Investor Attitudes Towards Risk on Stock Market

Investor Attitudes Towards Risk on Stock Market For the abnormal return in stock market, investor attitudes will become increasingly important. This paper attempts to analyze the impact of investor attitude towards risk that have a greater influence on stock market .In this study researcher focused on particular Islamabad stock market and obtain primary data based on five point Likert scale from investor of ISE. The data indicate that investors have substantially different attitudes toward various investments. However, there are significant statistical differences between attitudes of the investor groups in their attitudes toward three risk types. These data also show significant differences in attitudes toward risk. After analyzing the data through the Regression and Correlation, including ANOVA test, the result found the significance impact of variables on stock market. Introduction The whole financial theory is based on the basic hypothesis of rational investor on the financial markets. This rationality is characterized by a continuous quest of the investors to maximize their utility function (actually maximizing the return of the investment for a given risk level or minimizing the risk for an expected return level). In spite their rationality; investors have a different perception over risk, its bearing having an important psychological factor. Most investors show different attitude towards risk like motivated risk aversion, but we can find on the financial markets. While risk behavior has been studied intensely and a large number of risk perception. Through attention to risk perception and risk propensity which are mediators in attitude transaction, financial institutions can realize the effects on investor behavior and their returns expectations. The first section of this paper is the introduction, the second section is the literature review, the third secti on establishes hypothesis model, the fourth section presents the study results and the fifth section is the conclusion and recommendations.Different Studies are available; far less research exists regarding peoples mind-sets towards risk taking, i.e., risk attitudes, such as, risk aversion, risk tolerance and risk neutral. These can be conceptualized as two poles of a one-dimensional attitude towards risk-taking but also as two separate concepts. It is widely assumed that people differ considerably in their attitude towards risks, ranging from good sense to risk-seeking and even pleasure in risk-taking. The first trial of conceptualizing the investors risk aversion belongs to Milton Friedman and Leonard Savage (Milton Friedman, Leonard Savage Utility Analysis of Choices Involving Risk, JPE, 1948) who defined the risk aversion by using the following decisional situation: an investor who can chose among comparable investments will always chose the one with the lowest risk. Explaining the investment behavior using the returns of risky financial investments utility function brought a new perspective to the risk aversion theory. Further studies showed that there are also other factors with direct impact over the attitude towards risk (economic growth forecasts of a market, the level of training and the experience gained, fluctuations of the exchange market, psychological factors, biases and heuristics etc.). This paper follows studies conducted with investors to examine investor attitudes and behavior towards inherent risk and potential returns in stock market. Statement of the Problem The problem statement of research was à ¢Ã¢â€š ¬Ã…“Impact of Investor Attitude towards Risk on Stock Marketà ¢Ã¢â€š ¬?. Major variables used in this study include stock market return volatility and risk attitude i.e risk tolerance, risk aversive, risk neutral variables that are the indicators of investor attitude. Objective: the objectives of research are:- To study how these attitude types are affecting the stock market. To find whether there is any relationship between stock market index and investor behavior. Significance of the Study The market return fluctuate according to events and trends , the human mind also have some psychological factor that can be influenced or might directs towards good or bad decision making regarding investment. From this study individual investor can get knowledge how their behavior that can maximize or minimize their utility in investment plan in market portfolio. They can change their behavior accordingly. Every Kind of individual like small investor including Man, Women with different status i.e. single or Martial with different age can change their mind set and able to understand how they should make decision to see the market trends or events. Review of Literature There is lot work has been done so far in this regard. Now we have overview some of researcher works in this section of the paper as review literature. With the reference of research topic, some of studies are being done in which all the variables includes Risk attitude factors i.e; Risk Aversion, Risk Tolerance, Risk are taken into consideration to define the impact of those variables on stock market. Levin, Synder and chapman (1975) were concerned with the differences between men and women in accepting the risks of financial investments, they focused on a group of 110 students using a questionnaire regarding lotteries to check the more risk aversive according to gender differentiation. the results indicating that women are more risk aversive than men Powell and Ansic (1997) questioned a small group regarding property insurance and the exchange market and again found that women are more aversive than men (this study was among the first which analyzed individual aversion towards speculative and pure risks); using information regarding the weight of the funds invested in risky assets. Jaimie Sung and Hannna (1996) analyzed the risk tolerance corresponding to four ethnic groups: Caucasian, Hispanic, Black and others. Given the substantial differences among risk tolerance capacities of these groups (the Caucasians have the highest risk tolerance and the Blacks the lowest) we may assert that this factor has a direct impact on the way investors accept and perceive the risk attached to financial investments. Education also has a direct influence on risk tolerance, as several studies prove a direct link between higher education and the acceptance of higher risk related to investments. The analysis was conducted on four education levels: primary school, high school, college and postgraduate studies. The results demonstrate an intense and direct impact on accepting financial risk: the higher the subjects education, the higher his tolerance to risk. Sitkin and Pablo (1992) developed a model of determinants of risk behavior. In this model, personal risk preferences and past experiences form an important risk factor in which to frame the problem, and social influence also affects the individuals perception. Sitkin and Weingart (1995) extend the Sitkin-Pablo model leading to the definition that risk perception and propensity are the mediators in risk behaviors of uncertainty decision-making. Shyan-Rong Chou, Gow-Liang Huang, Hui-Lin Hsu (2010) has done research on à ¢Ã¢â€š ¬Ã…“Investor Attitudes and Behavior towards Inherent Risk and Potential Returns in Financial Productsà ¢Ã¢â€š ¬?. They establish a model by which to measure attitudes and behavior towards investment risk.They used variables: Risk propensity, Risk perception, Behavior finance, Decision making. They study to form a framework (framing) for interpretation of their respective populations attitudes and behaviors. Empirical results found no difference by gender to investor propensity to take risk, nor in cognitive perception of such. However, higher and lower perceptions of risk were indicated by investors according to their personal investment experience. Investors with little experience in stocks and structured notes were found to have significantly sensitive perception of risk. Thus the model proposed is relevant in finding a positive correlation between experience and propensity of risk, though the un derstanding of such remains uncertain. In respect to financial products other than mutual funds, investor propensity and perception of risk tend to show a negative correlation. Amos Tversky; Daniel Kahneman (1974) defines in their research à ¢Ã¢â€š ¬Ã…“Judgment under Uncertainty: Heuristics and Biasesà ¢Ã¢â€š ¬? that Heuristics that are important feature of the individual decision-making process which may be considered to include thought representativeness and availability. They founded that