An Introduction to Reading and Writing Essay Example for Free

An Introduction to Reading and Writing Essay Adjusted = similar, full, dynamic, peruser can foresee future conduct in view of a comprehension of the character †Protagonist = the saint or champion, fundamental individual in the story, individual on the journey, and so forth †Antagonist = the individual causing the contention, contrary to the hero, the deterrent, and so on. †Flat = no development, static †Stock = agent of a gathering or class (cliché) †Characters uncovered through †¢ Actions Descriptions, both individual and ecological Dramatic articulations and musings Statements by different characters Statements by the creator talking as narrator, or onlooker †Characters need to have verisimilitude, be likely or conceivable Point of View †¢ Refers to speaker, storyteller, persona or voice made by the creator to recount to the story †¢ Point of view relies upon two variables: †Physical circumstance of the storyteller as an onlooker †Speaker’s scholarly and passionate position †¢ First individual = I, we Second individual = You (unprecedented) Third individual = He, she, they (generally normal) Point of view might be: †Dramatic/objective = carefully detailing †Omniscient = all-knowing †Limited omniscient = some knowledge Setting †¢ Setting = a work’s common, produced, political, social and fleeting condition, including everything that characters know and own (place, time, objects) †¢ Major reason = to set up authenticity or verisimilitude, and to sort out a story †¢ Setting makes air or state of mind †¢ Setting may strengthen characters and subject, so as to set up desires that are something contrary to what happens = incongruity Tone and Style †¢ Tone = techniques by which journalists and speakers uncover perspectives or sentiments †¢ Style = manners by which essayists gather words to recount to the story, to build up a contention, sensationalize the play, create the sonnet †Choice of words in the administration of substance †¢ Essential part of style is lingual authority †Formal = standard or rich words †Neutral = regular standard jargon †Informal = conversational, inadequate language, slang Tone and Style (cont’d) †¢ Language might be: ††††Specific = pictures General = expansive classes Concrete = characteristics of prompt recognition Abstract = more extensive, less unmistakable characteristics †¢ Denotation = word implications †¢ Connotation = word proposals †¢ Verbal incongruity = conflicting proclamations †One thing stated, inverse is implied †Irony = parody, spoof, mockery, two sided saying †¢ Understatement = doesn't completely depict the significance of a circumstance †purposely †¢ Hyperbole (exaggeration) = words far in abundance of the circumstance Symbolism and Allegory †¢ Symbolism and moral story are modes that grow meaning †¢ Symbol makes an immediate, important condition between: †A particular item, scene, character, or activity †Ideas, qualities, people or lifestyles †¢ Symbols might be: †Cultural (all inclusive) = known by most educated individuals (e. g. , white pigeon, shading dark) †Contextual (authorial) = private, made by the creator Symbolism and Allegory (cont’d) †¢ Allegory is an image = complete and independent account (e. g. , â€Å"Young Goodman Brown†) †¢ Fable = tales about creatures that have human qualities (e. g. , Aesop’s Fables) †¢ Parable = moral story with good or strict twisted (e. g. , Biblical stories) †¢ Myth = story that encapsulates and classifies strict, philosophical and social estimations of the human progress in which it is formed (e. g. , George Washington slashing down the cherry tree) †¢ Allusion = the utilization of other socially well=known works from the Bible, Greek and Roman folklore, celebrated craftsmanship, and so forth. Thought or Theme †¢ Idea = consequences of general and dynamic reasoning †¢ Literature exemplifies values alongside thoughts †In writing, thoughts identify with importance, translation, clarification and essentialness †Ideas are imperative to a comprehension and energy about writing †¢ Ideas are not as evident as character or setting. It is critical to consider the importance of what you’ve peruse and afterward build up an illustrative and thorough declaration. †¢ Theme can be found in any of these: †††††Direct explanations by the authorial voice Direct proclamations by a first-individual speaker Dramatic articulations by characters Figurative language, characters who represent thoughts The work itself.

