The Pearl Literary Essay Free Essays

â€Å"But in the tune there was a mystery minimal internal tune, barely detectable, however consistently there, sweet and mystery and sticking, nearly covering up in the counter-tune and this was the tune of the pearl that may be, for each shell tossed in the container may contain a pearl† (Steinbeck 17). This is something that may always mislead us, due to its ‘sweet’ counter-song. This is the double dealing of cash. We will compose a custom paper test on The Pearl Literary Essay or on the other hand any comparable theme just for you Request Now It despite everything happens today-individuals mistake cash for influence, in light of the fact that here and there, cash can prompt force, and it’s not generally something worth being thankful for. Cash isn't the response to everything, as it can serve to flabbergast individuals, befuddling them between what they think they need, and what they truly need or need. In the book ‘The Pearl’ by John Steinbeck, Kino got blinded by the outside sheen of the pearl. â€Å"The shell was incompletely open, for the shade ensured this old clam, and in the lip-like muscle Kino saw a spooky glimmer, and afterward the shell shut down† (Steinbeck 18). This ‘ghostly gleam’ is the intensity of the pearl, and it began to swindle Kino gradually, beginning from the purpose of where he had first observed the pearl to where it had cost him something extremely dear to him-his child, Coyotito. Kino initially considered the to be as a down to earth technique to improve his and his family’s life, anyway later, he saw it just as a strategy for endurance, and at long last, Coyotito bites the dust along these lines. Just toward the end had Kino understood the intensity of the pearl, however this acknowledgment was of no assistance toward the end, as everything was finished. Cash truly isn't all that matters, and in Kino’s case, it had caused passing. Take the lottery, for example. Everybody needs to win the lottery-the opportunity to win it enormous and be rich, and not need to live close and tallying each and every penny. In the event that you hit the big stake, you could just live off the intrigue and not need to stress over a solitary thing. Presently, applying this to ‘The Pearl,’ Kino and Juana had essentially nothing; they lived in a hovel that had an earth floor, and this cabin could have been devastated in one in number whirlwind. Their home would have been overwhelmed, and afterward what? What's more, it’s not just them who live that way. Individuals from their whole network live similarly as Kino does, and they are similarly as substance. Their town of La Paz was all essentially down and out, and if even one of its individuals hit it large, it would speak to an immense thing for their whole prosperity. With the pearl, Kino saw riches, yet a sound and succeeding future, particularly for Coyotito. It would have additionally been a major occasion for the whole town. The thing is, Kino just observed these things through the pearl. I don't get that's meaning? It implies that he wasn’t ready to see a cheerful future for him and his family without the pearl. I don't get that's meaning? It implies that without the pearl, they were still essentially nothing. Be that as it may, Kino’s face shone with prescience. ‘My child will peruse and open the books, and my child will compose and will know composing. What's more, my child will make numbers, and these things will make us free since he will know†he will know and through him we will know’† (Steinbeck 26). ‘Through him we will know,â⠂¬â„¢ Kino says this, and when he says this, he implies that just through Coyotito would they be able to know. Doesn’t that speak to a LOT for them and the network? Imagine a scenario in which these things didn't in certainty happen. At that point they would need to begin once again, and live with these seasons of incognizance playing again and again in their minds. There is a ton holding tight the pearl-it’s either win big or bust. That’s what the pearl appeared to speak to, and at long last, they don't got anything. Coyotito was an enormous piece of their life, and what they needed from the pearl had a great deal to do with him. This time, they would need to begin once again without Coyotito. And furthermore, this would particularly hurt Kino. Regardless of whether nothing especially terrifying happened, Kino would presumably feel shocking about his obliviousness and how he got his and his family’s trusts up-for nothing. He would acknowledge how the pearl had deceived him until this second, and would live in shame for an amazing remainder. In the pearl he perceived how they were dressed-Juana in a wrap firm with novelty and another skirt, and from under the long skirt Kino could see that she wore shoes. It was in the pearl-the image developing there. He himself was wearing new white garments, and he conveyed another cap no t of straw however of fine dark felt-and he also wore shoes-not shoes but rather shoes that bound. In any case, Coyotito-he was the one-he wore a blue mariner suit from the United States and a touch of yachting top, for example, Kino had seen once when a delight pontoon put into the estuary. These things Kino found in the lucent pearl and he stated, ‘We will have new garments. ‘† (Steinbeck 24). These desires are material wishes, needing new garments, and needing to be hitched. To figure, the principal thing to need to do when you get rich is to get hitched and get new garments. Doesn’t that illuminate us, the peruser, of Kino and Juana’s current money related circumstance? These things, needing new garments, needing to get hitched, needing their child to go to class.. these are everything that he would not have the option to manage without the pearl, and these are things that most probable the entirety of their town individuals couldn't do. And afterward, close to the end, Kino’s senses change quickly from human like to creature like, living just on his impulses and guts. â€Å"Against the sky in the cavern entrance Juana could see that Kino was removing his white garments, for filthy and battered however they were they would appear against the dull night. His own earthy colored skin was better insurance for him† (Steinbeck 83). Covering, not actually something that we would all stress over consistently. The way that Kino considers what he wears against the foe is something to think about, and it truly shows how his impulses change. Now, endurance was the main thing he stressed over. Also, in conclusion, Kino had not taken Juana’s cautioning about the pearl prior. Juana had seen through the pearl-it had not deluded her. â€Å"Evil faces looked from it at him, and he saw the light of consuming. Furthermore, in the outside of the pearl he saw according to the man in the pool. Furthermore, in the outside of the pearl he saw Coyotito lying in the little cavern with the highest point of his head shot away. Furthermore, the pearl was gly; it was dim like a harmful development. What's more, Kino heard the music of the pearl, contorted and insane† (Steinbeck 89). This shows just toward the end had he understood the real appearance of the pearl. It had the ability to enhance their lives and it likewise had the ability to pulverize what was imperative to them, and Kino had just observed the conceivable great results of the pearl, and had thus been blinded. Also, by saying that he had been blinded doesn't imply that he had lost his sight; rather that everything else had passed him by, or rather, in one ear and out the other. He paid no regard to any conceivable awful results with the pearl, and essentially strolled around with his eyes shut. We would all be able to relate, however this is the thing that the pearl had done to him, and understanding the entirety of this toward the end would not help. Coyotito had kicked the bucket, and there was nothing Kino could do to bring him or whatever else back. His numbness had cost him everything. The statement with which this paper had started had fundamentally summarized what Kino found in this pearl-he saw a sweet external and these magnificent possibilities that could have accompanied the pearl, and furthermore how he neglected to see the expected dangers. The pearl spoke to cash and insidiousness and ravenousness and everything that individuals today despite everything are careless in regards to. Money related difficulties in those days are as yet clear now, and Kino made an off-base turn that most, if not we all had or will take sometime in the not so distant future. Be that as it may, our slip-ups probably won't cost to such an extent as Kino’s; as a byproduct of Kino’s wrong turn, he lost his child, Coyotito, and rather increased a lifetime of blame and lament. He himself changed, and relatively few of us would state that he improved. Truth be told, nobody can say on the off chance that he changed for the more awful, either. â€Å"And the music of the pearl floated to a murmur and disappeared† (Steinbeck 90). Step by step instructions to refer to The Pearl Literary Essay, Essay models

