Some academics refute the usefulness of the capital asset priceing Essay

Some academics refute the usefulness of the capital asset priceing model stating that it has a number of empirical problems. critically evaluate this view - Essay Example There are several criticisms on the empirical effectiveness of the CAPM theory viz. the measurement of beta, estimation of market return, difficulties in accessing market portfolio return, reliance on beta as a risk measure, ex ante distribution and ex post population and other unrealistic assumptions underlying the Capital Asset Pricing Model. The model has seriously failed in terms of empirical tests and several studies refute its acceptability as the best asset pricing model. This paper sheds light on the empirical problems and criticisms of the Capital Asset Pricing Model. It evaluates the points put forward by several scholars and discusses the practical applicability of the model. The Capital Asset Pricing Model theory values an asset with respect to its risk (Soufian, 2001). This risk is measured with the help of beta with respect to the overall market risk. Despite its importance and practical usage, some academics point out several problems that are confronted in the empirical testing and application of the CAPM [Fama and French (2004), Michailidis (2006), Ryan (2006), (Soufian, 2001) etc]. Some of the major points of criticism arise out of the measurability of beta, accessibility of the market portfolios, relationship of beta with market returns and the unrealistic assumptions of the model. These criticisms pose several questions on the practical importance of the Capital Asset Pricing Model. The following paragraphs evaluate the various problems regarding the empirical validity of the CAPM. One of the most important factors underlying the Capital Asset Pricing Model is the measurement of beta which is the covariance between an asset’s return and the market return divided by market return’s variance. Hence, estimation of market portfolio return is an integral element of beta measurement. It is however not clear as to what classes of assets to specifically include or not in the portfolio of market

Learning is a major part of life. Essay Example for Free

Learning is a major part of life. Essay People tend to learn in every steps of their life. Learning does not necessarily involve complex terms, it can also be primitive things that keeps happening in day to day life of an individual. Everybody has different interest, likewise they have a different pattern of learning things. Some people learn faster through visual medium, some through audio, and some just writing down the things depending upon what the subject matter is. I believe that learning process does not start when one settles in a formal environment but it start right from the birth of an individual. Walking, talking, decision making etc. are some examples including every other primary things are the result of learning. Every time anyone has to acquire a new skills, they need to be focused and scrutinize the subject matter thoroughly, that is how learning happens. Learning affects the confidence of a person as well. If someone learn things quickly than they have higher confidence in doing things and learning new things as well. After going through the video couple of times I realized that one who puts hard work and devotion in learning new things can automatically adapt into the ways the things are done and will become successful. I myself am very much interested in music and vaguely inspired by the beauty of it. I think music can be the most influential thing in an individual life. Music can make a person relax after a hard day at work, cure the illness, provides maximum level of comfort to an individual. Being so much influenced on music I have managed to learn a very few instruments and it always gives me pleasure and comfort when I am playing them. But I do not want to stop here. I want to learn more about music. I want to be able to read the music and understand every keys and notation in it. I want to be a musician like David Gilmour from the greatest band ever, â€Å"Pink Floyd,† who is able to play any string musical instrument that exists in planet today. I am currently doing my major in Business with Information Technology however in order to fulfill my ambition in music I have also planned to take music as my minor subject and later on carry it as my profession along with my  Business major degree. It is very much important to me because of my vague interest in it, but mostly it makes me very happy. Finally, I am profoundly inspired from the video that I just watched and it helped me to boost up my morale. I do have much respect for the people attempting to make things happen and these people are just one of those few who dare to take the challenges and do something that makes difference to others.