ACG 2021, Introduction to Financial Accounting, Spring 2001, Exam 3 Final :: UFL Florida Business Accounting

2021FINALSP01 5/9/2001 FORM CODE: A Page 1 ACG 2021 †FINAL EXAM SPRING 2001 NAME _____________________________________ SS# ____________________________ Directions: Presently: Bubble in your segment number on your Scan Sheet. Fill in your name and government managed savings number on this assessment and your sweep sheet. 1. Listen cautiously for any remarks your delegate may have identified with the test. Peruse these guidelines cautiously. Inability to do so may bring about your losing focuses. 2. This test comprises of 60 various decision questions. Select the BEST answer and imprint the proper space on the output sheet with a #2 pencil as it were. You MUST keep your output sheet face down on the work area at the point when you are not filling it in. 3. You may utilize ONLY a non-programmable adding machine during the test. Utilization of some other number cruncher will be considered an infringement of the respect code. Your test will be taken from you and you will get an evaluation of 0. 4. Toward the finish of 2 hours, you will be advised to stop. Put your pencils down IMMEDIATELY. Inability to do as such will bring about your getting a zero for the test. 5. The test comprises of 16 pages, including this spread, present worth tables and a clear page toward the end. Ensure you have all pages and all inquiries. 6. Have your University of Florida Identification card fit to be checked when you turn in your test. 7. Expect the bookkeeping elements utilize a schedule year except if in any case noted. 8. Except if in any case indicated, expect a 360-day year. 9. At the point when you are done, turn in your sweep sheet, just as your test. Answers will be posted on the web after the tests are given back in class. 10. The University of Florida arrangement on scholastic trustworthiness will be carefully implemented. At the point when you are advised to open your test, go to the first page and discover your test structure code. Promptly bubble this in on your scantron. 2021FINALSP01 5/9/2001 FORM CODE: A Page 2 1. Which of coming up next is typically NOT viewed as a drawn out obligation? A) Bonds payable. B) Mortgages payable. C) Accrued post-retirement benefits. D) FICA charges payable. E) None of the above is right. 2. The impact on complete resources of the acquisition of provisions for money is An) an expansion in all out resources B) a lessening in all out resources C) complete resources stay unaltered D) an expansion in all out resources and absolute liabilities E) an expansion in complete resources and current proportion 3. Which of coming up next isn't typically a condition that must be met for income to be perceived (recorded) under the income rule? A) The income procedure is finished or about complete

Sociology of Developing Countries Essay Example | Topics and Well Written Essays - 500 words - 2

Humanism of Developing Countries - Essay Example Undoubtedly, these were seen as generally missing. The urban poor are, by and large, steady of them and consider the to be as putting forth a valiant effort to comprehend their issues (Griffiths, 2011). So as to profit the provincial poor, it is imperative to support great administration by means of decentralization. While this by itself can't help the provincial poor in accomplishing this, consideration of the program will assemble them; spur poor people, just as minor families, to look for accessible assets and openings. Outer organizations, their assets, experience, and skill are essential to advancement of the decentralization procedure (Griffiths, 2011). Urbanization is by all accounts occurring at an exceptional rate, with the greater part of the people presently living in the urban areas, rather than the open country. By 2050, the UN conjectures that 70% of the world’s populace will be urbanized contrasted with just 30% in 1950. Creating nations in Africa and Asia are the most influenced, particularly as open doors for business move to the city and agriculture’s work prerequisites decline. At last, this pattern may demonstrate destabilizing, as creating nations look set to accomplish lower per capita pay contrasted with created nations at their place of urbanization. Nations with huge urban populaces of the more youthful age are increasingly inclined to common agitation contrasted with those with lower populaces. These creating nations with expanded urban populace additionally experience difficulty in supporting believable establishments of majority rule government (Handelman, 2011). These poor and complicated urban communities additionally make the ideal ground for the rise of groups, wrongdoing rulers, just as silly uproars. Quick urbanization of creating nations, subsequently, is relied upon to carry with it amplified situations of what occurred during a similar stage in created nations. Another outcome of this urbanization of creating nations is universal fear based oppression, since the

Literature Review Of Behavioural Finance In Investment - Free Essay Example

This chapter is a detailed exploration of the behavioural finance literature relevant to the research objectives. The author will explore the beginnings and the development of the framework and will critically analyse the points of the literature which are essential for the research conducted in this study. 1.0 Introduction The financial theory based on Modern Portfolio Theory (Markowitz, 1952) and the Capital Asset Pricing Model (Sharpe, 1964), has long shaped the way in which academics and practitioners analyse investment performance. The theory is based on the notion that all investors act rationally and consider all available information in the decision-making process and that therefore investment markets are efficient, reflecting all available information. According to Baberis and Thaler (2002), rationality is defined thus : Rationality means two things. First, when they receive new information, agents update their beliefs correctly, in the manner described in Bayes Law ¹. Second, given their beliefs, agents make choices that are normatively acceptable, in the sense that they are consistent with Savages notion of subjective expected utility ² Therefore, when an investor learns something new about a future cash flow concerning a particular security, they should respond in an efficient manner to this new information, in turn pushing up the price when the news is good and bringing prices down when news is bad. As a consequence, security prices should fully incorporate all available information almost immediately.  ¹Bayes law is a formula for calculating the probability that something (called A) is true or will be true, given a certain set of circumstances (called B)  ² Expected utility theory predicts that the betting preferences of people, with regard to uncertain outcomes (gambles), can be described by a mathematical relation which takes into account the size of a payout, the probability of occurrence, risk aversion, and the different utility of the same payout to people with different assets or personal preferences. During the 1980s and 1990s, contradictory evidence began to emerge that led many academics to reconsider the foundations of traditional finance. Empirical studies discovered anomalies and excess volatility in the stock markets that could not be explained by traditional finance models and suggested that academics should look to other fields of research to explain these discrepancies. In response to the growing number of problems, a new area of research emerged which offered an alternative explanation to the essential question of why prices deviate from their fundamental values. In the 1990s, a lot of the focus of academic discussions moved away from the rigid models of traditional finance towards developing theories on human behaviour and how it relates to financial markets. Behavioural Finance is the integration of traditional finance and economics with the psychological and decision making sciences. Its main argument is based on the claim that human behaviour and perceptions represent two crucial elements of financial decision making (Hirshleifer, 2001). Behavioural Finance scholars started the search for new models and ideas to help explain and predict investor behaviour. They assumed that investors may be irrational in their reactions to new information and make wrong investment decisions. As a result markets will not always be efficient and asset pricing may deviate from predications of traditional market models. There are a number of behavioural finance models which try to suggest that agents fail to update their beliefs correctly (Kahneman Tversky, 1979). This review will evaluate the literature in the field of behavioural finance and will focus on the two main building blocks the limits of arbitrage and investor psychology. In the first section, the limits of arbitrage will be explored, with the main focus on market efficiency and noise traders. In the following section, the focus will be on the psychological aspect of behavioural finance, focusing on the extensive experimental evidence which illustrates how people form their beliefs and make decisions. 2.0 Traditional Framework In the period between the early 1950s and late 1960s, instrumental research in the area of traditional finance was conducted. This was a very productive time for financial thought with many theorists putting together complex mathematical models to try and explain price behaviour. In these models, human behaviour and reasoning were over-simplified as researchers tried to invent practical empirical models. The most influential model which emerged from this period was the Efficient Markets hypothesis (EMH) (Fama, 1970), a theory which, even in todays changing environment, still represents a cornerstone of academic finance. This theory states that markets are considered to be efficient relative to a given information set, providing there are no abnormal profit opportunities for investors trading on the basis of information (Fama, 1970). The EMH implies that it is virtually impossible for investors to consistently beat the market, unless by luck. The EMH theoretical foundations are based on three underlying principles (Fama, 1970). The first assumption is that investors are fully rational. Therefore, when an investor learns something new about a future cash flow concerning a particular security, they should respond in an efficient manner to this new information, in turn pushing up the price when the news is good and bringing prices down when news is bad. As a consequence, security prices should fully incorporate all available information almost immediately. Secondly, as irrational investors transactions are conducted in a random manner, their irrationalities will offset each other, with the result that stock price will not be affected in any way. Subsequently the market may remain efficient even if not all investors are acting rationally. Their investment decisions are conducted in a random way and every trade made is likely to cancel the others out. Therefore an irrational investor will not be able to gain sufficient momentum to influence fundamental asset prices. The final assumption believes that the rational investor will arbitrage away the irrational investors influences on the underlying stock price. When a large group of irrational investors trade in a similar style and together they manage to move prices away from their equilibrium value, it is presumed that rational arbitrageurs will quickly notice the mispricing and act accordingly to return the prices to normal. If these three underlying principles hold and people are rational, then markets in turn will be efficient. There are a number of other quantitative models which emerged out of this traditional school of thought. The modern Portfolio Theory, the Capital Asset Pricing Model and the Arbitrage Pricing Theory are models which underpin the rational expectations based theory. However, there is a large amount of data and research which contradicts their foundations. For example, Fama and French (1993) have shown that the basic facts about the aggregate stock market, the cross-section average returns and individual trading behaviour are not easily understood in this framework. 3.0 Background of Behavioural Finance As cited by Shiller (2002) : Finance from a broader social science perspective including psychology and sociology is now one of the most vital research programmes and it stands in sharp contradiction to much of the efficient markets theory In the early 1990s, a lot of the focus of academic discussion moved away from the neoclassical frameworks of stock valuation towards developing models of human psychology and its relation to financial markets. As such, the Behavioural Finance paradigm has emerged in response to the difficulties faced by the traditional framework in explaining ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. and in essence it argues that investment choices are not always made on the basis of full rationality. It also attempts to understand the investment market phenomena by relaxing the two doctrines of the traditional framework, that is, firstly, that agents fail to update their beliefs correctly and, secondly, that there is a systematic deviation from the normative process in making investment choice. Bowman and Buchanan (1995) acknowledge that The knowledge on human behaviour should be used in order to help us understand how investors may misperceive the results of their actions and by extension, the functioning of the share market. The expectations-based models argue that the irrationality exhibited by investors will be undone through the process of arbitrage (Freidman, 1953). Behavioural Finance argues that there are limits to arbitrage, which allow investor irrationality to be substantial and to be able to have a long-term impact on prices. To explain investor irrationality and their decision making processes, Behavioural Finance draws upon the experimental evidence of the cognitive psychology discipline and the biases which arise when people form their beliefs and preferences (Baberis Thaler, 2002). Therefore, limits to arbitrage and psychology are seen as the two major building blocks of behavioural finance. 