Foetal Alcohol Spectrum Disorder

Question: Examine about the Fetal Alcohol Spectrum Disorder. Answer: Presentation As indicated by Doney et al. (2016), liquor delivers by a long shot the most confounded and risky neurobehavioral difficulties to the baby when contrasted with all the substances manhandled, for example, weed, heroin, and cocaine. Pre-birth presentation happens when the liquor crosses the placenta prompting the ascent in the liquor level in the blood of the hatchling that in most pessimistic scenarios can arrive at maternal blood level. Kavanagh and Payne (2014) indicate that liquor being a teratogen, it can make any glitches the baby prompting conduct, physical, or learning difficulties when the kid is conceived. Fetal Alcohol Spectrum Disorders is a significant issue that happens because of fetal presentation to liquor by the parent (Mutch, Watkins, Bower, 2015). This paper assesses the event of Fetal Alcohol Spectrum Disorders among the Australian Indigenous Communities, impacts it can cause to an individual and the network, and its finding and treatment. The paper additionally as sesses a portion of the contributing elements that can forestall its powerful treatment and potential consequences on account of poor administration. Fetal Alcohol Spectrum Disorders Fetal Alcohol Spectrum Disorders (FASD) is an umbrella term utilized in portraying a range of conditions that influences a person because of fetal introduction to liquor by the mother during pregnancy as called attention to by Salmon (2011). The examination additionally indicates that each condition identified with the confusion and its determination is frequently founded on trademark include introductions which are consistently exceptional to the individual influenced and might be neurobehavioral, physical, or formative. As an umbrella term, the FASDs comprise of the accompanying conditions that all emerge because of pre-birth liquor introduction; Liquor Related Neurodevelopmental Disorder curtailed as ARND Liquor Related Birth Defects condensed as ARBD Fetal Alcohol Syndrome (FAS) Fractional Fetal Alcohol Syndrome (PFAS) Effects of FASD on the Community and Individuals As per Abbs (2015), liquor can make extraordinary harm the unborn newborn child at any level during pregnancy, an angle that likewise decides the degree of mischief an individual can understanding. The degree of damage that can be experienced is likewise dictated by the recurrence and measure of liquor introduction which is directed by parental age, nourishment of the mother, and intergenerational liquor use. For example, Freckelton (2016) brings up that the utilization of liquor by the mother while living under less than stellar eating routine or smoking cigarettes will intensify the state of the hatchling towards the introduction. A similar report brings up that the natural elements influencing the mother, for example, stress, destitution, and presentation to brutality are probably going to exacerbate the state of the FASD related contaminations to the embryo. In their examination, Latimer et al. (2015) call attention to that numerous indigenous networks and people inside the indig enous networks in Australia living with FASD frequently face an essential, optional, and tertiary difficulties. The essential conditions that can be seen in an individual incorporate lack of caution, memory pass, learning troubles, challenges in relating activities to various outcomes, delays being developed of a kid, and even harm to significant organs in the body Finding and Treatment With present day innovation and its appropriations inside the clinical businesses in Australia, Fitzpatrick et al. (2015) bring up that clinicians across Australia embraced the utilization of FASD analytic instrument as a major aspect of the Australian Guide to the conclusion of the infection. In 2016, the Australian clinical master audit board fit the Australian symptomatic subcategories dependent on those suggested by the Canadian rules with the point of tolerating the general FASD analytic subcategories. These classifications incorporate; FASD with under three sentinel facial highlights a finding procedure incorporating the stipulation classifications of Neuro-formative Disorder-Alcohol Exposure and Partial Fetal Alcohol Syndrome FASD conclusion comprising of three sentinel includes in the fetal face-is a procedure that is like the past Fetal Alcohol Syndrome analysis. Like some other physical inability condition, Burns et al. (2013) bring up that FASD is a physical cerebrum based confusion that requires ecological settlement. With early neurobehavioral mediations and a right finding just as suitable parental help and care in beginning periods of youth, the personal satisfaction and taking in results for people experiencing FASD can incomprehensibly improve. In his investigation, Salmon (2011) suggests reliance as opposed to the freedom objective for some, grown-ups influenced by FASD as an affirmation of the requirement for proper help in the endeavor of continuing the individual limit of taking part in financial and public activity. It is likewise critical to create convenience in full meetings with the individuals living with FASD since each individual has a specific need. Consumes et al. (2013) additionally distinguish some case the board approaches and bolster methodologies in the treatment of FASD to incorporate; Defining transient vital objectives with serious help, sensible desires, and finish Non-indigenous instructive help plans and approaches that expertly perceives the pertinent needs of FASD people inside the indigenous Australian people group. Latimer et al. (2015) signify that the standard methodologies just depend on the memory usefulness and practices that toward the end influence the reason impact thinking, filtration of outside boosts, sequestration, arranging, and acknowledgment of the sudden natural changes that frequently influence the patients. Receiving the utilization of open trustee for successful administration of funds during treatment and intercession. Receiving solid language and routine structures, for example, utilizing instruments for arranging the exercises inside the courses of events as suggested for treatment. Contributing Factors that can Prevent Successful Treatment for Australian Indigenous Communities The physical, neurobehavioral, and formative highlights with the FASD are once in a while obvious during childbirth except if there are facial development factors identified with the turmoil are watched and might be hard to see until the youngster accomplishes the young when learning and social troubles become hazardous (Mutch, Watkins, Bower, 2015). In their investigation, Kavanagh and Payne (2014) likewise means that there is frequently unrecognized weaknesses f the mind with essential side effects that regularly cause misjudging by those in power who cast apathy or rebellious conduct to people living with FASD. In the exertion of attempting to meet unreasonable desires, the individual frequently creates auxiliary cautious practices that are then incomprehensibly used to name and generalization the influenced people dependent on the watched practices. Being an imperceptible inability, FASD frequently goes undetected and can regularly be disregarded, ignored, or ascribed to other non-hereditary conditions, a factor that carries difficulties to the procedure of the executives and