there is anchoring bias in the decision-making process which arises due to factors such as overconfidence, loss aversion, status quo bias, mental accounting, framing and so on. Investors in the process of assessing the risks and returns are influenced by this anchor effect. All these studies proved the complexity of risk aversion and its subjective dimension, as the estimates are difficult to obtain accurately. Investors have ultimately a unique behavior which results in un balanced price, no matter how adverse they are to risk. Understanding risk aversion offers another perspective for constructing and optimizing risky financial portfolios. Theoretical Frame work Our theoretical frame work is as under: (Independent Variables) Risk Aversion Risk Tolerance Risk Neutral (Dependent Variable) Stock Market Explanation The possibility of physical or social or financial harm /detriment / loss due to a exposure. This is the (dominating) negative perspective; however, there is also a neutral perspective, i.e., risk = uncertainty about the outcomes (good and/or bad ones) of a decision; and a positive perspective. A persons opinion belief about how large the risk associated with a hazard is (regarding negative outcomes) A general perspective of humans mind towards taking or avoiding a risk when deciding how to proceed in situations with uncertain outcomes. Risk Attitude towards taking risks or avoiding risk are; i.e, Risk aversion, Risk Tolerance, Risk Neutral. So, all decisions about how acceptable a risk is in individual or societal terms deepened on market events or trends. The actual behavior of people when facing a risk situation, each investor has unique personal risk tendencies, investment style, and level of risk awareness. These characteristics, in addition to the expectation of returns, help investment decision making and portfolio construction. According to traditional finances capital asset pricing model, due to investor risk aversion, rational investors understand that increased investment risk demands return with a higher premium. Diagrammatical Expression of Variable:  [1]   Purpose of the study (Hypothesis Testing) Hypothesis testing offers an enhanced understanding of the relationship that exists among variables. It could also established casual and effect relationship. The research à ¢Ã¢â€š ¬Ã…“Impact of Investor attitude towards risk on Stock Marketà ¢Ã¢â€š ¬?, includes there are certain variables upon which the growth of Stock Market depends; these are interest rate, Risk Aversion, Risk Tolerance, Risk Neutral ,Uncertainty. Research is being carried out to analyze the nature of the relationship between all these variables. Hypothesis Risk Tolerance Investor: Investors who tend towards higher risk are more adventurous and so are willing to attempt high-risk, high reward investments. H1: Investor who has a higher tolerance to risk that have significant impact on stock market volatility H2: Investor who has a higher tolerance to risk that have no significant impact on stock market volatility Risk Aversive Investor: People who tend towards lower risk behavior are less willing to engage in risky adventurous behavior due to their low risk tolerance. That is, this kind of investor has a high degree of risk perception in financial products. H3: Investor who are risk aversive has significant impact on stock market volatility H4: Investor who are risk aversive has no significant impact on stock market volatility Risk Neutral Investor: Someone is completely indifferent to the risk involved an investment and is only concerned about expected return. H5: Investor who are risk neutral has significant impact on stock market volatility H6: Investor who are risk neutral has no significant impact on stock market volatility Methodology: (Sample Data Collection) Sample is taken from Islamabad stock exchange and data collection is based on primary data using questionnaire consist of five likert scale including Strongly Agree, Agree, No Strong Opinion, Disagree, Strongly Disagree to analyze the dependent and nondependent variables. The questionnaire sample obtained from the valid source à ¢Ã¢â€š ¬Ã…“The Scottish Life Risk Attitude Profiling Questionnaire is based on the Byrne Blake Risk Profile Questionnaireà ¢Ã¢â€š ¬?  [2]  . The Respondents which have obtained during the research work are 30 that included 20 brokers, 10 small investors i.e Man, Woman having different qualification, age and income groups. To analyze the data being a researcher we used Regression and correlation in SPSS to see the impact and relationship between variables. Data Analysis and Discussion The results drawn from statistical analysis is based on regression analysis. As the independent variable is comprised of three facets i.e, risk aversion, risk taking and risk neutral so several hierarchical regression analyses are performed to formally check the hypothesis. Separate regression analyses are run for analyzing independent-dependent relationship. Regression has been used in order to measure that how much variation in dependent variables has been caused by independent variable. The results are as follows: Risk Aversion (a) Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .467(a) .218 .048 .48900 Interpretation Table illustrate that value of R Square is 0.218 which is equal to 21.8 %. This means that independent variable i.e. risk aversion is accounting for 21.8 % of variation in the dependent variable i.e stock market. (b) ANOVA Model Sum of Squares df Mean Square F 1 Regression 1.535 5 .307 1.284 Residual 5.500 23 .239 Total 7.034 28 a. Predictors: (Constant), risk aversion b. Dependent Variable: Stock market Interpretation F ( 1. 101) = 1.284 ; P Since the value of P is less than 0.01, so we can say that the overall effect of this independent variable is highly significant. RISK Tolerance (a) Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .442(a) .195 -.025 .50735 Predictors: (Constant), risk tolerance Interpretation Table illustrate that value of R Square is 0.195 which is equal to 19.5 %. This means that independent variable i.e. risk tolerance is accounting for 19.5 % of variation in the dependent variable i.e. stock market. (b) ANOVA Model Sum of Squares df Mean Square F 1 Regression 1.372 6 .229 .888 Residual 5.663 22 .257 Total 7.034 28 a. Predictors: (Constant), risk tolerance b. Dependent Variable: Stock market Interpretation F ( 1. 101) = 0.888 ; P Since the value of P is less than 0.01, so we can say that the overall effect of this independent variable is highly significant. Risk Neutral (a) Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .687(a) .472 -.056 .51517 Predictors: (Constant), risk tolerance Interpretation Table illustrate that value of R Square is 0.472 which is equal to 47.2 %. This means that independent variable i.e. risk neutral is accounting for 19.5 % of variation in the dependent variable i.e. stock market. (b) ANOVA Model Sum of Squares df Mean Square F 1 Regression 3.319 14 .237 .893 Residual 3.716 14 .265 Total 7.034 28 Predictors: (Constant), risk neutral Dependent Variable: Stock market Interpretation F (1. 101) = 0.893; P CONCLUSION This study uses the questionnaire approach to test the risk attitudes and returns expectations of investors of particular Islamabad stock exchange. There are different trends and economic crisis that rapidly changed the attitude of investors of male and female. Variance analysis also found that less experienced investors have lower risk propensity and higher risk perception. However, considering individual attitude and perception about returns of stock market either influenced positively or negatively that assessed during research questionnaire. In the test model, investor experience and their risk propensity is in positive correlation. So, the conclusion of this study is consistent with recent literature, however the relationship between risk attitude and expected returns has not yet been determined as successful and strong empirical result. RECOMMENDATIONS Researcher recommended the followings ways to gain higher return from their investing attitude. Compare current stock value with historical results of securities or bonds markets. If you are risk aversive and need higher income during shorter period of time and at low risk, you will need to find other financial instruments.   As we know that, there is direct correlation between risk and income. The higher is income, the higher is risk so investor should ensure about their instruments worth in which he/she going to invest such can be divided as follows: bank savings, bonds and shares.   