3.1 Limits of Arbitrage Behavioural Finance does not negate the arbitrage mechanism per se and its price correcting ability. However, it argues that not every deviation from fundamental value created by actions of irrational traders will be an attractive investment opportunity for rational arbitrageurs (Szyszka, 2008). Even when an asset is highly mispriced, many arbitrage strategies, which are designed to correct and eliminate the fundamental mispricing, are ultimately risky and costly for the arbitrageur. Therefore many strategies are perceived to be unattractive and this results in the mispricing remaining unchallenged for a comparatively long period of time. The theory of arbitrage can be traced back to Friedman (1953), who stated that rational traders will quickly undo any mispricing caused by irrational traders. Friedmans argument is based on two underlying assumptions. Firstly, as soon as an asset deviates from its fundamental value, an attractive investment opportunity will arise from this mispricing. Secondly, rational traders will immediately react to the situation by purchasing the asset, thereby correcting the mispricing. Behavioural Finance doesnt dispute the fact that an attractive investment opportunity will be exploited it argues that arbitrage strategies developed to correct the mispricing can be both risky and costly, resulting in the mispricing remaining unchallenged. 3.2 Fundamental Risk When an arbitrageur observes a mispriced asset on the market, he needs to find a similar asset which is priced correctly on another market, to enable him to correct this mispricing, thus taking an opposite arbitrage position. If the trader is unable to take up this position, he faces fundamental risk, that is, the risk that new information comes to the market and changes the fundamental value of the asset in the wrong direction. Even when arbitrageurs are able to hedge the fundamental risk that they face and take a long position in the asset where it is cheaper and a short position in the same asset on another market where it is more expensive, the trader is still exposed to Noise Trader Risk. 3.3 Noise Trader Risk Noise trader risk can be defined as the risk that irrationality on the market may become stronger and may drive mispricing to an even greater extent (Shleifer Vishny, 1997). As the mispricing increases, the gap between long and short positions increases which in turn goes against the belief of rational arbitrageurs. If this trend continues, an arbitrageur whose investment horizon is usually relatively short and who often borrows money to fund his trades, may be forced to close his positions before the mispricing is corrected, ultimately resulting in him suffering significant losses. Shleifer (2000) has argued that noise trader risk, the risk from traders who are attempting to buy into rising markets and sell into declining markets, limits the extent to which one should expect arbitrage to bring prices quickly back to rational values, even in the presence of an apparent bubble. Even the most rational arbitrageurs will regret selling a share short which may collect a greater price in the future, even if that price is unreasonably high. Rational arbitrageurs cannot entirely eliminate the effects of noise traders on the market if the size and the ability of the former group to trade are very limited (Camerer, 1989). Consequently, a single arbitrageur who notices a mispricing in the market faces not only the noise trader risk, but also the risk of synchronization of actions of other rational traders (Abreu Brunnermeier (2002). Typically, a single arbitrageur does not have the momentum to correct the mispricing on his own. The individual needs other arbitrageurs to follow his strategy. However, the individual does not know if and how quickly other rational traders will react to the same arbitrage opportunity and take up a similar positions. Also, the risk aversion of arbitrageurs by itself limits their ability to cancel noise traders, even if arbitrageurs have infinite buy-and-hold horizons (Shiller, 1984). As stated by Black (1986), if noise traders undervalue or overvalue stocks for a long period of time, the short horizon under which arbitrageurs performance is evaluated, limits their ability to force asset prices back to their fundamental values. As a result, due to the limitations of arbitrage, noise traders are able to force asset prices away from their equilibrium value for extended periods of time. Rational arbitrageurs also have to realise that noise trader strategies may become even more extreme and unpredictable, resulting in increased risk for the arbitrageur. This additional risk is referred to as noise investor risk. Noise investor risk is systematic and non-diversifiable which in turn creates additional volatility on the stock markets. Rational arbitrageurs would not bear this risk unless compensated with higher expected returns (De Long et al., 1990). This once again limits the successfulness of rational arbitrageurs. 3.4 Implementation Barriers Arbitrage can become a costly activity for a number of reasons. Firstly, transaction costs, which include bid-ask spreads, commissions and price impact, can limit the arbitrageur in exploiting an obvious mispricing. Secondly, the fees charged for borrowing stocks to take a short position can often be off-putting. As cited by Baberis and Thaler (2002), DAvolie (2002) finds That for most stocks, they range between ten and fifteen basis points but they can be much larger; in some cases, arbitrageurs may not be able to find shares to borrow at any price. A further barrier they may face is legal constraints. For example, in many large pension funds, short-selling is prohibited altogether. Finally, the vast amount of research and learning required to exploit a mispricing in a further deterrent. Shiller (1984) found that even if noise trader demand causes a persistent mispricing, it may not be detectable for arbitrageurs unless they expend large amounts of time and resources. 