Rose For Emily :: essays research papers

In â€Å"A Rose for Emily†, William Faulkner tells a story about a young women who is overwhelmingly influenced by her father. Her father controls her live and makes all of her decisions for her. Without him she could not do anything except stay at home. When her father dies, Emily has to confront a new life without her sponsor. Since she is not able to function without the presence of her father, it is hard for her to adapt and accept the truth. When Emily’s father dies, women of the town call on her to offer their help, which is their custom when someone suffers a tragic loss. Emily denies that as she meets them in front of her house with no emotion in her face. She sends them away as she considers her father still alive instead of being death. Her father controls all over her life; therefore, she couldn’t accept the death of her father. In her thought, her father still exists in her house and he is the only one source that she can support to.   Ã‚  Ã‚  Ã‚  Ã‚  It’s time for her to make her decision herself. She spends majority of her time in the house where she feels comfortable and where her father still exists and protects her. She decides to live herself in the house regardless of changes outside in the world. She could not escape from her father’ ghost shadow. Everything changes; nevertheless, she still lives with the past. For example, when a new age of city authorities in town visit her house in order to collect taxes they feel she own; she explains that: â€Å"I have no taxes in Jefferson. Colonel Sartoris explained it to me.† Yes, it is true; however, colonel Sartoris has been dead almost for ten years.   Ã‚  Ã‚  Ã‚  Ã‚  There are two characters in this story described opposite to each other. They are Miss Emily and Mr. Homer. Miss Emily is described as a short, fat, aged and mysterious woman. She is very stubborn lady and very hard to change; Miss Emily refuses modern change into her desolate life; for example, she refuses to allow attaching numbers on her door and a mailbox for free mail service. All her attitude is a result of her father’s over-control her when she was very young. On the other hand, Homer is â€Å" a Yankee- a big dark, ready man, with big voice and eyes lighter the his face.