Another issue is that somehow media reports negatively about stock market return so, investor rapidly change their mind set as the framing heuristic applied without thinking the validity of information. So investor should protect his or her investments. Having purchased securities, keep monitoring securities market periodically. Other Recommendations are that Do not spread the whole money in the market and prefer to invest in only those companies that pay a dividend and that have a history of raising their dividend every year. Investor should forget making a profit; instead focus on the income provided from the stock portfolio and make every stock purchase with the intent that the purchase will be a long-term investment. Develop a savings plan to add to your holdings each quarter to help dividend reinvestments to accumulate more shares on a cost averaging basis. REFERENCES Amos Tversky; Daniel Kahneman Science, New Series, Vol. 185, No. 4157. (Sep. 27, 1974), pp. 1124-1131. Jaimie Sung, Sherman Hanna, Factors related to risk tolerance, Financial Counseling and Planning, Vol. 7,1996, pag. 14). Levin Irwin P., Mary A. Snyder and Daniel P. Chapman (1975), The Interaction of Experiential and Situational Factors and Gender in a Simulated Risky Decision-Making Task, Journal of Psychology, 1988, 122(2),pp. 173-181) Powell Melanie, and David Ansic (1997), Gender Differences in Risk Behaviour in Financial Decision-Making: An Experimental Analysis, Journal of Economic Psychology, 18(6), 1998, pp. 605-628. Risk Attitude Profiling questionnairehttp://www.scottishlife.co.uk/scotlife/nmsruntime/saveasdialog.asp?fileName=Risk_Attitude_Questionnaire.pdf Source:http://www.emeraldinsight.com/books.htm?chapterid=1760442show=html Sitkin and Pablo (1992) Review of management Review-1992.vol 17, No.1, p-38). Shyan-Rong Chou, Gow-Liang Huang, Hui-Lin Hsu (2010) International Research Journal of Finance and Economics ISSN 1450-2887 Issue 44 (2010)  © Euro Journals Publishing, Inc. 2010. http://www.eurojournals.com/finance.html) Investor Attitudes Towards Risk on Stock Market Investor Attitudes Towards Risk on Stock Market For the abnormal return in stock market, investor attitudes will become increasingly important. This paper attempts to analyze the impact of investor attitude towards risk that have a greater influence on stock market .In this study researcher focused on particular Islamabad stock market and obtain primary data based on five point Likert scale from investor of ISE. The data indicate that investors have substantially different attitudes toward various investments. However, there are significant statistical differences between attitudes of the investor groups in their attitudes toward three risk types. These data also show significant differences in attitudes toward risk. After analyzing the data through the Regression and Correlation, including ANOVA test, the result found the significance impact of variables on stock market. Introduction The whole financial theory is based on the basic hypothesis of rational investor on the financial markets. This rationality is characterized by a continuous quest of the investors to maximize their utility function (actually maximizing the return of the investment for a given risk level or minimizing the risk for an expected return level). In spite their rationality; investors have a different perception over risk, its bearing having an important psychological factor. Most investors show different attitude towards risk like motivated risk aversion, but we can find on the financial markets. While risk behavior has been studied intensely and a large number of risk perception. Through attention to risk perception and risk propensity which are mediators in attitude transaction, financial institutions can realize the effects on investor behavior and their returns expectations. The first section of this paper is the introduction, the second section is the literature review, the third secti on establishes hypothesis model, the fourth section presents the study results and the fifth section is the conclusion and recommendations.Different Studies are available; far less research exists regarding peoples mind-sets towards risk taking, i.e., risk attitudes, such as, risk aversion, risk tolerance and risk neutral. These can be conceptualized as two poles of a one-dimensional attitude towards risk-taking but also as two separate concepts. It is widely assumed that people differ considerably in their attitude towards risks, ranging from good sense to risk-seeking and even pleasure in risk-taking. The first trial of conceptualizing the investors risk aversion belongs to Milton Friedman and Leonard Savage (Milton Friedman, Leonard Savage Utility Analysis of Choices Involving Risk, JPE, 1948) who defined the risk aversion by using the following decisional situation: an investor who can chose among comparable investments will always chose the one with the lowest risk. Explaining the investment behavior using the returns of risky financial investments utility function brought a new perspective to the risk aversion theory. Further studies showed that there are also other factors with direct impact over the attitude towards risk (economic growth forecasts of a market, the level of training and the experience gained, fluctuations of the exchange market, psychological factors, biases and heuristics etc.). This paper follows studies conducted with investors to examine investor attitudes and behavior towards inherent risk and potential returns in stock market. Statement of the Problem The problem statement of research was à ¢Ã¢â€š ¬Ã…“Impact of Investor Attitude towards Risk on Stock Marketà ¢Ã¢â€š ¬?. Major variables used in this study include stock market return volatility and risk attitude i.e risk tolerance, risk aversive, risk neutral variables that are the indicators of investor attitude. Objective: the objectives of research are:- To study how these attitude types are affecting the stock market. To find whether there is any relationship between stock market index and investor behavior. Significance of the Study The market return fluctuate according to events and trends , the human mind also have some psychological factor that can be influenced or might directs towards good or bad decision making regarding investment. From this study individual investor can get knowledge how their behavior that can maximize or minimize their utility in investment plan in market portfolio. They can change their behavior accordingly. Every Kind of individual like small investor including Man, Women with different status i.e. single or Martial with different age can change their mind set and able to understand how they should make decision to see the market trends or events. Review of Literature There is lot work has been done so far in this regard. Now we have overview some of researcher works in this section of the paper as review literature. With the reference of research topic, some of studies are being done in which all the variables includes Risk attitude factors i.e; Risk Aversion, Risk Tolerance, Risk are taken into consideration to define the impact of those variables on stock market. Levin, Synder and chapman (1975) were concerned with the differences between men and women in accepting the risks of financial investments, they focused on a group of 110 students using a questionnaire regarding lotteries to check the more risk aversive according to gender differentiation. the results indicating that women are more risk aversive than men Powell and Ansic (1997) questioned a small group regarding property insurance and the exchange market and again found that women are more aversive than men (this study was among the first which analyzed individual aversion towards speculative and pure risks); using information regarding the weight of the funds invested in risky assets. Jaimie Sung and Hannna (1996) analyzed the risk tolerance corresponding to four ethnic groups: Caucasian, Hispanic, Black and others. Given the substantial differences among risk tolerance capacities of these groups (the Caucasians have the highest risk tolerance and the Blacks the lowest) we may assert that this factor has a direct impact on the way investors accept and perceive the risk attached to financial investments. Education also has a direct influence on risk tolerance, as several studies prove a direct link between higher education and the acceptance of higher risk related to investments. The analysis was conducted on four education levels: primary school, high school, college and postgraduate studies. The results demonstrate an intense and direct impact on accepting financial risk: the higher