treatment of the confusion as indicated by Doney et al. (2016). Different difficulties are frequently brought about by accusing them for poor child rearing and unfortunate post birth conditions that incline the youngsters to different diseases. There is additionally an absence of legitimate comprehension by the network suppliers towards FASD since the administration arrangements and appraisals are regularly proof dependent on the conduct of the lack of ability of the influenced people. As indicated by Latimer et al. (2015), issue conduct introductions, just as the nonattendance of biomarkers, frequently bring about suppositions concerning the people that are regularly out of line as opposed to being useful. It subsequently implies that the majority of the n etwork social insurance suppliers inside the Australian Indigenous populace don't have an unmistakable understanding that FASD is a physical mind based turmoil with indicative practices to the cerebrum, a perspective that forestalls fruitful treatment. Implications in Case of PoorManagement of FASD When inadequately oversaw in a person, there are both essential and optional conditions that can keep going a lifetime relying upon the measure of liquor presentation during pregnancy as per Mutch, Watkins, and Bower (2015). The essential conditions that can be seen in an individual incorporate lack of caution, memory slip by, learning challenges, troubles in relating activities to various results, delays in the advancement of a youngster, and even harm to significant organs in the body, for example, the kidney. Freckelton (2016) likewise means that the injustice they face strengthens the intangibility of their mind based conditions thus sustaining their feeling of inability to accept that they cannot do as opposed to they wont do. Therefore, other tertiary conditions are probably going to happen because of the disappointment in meeting the desires while creating protective social systems. The tertiary conditions prone to be looked by such people incorporate sexual exploitation, earl y and impromptu parenthood, financial and family reliance, deficient instruction, liquor and other medication misuse, and inclusion in criminal equity frameworks. End Fetal Alcohol Spectrum Disorders is a genuine test among the Australian Indigenous people group who despite everything battle with the test of medication and substance misuse and the related impacts to the general public. Like some other physical incapacity condition, FASD is a physical mind based turmoil that requires natural convenience to enable the influenced people to see life emphatically. With early neurobehavioral mediations and a right determination just as suitable parental help and care in beginning periods of youth, the personal satisfaction and taking in results for people experiencing FASD can immeasurably improve. References Abbs, P. (2015). Enlarging the hole: The bay between approach rhet

Best Books of 2011 Category Standouts

Best Books of 2011 Category Standouts I have been blogging for almost a year, and in that time, I have written a lot of “5 Best Books” lists. As the end draws near, however, I am finding it difficult to identify the books that I consider the “best” of the year. This is partly because I know that I’m about to settle in to two weeks of some serious reading, and I just know that I’ll find something in those two weeks that should have been on the list. That happened in June, when I posted a “5 Best Books of 2011.so far” list. Within weeks, I had read a stack of new books that bumped some of my original choices right off the list. Now, I’m taking the easy way out. Instead of making a proper list, I’m going to hand out a few awards to books for doing things that caught my attention. Best 80s Pop Culture References Ready Player One by Ernest Cline The characters in this futuristic novel have a fascination with the past. Eighties references fill the pages, and readers are reminded of all their own memories of the eighties, even if they were too young to take part. It’s like Cline took all of his favorite things from back then and made sure to mention them at least once in the book. This could have gotten really old really quickly, and it would have, if not for Wade. He takes an almost scholarly approach to his quest for Hallidays Easter egg, and that detachment keeps the whole thing from being too over the top. There are a few places, though, where Cline indulges his inner geek, but I found that I liked the mash-ups, in all their various forms: Id had it only a few weeks now, but my time-traveling, Ghost Busting, Knight Riding, matter-penetrating DeLorean had already become my avatars trademark. Most Disturbing Plot Twist Jamrachs Menagerie by Carol Birch This novel gained a lot of attention earlier this year when it was short-listed for the Booker Prize. It tells the story Jaffy Brown, a young boy who must work hard to provide for himself and his mother. He works for Mr. Jamrach, an importer of exotic animals, and his job takes him aboard a whaling ship in search of a dragon. It is a journey that he only barely survives, and that is where the disturbing plot twist comes into play. There is a shipwreck, and I expected them to find their way to some remote island. I thought it would be something like a 19th century Lord of the Flies. Instead,   it is more like the Donner Party at sea.   It makes quite an impact on the reader-and on Jaffy Brown. Watching him come to grips with what he has been through once he returns home is what makes the horror of his journey bearable for the reader. Most Original Alternate History Queen of Kings by Maria Dahvana Headley This is not the first time that Cleopatra has served as the inspiration for a novel, and I am sure that it will not be the last. Authors turn to her because of the epic quality of her story. She was a powerful and influential ruler. She had romantic relationships with some of the worlds most powerful men, a move that some consider a sign of a shrew political mind. For others, it says that she was a hopeless romantic. Headley considers both alternatives. In her story, love is Cleopatras motivation for doing all the things that she does and for becoming the creature that she becomes. The political savvy is there, too, but it is soon clouded by her desire to recover what has been lost. This is a side to Cleopatra that no one has ever seen before. It gives all new meaning to Hell hath no fury. Best Opening Line   When She Woke by Hillary Jordan When she woke, she was red. As a sentence, maybe it doesnt seem all that special. The thing that makes it work is the story that it introduces. The thing that makes it amazing is the last sentence of the novel. I do not think that I have ever felt so supremely satisfied by a pair of sentences. If you were to read them both, you would know that the story that falls between them is one of change. The world is being shown to be something other than what Hannah Payne has always thought it to be. To survive in it, she must change her attitude and her way of thinking. She has to become a whole new person. The end result is more than worth the struggle She woke, and she was herself. Most Beautifully Ambiguous Ending Galore by Michael Crummey Many of   the people who read this novel are just not sure what to make of   the ending. It seems fairly straight forward. A soldier strips down and allows himself to fall into the ocean from the deck of a ship. He does this as a humpback whale breaches nearby and while he is thinking of a girl back home. The problem is that the reader is not entirely sure who this soldier is. Is it Judah, who arrives in Paradise Deep in the Belly of a whale then disappears without a trace many, many years later? Or is it his great-grandson, Abel, who goes off to war with thoughts of the woman he loves in his head? I know what I think happened, but, to be honest, I am happy with either ending. Either way, the story comes full circle. __________________________ Cassandra Neace teaches college students how to write essays and blogs about books and book-related goodness at Indie Reader Houston. Follow her on  Twitter:  @CassandraNeace Sign up to Unusual Suspects to receive news and recommendations for mystery/thriller readers.