3.5 Evidence Limits of arbitrage have been confirmed empirically by cases of evident mispricing that remain unchallenged in the market for long periods of time. An example of this is the case of twin shares. In 1907, Royal Dutch and Shell merged their interests on a 60:40 basis while both remained separate entities. The stocks of Royal Dutch traded mostly on the US and Dutch Stock Exchange and were to claim 60 percent of the total cash flow, while shares in Shell, which traded in the UK, were to claim 40 percent of the total cash flow of the two firms. Theoretically, the market value of Royal Dutch equity should always be 1.5 times greater than the market value of Shell. Empirical evidence shows that Royal Dutch was sometimes 35 percent underpriced relative to Shell and at times they were 15 percent overpriced. It took until 2001 for the shares to finally sell at their correct values. This is a key example where two shares which are perfect substitutes for each other, would allow the opportunity of easy arbitrage profits. The main risk in this situation is noise trader risk and there is the fear that the share will become even more undervalu ed in the near future. A further example of the limits of arbitragecomes from the inclusion of a new stock on the SP 500. Schleifer (1986) discovered that when a stock is added to the index, the price jumps on average by 3.5 percent and much of this increase remains. A prime example of this is when Yahoo was added to the index, its share price rocketed 24 percent in a single day. Arbitrage is limited in this case due to the fundamental risk and noise trader risk faced by traders. They may find it is very difficult to find a substitute stock and also there is the risk that the price will continue to rise in the short run. In the case of yahoo, its share price was $115 before its addition in the index and it had risen to $214 a month later. Behavioural theorists show that the strategies required to correct the mispricing can be both costly and risky, thus rendering the mispricing opportunity unattractive and allowing them to continue. The examples of Yahoo and Royal Dutch outlined above confirm this point perfectly. 4.0 Psychology aspect of Behavioural Finance The theory of limited arbitrage shows that if irrational traders cause deviations from fundamental value, rational traders will often be powerless to do anything about it (Baberis Thaler, 2002). In order to explain the various investor behaviours in financial markets, behavioural analysts draw on the knowledge of human cognitive behavioural theories and analyse extensive experimental evidence which shows the systematic biases which arise when people form beliefs or preferences. 4.1 Judgement Under Uncertainty 4.1.1 Overconfidence Behavioural finance assumes that agents may be irrational in their reactions to new information and investment decisions. One of the observations of behavioural theorists has been the overconfidence phenomena. Overconfidence allows many of the anomalies and price deviations in traditional finance to be explained, something which standard economic theory struggles to do. People can make mistakes when they receive information and form their beliefs. Extensive evidence shows that individuals tend to be overconfident in their own beliefs and judgements (Odean and Barber, 2000). These individuals also tend to be over-optimistic and perceive things to be far better than they actually are. In general terms, overconfidence and over-optimism make investors trade at far too high a volume and sometimes at far too high a price. Research also shows that when an individual has formed an opinion, he often adheres to it and inadequately updates his beliefs in the line of new information. As a result of the above behaviours, people tend to take too many risks and fail to change their beliefs even after occurring heavy losses. This is turn could cause the stock market to overreact. 4.1.2 Representativeness and Conservatism Conservatism can be defined as the condition where investors are subconsciously reluctant to alter their beliefs in the face of new evidence (Edwards, 1968). This bias affects an investors decision-making process, as even if an investor changes his beliefs in the light of new information, the extent of that change is relatively small in terms of what it should be under strictly rational conditions. Edwards (1968) conducted an experiment which tested a subjects ability to revise probabilities in the light of new evidence. This experiment was constructed so that there was only one correct answer to the probability revision problem given to the subject. It found that people tended to revise their probabilities in the correct direction, but tended not to revise them enough. It was found that people respond insufficiently to new information and this has been replicated in a number of papers such as Beach and Braun (1994) and is now referred to as conservatism bias. Representativeness Heuristic The representativeness heuristic as documented by Kahneman Tversky (1974) can also play an important role in driving overconfidence. They recognised that in forming subjective judgments, people have a tendency to disregard base rate probabilities, and to make judgements based solely in terms of observed similarities to familiar patterns (Shiller, 2001). For example, when people try to determine the probability that a data set A was generated by a model B, or that an object A belongs to a class B, they often use the representativeness heuristic. This means that they evaluate the probability by the degree to which A reflects the essential characteristics of B (Baberis Thaler, 2002). Under the representativeness heuristic, investors will consider a number of positive company performances as a representative of continuous growth potential and ignore the possibility that this performance is of a random nature. This can encourage the investor to expect instinctively that past price changes will continue, even if his professional training tells him that this should not happen (Shiller, 2001). 4.1.3 Anchoring Kahneman and Tversky (1974) argue that when forming estimates, people often start with some initial, possibly arbitrary value, and then adjust away from it. Experimental evidence shows that the adjustment is often insufficient, resulting in the tendency to anchor too much on the initial value. Anchoring is a term used in psychology to describe the common human tendency to rely too heavily or anchor on one trait or piece of information when making decisions. During the normal decision making process, individuals anchor, or rely too heavily, on specific information or a specific value and then adjust to that value to account for other elements of the circumstances. In Kahneman and Tverskys empirical study, subjects were asked to estimate the percentage of United Nations countries which are African. In each case, a number between zero and one-hundred was assigned as an initial value and the subject was asked if this was too high or too low, and what adjustment was needed to be made. Despite the fact that each of the subjects knew that the initial value had been determined randomly, by spinning a wheel in the subjects presence, there still was a tendency to be biased towards the initial value. This phenomenon can be related to the financial markets by looking at how investors pay too much attention to the past prices of securities. Studies have found that the two most common numbers to which investors appear to anchor, are the fifty-two week high and the fifty-two week low for a stock. There is a market tendency for people to assume that a stock has the potential to get back to its fifty-two week high but not breech its fifty-two week low. The problem with this thought process is that it assumes that those numbers are an indication of value and are not just random outcomes based on the fads that can be witnessed in the market. 