I’ve always been the loudest in the room, but being able to lead people has not always come easily to me.” Leadership is often very personal, and takes time to develop your own effective style. Sarah continued, “I’ve always known how I can be led and what motivates me, but that’s not always the same as the person next to me or the person in front of me…learning what I can do to get everyone motivated and on the same page is something I’ve definitely grown and matured into, not only in sports but in everything in life.” Sarah remains extremely involved on campus outside of soccer, too. Sarah is a part of multiple engineering honors societies, vice president for the Illinois Sports Business Conference, a research assistant on campus, and spends many hours on community service and philanthropy. With such a diverse and challenging schedule, Sarah’s insights on time management can be valuable to any college student. “I’ve always really been busy, before even coming to school…it’s always been one of those things where you kind of have to fit things in. It’s just timing, and definitely something you mature into in college. Freshman year I would get six hours of sleep a night, tops, but I wouldn’t say it was necessarily all the work and responsibilities I had. It was just not planning.” Since her freshman year, Sarah learned to utilize the time management resources available in order to allow her to do more meaningful work. In addition, through this more meticulous organizing, she’s been able to find more time to develop meaningful relationships with her friends. “It would say that it’s a necessary [component]. When I am booking time out that’s something that always needs to be there because we are in college and you need to build and foster these relationships…those are the memories you’re going to remember.” An aside: one of the key takeaways I’ve noticed through this series is the importance of finding meaningful personal time and time with friends. It’s been the one thing that’s been universal so far. The 2016-17 ISBC Executive Board at the 3rd annual conference Professionally, Sarah cites her work with the Illinois Sports Business Conference as a major influence, as it gives her access to those in the field she’s interested in. She’s passionate about remaining in athletics as a professional, particularly on the medical side getting involved in orthopedics. For Sarah, changing the outlook of someone’s career is sometimes akin to changing someone’s life. She would know, because look at what sports has given her. Finally, it should come as no surprise that Sarah’s biggest piece of advice to students is to remain involved. It’s incredibly important to put yourself out there and get ready to make mistakes. To any aspiring student-athlete or busy person in general, Sarah serves as a model for balance and focus at the collegiate level. Talk soon. Steven Class of 2019 I’m from New Canaan, Connecticut. I'm studying Management Entrepreneurship in the Gies College of Business and Political Science in the College of Liberal Arts and Sciences.

Prof(ILL)es Series Sarah Warren

Prof(ILL)es Series Sarah Warren This is post 3 of 3 in my Prof(ILL)es Series. If you are interested in learning more about why I’m doing this, check out my introduction piece. Click here if you missed last week’s Prof(ILL)e with Paul Ceneac. You can learn a lot from athletics. There’s a reason why many dedicate their lives to participating, covering, and building businesses around the idea of competition and sport. This is certainly the case for Sarah Warren. Growing up in a motivated, athletic family, Sarah excelled in sports such as speed skating (where she was a Junior U.S. National Team member) and soccer. A talented student as well, Sarah had plenty of options to consider when it came to where she was going to go to college (she mentions the University of Chicago as an early frontrunner). However, when the University of Illinois called to offer a spot on the women’s varsity soccer team it was, in Sarah’s words, “an opportunity [she] couldn’t pass up. These days, Sarah is able to reflect as a senior class captain on the time and effort she’s dedicated to both the team and this university. She’s most proud of her work with the soccer team, both on and off the field. “The connections you make on the team is an opportunity not many get to experience, but it’s one of those that completely changes your life forever.” The soccer experience seems to be a unique one for Sarah: “It’s just one of those things where you’re either all in or not in at all, and when you’re all in you create these bonds and experiences that not only shape your time here but shape your time in the future.” Sarah on the pitch for the orange and blue Not only has Sarah been able to build important bonds, but develop important skills like leadership and time management through the sport. Regarding leadership, she said “I’ve always been the loudest in the room, but being able to lead people has not always come easily to me.” Leadership is often very personal, and takes time to develop your own effective style. Sarah continued, “I’ve always known how I can be led and what motivates me, but that’s not always the same as the person next to me or the