the subjects education, the higher his tolerance to risk. Sitkin and Pablo (1992) developed a model of determinants of risk behavior. In this model, personal risk preferences and past experiences form an important risk factor in which to frame the problem, and social influence also affects the individuals perception. Sitkin and Weingart (1995) extend the Sitkin-Pablo model leading to the definition that risk perception and propensity are the mediators in risk behaviors of uncertainty decision-making. Shyan-Rong Chou, Gow-Liang Huang, Hui-Lin Hsu (2010) has done research on à ¢Ã¢â€š ¬Ã…“Investor Attitudes and Behavior towards Inherent Risk and Potential Returns in Financial Productsà ¢Ã¢â€š ¬?. They establish a model by which to measure attitudes and behavior towards investment risk.They used variables: Risk propensity, Risk perception, Behavior finance, Decision making. They study to form a framework (framing) for interpretation of their respective populations attitudes and behaviors. Empirical results found no difference by gender to investor propensity to take risk, nor in cognitive perception of such. However, higher and lower perceptions of risk were indicated by investors according to their personal investment experience. Investors with little experience in stocks and structured notes were found to have significantly sensitive perception of risk. Thus the model proposed is relevant in finding a positive correlation between experience and propensity of risk, though the un derstanding of such remains uncertain. In respect to financial products other than mutual funds, investor propensity and perception of risk tend to show a negative correlation. Amos Tversky; Daniel Kahneman (1974) defines in their research à ¢Ã¢â€š ¬Ã…“Judgment under Uncertainty: Heuristics and Biasesà ¢Ã¢â€š ¬? that Heuristics that are important feature of the individual decision-making process which may be considered to include thought representativeness and availability. They founded that there is anchoring bias in the decision-making process which arises due to factors such as overconfidence, loss aversion, status quo bias, mental accounting, framing and so on. Investors in the process of assessing the risks and returns are influenced by this anchor effect. All these studies proved the complexity of risk aversion and its subjective dimension, as the estimates are difficult to obtain accurately. Investors have ultimately a unique behavior which results in un balanced price, no matter how adverse they are to risk. Understanding risk aversion offers another perspective for constructing and optimizing risky financial portfolios. Theoretical Frame work Our theoretical frame work is as under: (Independent Variables) Risk Aversion Risk Tolerance Risk Neutral (Dependent Variable) Stock Market Explanation The possibility of physical or social or financial harm /detriment / loss due to a exposure. This is the (dominating) negative perspective; however, there is also a neutral perspective, i.e., risk = uncertainty about the outcomes (good and/or bad ones) of a decision; and a positive perspective. A persons opinion belief about how large the risk associated with a hazard is (regarding negative outcomes) A general perspective of humans mind towards taking or avoiding a risk when deciding how to proceed in situations with uncertain outcomes. Risk Attitude towards taking risks or avoiding risk are; i.e, Risk aversion, Risk Tolerance, Risk Neutral. So, all decisions about how acceptable a risk is in individual or societal terms deepened on market events or trends. The actual behavior of people when facing a risk situation, each investor has unique personal risk tendencies, investment style, and level of risk awareness. These characteristics, in addition to the expectation of returns, help investment decision making and portfolio construction. According to traditional finances capital asset pricing model, due to investor risk aversion, rational investors understand that increased investment risk demands return with a higher premium. Diagrammatical Expression of Variable:  [1]   Purpose of the study (Hypothesis Testing) Hypothesis testing offers an enhanced understanding of the relationship that exists among variables. It could also established casual and effect relationship. The research à ¢Ã¢â€š ¬Ã…“Impact of Investor attitude towards risk on Stock Marketà ¢Ã¢â€š ¬?, includes there are certain variables upon which the growth of Stock Market depends; these are interest rate, Risk Aversion, Risk Tolerance, Risk Neutral ,Uncertainty. Research is being carried out to analyze the nature of the relationship between all these variables. Hypothesis Risk Tolerance Investor: Investors who tend towards higher risk are more adventurous and so are willing to attempt high-risk, high reward investments. H1: Investor who has a higher tolerance to risk that have significant impact on stock market volatility H2: Investor who has a higher tolerance to risk that have no significant impact on stock market volatility Risk Aversive Investor: People who tend towards lower risk behavior are less willing to engage in risky adventurous behavior due to their low risk tolerance. That is, this kind of investor has a high degree of risk perception in financial products. H3: Investor who are risk aversive has significant impact on stock market volatility H4: Investor who are risk aversive has no significant impact on stock market volatility Risk Neutral Investor: Someone is completely indifferent to the risk involved an investment and is only concerned about expected return. H5: Investor who are risk neutral has significant impact on stock market volatility H6: Investor who are risk neutral has no significant impact on stock market volatility Methodology: (Sample Data Collection) Sample is taken from Islamabad stock exchange and data collection is based on primary data using questionnaire consist of five likert scale including Strongly Agree, Agree, No Strong Opinion, Disagree, Strongly Disagree to analyze the dependent and nondependent variables. The questionnaire sample obtained from the valid source à ¢Ã¢â€š ¬Ã…“The Scottish Life Risk Attitude Profiling Questionnaire is based on the Byrne Blake Risk Profile Questionnaireà ¢Ã¢â€š ¬?  [2]  . The Respondents which have obtained during the research work are 30 that included 20 brokers, 10 small investors i.e Man, Woman having different qualification, age and income groups. To analyze the data being a researcher we used Regression and correlation in SPSS to see the impact and relationship between variables. Data Analysis and Discussion The results drawn from statistical analysis is based on regression analysis. As the independent variable is comprised of three facets i.e, risk aversion, risk taking and risk neutral so several hierarchical regression analyses are performed to formally check the hypothesis. Separate regression analyses are run for analyzing independent-dependent relationship. Regression has been used in order to measure that how much variation in dependent variables has been caused by independent variable. The results are as follows: Risk Aversion (a) Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .467(a) .218 .048 .48900 Interpretation Table illustrate that value of R Square is 0.218 which is equal to 21.8 %. This means that independent variable i.e. risk aversion is accounting for 21.8 % of variation in the dependent variable i.e stock market. (b) ANOVA Model Sum of Squares df Mean Square F 1 Regression 1.535 5 .307 1.284 Residual 5.500 23 .239 Total 7.034 28 a. Predictors: (Constant), risk aversion b. Dependent Variable: Stock market Interpretation F ( 1. 101) = 1.284 ; P Since the value of P is less than 0.01, so we can say that the overall effect of this independent variable is highly significant. RISK Tolerance (a) Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .442(a) .195 -.025 .50735 Predictors: (Constant), risk tolerance Interpretation Table illustrate that value of R Square is 0.195 which is equal to 19.5 %. This means that independent variable i.e. risk tolerance is accounting for 19.5 % of variation in the dependent variable i.e. stock market. (b) ANOVA Model Sum of Squares df Mean Square F 1 Regression 1.372 6 .229 .888 Residual 5.663 22 .257 Total 7.034 28 a. Predictors: (Constant), risk tolerance b. Dependent Variable: Stock market Interpretation F ( 1. 