Client’s Advocacy Essay

Abstract Advocacy is an important aspect of every counselor’s role; therefore, counselors need to help remove environmental barriers that hamper client’s well-being by increasing the client’s sense of personal power and to foster environmental changes that reflect greater responsiveness to client’s sense of personal needs. Outreach, empowerment, social justice, and social action are all apart of advocacy. Counselors need to help the client prevent psychological distress by helping them develop resources and strengths while reducing negative influences. There are three models: the wheel of wellness model, the indivisible self- model, and advocacy. These models emphasize the importance of enhancing individual strengths and environmental resources and decreasing individual limitations and social stresses. Sally Jo Jacobs, 34, Female client whom is Caucasian and divorced with four children and two living at home, youngest is living in Arizona with his Father, her ex-husband She hasn’t seen him since ’03. She is divorced from him because he was abusive to her physically and mentally. Her oldest son is living In Seattle and working, going to college, and has his own radio show from the college at Green River Community College. Client has one older sister, who lives in Alabama, which is on her 5th marriage due to her inability to deal with the abuse sustained when they were growing up. The client has two younger brothers, who were abused, but not sexually by their father. Her and her children are now living in the area with no family support or even communication with her parents. Client states she has a violent relationship with her father. Client states her relationship with her mother is on and off. The client was referred by her regular Physician for depression and unable to come up with healthy coping skills. The client doesn’t drink but twice a month, quit smoking in ’03, doesn’t gamble, doesn’t do street drugs, but is on prescription drugs due to chronic pain from a previous work injury and her physical abusive ex-husband. She loved working on cars and trucks, roller skating, going 4x4ing, gardening and yard work. She states that she has a very limited ability to do these things she loved to do and is having a hard time dealing with the fact that she can no longer do the things she loved to do. Client states she is taking Percocet 7.5 325 mg, 6 pills in a 24 hour period of time, Cymbalta 60mg in the morning, Flexerall,10 mg and a sleep aid at night. It is important for the counselor to be aware of what medications the client is on in order to help in the relation to the client’s well-being. Client states that she has nothing to do and she thinks about what happened when she was growing up with the abuse and her accident on a constant basis, which leads her to depression. She says that when she was growing up there was sexual and mental abuse by her father, that her father abused her and her sister when their mom was working or out bowling. She has very specific memories, she remembers from when she was in a crib to her last day of high school, which was the last time her father touched her in an inappropriate manner. â€Å"Childhood abuse and neglect may be markers for other factors that have an impact on the developing child or may share with PTSD a common origin in a disrupted and disorganized childhood. Another concern is that previous research has suggested that abused and neglected children are at increased risk for early behavior problems and conduct disorder. Behavior problems in childhood or adolescence may be associated with increased risk for engaging in risk y behaviors. In turn, such behaviors may lead to increased risk of exposure to traumatic events and to subsequent PTSD. A third possibility is that childhood victimization may be associated with PTSD through its effect on a person’s lifestyle, which places the person more or less at risk for exposure to traumatic events and, ultimately, PTSD. PTSD, such as low levels of education and extroversion, that serve to expose individuals to social roles and environments associated with high risk for victimization.† (Cathy, 1999.). This learner believes that she stayed in abusive and unhealthy relationships because of what her father did to her as a child and now she is experiencing depression and PTSD. The goal of this client is to empower her to solve her problems independently by helping her understand herself and to help her have the ability to problem-solve. The counselor needs to spend time assessing the seriousness of the concern presented to her and provide structure to the counseling process (such as understanding the conditions, procedures, and nature of counseling), and helping the clie nt take initiative in the change process. The goal for this client is to get her help for her depression with tools and education to help her work through what her father and ex-husband have put her through. My first priority is to build trust, rapport, and be able to set goals and design a treatment plan for change. The counselor will need to build up her psychological health by helping her build coping skills, self-esteem, social support, personal power, problem solving skills, self- care, sense of humor, sense of control, sense of worth, and stress management. Because of her abuse, she has developed depression and stress. The prevention programs the counselor needs to use for this client to help with stress is identifying the source of the stress, recognizing the physical and emotional consequences of stress, and learning and implementing adaptive coping responses. Strength-based Wellness counseling interventions may help abused survivors develop coping skills to enhance both overall quality of life and everyday functioning across multiple domains, while also providing a healthy foundation from which to explore and reframe their abuse experience. One of the most common interventions with adult women survivors is trauma-focused, or exposure-based, treatment, where the sexual abuse experience is reviewed in some way. Trauma focused interventions are based on the notion that the meaning â€Å"attach[ed] to the abuse, as well as the personal impact, is imbedded in the details of the experience† And therefore requires in-depth review of the abuse experience (Hodges & Myers, 2010). Fostering positive growth is an appropriate therapeutic goal: posttraumatic growth increases positive feelings of self, self-efficacy, and resiliency, which lay the foundation for continued Improvement in other areas of life. Wellness-focused interventions offer clients a positive lens for viewing their strengths and strategies for using those strengths to cope with the issues created by their sexual abuse history. Wellness-focused interventions validate the individual and the fact that the important thing is not why the individual