Slavery A Stand On Slavery - 1605 Words

David Dillon Professor Pamela Roseman U S History 2111 November 11, 2015 Take a Stand on Slavery – Abolitionists The movement to eliminate slavery in the United States during the antebellum years was difficult and did not go unchallenged as there were many people who were pro-slavery while others were anti-slavery. Before the Civil War there was debate over the issue of slavery. Slaves were considered property, and were property because they were black. Many people in the South were strong advocates of slavery, while people in the North were opposed to it. In the South, slavery was a social and powerful economic institution. During this period in the south Pro-Slavery activists did not empathize with the system and conditions the†¦show more content†¦Frederick Douglass was another abolitionist who also spoke out vigorously about slavery. He himself was an emancipated slave who fought for the abolishment of slavery. He fought to demonstrate that it was crude, unnatural, ungodly, immoral, and unjust. During a July 4th Celebration he made it known that he despised the treatment of the slaves. He explained that this hypocrisy was aimed at the black population and so in his speech on the Fourth of July celebration he proclaimed to the anti-slavery individuals that â€Å"This Fourth of July is yours not mine† and â€Å"You may rejoice, I must mourn†. Frederick Douglass quoted from the Declaration of Independence, â€Å"All men are created equal; and are endowed by their creator with certain unalienable rights; and that, among these are, life, liberty, and the pursuit of happiness†. He wondered if the rights that are stated in the Declaration of Independence, apply to everyone in America, because he believed they should. He asked the question what the Fourth of July was to an American slave, and responded, to the American slaves that one day, is full of hyprocrisy. He wondered how people could celebrate liberty and equality where there was slavery in America. In support of his idea of how sorrow slavery was Douglas used imagery. He stated, â€Å"I see clouds of dust raised on the highways of the South; I see the bleeding footsteps; I

Personal Code of Ethics Essay - 2399 Words

Morals, values, and ethics are one of the most important characteristics of a person. These features define who we are and what we believe in. Many different factors come in to play when determining a person`s morals, values, and ethics; childhood upbringing, later life experiences, family, friends, culture, religious beliefs, race, discussions with others, and many others that have an affect a person’s beliefs (Head, 2006). There are times when a person`s beliefs do not agree with someone else’s, which does not mean that one of these people is wrong, it means that we, as individuals, do not all think the same. As a whole, most people have a good sense of right and wrong, which is to say that for the most part most people have good morals,†¦show more content†¦I will be a friend and help when I am able. I will not judge people; I will treat everyone fairly and equally. I will not be prejudice towards anyone because of any differences they may have, be it cultur al, gender, beliefs, religion, social status, or opinions. I will never intentionally harm anyone, or steal from anyone, I will never set out to do wrong by anyone, I will always believe in the good in people without compromising myself and my values, and I will try to remain unbiased towards everyone I come in contact with. I will be open minded to others suggestions, realizing everyone has their own opinion, and offer help when a situation arises that requires assistance. I will never formulate an opinion of others based on other people’s perceptions, I will take the time to get to know people and then formulate my own opinion. I will hold myself accountable for the mistakes I have made and do my best to amend them. During this course I was to consider a criminal justice career that interested me, I choose a Correctional Officer. My personal code of ethics compares to the professional code of ethics of a Correctional Officer in several similar ways. First off is to respect and protect the civil and legal rights of all individuals, to me this would be treating people right and trying to make sure they understand the difference between right and wrong. I also treat every situation with concern for the wellbeingShow MoreRelatedMy Personal Code Of Ethics807 Words   |  4 Pagesassignments. At the start of the semester, the first assignment was a one page paper which described our position on our personal code of ethics. The paper was written in the first person and was to follow a clear line of reasoning, and comply with APA 6th edition grammar and style rules. At the end of the semester we were to, once again, write a paper on our personal code of ethics so that we could see our maturation in knowledge and values in contrast to the beginning of the course. We were also assignedRead MorePersonal Code Of Ethics Essay1154 Words   |  5 PagesMy personal Code of Ethics includes Respect, Integrity, Fairness and Caring. Some situations in life may be subj ective, but what matters is making sure the results are fair for all parties. Through the years I have found identifying and setting personal values to be increasingly difficult since the right decisions aren’t always appeasing to all that are involved. Every decision made or not made is definitive of myself, and in believing so removing the need to conform to standards imposed by societyRead MoreQuestions On Personal Code Of Ethics Essay1347 Words   |  6 PagesPatrick Gasso Ethics October 24, 2016 Ed5151 Personal Code of Ethics Preamble: Pharmacists are among the most trusted healthcare professionals due to upholding their moral and ethical obligations to promote the health and well being of the patient. This personal code of ethics, based upon the values and moral responsibilities that I will follow as a pharmacist, focuses on the guiding principles that are essential to ensure a patient-centered approach to ethical decision-making in the practice ofRead MorePersonal Code of Ethics Essay1533 Words   |  7 PagesPersonal Code of Ethics Having a personal code of ethics is very important to me since it defines who I am and what my beliefs are. My ethical code symbolizes who I am as an individual as a result of my moral, religious, intellectual and cultural upbringing. One of my greatest wishes is for my personality and actions to clearly define my code of ethics, without me verbalizing or someone else reading it on a document. Some questions that I would like others to ask and come up with theirRead MoreMy Personal Code Of Ethic969 Words   |  4 PagesMy Personal Code of Ethic Personal ethic is what a person believes about morality and right and wrong. Ethic should and can give real and practical guidance to our lives: gives our best rational interests and without sacrificing others. My family, friends, and education have played profound roles in the development of my personal ethic: conscience, personal integrity, responsibility, and egalitarianism. Additionally, these influences approaches to determining what conduct is consistent with theseRead MoreMy Personal Code Of Ethics1487 Words   |  6 Pagesdoesn’t fit squarely in my niche. However, I figure we all want to save money, so I think you’d all be interested