101) = 0.888 ; P Since the value of P is less than 0.01, so we can say that the overall effect of this independent variable is highly significant. Risk Neutral (a) Model Summary Model R R Square Adjusted R Square Std. Error of the Estimate 1 .687(a) .472 -.056 .51517 Predictors: (Constant), risk tolerance Interpretation Table illustrate that value of R Square is 0.472 which is equal to 47.2 %. This means that independent variable i.e. risk neutral is accounting for 19.5 % of variation in the dependent variable i.e. stock market. (b) ANOVA Model Sum of Squares df Mean Square F 1 Regression 3.319 14 .237 .893 Residual 3.716 14 .265 Total 7.034 28 Predictors: (Constant), risk neutral Dependent Variable: Stock market Interpretation F (1. 101) = 0.893; P CONCLUSION This study uses the questionnaire approach to test the risk attitudes and returns expectations of investors of particular Islamabad stock exchange. There are different trends and economic crisis that rapidly changed the attitude of investors of male and female. Variance analysis also found that less experienced investors have lower risk propensity and higher risk perception. However, considering individual attitude and perception about returns of stock market either influenced positively or negatively that assessed during research questionnaire. In the test model, investor experience and their risk propensity is in positive correlation. So, the conclusion of this study is consistent with recent literature, however the relationship between risk attitude and expected returns has not yet been determined as successful and strong empirical result. RECOMMENDATIONS Researcher recommended the followings ways to gain higher return from their investing attitude. Compare current stock value with historical results of securities or bonds markets. If you are risk aversive and need higher income during shorter period of time and at low risk, you will need to find other financial instruments.   As we know that, there is direct correlation between risk and income. The higher is income, the higher is risk so investor should ensure about their instruments worth in which he/she going to invest such can be divided as follows: bank savings, bonds and shares.   Another issue is that somehow media reports negatively about stock market return so, investor rapidly change their mind set as the framing heuristic applied without thinking the validity of information. So investor should protect his or her investments. Having purchased securities, keep monitoring securities market periodically. Other Recommendations are that Do not spread the whole money in the market and prefer to invest in only those companies that pay a dividend and that have a history of raising their dividend every year. Investor should forget making a profit; instead focus on the income provided from the stock portfolio and make every stock purchase with the intent that the purchase will be a long-term investment. Develop a savings plan to add to your holdings each quarter to help dividend reinvestments to accumulate more shares on a cost averaging basis. REFERENCES Amos Tversky; Daniel Kahneman Science, New Series, Vol. 185, No. 4157. (Sep. 27, 1974), pp. 1124-1131. Jaimie Sung, Sherman Hanna, Factors related to risk tolerance, Financial Counseling and Planning, Vol. 7,1996, pag. 14). Levin Irwin P., Mary A. Snyder and Daniel P. Chapman (1975), The Interaction of Experiential and Situational Factors and Gender in a Simulated Risky Decision-Making Task, Journal of Psychology, 1988, 122(2),pp. 173-181) Powell Melanie, and David Ansic (1997), Gender Differences in Risk Behaviour in Financial Decision-Making: An Experimental Analysis, Journal of Economic Psychology, 18(6), 1998, pp. 605-628. Risk Attitude Profiling questionnairehttp://www.scottishlife.co.uk/scotlife/nmsruntime/saveasdialog.asp?fileName=Risk_Attitude_Questionnaire.pdf Source:http://www.emeraldinsight.com/books.htm?chapterid=1760442show=html Sitkin and Pablo (1992) Review of management Review-1992.vol 17, No.1, p-38). Shyan-Rong Chou, Gow-Liang Huang, Hui-Lin Hsu (2010) International Research Journal of Finance and Economics ISSN 1450-2887 Issue 44 (2010)  © Euro Journals Publishing, Inc. 2010. http://www.eurojournals.com/finance.html)

Akira Kurosawas RAN :: essays papers

Akira Kurosawa's RAN In this explication of this movie RAN several items will be discussed. Culturally the movie will be critiqued on how the Japanese culture is shown throughout the movie, and the structure of how the characters progress throughout the movie. The conflict between characters will also be discussed in reference to the obstacles they face and how they deal with them. This movie deals mainly with loyalty and tradition (bushido), and how a traditional Japanese family handles not only their personal problems, but also relating to their society and surroundings. The main character or focal point of the movie is Lord Hidetora Ichimonji. He has bequeathed his is kingdom and his three castles to his three sons: Taro (eldest), Jiro, and Saburo (youngest). With his bequeath he has also given up his authority in society as well as militarily to Taro. With this announcement, Taro and Jiro show great hesitation in this yet Subaro shows defiance claiming this is a foolish mistake. Because of these comments Saburo is banished. This is a good example of loyalty to elders and creates an immediate conflict among family. Kurosowa attempts to show how important loyalty can be in the face of change, and even though Subaro does not agree, having a bit of faith in elders reflects also the loyalty that this culture believes. With retirement at hand, Lord Ichimonji goes to the first castle to visit Taro. Taro shows great disloyalty to his father. Taro has had a rush of power and is now dishonoring his father with contracts to sign and so on. Within this culture, dishonoring one’s father is very humiliating, and, with no power, Hidetora leaves to the second castle to find refuge with Jiro. This conflict with Taro represents shibui in the fact that even though Taro has all this power and greatness, he has loss the love of his father all because he felt threatened by him because of his fathers respect through the land. As Hidetora makes way to seek shelter with Jiro, he finds out that Taro sent orders to Jiro to not help his father in any way and to not allow Hidetora’s men to enter the castle. Even though Jiro is crushed, he follows these orders and dishonors his father. This is the opposite of Bushido because the father has been banished by family and family is a strong bushido trait.

Free Essays: Candides Metamorphosis :: Candide essays

Candide's Metamorphosis In Voltaire's novella, we view the main character, Candide, as being sophomoric and rather naïve. Yet, Candide eventually frees himself from the shackles that burden his beloved philosopher Pangloss and other characters befriended along the way. Candide's journey back to Cunegonde become a means for him to emerge from his "self-imposed immaturity." The word "candide," which Cassell's French Dictionary defines as "ingenuous", would greatly summarize who the main character is to be perceived as. He will shape his own opinions throughout the story to parallel anybody else's that would seem to please him. His faith is put in a number of people who he meets along his travels, as he tries to find his way back to Cunegonde. He sees things as others would instruct him to see them. And though it can be contested that he is still the same at the end of the book, I will argue that he becomes the most emancipated from his own chains of "self-imposed immaturity" than any of his friends and comrades. The book first starts off with Candide hanging on to every idea put before him by Pangloss. He is held captive by some of the most bizarre forms of reasoning composed by Professor Pangloss. In Chapter 1, Pangloss professes that "our noses were made to carry spectacles, so we have spectacles," and that "since pigs were made to be eaten, we eat pork all the year round." This rationalization is totally bizarre and could not be applied to any reasonable mode of thought (especially the latter, which would be quickly dismissed by Vegans, Vegetarians, Muslims, and Jews!). After Candide is eventually banished from the house of Baron Thunder-ten-tronckh, he is taken in by James (the Anabaptist). After discovering Pangloss in a wretched state, eventually Candide, James, and Pangloss set off to Lisbon. As James drowns, Pangloss stops Candide from saving the Anabaptist by saying that the "Lisbon harbour was made on purpose for this Anabaptist to drown here." These quotes symbolize th e type of thinking found in Voltaire's day. This was the type of thinking that the Enlightenment school of thought was trying to get away from, and the type of nonsense Candide will challenge to some extent at the end and soon break away from.