person in front of me…learning what I can do to get everyone motivated and on the same page is something I’ve definitely grown and matured into, not only in sports but in everything in life.” Sarah remains extremely involved on campus outside of soccer, too. Sarah is a part of multiple engineering honors societies, vice president for the Illinois Sports Business Conference, a research assistant on campus, and spends many hours on community service and philanthropy. With such a diverse and challenging schedule, Sarah’s insights on time management can be valuable to any college student. “I’ve always really been busy, before even coming to school…it’s always been one of those things where you kind of have to fit things in. It’s just timing, and definitely something you mature into in college. Freshman year I would get six hours of sleep a night, tops, but I wouldn’t say it was necessarily all the work and responsibilities I had. It was just not planning.” Since her freshman year, Sarah learned to utilize the time management resources available in order to allow her to do more meaningful work. In addition, through this more meticulous organizing, she’s been able to find more time to develop meaningful relationships with her friends. “It would say that it’s a necessary [component]. When I am booking time out that’s something that always needs to be there because we are in college and you need to build and foster these relationships…those are the memories you’re going to remember.” An aside: one of the key takeaways I’ve noticed through this series is the importance of finding meaningful personal time and time with friends. It’s been the one thing that’s been universal so far. The 2016-17 ISBC Executive Board at the 3rd annual conference Professionally, Sarah cites her work with the Illinois Sports Business Conference as a major influence, as it gives her access to those in the field she’s interested in. She’s passionate about remaining in athletics as a professional, particularly on the medical side getting involved in orthopedics. For Sarah, changing the outlook of someone’s career is sometimes akin to changing someone’s life. She would know, because look at what sports has given her. Finally, it should come as no surprise that Sarah’s biggest piece of advice to students is to remain involved. It’s incredibly important to put yourself out there and get ready to make mistakes. To any aspiring student-athlete or busy person in general, Sarah serves as a model for balance and focus at the collegiate level. Talk soon. Steven Class of 2019 I’m from New Canaan, Connecticut. I'm studying Management Entrepreneurship in the Gies College of Business and Political Science in the College of Liberal Arts and Sciences.

Post Traumatic Stress Disorder ( Ptsd ) - 934 Words

Post-Traumatic Stress Disorder or PTSD has been one of the most critical issues for military veterans for decades. Most veterans who deployed have seen or experienced traumatic stressful events which can eventually develop to PTSD. They might not recognize the symptoms of the PTSD. They might not know how to react to the situation and how it can affect them in the long run. Since some of them may not know the symptoms of PTSD; therefore, they might not even know that they have PTSD. On the other hand, those who do know, might keep it to himself or herself secretly and never let anyone know about it. Later on, these symptoms start to get worse and worse and it, finally, is too late to treat these veterans. There are several treatments out there for PTSD. Therapists can use the cognitive psychology to help veterans with PTSD by using cognitive therapy. Cognitive Processing Therapy is one of many therapies that can be used to help veterans to overcome PTSD. Cognitive psychology is a new version of functionalism which was influenced by Gestalt psychology and structuralism and he main perspectives of cognitive psychology focus on the importance of cognitive process or intellectual process, for example, opinion, memory, thinking, and language (Lahey, 2012). Cognitive Therapy can treat PTSD by helping veterans to understand its symptoms, change the way of thinking, and better cope with PTSD. Cognitive therapy can help veterans to better understand about the PTSD and its symptoms.Show MoreRelatedPost Traumatic Stress Disorder ( Ptsd )990 Words   |  4 PagesPost-Traumatic Stress Disorder Post-traumatic stress disorder is a common anxiety disorder characterized by chronic physical arousal, recurrent unwanted thoughts and images of the traumatic event, and avoidance of things that can call the traumatic event into mind (Schacter, Gilbert, Wegner, Nock, 2014). About 7 percent of Americans suffer from PTSD. Family members of victims can also develop PTSD and it can occur in people of any age. The diagnosis for PTSD requires one or more symptoms to beRead MorePost Traumatic Stress Disorder ( Ptsd )1471 Words   |  6 PagesRunning head: POST-TRAUMATIC STRESS DISORDER 1 Post-Traumatic Stress Disorder Student’s Name Course Title School Name April 12, 2017  Post-Traumatic Stress Disorder Post-traumatic stress disorder is a mental disorder that many people are facing every day, and it appears to become more prevalent. This disorder is mainly caused