4.1.4 Mood and Emotion Judgments based on mood and emotion, rather than rational valuation, can play an important part in investor decision making. A number of recent studies have used environmental factors to investigate whether mood and emotion influence investor choices and stock market prices. Kamstra, Kramner and Levi (2003) investigated Seasonal Affective Disorder (SAD), which tries to find a link between depression and the lack of winter sunlight. Their findings indicate that in markets where SAD is prominent, there is a high amount of seasonal variation in returns. They conclude that the variation is due to the changing risk aversion of SAD investors. Further studies have linked variations in returns to lunar cycles and weather related optimism and pessimism. Stock Markets in the United States of America are slightly more prone to more positive returns on days with less cloud cover (Elton and Gruber, 2007). Additional studies by Saunders (1993) support this notion by suggesting that capital markets , on average, have higher returns on days of good weather than on days with heavy clouds or rain. A recent study by Lo and Repen (2002), as cited in Elton and Gruber (2007), attempts to measure the affect in real time of emotions through documenting physiological changes experienced by investors. Lo and Repen attached wires to a number of investors at a hedge fund company to enable the researchers to monitor their responses to risk and volatility. The results of their findings indicate that news events and volatility extract emotional responses with experienced traders remaining calmer in these circumstances. Lo and Repens study ultimately concluded that emotion plays a role in the decision making of trader, which contradicts the theory of rational investors. 4.2 Behavioural Finance Models There have been a number of models developed in an attempt to capture the behaviour of investors. Perhaps the most influential of these is prospect theory (Kahnemand Tversky, 1979). This theory will be explored below and will provide the foundations for the research study. 4.2.1 Prospect theory The traditional finance theory assumes that investors make decisions under uncertainty by maximising the expected utility of wealth or consumption. The expected utility theory, which was formalised by Von Neuman Margenstein in 1947, shows that if preferences satisfy a number of plausible axioms completeness, transivity, continuity, and independence then they can be represented by the expectation of a utility function (Baberis Thaler, 2002). However, the underlying assumptions of this theory have been shown by many studies to be an inaccurate explanation of how people actually behave when choosing between risky alternatives. Prospect theory seeks to explain decisions which are inconsistent with rational probability assessment and standard utility theory. The proponents of the expected utility theory assume that investors are fully rational when facing a gamble. The theory assumes that every individual has an information set which might differ among investors, but it also assumes that every individual analyses this data in a rational manner. According to expected utility theory, all information is equally weighted. This is, however, one of the main contradictions with both prospect theory and behavioural finance. Under expected utility theory, risk preferences are captured by the shape of the utility function. Decision makers are risk averse if U(x) is concave, and risk seeking if U(x) is convex, with the most classical financial theory based on the tenet that decision makers are risk-averse. One standard interpretation for risk aversion is that the usefulness of an additional dollar decreases as a person gets wealthier, a principle known as diminishing marginal utility. A utility function which exhibits diminishing marginal utility i s concave and hence the decision maker is risk averse. In relation to the investors attitude to risk, the expected utility hypothesis adopts a stance which seems to be contradicted by empirical research. Even though it allows for different attitudes towards risk, it does perceive this attitude to be constant. Therefore, if an investor faces a loss or a gain prospect, they will always have the same attitude to risk. Moreover, this theory relies on the assumption that investors think about final wealth states and not about gains or losses, which once again contradicts the behavioural finance paradigm. Prospect theory seeks to explain decisions which are inconsistent with rational probability assessment and standard utility theory. Prospect theory is an important theory for decision making under uncertainty. It departs from the traditional expected utility framework as it provides a psychological explanation to the behavioural tendencies of portfolio selection. Prospect theory was developed in 1979 by two psychologists, Daniel Khaneman and Amos Tversky, who advised that prospect theory is a descriptive model of decision making under uncertainty which can be used to explain behavioural tendencies. It implies that people value gains and losses differently and as a result will base their decisions on perceived gains rather than losses. Therefore, prospect theory evaluates peoples attitudes to risky gambles and presumes that agents are risk averse in the domain of gains but risk-seeking when all changes in wealth are perceived as losses. According to Kahneman Tversky (1979), people vi olate the expected utility theory in three main ways the certainty effect, the reflection effect and the isolation effect. The first problem Kahneman and Tversky found relates to the fact that people tend to put too much weight on certainties. That is, if the investor is faced with a gamble which has an outcome that is certain, they will favour this if the other option is merely probable. This clearly contradicts the expected utility hypothesis which states that a rational investor will make his choice of action only depending on the outcomes utility. The best know counter-example to expected utility theory which exploits the certainty effect was introduced by the French economist