Mkt 337

Company profile CFL (Core Finland ltd) which was found in 2006 in Finland. It’s a dynamic food marketing company. The present managing director of CFL is Joonas Turkama. The main activates of this company is are importing, marketing and sales of first class products, which have the potential to grow big brands nationally as well as internationally. The mainly focusing on building brands in order to gain a long term success. CoreFinland's main target groups are wholesale, retail trade and HoReCa -sector. They also build international partnerships, especially in Western-Europe and in the Baltic Sea region.In future they plan to expand their business activities particularly towards Russia, Germany and Sweden. The main product of this company is snacks and food product. It provides marketing and sales service both domestic and foreign by its long distribution channel (whole sale, Retail). It also provide some service like hosting, packaging, consulting by retail chain. Product CFL start producing â€Å"VEGE CHIPS† from 2011 under Rye snacks. Now a day in Europe people are more health concusses so that in Europe market people are like to choose healthy food rather than fast food.So that organic foods easily make a big market in Europe . VEGE CHIPS is completely healthy and organic food. It’s not only a snake’s people can use it as a regular food. Fat level in VEGE CHIPS is very low so that middle age people can take it as much as they want. No1: Developing market for â€Å"VEGE CHIPS† Our target market is two different countries Srilanka and Canada. These two countries are different from each other. They are totally different in socially and culturally. So our target market also different for these two countries. Country profile Srilanka: Population 1,481,334 (July 2011 est. ) Age structure 0-14 years:  24. 9% (male 2,705,953/female 2,599,717) 15-64 years:  67. 2% (male 6,993,668/female 7,313,440) 65 years and over:  7. 9% (m ale 720,219/female 950,916) (2011 est. ) Median age Total:  30. 8 years male:  29. 7 years female:  31. 8 years (2011 est. ) Canada: Population 34,300,083 (July 2011 est. ) Age structure 0-14 years:  15. 7% (male 2,736,737/female 2,602,342) 15-64 years:  68. 5% (male 11,776,611/female 11,517,972) 65 years and over:  15. 9% (male 2,372,356/female 3,024,571) (2011 est. ) Median age Total:  41 years male:  39. 8 years female:  42. years (2011 est. ) Customer profile Our target is middle age people who are 18 above. Middle age people are more health concusses and the can make decision as their own. we believe that they will take our chips because its healthy and totally natural. If we can satisfy them they will influence other for chose our product. Srilanka: In srilanka we will target high society area like Colombo because they are more health concuss and they can easily effort healthy food without thinking for price. in their people lead busy life so if they got read y healthy food they can easily take it.We also target sea side area where tourist comes from different country. Canada: In Canada we will target is the whole country. Because they are reach enough and lead busy time. They also more health concusses and educated too. No 2: The Marketing Mix for â€Å"VEGE CHIPS â€Å" Srilanka| Canada| Product: Srilankan people like spicy food like as other Asian country so here we have to apply extra spicy chips with regular one. | Product: In Canada we use our regular healthy chips but we have to make it little bit sweet and salty| Place : We sell it in retail stall and all over the target location. Place: Super shop and large retail stall in super mall or market. | Promotion : Here we use TVC, Billboard commercial also in magazine , health magazine| Promotion : Here u use free tail, billboard, health magazine , bill board in bus train , taxi| Price: Small packet and medium, less amount off chips so that price can be reduce. | Price: Large and go rgeous packing so that we can keep premium price. | Positioning: Less price because middle class people can afford it. | Positioning: High price because people get healthy food and it’s for higher class people. Process: We produce chips in srilanka | Process: We chose a well known distributer in Canada and export chips from Finland. | Physical evidence: Spicy chips with attractive shape of chips but packing will be less costly. | Physical evidence: Attractive packing with high costly and chips color is light. | People: Well dress up sellers and they are directly commutated because here we do direct marketing. | People: For make familiar we give cap, t-shirt to our distributor and give well amount of percentage for big sale. | No 3: Integrated marketing communication for â€Å"VEGE CHIPS: Srilanka| Canada |Step 1: Vege chips is completely new product for srilanka so our vision is gaining the one of best healthy food producer in there. Here we do mass marketing for promoting o ur chips in school, collage. Because in srilanka most of are middle class society people. | Step 1: As a new chip in Canada our vision is reach a respected position by providing healthy snacks in market. We gain it by providing healthy chips at a premium price. | Step 2: As we are new in Srilanka so we heir a add firm for adverting and provides them our survey report on target customers need expectation from snacks.We are new in here it’s a weakness for us but our strength is we are providing healthy and natural foods. For Asian region country here peoples like spicy foods so that we provides some spicy flavors chips. | Step 2: For promotion in Canada all work done by distributer as we choose distribution channel in here for providing our product. So here no need to full attention for determining customer profile. Expensive price is a weakness here but in other hand providing healthy food is our strength. Here chips will salty and little bit sweet. Step 3: Here we do our prom otion by TVC, Billboard, and Health magazine. Our main massage is â€Å" Eat healthy chips at cheaper price â€Å"Our main objective is gain 25 % of the snacks market in a year. | Step 3: Our tag line is â€Å"Eat healthy, Live long â€Å". Here we do free trail, internet pop up , billboard in bus train. Here our object is gain 25 % of snack market in 2-4 year. | Step 4: We make our 40 % capital from Finland and other 60 % from native bank for build our factory in Srilanka. | Step 4: In Canada we import chips from Finland so we have do is send money in transport and tax.So the Budget is cheaper for Canada. | Step 5: By TVC here we do mass marketing for establish our product. Billboard marketing done by ad agency. For middle and higher class people here we have small packet and fewer amounts of chips. We can overcome our profit but less costly packaging. | Step 5: This chips is healthy, natural and unique. Here we chose a distribution channel to supply it in lager retrial store a nd mass marketing. We provide them healthy and natural food so the price is higher in here. We use gorgeous packaging. We provide product from Finland by this it’s easy to gain profit. Step 6: For a good progress we check out our monthly feedback from all kind of stores and retailer. We have to careful for breakeven point and overall sells for understood our current market situation. | Step 6: For Canada we have to careful in monitoring, evaluating and controlling to our distribution channel. We take all kind of information from them for understanding our market situation. | Assignment #1 ( Promotional marketing) Submitted to: Sherina Idrish Subject: MKT 337 Section: â€Å"8† Submitted by: Hossan momahmmed mishu ID: 102 0184 030

Behavioral Economics Essay