in what Digit has to offer. Affiliate Disclaimer: You will find a few links to Digit throughout this review. According to my personal Code of Ethics and in order to comply with FTC Compliance Standards, if the link is an affiliate link, meaning I’ll make $5 if you sign up for Digit, it will be followed by â€Å"(Aff)†. Don’t worry, I’m not taking advantage of you. I only affiliate myself andRead MoreMy Personal Code Of Ethics Essay1845 Words   |  8 PagesA. My Personal Code of Ethics 1. Core Values I am an Accounting student at the University of Baltimore. I have a list of core values in my mind, and I try to follow these values every day. When I make decisions in my life, I look at these values to make sure my decisions align with my values. My top three core values are career, family and friends, and personal growth. Within each core value, there are other values that I like to consider in my daily life. My first core value is career. I movedRead MorePersonal Code Of Ethics By Meredith Keck777 Words   |  4 Pages Personal Code of Ethics Meredith Keck University of the Incarnate Word: Communications in Organizations 27 January 2017 â€Æ' Introduction Leaders are expected to act consistently with their vision and the values they advocate to their team. If a leader’s words or actions are contrary to the values they expect in others, they will be faced with cynicism and contempt. Followers expect their leader to act in their best interests, putting their welfare before their own. An ethical leader is honestRead More My Personal Code of Ethics Essay2658 Words   |  11 PagesPreamble I, Rob Geis, commit myself to the code and values that I am about to describe. As a person I have vast life experiences that have affected who I am and what I believe in. As a Public Relations professional it seems that our industry is often under ridicule for being unethical and known as spin doctors. As an ethical student and person I consider these key values as guiding stones to my applied ethical choices. Family, friends, school and religion have all made me the person I am today andRead MoreFinal Project-Personal Code of Ethics1795 Words   |  8 PagesProject: Personal Code of Ethics Juvenile Probation Officers and Parole Agents require much patience as well as the ability to follow certain orderly conduct. Officers are given a group of individuals to monitor on a daily basis that are also known as caseloads. Each caseload is different for every officer. The juvenile(s) involved have unique behavioral patterns and backgrounds that construct the outcome of how each case may proceed. Therefore, it is required that all officers follow the code of ethics

Impact of Stock Split on Stock Return Free Essays

string(157) " reacts so fast to all past information that no investor can earn an above normal return \(higher than the market or the return on the SP 500 index\)\." Proceedings of ASBBS Volume 16 Number 1 THE IMPACT OF STOCK SPLIT ANNOUNCEMENTS ON STOCK PRICE: A TEST OF MARKET EFFICIENCY Garcia de Andoain, Carlos Longwood University carlos. garciadeandoain@live. longwood. We will write a custom essay sample on Impact of Stock Split on Stock Return or any similar topic only for you Order Now edu Bacon, Frank W. Longwood University 2O1 High Street Farmville, VA 23909 baconfw@longwood. edu Phone: 434-395-2131 Fax: 434-395-2203 ABSTRACT The purpose of this study is to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests â€Å"how† and â€Å"when† public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. A total of 36,714 observations for the announcement samples and the corresponding SP 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms’ public stock split announcements did not affect stock price on the announcement day. Rather, for the two for one and three for two forward split samples, stock price exhibited a significant positive reaction up to 27 days prior to the announcement. For the reverse split sample, stock price exhibited a significant negative reaction up to 30 days prior to the announcement. Results support the semi- strong form efficient market hypothesis since stock prices adjust so fast to public information that no investor can earn an above normal return by trading on the announcement day. Investors greet forward stock split announcement with a positive sign, whereas they view reverse splits as bad news. Management may be using stock splits to adjust stock price to a more marketable range, downward with forward and upward for reverse splits. Evidence here suggests signs of insider trading activity up to twenty-seven days prior to the announcement of the stock split. INTRODUCTION Stock split announcements have always been very common phenomena among firms and continue to be one of the least understood topics in finance. A stock split announcement increases the number of shares of a company while decreasing the price per share. The two for one split is most common, for example a company with 500 shares at $10 per share will issue 500 additional shares bringing the total to 1000 shares theoretically dropping the stock price to $5 per share. A stock split usually takes place after an increase in the price of the stock, and it carries a positive stock price reaction. (Asquith) This phenomenon has not yet been fully understood, regardless the numerous studies in the field. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 BACKGROUND Barker (1956) presented one of the most popular theories to explain stock split behavior. Barker findings failed to consider the split action itself. Barker’s study concluded that price changes occurred because of the increase in cash dividends and not from the split action. (Johnson). According to the â€Å"signaling hypothesis†, managers use stock split announcements to convey positive information about the firm (Ikenberry, Rankine, Strice). Investors see a stock split announcement as a positive thing, whereas a reverse split does not convey favorable information. Fama (1969) suggests that the stock market is â€Å"efficient†, meaning that stock prices adjust very fast to new information. The theory of market efficiency is concerned with whether prices reflect all the public available information or not (Fama 1970). Efficiency implies that it is impossible for the investor to earn an above normal return from public information. PURPOSE The purpose of this event study is to test market efficiency theory by analyzing the impact of three samples of stock split announcements on the firm’s stock price. Stock split announcement samples include 38 two for one, 39 three for two, and 10 reverse splits. Specifically, how fast does the market price of the firms’ stock react to the samples of regular and reverse stock split announcements examined? The study tests whether the investor can make an above normal return by relying on public information imbedded in a stock split announcement, as well as if stock price is affected by a stock split announcement. This study investigates if acting on public information is enough to have an unusual return, or if there must be an illegal action such as inside trading to be able to â€Å"outperform† the stock market. Which form efficiency is the market? Research shows that the market is semi-strong form efficient. An above normal return can only be gained from inside information, and not when acting in public information. LITERATURE REVIEW Fama defined