survived but how. Advocacy is an important factor in every counselor’s role and it serves two purposes: to increase client’s sense of personal power and to foster environmental changes that reflect greater responsiveness to client’s personal needs (Gladding & Newsome, 2010). In order to help the client with advocacy, I would join the Montana Coalition against domestic and sexual violence and get my client guidance through them. The Montana Coalition Against Domestic & Sexual Violence (MCADSV) is a statewide coalition of individuals and organizations working together to end domestic and sexual violence through advocacy, public education, public policy, and p rogram development. Our mission is to support and facilitate networking among our member organizations while advocating for social change in Montana. Currently, MCADSV represents over 50 programs across Montana that provides direct services to victims and survivors of domestic and sexual violence and their children. In addition, the membership includes other nonprofit and government organizations and individuals (professionals and members of the general public) who are interested in addressing domestic and sexual violence in a way that holds offenders accountable and provides support for the people they victimize. Our membership is open to anyone who is in accord with their philosophy. Their philosophy is â€Å"We base our actions and interactions on the following basic tenets; we advocate for policy that supports and/or forwards them; and we work to increase public awareness on issues related to them. We believe all women have the right to live a life free of violence or the threat of violence. Women have the right to freedom from violations of their personal autonomy and physical integrity on the street, in the home, at the workplace, and in the Coalition. Furthermore, women should not have to restrict their freedom of movement, their bodies, or their activities in order to be safe. We believe all women have the right to make their own decisions regarding sexual and reproductive matters, lifestyles, finances, education, and employment. We believe religious beliefs and practices are a matter of personal conscience and individual choice, and a Montana Coalition member shall neither promote nor discourage a particular religious belief in the course of his or her work. We believe classism, racism, ableism, ageism, homophobia (and all forms of elitism) are attitudes that serve to divide people who might otherwise join forces. As such, they interfere with women’s ability to pool their efforts and reach their full potential. Our membership is open to people of all backgrou nds. Furthermore, survivors of violence represent an essential constituency in our movement, and the Montana Coalition strongly encourages full participation by and equity for survivors† (MSADSV, 2010). MSADSV’s goals are to eliminate all forms of oppression, provide support and networking opportunities and training, and to encourage increased awareness and understanding of domestic and sexual violence and the concerns of survivors and to explore and support innovative policy approaches to issues related to domestic and sexual violence. This website has a lot of information for the client to get additional help and tools for her recovery. During the advocacy with the client, the counselor needs to be compassionate and show commitment in order to provide motivation to take action. The counselor needs to use verbal and non-verbal skills in order to be an effective counselor. Some skills the counselor needs to have is integrity, flexibility, empathy, patience, persistence, and resourcefulness. The client needs to have outreach, empowerment, social justice, and social action. Outreach involves reaching out to vulnerable populations in the community and helping clients find new ways to cope with the stressors. Empowerment is a process which the client gains resources and skills they will need to have more control over their environments and lives. Empowerment is important in this case because it helps the abused woman become aware of inappropriate use of power and privilege that her partner was claiming. Social justice is promoting access and equity to ensure full participation of all people in the life of a society as well as a belief system that values fair and equal treatment for all members of society. Social action derives from the belief system, resulting in the actions taken to promote equal rights. The counselor is involved in confronting barriers faced by clients. Abusive relationships has a significant and pervasive impact on individuals, producing a variety of mental, emotional, relational, physical, and trauma symptoms. Most therapeutic interventions focus primarily on reliving or retelling, in great detail, the sexual abuse experience. However, many clients lack a positive sense of self, an internal focus of control, and an ability to view the abuse as only part of which they are rather than the defining elements. Through a focus on Wellness factors, therapists can help adult women recognize their strengths and use them both in and outside of sessions to create and sustain positive lifestyle change. Helping clients experience positive outcomes of Wellness choices is empowering and facilitates their ability to invest in and cope with the healing process. Considering the multiple challenges many survivors bring to counseling, these outcomes are extremely important. A wellness-based intervention may increase self-efficacy, resiliency, and awareness of healthy coping skills, resulting in positive changes in everyday functioning. Such changes are inherently helpful to the survival process and can offer survivors valuable tools with which to approach future experiences. Therapists need to consider symptom presentation and prioritize the goals for therapy accordingly. Once safety is established, therapists and clients can incorporate a Wellness intervention into a range of treatment options, positive growth can occur simultaneously with distressing emotions. As with any therapeutic intervention, the therapist must continually assess the client’s experience with the intervention and alter interventions when necessary. References Cathy, S. W. (1999). Posttraumatic stress disorder in abused and neglected children grown up. The American Journal of Psychiatry, 156(8), 1223-9. http://search.proquest.com/docview/220471620?accountid=27965 Gladding, S.T., & Newsome, D.W. (2010). Clinical Mental Health Counseling in a Community and Agency Setting. (3rd Ed.). New Jersey: Pearson Education. Hodges, E. A., & Myers, J. E. (2010). Counseling Adult Women Survivors of Childhood Sexual Abuse: Benefits of a Wellness Approach. Journal Of Mental Health Counseling, 32(2), 139-153. Montana Coalition Against Domestic & Sexual Violence (2010). Retrieved from- http://mcadsv.com/