Introduction Behavioral Economics is an extremely important field of psychology; it seeks to expand the current tools that researchers use in economics and finance to introduce new models of human behavior that are adequately founded in psychological research. The Behavior Economics is crucial in business decision making process. The knowledge in Business and Financial Literacy is very important for their direct application to Business and Consulting Psychology. Understanding Financial Management which includes: profit & loss, cash flow, balance sheets, ratios, ROI, working capital, budgeting, financial planning, and corporate finance; and Business Management that includes: business strategy, strategic market management, micro-economic analysis, sustainable competitive advantage, strategic positioning, diversification, acquisitions, mergers, and technology management, will allow the consultant to help businesses increase their profits and improve their company’s culture. Business Management and Strategy Business Strategy is a management plan of action that an organization put in place in order to achieve a particular goal or a set of goals and objectives, this strategy can help the organization differentiate itself from its competitors. In order for a company to differentiate itself from their competitors, they need to successfully implement a strategy that will determine the market that the business will compete, the investment needed, the strategies required to compete in that specific market and the strategic resources or competencies that underline the strategy by providing a important sustainable competitive advantage (SCA) (Aaker, 2001). Budgeting and Financial Planning There are many vital managerial tools that assist in managing a successful business. Budgeting is the most common and widely used tool for planning and control; it is essentially a guideline that focuses on spending, it can breaks down all the business’ expenses in different categories, per example, utilities, payroll, taxes, materials, equipment, etc, also all the income that the business expect to receive in a certain period of time, this period of time is usually yearly, monthly or sometimes weekly. Once the manager has all the estimated income and expenses for that period of time, the budget will start to take shape. The budget goal is to subtract all the expected expenses from the expected income for the same period and still have a positive cash balance. A budget should not be a rigid and fixed tool from which you may never deviate (Wood, 2012). The Financial Planning focuses on allocating resources efficiently, specifically achieving long range goals. In summary, while the budget focuses on the daily functioning of the organization, the future depends greatly on the financial planning which in turn relies on budgeting in order to be effective. Corporate Finance The Corporate Finance addresses how organizations face their financial obligation, to intelligently invest their resources, achieve the correct combination of financing to fund their investments and return a profit to the investors; hence achieving value maximization. When a company invests in a project or multiple projects, this project will generate expenses and will create revenue for the company, but what is a project? Project is any activity that generates a series of cash flows for the organization. The company uses the revenue in excess of expenses to fund new projects, improve existing projects or pay its investors (Spiegel, 2000). Per example, applying a low-cost strategy, businesses can remove all frills and extras from its products and services (Aaker, 2001), making the organization more competitive and profitable. Financial ratios The Financial Ratios are practical indicators of a company’s financial and performance situation. The most important indicator of a business performance is profits. Profits provide the basis for the internally or externally generated capital that the organization needs to follow its growth strategies, to replace out of dated plants and equipments, and to absorb market risk (Aaker, 2001). But how can we measure the profitability of an organization? The most basic and important tool to measure profitability is the Return on Assets, which is calculated by dividing the organization’s profits by the assets involved (Aaker, 2001). The ROI measures how much profit the organization can produce with the capital that is available to them (Gitman, 2009). The company’s goal is to increase the ROI, because higher the ROI, the better. That’s why the ROA is so important for managers, investors and other business that may sell to this company. Strategic Marketing The Strategic Marketing includes creating a marketing plan that describes in detail the marketing mix, segmentation, and branding decisions. Branding is not just to increase sales in one product, but to any product that is associated with that brand. That’s why engagement matters; it pulls customers back into the business and at the end of the day leads to repeat sales (Goodman, 2012). There are many different ways to use branding to support the organizations growth strategy, but for each specific growth strategy that are different approaches that can be used in order to achieve success (Aaker, 2001). Sustainable Branding will also increase customer loyalty where customers will recognize the quality of the product or service every time that they see the brand (Aaker, 2001). Downsizing, Mergers & Acquisitions Mergers & Acquisitions essentially have the same features where the end result is one company where two existed. As stated by Shook & Roth (2010), during a merger and acquisition process, the organization will try to eliminate any overlapping positions and this process can cause downsize, which is the process of restructuring a organization in a way that brings reduction of a part of the company’s employees. If the M&A is successful, the new company will be more cost effective, efficient and mostly important, profitable (Holden, 2010). Mergers and acquisitions can also reduce significantly the competition and the overhead for both companies (Holden, 2010). Consultants can be key facilitators of a smooth transition (during a M&A) by ensuring that there is sufficient understanding and ‘buy-in’ at the leadership level about the costs of not addressing the culture issue early in the M&A process. There is plenty of empirical evidence suggesting the failure rate of M&A’s due to issues with the unsuccessful meshing of a newly merged corporate culture. During an M&A, cultural change often represents the ‘soft side’ of the transaction. Everybody agrees about its importance but it seems too frequently to take a rear seat in the stated price tag synergies to be accomplished, as well as, how the new administrative track that needs to be quickly put in practice. Conclusion The main goal of a business consultant is to provide a professional or/and expert advice, but in order to do it, it’s vital that consultants understand the need to become an expert on their client’s business and industry; it’s also very important that consultants understand the need to communicate in their clients’ language. Also, in order to be effective, the consultant should be able to use motivation to trigger the organization members to change their behavior in order to achieve the organization goals (Fernandez-Huerga, 2008). As a consultant, my goal is to support the company’s administration to resolve management, manufacturing, marketing, or other issues by providing: * Focus and direction, * Expert analytical skills, * Objectivity, and * Knowledge and experience obtained from earlier assignments Also as a professional I will help clients to define a project’s goal and capacity, and together with administration prepare a comprehensive proposal to document how the project will be implemented in order to achieve the desired objectives and steps along the way. Also I will make sure that the proposed changes are approved by the client before put in practice. Another very important issue is to maintain confidentiality during and after the assignment. My ultimate goal as a consultant will be to develop a concept of a sustainable competitive advantage (SCA) and to neutralize the SCAs of competitors (Aaker, 2001). Using the Game Strategy, which is a study of strategic decision making, the consultant will be able to develop important insights concerning the strategy and how it should be addressed providing a rational choices for businesses dilemmas (Wood, 2012). References Aaker, D. (2001). Developing business strategies (6th Ed.). New York, NY: John Wiley and Sons, Inc. Berman, K. & Knight, J. (2008). Financial Intelligence For HR Professionals. Boston, MA: Harvard Business Press. Fernandez-Huerga, E. (Sep2008). The economic behavior of human beings: The institutional/post-Keynesian model. Journal of Economic Issues (Association for Evolutionary Economics, 42 (3), 709-726. Gitman, L. J. (2009). Principles of managerial finance. (12 ed.). Boston, MA: Addison-Wesley. Goodman, G. F. (2012). Engagement marketing: How small business wins in a socially connected world. Hoboken, NJ: John Wiley & Sons. Holden , P. (2010). Economies of scale: a quick explanation [Video file]. Retrieved from YouTube website: http://www.youtube.com/watch?v=AZshS761WsE Marks, M. (2003). Surviving MADness. HR Magazine, 48(6), 86. Marks, M., & Mirvis, P. H. (2012). Applying OD to Make Mergers and Acquisitions Work. OD Practitioner, 44(3), 5-12. Shook, L., & Roth, G. (2010). Downsiz ings, mergers, and acquisition: Perspectives of human resources development practitioners. Journal of European Industrial Training 32(2), 135-153. Spiegel, M. (2000). Principles of corporate finance. Unpublished raw data, Yale School of Management, Retrieved from http://som.yale.edu/~spiegel/intro/sampread.pdf Teamtechnology.co.uk. (n.d.). Retrieved from http://www.teamtechnology.co.uk/changemanagement.html Wickramasignhe, V. & Karunaratne, C. (Mar2009). People management in mergers and acquisitions in Sri Lanka: employee perception. Journal of Human Resource Management, 20 (3), 694-715. Wood, N. (2012). Behavioral Economics. [PowerPoint slides]. Retrieved from http://www.nancywood.org/Business/Behavior/Behavioral.pptx