Maurice Allias in 1953. Kahneman Tversky (1979) use a set of experimental questions which are adapted from this original theory to further highlight this effect. They show that people prefer a certain outcome over a probable one, even if the average payoff for the uncertain outcome is far higher. This research agrees with the work previously completed by Allias, and shows a clear contradiction to the expected utility hypothesi s in which the rational individual is assumed to choose the option yielding the highest payoff. The second critique redefines the investors attitude towards risk. In relation to the expected utility hypothesis, the investors attitude towards risk is assumed to be constant and is usually risk averse. However, Kahneman Tversky (1979) state that this is not in line with reality and find that an individuals attitude towards risk is not a constant. They found that when a person is faced with a gamble which yields a positive outcome in relation to their initial level of wealth, then they are risk averse. However, KT find that this attitude changes to risk seeking or loving when the gamble contains negative outcomes in relation to the initial level of wealth. For example, when a gamble was offered where you could either loose 3000 for certain or lose 4000 with a probability of eighty percent, an overwhelming majority selected the uncertain gamble, even though the utility would be lower for a rational individual. If a person was given two identical choices, one expressed in terms of p ossible gains and the other in terms of possible losses, people would choose the latter even if they achieve the same result. According to prospect theory, losses have a more emotional impact than an equivalent amount of gains. For example, based on the traditional way of thinking, the amount of utility gained from receiving 50 should be equal to a situation in which you gained 100 and then lost 50. In both circumstances the end result is a net gain of 50. However, despite the fact that you still end up with the same result, the majority of people would favour a single gain of 50. The following experiment by Kahneman and Tversky (1979) illustrates prospect theory. A number of subjects answered questions which involved making judgements between two monetary decisions involving prospective gains and losses. The following questions were asked in the study You have $1,000 and you must pick one of the following choices : You have a 50% choice of gaining $1,000 and a 50% chance of gaining 0. You have 100% chance of gaining $500 You have $2,000 and you must pick one of the following choice A You have a 50% choice of losing $1,000 and 50% chance of losing 0. B You have 100% chance of losing $500. The results of the study found that the majority of people chose B for the first question and A for the second question. This implies that people are willing to settle for a reasonable level of gains, even if there is a chance of earning more, but are willing to engage in risk-seeking behaviour when they can limit their losses. In other words, people value their losses more heavily than an equivalent amount of gains. This is once again clearly in contrast with the expected utility theory as individuals focus on the gains or losses made instead of on final wealth. The final critique that Kahneman Tversky (1979) explore is the isolation effect. It tries to explain peoples behaviour when facing a complex situation and concludes that in order to be able to evaluate information, investors tend to evaluate it in isolation of other information. The results show that people do not make decisions based on the final outcome, instead investors isolate the later game and the probabilities involved and their decision will wholly depend on the probabilities of the part of the game they are involved in at that time. Prospect theory has an asymmetric attitude towards risk, depending on how the potential gains or losses relate to a certain reference point. This reference point could be current wealth, a neighbours wealth, or the price at which an asset is purchased (Elton Gruber, 2007). Kahneman and Tverskys utility function is concave above the given reference point and convex below the point. This structure creates risk aversion with respect to gains and risk seeking with respect to losses and can lead to different decisions depending on whether the outcomes are posed as gains or losses. Prospect theory can be used to explain the occurrence of the disposition effect. The disposition effect is defined as the tendency for investors to hold on to losing stocks for too long and sell winning stocks too soon. The most logical course of action for an investor would be to hold on to the winning stocks in order to further their gains and to sell losing stocks in order to minimise potential losses. There has been a number of empirical studies which agree with the above theory. Odean (1998) analysed the accounts at a large brokerage firm and found that there was a greater tendency to sell stocks with paper capital gains than losses. A further study found a similar effect among all types of investors in Finland where the investors failed to recognise losses. As cited by Elton and Gruber (2007), a study far afield from investing by Chen, Santos Lakshminarayanan (2005), has identified loss-aversion behaviour in Capuchin monkeys, suggesting that loss aversion is instinctive. Prospect theory can thus be seen to be applied to a diverse range of situations which appear inconsistent with standard economic rationality. 5.0 Conclusion In conclusion, the last five decades have seen the introduction and development of many leading theories in financial literature. One of the main theories to dominate this period was the subject of efficient markets. The Efficient Market hypothesis was initially well-favoured but it relied on many unrealistic assumptions. More recently, scholars and investment professionals have started to investigate an alternative theory to try and explain the mispricing which occurred using the traditional models. Behavioural finance attempts to inform people of the emotional factors and psychological processes which influence the individuals who invest in financial markets. Behavioural finance argues that not all investors are rational and are able to value correctly their decisions or the importance of new information. Behavioural Finance does not attempt to replace the traditional views and models of finance. Instead, it looks to fill some gaps and to offer realistic explanations as to why misp ricing can occur in the stock markets. This chapter has attempted to outline the key factors of behavioural finance and highlighted prospect theory as one of the main models used to demonstrate this theory. Based on this literature review, the subsequent chapter will address the methodologies used to achieve the research objectives.