market efficiency in terms of how quick the stock market reacts to the information and suggested three kinds of market efficiency: Weak form, semi-strong and strong form efficiency. If market is weak for efficient, then stock price reacts so fast to all past information that no investor can earn an above normal return (higher than the market or the return on the SP 500 index). You read "Impact of Stock Split on Stock Return" in category "Papers" This study shows how investors will not earn a high return from acting on public information (stock split announcement), while investors having access to inside information will make an abnormal return. A second kind of market efficiency is semi-strong. It states that stock price reacts so fast to all public information that no investor can earn an above normal return (higher than the market or the return on the SP 500 index) by acting on this type of information. (Fama 1970). Splits usually result in high market valuations, but study done by Fama (1970), Dodd, Patell and Wolfson, found that there is no evidence of abnormal return after the release of public information. They concluded that the market assimilates and takes into consideration public information very fast, within 5 to 15 minutes after the disclosure (Malkiel). This supports the idea that an investor acting on public information will not earn an above normal return. When this happens the market is said to be semi-strong form efficient. If the market is strong form efficient, then stock price reacts so fast to all information (both public and private), that no investor can earn an above normal return (higher than the market or the return on the SP 500 index) by acting on this kind of information. Studies made by Friend, Brown concluded that profit can only be gained by having access to private or inside information, which is illegal. Fama ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 presents evidence supporting that efficiency is not met in the strong form and that the semi-strong form is more accurate. This study agrees that stock split announcement are affected in a company stock price according to the semi strong form efficiency which states that stock prices reacts so fast to all public information that no investor can earn an above normal return after the announcement is made. An example would be information concerning a merger. If an investor would buy shares on the announcement day of the merger, the semi strong market efficiency believes that the investor would never be able to earn an above normal return, because adjustments had already been done in the stock price. The market has already been adjusted, so therefore the only way to outperform the market in this case would be by using inside information. METHODOLOGY: This study includes samples of companies that announced a two for one, three for two or reverse stock split announcement. These companies trade their stock in either the NYSE or NASDAQ. The Data for this study was collected from http://finance. yahoo. com/. The announcement date (Day 0) is the day that the stock splits are announced. Every stock return from the companies and from the SP 500 index was also collected. The Event Study proceeds as following: 1. Historical prices for both the firms and the SP 500 were collected from day -180 to day +30, being the event period -30 to +30 and Day 0 the announcement day. 2. Holding Period Return was calculated for all the companies as well as for the SP 500 on the event period days (-180 to +30). HPR was obtained from the following formula: Current Daily Return = (current day close price – previous day close price) / prev. Day close price 3. A regression analysis was performed, being the current firm return the dependent variable and the SP return the independent variable. The data that was used was the one belonging to the pre-event period (from day -181 to -30). The alpha and the beta were obtained from the regressions. 4. The expected return for each firm as well as for the SP 500 was calculated: Expected Return = (Alpha + Beta) x SP actual return 5. Excess Return was obtained from the difference between Actual and Expected Return. Excess Return = Actual Return – Expected Return 6. Average Excess Return (for the Event period) was calculated as: Average Excess Return (AER) = Total Excess Return / n (number of firms in the sample) 7. Cumulative Average Excess Return for the event period (Day -30 to Day +30) was calculated by adding the AER for each day in the event period. 8. A correlation test was done with AER and CAER. The graphs represent AER and CAER plotted against Time. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Table 1 describes 38 companies that split their stock on a two for one basis between December 1, 2006 and May 14, 2007, along with their respective alphas and betas. TABLE 1: TICKER AFAM ACLI COMPANY NAME Almost Family Inc. American Commercial Lines Inc Selective Insurance Group Inc. ZOLL Medical Corp Trimble Navigation Ltd. Albemarle Corp Guess? Inc. Cooper Industries Ltd Jacobs Engineering Group, Inc GameStop Corp Sealed Air Corp. Carlisle Companies Inc CarMax Inc. Harsco Corp. Amphenol Corp Cabot Oil Gas Corp Nike Inc Cummins Inc Greif Inc DATE ANNOUNCED Dec 11 Feb 06 TRADED INDEX NASDAQ NASDAQ ALPHA 0. 01665915 -0. 000394377 BETA 0. 08530878 2. 602491516 SIGI ZOLL TRMB ALB GES CBE JEC GME SEE CSL KMX HSC APH COG NKE CMI GEF Jan 30 Jan 25 Jan 25 Feb 07 Feb 14 Feb 14 Jan 26 Feb 12 Feb 16 Feb 08 Feb 22 Jan 23 Jan 17 Feb 26 Feb 15 Mar 08 Feb 26 NASDAQ NASDAQ NASDAQ NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE NYSE -0. 000319706 0. 004077614 -0. 000187534 0. 00223 7728 0. 001589658 0. 000761731 0. 001074342 0. 000477979 0. 00085897 -0. 001167829 0. 003087277 -0. 001056001 0. 000467862 0. 000826123 0. 001079523 -0. 000720045 0. 02203648 1. 38328513 1. 207411999 1. 321541131 1. 327988752 2. 246784079 1. 308635864 1. 946533548 1. 721660362 1. 172042857 1. 346601558 1. 240366727 1. 658082593 1. 86971211 1. 568927816 0. 553921446 1. 980439113 1. 880200397 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS VLGEA AZZ ATR TSO GEO TSBK VSEC MRO GIL NRG CROX AGN PMFG MIDD SJR PVA GILD PBR STR Village Super Market Inc AZZ incorporated AptarGroup Inc Tesoro Corporation Geo Group Inc Timberland Bancorp Inc. VSE Corp Marathon Oil Corp. Gildan Activewear NRG Energy Inc. Crocs, Inc Allergan Inc PMFG Inc Middleby Corp Shaw Comm CL Penn Virginia CP Gilead Sciences Petroleo Brasileiro Questar CP Mar 21 Apr 09 Apr 18 May 01 May 01 Apr 25 May 01 Apr 25 May 03 May 02 May 03 May 02 May 04 May 04 May 10 May 08 May 08 May 11 May 14 NASDAQ NYSE NYSE NYSE NYSE NASDAQ NASDAQ NYSE NYSE NYSE NASDAQ NYSE NASDAQ NASDAQ NYSE NYSE NASDAQ NYSE NYSE Volume 16 Number 1 0. 00054113 0. 002118906 0. 00174286 0. 00160687 0. 002825174 0. 000615586 0. 001278324 0. 000144992 0. 003089016 0. 00241574 0. 00282982 -0. 000453038 0. 002024817 0. 02028334 0. 001186211 -0. 00050926 . 000009116 -0. 00064373 -. 000142796 1. 351096108 0. 681656728 0. 033542167 0. 973844695 1. 578867077 0. 107464578 2. 457597999 0. 986395517 0. 000111517 0. 316285515 1. 783171812 0. 952984111 0. 039990601 1. 964415725 0. 938731083 1. 1695925 1. 517629839 1. 817825121 . 