Academic Argument Essay

Academic Argument Essay The Need for Rehabilitation Momm, like many brothel girls, had become addicted to methamphetamines. Often the brothel owners give girls meth to keep them compliant and dependent. In her village, the craving had overwhelmed her, and she was consumed by the need to go back to the brothel and get some meth. Women everyday, all over the world are being held against their will. Many of these women are bought, sold, and used for sex or labor. In the book Half the Sky by Nicholas D.Kristof and Sheryl WuDunn they focus on the prevention of sex trafficking by giving shocking statistics and first hand accounts of gruesome situations women have been through (Kristof). Sex trafficking is often seen as a non-issue because women often give consent to the sex after being involved for a long period of time. Because brothel owners are harsh and unsympathetic, women are left powerless and defenseless. Even after being rescued from brothels, women need rehabilitation in order to live a productive, successful life because they are brainwashed and drugged, have nowhere to go, and acquire no skills to maintain a normal job.On the United Nations website, it states that people participate in trafficking women â€Å"for the purpose of exploitation† (United). By exploiting women in the case of sex slavery the women are raped and brainwashed. Women often times refuse to have sex with clients at first, but after continuously being threatened, beaten, and drugged, the women have no other option but to give in to having sex. After years of this kind of mistreatment, women eventually get used to the horrible circumstance that they are in and often don’t even see it as much of a problem. At this point, the brothel owners have succeeded in brainwashing the women.Women being trafficked are rarely fortunate enough to be saved. However for the lucky ones, once rescued the women view the rescuer as a bad person for taking them away from the life that gave them food and drugs. Anywhere between 700,000 and four million women and children are trafficked around the world (Sexual). Without rehabilitation, women would just go straight back to the brothels because they no longer see a problem with what they are doing. People in support of sex trafficking view women as participating voluntarily despite the fact that they are held against their will. By keeping women in ehabilitation after being rescued, they have a much better chance of breaking their drug addiction, reversing the brainwash, and becoming educated citizens. Not only do trafficking victims have to recover from the brainwashing and drug addiction, they also have to find a place to live. Women are often held for years at a time in brothels. After being free of a life of prostitution, they have nothing and nobody to go to for help. This is where rehabilitation comes into play. It lets women get accustomed to everyday life out of the brothels and it can help them find a place to go an d people to help them.In one case, volunteers helped Neth and Momm to find their families that they had not seen in over five years (Kristof). Without these volunteers and this type of rehabilitation, these two women would have had a very slim chance of making it out of the red light district. Brothel owners may think that they are doing these women a service by providing a place to live for them, but ultimately the women could do that for themselves if they had the ability to make and income. In addition to finding women a place to go after the rape, it is vital that these victims are given the chance to be educated.With education comes opportunity. Debatably the hardest part of fighting drug trafficking is to recover the women and give them a life after the struggles of being prostituted. With education comes skills for jobs, knowledge of what happened to them, and the ability to help out with others going through the same situation. Education in third world countries is often a c hallenge for families because they don’t have the money or resources to send their children to school. However, if a woman is educated, it decreases her chance of living in poverty and being trafficked (Kristof 167-170).Although some may think the cost of education outweighs its benefits, it gives opportunities to advance in society. As volunteers assist women in escaping the brutalities of sex slavery, it is important to recall that the solution is not simply taking them from the source of the problem. Rehabilitation is also vital for the women’s success because it treats them for being brainwashed and addicted to drugs, gives them a place to live, and provides much needed education. Traffickers themselves may think that rehabilitation is not necessary, but that is for their own financial gain.So let’s give our support in every way possible to help stop the cold realty of sex trafficking and the negative side affects if brings to the women involved. The solutio n to ending trafficking lies within us all. Works Cited Kristof, Nicholas D. , and Sheryl WuDunn. Half the Sky: Turning Oppression into Opportunity for Women Worldwide. New York: Alfred A. Knopf, 2009. Print. â€Å"Sexual Trafficking Facts. † The Facts. Initiative Against Sexual Trafficking. Web. 01 June 2012. â€Å"United Nations Office on Drugs and Crime. † What Is Human Trafficking? United Nations. Web. 31 May 2012.

Ender essays

Ender essays In Enders Game, by Orson Scott Card, many themes are viewed. One that is shown infinitely throughout the book is manipulation. This manipulation is used to bring Ender to his full potential of becoming commander of the human fleet to destroy the Buggers. Though, do the disadvantages of manipulation outweigh the advantages? Was it right for Ender to sacrifice his childhood? Enders manipulation started from his birth in which a monitor was placed on him to watch his every move. In the beginning of the first chapter, a conversation between two adults is taking place (1). This conversation introduces the manipulation that will be seen in Enders life. At every step there will be someone watching Ender, challenging him, preparing him to save the human race. Enders ruthlessness is brought out in an incident after his monitor is taken. Ender does not wish to cause harm to anyone, yet he is confronted with a group of students led by the bully Stilson (7). Ender knows what he has to do: he must not only end this fight, but end all of the others as well. He beats Stilson to death, although he does not know it at the time. In a similar situation, Ender kills a commander, named Bonzo, at Battle School. Ender is becoming someone he does not want to become: a killer. Other people put him in situations where his negative side emerges, but Ender always wish es for events to be resolved without violence. His compassion is his strongest trait, and it binds him to people; his ruthlessness with their faith in him as a commander. There were many advantages in using the art of manipulation on Ender. At the age of six, Ender is removed from his family and enters Battle School, where he is subjected to intense training, constantly pushed to his limits as a commander and tactician. In order to gain control of Ender, the teachers subject him to ongoing manipulation. This manipulation results positively with Ender ...