by going through or experiencing a traumatic event, and its risk of may be increased by issuesRead MorePost Traumatic Stress Disorder ( Ptsd ) Essay1401 Words   |  6 PagesAccording to the Mayo-Clinic Post Traumatic Stress Disorder, commonly known as PTSD is defined as â€Å"Post-traumatic stress disorder (PTSD) is a mental health condition that s triggered by a terrifying event — either experiencing it or witnessing it. Symptoms may include flashbacks, nightmares and severe anxiety, as well as uncontrollable thoughts about the event† (Mayo Clinic Staff, 2014). Post Traumatic Stress disorder can prevent one from living a normal, healthy life. In 2014, Chris Kyle playedRead MorePost Traumatic Stress Disorder ( Ptsd )1198 Words   |  5 Pages Post-traumatic stress disorder(PTSD) is a mental illness that is triggered by witnessing or experiencing a traumatic event. â€Å"PTSD was first brought to public attention in relation to war veterans, but it can result from a variety of traumatic incidents, such as mugging, rape, torture, being kidnapped or held captive, child abuse, car accidents, train wrecks, plane crashes, bombings, or natural disasters such as floods or earthquakes(NIMH,2015).† PTSD is recognized as a psychobiological mentalRead MorePost Traumatic Stress Disorder ( Ptsd )1423 Words   |  6 Pages Mental diseases and disorders have been around since humans have been inhabiting earth. The field of science tasked with diagnosing and treating these disorders is something that is always evolving. One of the most prevalent disorders in our society but has only recently been acknowledged is Post Traumatic Stress Disorder (PTSD). Proper and professional diagnosis and definitions of PTSD was first introduced by the American Psychiatric Association(APA) in the third edition of the Diagnostic andRead MorePost Traumatic Stress Disorder ( Ptsd ) Essay1162 Words   |  5 PagesSocial Identity, Groups, and PTSD In 1980, Post Traumatic Stress Disorder (PTSD,) was officially categorized as a mental disorder even though after three decades it is still seen as controversial. The controversy is mainly founded around the relationship between post-traumatic stress (PTS) and politics. The author believes that a group level analysis will assist in understanding the contradictory positions in the debate of whether or not PTSD is a true disorder. The literature regarding this topicRead MorePost Traumatic Stress Disorder ( Ptsd ) Essay1550 Words   |  7 PagesPost Traumatic Stress Disorder â€Å"PTSD is a disorder that develops in certain people who have experienced a shocking, traumatic, or dangerous event† (National Institute of Mental Health). Post Traumatic Stress Disorder (PTSD) has always existed, PTSD was once considered a psychological condition of combat veterans who were â€Å"shocked† by and unable to face their experiences on the battlefield. Much of the general public and many mental health professionals doubted whether PTSD was a true disorder (NIMH)Read MorePost Traumatic Stress Disorder ( Ptsd )944 Words   |  4 Pageswith Post-traumatic stress disorder (PTSD Stats). Post-Traumatic Stress Disorder is a mental disorder common found in veterans who came back from war. We can express our appreciation to our veterans by creating more support programs, help them go back to what they enjoy the most, and let them know we view them as a human not a disgrace. According to the National Care of PTSD, a government created program, published an article and provides the basic definition and common symptoms of PTSD. Post-traumaticRead MorePost Traumatic Stress Disorder ( Ptsd )1780 Words   |  8 Pagesmental illnesses. One such illness is post-traumatic stress disorder (PTSD). Post-traumatic stress disorder is a mental illness that affects a person’s sympathetic nervous system response. A more common name for this response is the fight or flight response. In a person not affected by post-traumatic stress disorder this response activates only in times of great stress or life threatening situations. â€Å"If the fight or flight is successful, the traumatic stress will usually be released or dissipatedRead MorePost Traumatic Stress Disorder ( Ptsd )1444 Words   |  6 PagesYim – Human Stress 2 December 2014 PTSD in War Veterans Post Traumatic Stress Disorder (PTSD) is a condition that is fairly common with individuals that have experienced trauma, especially war veterans. One in five war veterans that have done service in the Iraq or Afghanistan war are diagnosed with PTSD. My group decided to focus on PTSD in war veterans because it is still a controversial part of stressful circumstances that needs further discussion. The lifetime prevalence of PTSD amongst war

An Analysis of The Arbitrage Pricing Theory - Free Essay Example