706466451 Table 2 describes 39 companies that split their stock on a three for two bases between August 23, 2006 and May 15, 2007, along w ith their respective alphas and betas. TABLE 2: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS TICKER NGA EPIQ BAM WMS VIVO IEX ATLS VSEA BWS WCN RSG JCTCF MDCI PFBC CMCSA SWS BKE VOL SSI FMD CRVL GBCI AFG SPAR COMPANY NAME North AM Gav Epiq Systems Inc Brookfield Asset MGT V M S Industries Inc Meridian Bioscience IDEX Cop Atlas America Inc Varian Semicond Brown shoe corp Waste connections Republic SVCS Jewett Cameron Inc Medical Action IND Preferred Bank LA Comcast Cp A SWS Group Inc Buckle Inc Volt Info Science Inc Stage Stores Inc First Marblehead Corp Corvel CP Glacier Bancorp American Financial Group Spartan Motors Inc DATE ANNOUNCED May 15 May 10 May 02 May 07 April 19 April 04 April 27 April 24 March 08 Feb 12 Feb 01 March 13 Jan 09 Jan 25 Feb 01 Nov 30 Dec 12 Dec 20 Jan 09 Nov 10 Nov 13 Nov 29 Nov 15 Nov 02 TRADED INDEX NASDAQ NASDAQ NYSE NYSE NASDAQ NYSE NASDAQ NASDAQ NYSE NYSE NYSE NASDAQ NASDAQ NASDAQ NASDAQ NYSE NYSE NYSE NYSE NYSE NASDAQ NASDAQ NYSE NASDAQ Volume 16 Number 1 ALPHA -0. 001032797 0. 001183339 0. 000859066 0. 002219704 0. 0011736 22 0. 000243421 0. 000488161 0. 001788461 0. 000592124 -0. 000187979 -0. 000441765 0. 000124622 0. 001559912 0. 000301413 0. 001381697 0. 000530857 -. 000641295 0. 001338437 0. 000540995 0. 004563185 0. 003763906 0. 000329484 0. 000736169 0. 003450361 BETA 1. 997738247 1. 038735222 1. 251257403 1. 094503791 1. 550013068 1. 509306631 0. 38871871 2. 207840195 2. 599167684 0. 92152423 0. 761431985 -0. 512126102 1. 004029551 0. 867741293 0. 927831638 2. 477624454 1. 602298009 2. 358292804 1. 756904894 0. 830932855 2. 113368174 1. 743070573 0. 936337426 0. 519840545 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS SBIB AEO CTBK IRM PERY EAT AME WGNB ACAP UBSH EML MCBI CASS CCFH Sterlin Bancshares American Eagle Outfitters Inc Trico Bankshares Iron Mountain Inc Perry Ellis International Brinker International Inc Ametek Inc WGNB Corp American Physicians Cap Union Bankshares Corp Eastern Co Metrocorp Bancshares Cass Information Systems CCF Holding Co Oct 31 Nov 14 Nov 08 Dec 07 Nov 21 Nov 02 Oct 25 Sep 18 Sep 26 Sep 07 Sep 28 Aug 04 Jul 24 Aug 23 NASDAQ NYSE NASDAQ NYSE NASDAQ NYSE NYSE NASDAQ NASDAQ NASDAQ AMEX NASDAQ NASDAQ NASDAQ Volume 16 Number 1 0. 001127642 0. 003616084 0. 001058586 -0. 0000284 0. 002794647 -0. 000020642 0. 00005895 0. 00024115 0. 000317657 -0. 00058103 0. 000419721 0. 000941528 0. 003356848 0. 002118726 1. 165421403 1. 593723526 1. 432917191 0. 627633001 0. 919648907 0. 886164833 1. 31003146 -0. 00226624 0. 066171033 1. 663620313 0. 22686963 0. 121493122 0. 113211419 -0. 08732041 Table 3 describes 10 samples of companies that split their stock on a reverse basis between August 27, 2003 and September 15, 2008, along with their respective alphas and betas. TABLE 3: TICKER OPWV ERIC IWOV SIG COMPANY NAME Openwage Systems LM Ericcson Telephone Co Interwoven Inc Signet Jewelers LTD DATE ANNOUNCED Oct 09 Oct 18 Aug 27 Sept 11 TRADED INDEX NASDAQ NASDAQ NASDAQ NYSE ALPHA 0. 00680888 -0. 006696905 0. 001398048 -0. 000938713 BETA 2. 51286756 1. 949328188 1. 469236928 0. 891488791 ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS BFLY REV CNXT IACI TMTA ERIC Bluefly Inc Revlon Inc Conexant Systems Inc. IAC/ InterActiveCorp Transmeta Corporation LM Ericcson Telephone Co April 3 Sep 15 June 2 June 09 Aug 15 April 09 NASDAQ NYSE NASDAQ NASDAQ NASDAQ NASDAQ Volume 16 Number 1 -0. 00449535 0. 000925943 -0. 004900502 -0. 001442165 -0. 002052045 -0. 004006643 0. 070525685 0. 902722337 1. 73193906 0. 982384488 1. 265168622 -0. 16807384 To test for semi-strong market efficiency the following null and alternative hypotheses are used for the three stock split samples: H10: The risk adjusted return of the stock price of the sample of firms announcing stock splits is not significantly affected by this type of information on the announcement date. H11: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly positively affected by this type of information on the announcement date. H20: The risk adjusted return of the stock price of the sample of firms announcing stock splits is not significantly affected by this type of information around the announcement date as defined by the event period. H21: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly positively or negatively affected around the announcement date as defined by the event period. QUANTITATIVETESTS AND RESULTS: Did the market react to the announcements of regular two for one, the regular three for two, and the reverse stock splits? Was the information surrounding the event significant? A’priori, one would expect there to be a significant difference in the Actual Average Daily Returns (Day -30 to Day +30) and the Expected Average Daily Returns (Day -30 to Day +30) if the information surrounding the event impounds new, significant information on the market price of the firms’ stock. If a significant risk adjusted difference is observed, then we support our hypothesis that this type of information did in fact significantly either increase or decrease stock price. To statistically test for a difference in the Actual Daily Average Returns and the Expected Daily Average Returns over the event period day -30 to day +30, we conducted a paired sample t-test for the three samples and found a significant difference at the 5% level between actual average daily returns and the risk adjusted expected average daily returns. Average Excess Return (AER) graphs are shown below. Results here support the alternate hypothesis H21: The risk adjusted return of the stock price of the sample of firms announcing stock splits is significantly affected around the announcement date as defined by the event period. This finding supports the significance of the information around the event since the market’s reaction was observed. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Is it possible to isolate and observe the samples’ daily response to the announcement from day -30 to day +30? If so, at what level of efficiency did the market respond to the information and what are the implications for market efficiency? Another purpose of this analysis was to test the efficiency of the market in reacting to the three samples of stock split announcements. Specifically, do we observe weak, semi-strong, or strong form market efficiency as defined by Fama, 1970, in the efficient market hypothesis? The key in the analysis is to determine if the AER and CAER are significantly different from zero or that there is a visible graphical or statistical relationship between time and either AER or CAER. T-tests of AER and CAER both tested different from zero at the 5% level of significance. Likewise, observation of the following CAER Charts (graphs of CAER from day –30 to day +30 for each sample) confirm the significant positive reaction of the risk adjusted returns for the two forward split samples up to 27 pre-announcement and a significant negative reaction for the reverse split sample up to 30 days prior to the stock split announcement. Two for one stock split announcements: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Three for two split announcement: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 Reverse split announcement: ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 There are three forms of market efficiency as defined by Fama, which are strong, semi-strong and weak form efficiency. Observation of the CAER graphs against time for two for one