Young Goodman Brown: Nathaniel Hawthorne

â€Å"Young Goodman Brown,† was written in year of 1835 by Nathaniel Hawthorne, who is identified for being one of literature's most fascinating interpreters of seventeenth-century Puritan culture. A literary device is a method that creates a definite influence in writing. Literary devices are found all throughout Young Goodman Brown, such as theme, motif, and symbol. There are many different themes shown throughout the story of Young Goodman Brown. From the moment he enters the enigmatic forest, Young Goodman Brown expresses his fear of being there, and to him it is a place where nothing upright is probable.Young Goodman Brown, similar to other Puritans, relates the forest with wild Indians and thinks he sees them hiding behind the trees. Young Goodman Brown has strong faith that evil could definitely exist in the woods. â€Å"Evil is the nature of mankind. Evil must be your only happiness† (Hurley 1). Young Goodman Brown ultimately sees evil in himself, just as he had predicted. He believes of it as a matter of corruption that is not the tradition of his family and friends. They would certainly not have strolled in the forest by choice, and Young Goodman Brown is distraught when evil insists otherwise.He is humiliated to be seen walking in the woods and hides when the minister and Deacon pass by. The woods are considered evil, scary, and gloomy, and Young Goodman Brown is at ease in the woods when he has given in to the devil. One of the motifs in the story of Young Goodman Brown is female purity. When Young Goodman Brown leaves Faith at the opening of the story, he promises that after this evening of devilish activities, he will grasp onto her skirts and soar to paradise.From the time and setting of this story, the idea was that a man’s wife or mother will convert him and prepare the work of true spiritual faith for the entire family was a popular one. Young Goodman Brown adheres to the impression of Faith’s purity during the cour se of his trials in the woods, blasphemy that as long as Faith rests holy, he can find it in himself to fight the devil. When Young Goodman Brown discovers that Faith is present at the service, it alters every one of his thoughts about what is moral or immoral in the universe, losing his power and capability to fight (Baym 1).Female purity was an influential idea in Puritan New England, and men trusted on women’s faith to sustain on their own. When Faith’s purity is demolished in the eyes of Goodman Brown, he fails to fight evil and use his faith. One of the main symbols in this story is the pink ribbons that Faith places in her cap that signifies her purity. The color pink is linked with virtue, and ribbons are known as a modest and innocent embellishment. Hawthorne references Faith’s pink ribbons numerous times at the opening of the story, instilling her personality with youth and cheerfulness (Xian-Chun 2).He reestablishes the ribbons when Young Goodman Brown is in the woods, contemplating with his uncertainties about the morals of people he is acquainted with. When the pink ribbon flies downward from the clouds, Young Goodman Brown distinguishes it as a symbol that Faith has absolutely dropped into the territory of evil; she has no mark of her purity or innocence (Xian-Chun 1). The color white also represents the idea of goodness and purity, while red represents twistedness and tainted ideas.In the conclusion of the story, Faith meets Young Goodman Brown as he proceeds from the woods; she is wearing her pink ribbons yet again, signifying her return to the image of innocence she displayed at the opening of the story and casting away the uncertainties on the truth of Young Goodman Brown’s ventures (Xian-Chun 1). Williamson begins by stating, â€Å"Hawthorne's definition of a good author, he advises that Hawthorne deemed the best writers as those with a little devil in them† (Williamson 1).Williamson proposes that in â€Å" Young Goodman Brown† there is a joining among the novelist and the evil spirit and the novelist/narrator is truly a follower of the evil spirit festivity (Williamson 1). He also composes that Brown really meets with the three evil spirits: the old man, Goody Cloyse, and the narrator. The narrator is the evil spirit in the story that he has the capability to make Brown and the person who reads identify evil abilities of the other characters (Williamson 1). Walter Shear shares that as Young Goodman Brown leaves Faith, he becomes an individual psychologically.His retreat from his wife is not merely a representative loss of faith, but it is also his leaving behind conservative faith. In the woods, Brown's belief is lacking; therefore the familiar woods are frightening (Shear 1). He must struggle with the individuals in the woods in demand to keep his ethics and beliefs. It is him contrary to humanity and he is deceived by that very civilization. At the end, Young Goodman Brown dep arts the fantasy and proceeds to usual culture (Shear 1). He is more conscious of himself and of his connection with other participants of the culture. Shear states that Brown exemplifies the unbalanced Puritanism s it declines in its spiritual belief and becomes slightly deceitful. Brown's disgust of his wife and community signifies his own necessity to psychologically limit his motives for leading in the forest (Shear 1). Young Goodman Brown is entirely devastated and overwhelmed when he wakes from his nightmare. As he walked the streets of Salem he was not capable to isolate his vision from actuality. He is incapable to handle the findings that the possible for wicked exist in everyone. The rest of his lifetime is demolished because of his helplessness to express this reality and be aware of it.The vision, has established the seed of uncertainty in Young Goodman Brown's mind, which subsequently takes him off from his related gentleman and leaves him unaccompanied and unhappy. The reality is that Young Goodman Brown loathes these individuals because he understands that identical traits in himself. Like the individuals in his vision, he questions his personal belief. However, he plants his personal worries onto those nearby him. The vision is a demonstration of all of the anxieties he has about himself and the selections he has made throughout his lifetime.He is too full of pride to recognize his personal mistakes. His time finishes unaccompanied and depressed because he was not once capable to gaze at himself and understand that what he understood were everyone else's mistakes were his as well. He is entirely secluded from his culture. The literary devices deployed by Hawthorne throughout â€Å"Young Goodman Brown,† give the piece an effectiveness and life that it would not have otherwise. The devices of theme, motif, and symbolism are heavily used and extremely effective throughout the entire piece, making it understandable, relatable, and enjoyable for the reader.