Sample details Pages: 11 Words: 3291 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? The Arbitrage Pricing Theory (APT) was developed primarily by Ross (1976a, 1976b). Indeed, it is a one-period model in which every investor believes that the stochastic properties of returns of capital assets are consistent with a factor structure. The basis of arbitrage pricing theory is the idea that the price of a security is driven by a number of factors. Don’t waste time! Our writers will create an original "An Analysis of The Arbitrage Pricing Theory" essay for you Create order These can be divided into two groups: macro factors, and company specific factors. The name of the theory comes from the fact that this division. Each F is a separate factor and each ? is a measure of the relationship between the security price and that factor. The APT: Assumptions The APT relies on the following assumptions: Returns are generated according to a linear factor model The number of assets is close to infinite Investors have homogenous expectations Capital markets are perfect (i.e. perfect competition, no transactions costs The APT: Factors Even if, the arbitrage pricing theory does not explicitly state the relevant macro economic factors, they can be empirically constructed. As a matter of fact, it has been observed that the following factors tend to influence the price of the security under consideration: Change in industrial production or GDP. Unanticipated inflation or deflation. Shifts in the Yield Curve Investor confidence measured by surprises in default risk premiums for bonds Changes in oil prices (proxy for price level) The Capital Asset Pricing Model In finance literature, the  capital asset pricing model (CAPM) is used to determine a theoretically appropriate required rate of return of an asset, if that asset is to be added to an already well-diversified portfolio, given that assets non-diversifiable risk. The model takes into account the assets sensitivity to non-diversifiable risk (also known as systematic risk or market risk), often represented by the quantity beta (?) in the financial industry, as well as the expected return of the market and the expected return of a theoretical risk-free asset. The CAPM, is a model, for pricing an individual security or a portfolio. For the individual securities on the other hand the security market line (SML), The general idea behind CAPM is that investors need to be compensated in two ways: time value of money and risk Based on the Markowitzs mean-variance model, the  CAPM  inherits all the shortcomings of the latter in addition to its own assumptions such as: 1. Inves tors are rational and risk averse. They pursue the only interest of maximizing the expected utility of their end of period wealth. Implication: The model includes the single time horizon for all investors. 2. The markets are perfect, thus taxes, inflation, transaction costs, and short selling restrictions are not taken into account. 3. Investors can borrow and lend unlimited amounts at the risk-free rate 4. All assets are infinitely divisible and perfectly liquid. 5. Investors have homogenous expectations about asset returns. In other words, all investors agree about mean and variance as the only system of market assessment, thus everyone perceives identical opportunity. The information is costless, and all investors receive the same information simultaneously. 6. Asset returns conform to the normal distribution. 7. The markets are in equilibrium, and no individual can affect the price of a security. 8. The total number of assets on the market and their quantiti es are fixed within the defined time frame. The Implications The investors will choose to hold a portfolio of risky assets in proportions of the market portfolio. Market portfolio will be on the efficient frontier and will be the tangency portfolio to the optimal capital line. Hence, the capital market line will be the line from the risk free rate through the market portfolio, M, which is also the best attainable capital allocation line. The risk premium on the market portfolio will be proportional to its risk and the degree of risk aversion of the investor. The risk premium on individual assets will be proportional to the risk premium on the market portfolio, M, and the beta coefficient of the security relative to its market portfolio. The CAPM formula: Ri = Rf + ?i (rm-rf) Whereby Ri is the expected return by CAPM, rf is the risk free rate, rm is the market return and ?i is the risk factor. The security market line Expected return sml Rm Rf beta The SML essentially graphs the results from the capital asset pricing model (CAPM) formula. The x-axis represents the risk (beta), and the y-axis represents the expected return. The market risk premium is determined from the slope of the SML. The security market line is a useful tool in determining whether an asset being considered for a portfolio offers a reasonable expected return for risk. Individual securities are plotted on the SML graph. If the securitys risk versus expected return is plotted above the SML, it is undervalued  because the investor can expect a greater return for the inherent risk. A security plotted below the SML  is overvalued  because the investor would be accepting less return for the amount of risk assumed. Capital asset pricing model has the following limitations: It is based on unrealistic assumptions. It is difficult to test the validity of Capital asset pricing model. Betas do not remain s table over time. Empirical Literature Review Empirical tests of APT and CAPM Empirical tests of the APT have been questionable because no two researchers could agree on the value of the coefficients of any of the exogenous variables (Chen 1983, Chen, Roll