and three for two stock split announcements shows a positive reaction twenty seven days prior to the announcement date. Reverse splits are normally done in order make the stock more appealing for investors with an unusual low market price. (Lawson) Also, reverse splits might be used in order to reduce the number of shareholders of the company. As an example if a 1-10 reverse stock split is made effective, the investor will have ten times less shares than before, but at ten times the price. In the reverse split case, the CAER graph suggests that return falls from day -30 until day -15, while then increasing until day 10. After day 10 the stock starts to level off. CAER graphs for two for one and three for two stock splits show how excess return rises up to 27 days prior to the announcement day. From Day 0 until Day 30 stock returns start to level off. This evidence supports Hypothesis H10, which states that stock price is not affected by this type of information on the announcement date. The stock return has already been adjusted before the stock split announcement is made. The investor cannot outperform the market by using public information. The price has already been affected by the announcement of two for one and three for two stock split announcement. After the announcement day, from days 6 to 16 the return goes up, which is caused by investors that react favorably to the announcement by buying more shares. After this small increase, stock price decreases and levels off. The CAER graphs support the idea that the market is semi- strong form efficient. For the samples analyzed, public information does not affect stock price on the announcement day. Reaction is observed up to 27 days prior to the announcement date which suggests that to be able to â€Å"outperform† the market you must be aware of inside information. CONCLUSION: The purpose of this study was to test whether the investor can make an above normal return by relying on public information impounded in a stock split announcement. Using risk adjusted event study methodology, this study tests â€Å"how† and â€Å"when† public announcements of forward and reverse stock splits affect stock price. Stock split announcement samples include 38 two for one, 39 three for two, and ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS Volume 16 Number 1 10 reverse splits. A total of 36,714 observations for the announcement samples and the corresponding S 500 stock index were analyzed using standard risk adjusted event study methodology. Results suggest that the firms’ public stock split announcements did not affect stock price on the announcement day. Rather, for the two for one and three for two forward split samples, stock price exhibited a significant positive reaction up to 27 days prior to the announcement. For the reverse split sample, stock price exhibited a significant negative reaction up to 30 days prior to the announcement. Results support the semi- strong form efficient market hypothesis since stock prices adjust so fast to public information that no investor can earn an above normal return by trading on the announcement day. Investors greet forward stock split announcement with a positive sign, whereas they view reverse splits as bad news. Management may be using stock splits to adjust stock price to a more marketable range, downward with forward and upward for reverse splits. Evidence here suggests signs of insider trading activity up to twenty-seven days prior to the announcement of the stock split. ASBBS Annual Conference: Las Vegas February 2009 Proceedings of ASBBS REFERENCES: Volume 16 Number 1 Asquith, Paul, Paul Healy, and Krishna Palepu. â€Å"Earnings and Stock Splits. † The Accounting Review 64 (1989): 387-403. Barker, C. A. , â€Å"Effective Stock Splits,† Havard Business Review, XXXIV (January-February, 1956), pp. 101-106 Easely, David, Maureen O’hara, and Gideon Saar. â€Å"How Stock Splits Affect Trading: a Microstructure Approach. † The Journal of Financial and Quantitative Analysis 36 (2001): 25-51. Fama, Eugene F. Efficient Capital Markets: a Review of Theory and Empirical Work. † The Journal of Finance, 25 (1970): 383-417. 9 Dec. 2007 . Fama, Eugene F. , Lawrence Fisher, Michael C. Jensen, and Richard Roll. â€Å"The Adjustment of Stock Prices to New Information. † International Economic Review 10 (1969): 1-21. 9 Dec. 2007 . Ikenberry, David L. , Graeme Rankine, and Earl K. Stice. â€Å"What do stock splits really signal?. † Journal of Financial and Quantitative Analysis 31. n3 (Sept 1996): 357(19). General OneFile. Gale. Longwood University. 9 Dec. 2007 . Johnson, Keith B. â€Å"Stock Splits and Price Change. † The Journal of Finance 21 (1966): 675-686. 9 Dec. 2007 . Lakonishok, Josef, and Baruch Lev. â€Å"Stock Splits and Stock Dividends: Why, Who, and When. † The Journal of Finance 42 (1987): 913-932. Lamoureux, Christopher G. , and Percy Poon. â€Å"The market reaction to stock splits. † Journal of Finance 42. n5 (Dec 1987): 1347(24). General OneFile. Gale. Longwood University. 9 Dec. 2007 . Lawson, Michael J. â€Å"Reverse Stock splits: The Fiduciary’s obligations under State LAw. † California Law Review 63 (1975): 1226-249. Malkiel, Burton G. â€Å"Is the stock market efficient?. † Science 243. n4896 (March 10, 1989): 1313(6). General OneFile. Gale. Longwood University. 9 Dec. 2007 . ASBBS Annual Conference: Las Vegas February 2009 How to cite Impact of Stock Split on Stock Return, Papers

Frank Lloyd Example For Students

Frank Lloyd Biography Biography Frank Lloyd Wright (1867–1959) American architect, born in Wisconsin. He studied civil engineering for a year at the University of Wisconsin, was influenced by the writings of Viollet-le-Duc, then worked in Chicago (1889–93) in the office of Louis Sullivan. Between 1900 and 1910 he designed 50 houses in the ‘Prairie style’, emphasising low, horizontal proportions: the prototype of the openplanned house. The Robie house in Chicago (1909) is a famous example. His highly original style integrated engineering techniques into architectural expression, by use of appropriate materials and stressing the importance of a harmonious relationship between building and landscape. Wright had a turbulent and well-publicised domestic life. He built a famous house and work centre, Taliesin, at Spring Green, Wisconsin in 1911. (In August 1914 his mistress, two of her children and four others were murdered there by a deranged servant and part of the house was burnt down.) He built another home and school, Taliesin West, at Scottsdale, Arizona. His Imperial Hotel, Tokyo (1916–22), one of the few major buildings to survive the 1923 earthquake, was demolished in 1968. By 1930 his work, using natural materials and related to landscape, appeared to be eclipsed by the mechanistic ‘International style’ of Le Corbusier, Gropius and Mies van der Rohe, which he detested. He concentrated on teaching, then produced his greatest works. Among his masterpieces were the ‘Fallingwater’ house, near Pittsburgh (1936–37), the Johnson Wax Building, Racine, Wisconsin (1936–39) and the Guggenheim Museum, New York (1956– 59). He designed about 800 buildings of which 484 were constructed and 433 survive. Wright was also a furniture and window designer and a prolific writer, particularly influential in Europe. He wrote a revealing (but wildly inaccurate) Autobiography (1932). His hero was *Wagner and his life had operatic overtones.