and Ross 1983, Roll and Ross 1980, Kryzanowski et al 1994). Kryzanowski et al (1994) showed that the explanatory variables are correlated. Hard work to generate orthogonal factors results in one principal factor and APT models that retain multiple explanatory variables are unstable. A closer look at Chen (1983) reveals these aspects of APT research. Chen, a great fan of the APT, reports that he was unable to find any evidence that the APT is not valid. In each case, his null hypothesis was that the APT is valid; and in each case, he was unable to reject this hypothesis. N.Soufian (2001) examined the validity of the CAPM and APT across time during three sub samples for periods (1980-1989 and 1990-1997). This study demonstrated how risk premium, term structure, changes in industrial production affect a verage returns. The assumption of a constant beta is the major difficulty in the empirical support of static CAPM and its factor models when applied across time. It is however clear that the APT is much better behaved than the CAPM. In J Shankens study (1982), the CAPM model, was not found to be testable in a strict sense. Much of this acceptance can be attributed to the persuasive analysis of Roll, who argues that the CAPM, is not testable unless the market portfolio of all assets is used in the studies. The APT of Ross, is viewed as a testable substitute to the CAPM. OTHER EMPIRICAL STUDIES Indeed, over past years the link between macroeconomic variables and stock market returns has been well documented in the finance literature. Several studies depicted that macroeconomic variables influence stock market to a great extent. Numerous interesting results have also been found, but both the academics and the practitioners have not arrived at a consensus on the direction of the causality among these variables, which have at times led to ambiguity in the studies. The vector autoregressive VAR, by Sims (1980), was used to find short run causality between macro economic variables and stock prices. As a result, it was found that macro economic variables do affect stock returns greatly. Darrat and Mukherjee (1987) used a vector autoregressive model on the Indian data over 1948-1984 and showed that a causal relationship do exist between stock returns and macro economic variables. Granger (1986) and Engle and Granger (1987) concluded that the soundness of long term equil ibria between variables can be studied using cointegration methods. In fact, they have been applied to the long run relationship between stock prices and macroeconomic variables in numerous studies. The Johansen (1988), method of testing for the existing of cointegration relationships has become the standard in the econometrics literature. His multivariate cointegration test favored long run equilibrium relationship between financial and real sector. The following papers Fama and French (1989), Schwert (1990) and MacDonald (1997), a significant relationship was gained between stock market returns and changes in macroeconomic variables like the inflation, risk premium, yield curve, interest rates and industrial production. Brown and Otuski (1990) found that crude oil prices, exchange rate, call money rate, residual market error, production index and money supply affect the Japanese stock market and is linked with risk premia. Hamao and Campbell (1992) concluded a smaller positive coefficients for the dividend price ratio and the long short interest rate spread on stock markets returns in Japan relative to the US in a studying a sample casing monthly data from 1971 to 1990. Mukherjee and Naka (1995) test the dynamic relationship between six macroeconomic variables and the Japanese Stock market by using a vector error correction model of seven equations. They found that a long term equilibrium link between the Japanese stock market and macroeconomic variables like the exchange rate, money supply, inflation, industrial production, long term government bond rate and call money rate. Kwon, Shin and Bacon (1997), assessed the stock market behavior and various multiple macroeconomic variables namely, production index, inflation, expected inflation, risk premium, term structure, dividend yield, trade balance, foreign exchange rate, oil price and money supply. They were time series data regressed on monthly returns of the value weighted Korean composit e stock price index. As a consequence, they concluded that Korean stock market was more sensitive to real economic and international trading activities, like the trade balance, exchange rate, money supply and production index than that of US and Japanese stock indices. Nasseh and Strauss (2000), found a significant link between stock prices and domestic and foreign activity in France, Germany, Italy Netherlands Switzerland and UK. Positive coefficients for industrial production, consumer price index, short term interest rates and business surveys of manufacturing. However, negative coefficients were obtained for long term interest rates. Furthermore, the European stock market was found to be integrated with that of Germany. Rapach (2001) analyzed the impacts of supply shock factors on real U.S stock prices in a structural VAR model and found that real stock returns were negatively correlated with inflation. Maysami, Howe and Hamzah (2004), investigated the link between ma croeconomic variables and the stock market returns in the Singapore stock market. The macroeconomic variables are interest rates, inflation, exchange rates, industrial production and money supply. Singaporean stock market index All-S equities property index proved to share significant relationship with all variables. However, the All-S equities finance index and All-S equities hotel index form significant relationship with only selected variables. Basher and Sadorsky (2006) scrutinized the effect of oil price changes on the stock market returns of 21 emerging economies. Evidence found were positive and significant at 10% level to stock market returns for most if not all countries. A.Humpe and P.Macmillan (2007), made an attempt to examine the long term stock market movements caused by macroeconomic variables. They in fact, made a comparison between the US and Japan. For the US and the Japan macroeconomic variables were, industrial production, consumer price index, money supply , rate of interest which were taken into consideration. Monthly data over the last 40 years were used. As a result, in US, variables like the industrial production positively affect stock prices while negatively affected by inflation and rate of interest. Money supply had an insignificant influence over stock prices. In Japan, two cointegrating vectors were found. Stock prices were positively affected by industrial production and negatively to money supply. The second cointegrating vector depicts that industrial production is negatively related to interest rate and consumer price index. A.Anokye and T. George (2008) examine the influence of a number of macroeconomic variables on stock prices in Ghana. Variables are inflation, interest rate, exchange rate, oil prices, inward FDI. Ghana stock market formed significant relationship with the macroeconomic variables selected. In fact, the presence, of a cointegrating relationship between the variables and stock prices is a signal t hat stock market efficiency is in doubt. In the short run, establishing lead and lag through error correction model shows that investors can cause past values to reap abnormal profits. Kandir (2008) in his investigation, examined the Turkish stock market and how do the growth rate of industrial production index, change in consumer price index, growth rate of narrowly defined money supply, change in exchange rate, interest rate, growth rate of international crude oil price affect the return on the MSCI World Equity Index. A macroeconomic factor model is employed for the period that spans from July 1997 to June 2005. N. Sohail and Z.Hussain (2009) explored the relationship between Lahore stock market and macroeconomic variables. Monthly time series were used and variables were, consumer price index, real effective exchange rate, 3-month treasury bill, industrial production and M2(money supply). Data from 2002-2008 were taken into consideration. As a matter of fact, two long r un relationships were found. In the long run, inflation negatively affected stock prices whilst, industrial production, exchange rate and money supply positively affected them. On the other hand, treasury bills had an insignificant effect on stock prices. The results of the Variance Decomposition showed that inflation explained the maximum variance. K.Jiranyakul (2009) used a set of four macroeconomic variables, namely; the real GDP, money supply, nominal effective exchange rate and Thai stock market index. A positive relationship was found between them using data from (1993-2007). The Engle granger test does not show cointegration, however the Johansen cointegration test exhibits cointegration. There are two cointegrating equations; industrial production had a positive relationship on stock prices whilst inflation had a negative one. Nominal exchange rate adversely affected stock prices. The fundamental crisis imposes no impact on long run relationship. Moreover, there exi st bidirectional causality between stock market and economic growth. MW Mahmod and NM Dinniah (2009) carried out a study of how macroeconomic variables, inflation, output and exchange rate of six Asian Pacific regions affect stock prices. Monthly data for Malaysia, Thailand, Korea and Japan and quarterly data for Hong Kong and Australia were used. According to the Granger test and Johansen and Juselius maximum likehood procedure, there is sufficient evidence showing that there is long run relationship between the selected variables in all three countries. Furthermore, the error correction model depicts a short run link only between foreign exchange rate with stock price of Hong Kong and real output and stock price of Thailand. E. Cagli, U Halac and D.Taskin (2010), studied the relationship of the Turkish stock prices with macroeconomic variables, like the exchange rate, GDP, industrial production, inflation, money supply, interest rates and oil prices and monthly data fr om Jan 1998-Dec 2008 were used. The cointegration test suggests that GDP, oil price, industrial production are cointegrated. Inflation is not cointegrated. According to the unit root test with structural breaks exchange rate, rate of interest are dropped out for the reason they are found to be integrated of order (0) they are hence stationary. D.Plinkus (2010) carried an analysis of how macroeconomic variables affect stock market of main Baltic. Monthly data from Jan 2000 Dec 2008 were used. Indeed, results obtained present granger causality between selected variables and the stock market indices. Nearly all the variables, Gross Domestic Product, unemployment, foreign direct investment, state debt, money supply, export, import, trade balance, shorter interest rates and harmonized consumer price index were found to be causing movements in stock returns. Moreover, the relation between macroeconomic variables and stock returns in Baltic were found to be more reliable in the long ru n. J.Garcia and M.Juarez (2010) investigated the influence of Chinese and American macroeconomic variables in the stock market indices of Brazil, Chile and Mexico. Monthly data for industrial production and interest rates for the period of Jan 200 Dec 2009 were used. As a result, a cointegrating relationship between the USA with the Brazil, Mexico and Chile were obtained whereas at least two cointegrating relationship between China Mexico and Brazil were gained and one with Chile. Implying that Chinese, macroeconomic variables appear to be more cointegrated with Latin American stock. The granger causality tests show that US macroeconomic variables granger cause stock market performance in Mexico and Chile. As a matter of fact, Mexico is found to be the only country which exhibits causality between China and USA. How do the selected macroeconomic factors affect stock returns? Gross Domestic Product (GDP) The relationship between economic activity (proxy by GDP) and stock market has been an issue of great interest to many researchers. Mostly, studies have been carried out to find out whether stock prices are influenced by economic changes or determined by speculative bubbles. In the light of mixed empirical evidences, it is found that during recession, stock market returns are low whereas during economic boom and in presence of future expectations about increase in level of economic activity, returns soar. Oskoe (2010) studied stock market performance of Iran with respect to changes in economic growth. As a result a causal relationship between GDP and stock market were found. The Johansen cointegration test showed that stock prices are moved by level of economic activity. Inflation and rate of interest Inflation is defined as a period where there is persistent rise in general price level of goods and services. It affects the stock market in sense that it increases the rates of interest. If the inflation rate is high, the interest rate is also high thus, the creditor will have a tendency to compensate for the rise in interest rates and the debtor has to avail of a loan at a higher rate. This prohibits funds from being invested in stock markets. In addition when the government has enough funds to circulate in the market, the cost of goods, services usually rise. This leads, to the decrease in the purchasing power of individuals and in the value of money. Concisely, for the economy to flourish, inflation and stock market ought to be more conforming and predictable. Feldstein (1980a) stated that inflation decreases share prices because of the link between inflation and the tax system. Money supply Intuitively an increase in the rate of growth of money supply strengthens the rate of increase in stock prices. Conversely, a fall in the rate of growth of money supply should slow down the growth momentum of stock prices. Oil prices Indeed oil prices are very volatile by nature and any fluctuation in such prices affect the economy as a whole. In most if not all economies, all industries, they rely on fuel to run properly. In their study, N.Mujahid, R.Ahmed and K.Mustafa (2006) used data from March 1998 to Dec 2005 and found that there is actually no relationship between oil prices and stock market of Pakistan. The reason behind this is because due to an increased use of gas and liquidity. In fact stock a positive relationship between gas prices and stock market was found. Exchange rates A depreciating currency may depress stock market and hence stock returns. This happens due to expectations of inflation (Ajayi and Mougoue 1996). In this connection, foreign investors are less willing to hold assets in currency that depreciates as this will erode their return on investment. However an appreciating currency will boost the economy as well as the stock market and finally stock returns. Hence exchange rates do affect stock market returns to high extent. Moreover, M.Rahman (2009), studied how stock prices in three merging countries like the Bangladesh, India and Pakistan, interact with respect to fluctuations in exchange rates. Using data from Jan 03 June 2008, result showed that there is no cointegrating relationship between stock prices and exchange rates. The Granger causality test likewise the Johansen test, depicted no causal relationship between stock prices and exchange rates. Result showed there is no way causal relationship between stock prices and exchange rates in the countries.

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