the aztecs Essay - 3431 Words

nbsp;nbsp;nbsp;nbsp;nbsp;The Aztecs were an American Indian people who ruled a mighty empire in Mexico from the 1400s to the 1500s. The Aztecs had one of the most advanced civilizations in the Americas and built cities as large as any in Europe at that time. They also practiced a remarkable religion that affected every part of their lives and featured human sacrifice. The Aztecs built towering temples, created huge sculptures, and held impressive ceremonies all for the purpose of worshipping their gods. The Spaniards destroyed their magnificent empire in the year 1521, but the Aztecs left a lasting mark on Mexican life and culture . nbsp;nbsp;nbsp;nbsp;nbsp;The majority of the Aztecs lived in what is now called the Valley of†¦show more content†¦As the Aztecs grew in number, they established superior military and civil organizations. nbsp;nbsp;nbsp;nbsp;nbsp;According to the famous legend, the Aztecs finally settled at a spot where an eagle sat upon a cactus eating a snake. This was a sign foretold by their patron god. The sign, found by the priests, finally appeared on a small island in Lake Texcoco. By 1325, on the island, the Aztecs built a temple to Huitziposhtli and began to construct the city of Tenochtitlan, the quot;Place of Prickly Pear Cactus Fruit.quot; Over the next 200 years, the city slowly became one of the largest and most powerful cities of the world, and was the giant heart of the Aztecs Empire . nbsp;nbsp;nbsp;nbsp;nbsp;The Aztecs society was structured in a hierarchy with nobles at the top. Social status was determined primarily at birth. All members of the nobility could trace their lineage to the first Aztecs ruler Acamapichtli . The only way one could rise up to another class in the system was to perform an outstanding military achievement. Aztec society had four main classes: nobles, commoners, serfs, and slaves. The nobles usually held high military offices and government positions. However, nobles were also teachers, priests, and bureaucratic officials. The nobles controlled most of the wealth in Aztec society. Obviously, their lifestyles were different and more luxurious than those of the commoners and slaves .Show MoreRelatedThe Aztec Of The Aztecs1330 Words   |  6 PagesIn 1519, the Aztecs were the most powerful kingdom in Mesoamerica. At the peak of their reign, their territory stretched as far as 80,000 square miles over southern Mexico, and had as many as fifteen million people. The Aztecs emerged in the thirteenth century, as a nomadic tribe. They were guided by their chief god, Huitzilopochtli, the war god and representative of the sun. The Aztecs couldn t find a place to settle in the crowded central Mexico. Eventually, they were taken as serfs andRead MoreThe Aztecs And The Aztec Empire1459 Words   |  6 Pages Aztecs were one of the most advanced civilizations from the 1400’s to the 1500’s. They were able to create one of the most magnificent empires known to men by an Indian tribe in America. They had built cities and temples as big as cities in Europe. Aztecs were always ahead of their time. They had made technology advancements such as, advanced architecture, technology advancements, engineering and agriculture. They also introduced weapons, medicine, tools, and calendars. The Aztec people were oneRead MoreThe Aztec Of Aztec Life917 Words   |  4 Pages The Aztecs are really interesting people that were alive back from 1400 - 1600 AD. They lived very different than us, because we don’t no human sacrifices because we don’t believe in any of the gods (due to science)This paper will show how the Aztecs lived, including their empire, Government and Agriculture. The first interesting thing about the Aztecs is their daily routine. Aztec family life was very similar to many modern day cultures. 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Although violent sacrifice is intolerable in modern times, it wasn’t uncommon less than a millennia ago. It was practiced throughout the world on every continent. This includes Mesopotamia which is a cradleRead MoreThe Aztecs And The Aztec Empire1723 Words   |  7 Pagesruthless empires and civilizations, although none was like the Aztecs and their empire. Although they started off with a humble beginning, they quickly grew into a great civilization that dominated present day Central Mexico. They conquered and expanded into an empire stronger than the other neighboring empires. The heart of the Aztec empi re, Tenochtitlan, was a grand capital filled with many people and astounding temples. The Aztecs were also ahead of their time with fully-functional governmentRead MoreAztec Masks : The Aztecs Essay2109 Words   |  9 PagesAztec Masks To really understand why masks were created by the Aztecs, I believe one really needs to look at the history and religious beliefs of the group. The Aztecs, like other mesoamerican civilizations before it, was a complex nation that faced times for war, had advanced calendar systems, and created a vast amount of art (a variety of different art forms- from poetry to pottery) that sadly most of it was destroyed by the spaniards that came later. The Aztecs had a belief system that includedRead MoreThe Aztecs And The Aztec Empire1700 Words   |  7 Pagesruthless empires and civilizations, although not one was like the Aztecs and their empire. Although they started off with a humble beginning, they quickly grew into a great civilization that dominated present day Central Mexico. They conquered and expanded into an empire stronger than the other neighboring empires. The heart of the Aztec empire, Tenochtitlan, was a grand capital filled with many people and astounding temples. The Aztecs were also ahead of their time with fully-functional governmentRead MoreThe Aztecs And The Aztec Tribes1026 Words   |  5 Pages The Aztecs were a Mesoamerican people that lived within the regions of central Mexico during the mid-13th century through the 16th century. The Aztecs history is one of most famous, rich, and tragic histories in the world. The Aztecs began as nomadic-hunter gatherer tribes mixed with separate cultures. This mix was what founded the Aztec culture we all know of today. It was believed the Aztecs originated from a mythical place known as Aztlan which can be translated to â€Å"the place of origin,† andRead MoreThe Aztecs And The Aztec Mythology Essay1620 Words   |  7 PagesHere no one fears to die in war. This is our glory†¦Ã¢â‚¬  (Joseph and Henderson, 61). The Aztec mythology claims their god Huitzilopochtli ordered them to leave the seven caves to find new land they would call home. They traveled many years until they found the eagle with a serpent on his mouth standing on top of a cactus. There the Aztecs were to build a temple for the god of war and of the sun, Huitzilopochtli. The Aztecs were tried by many but they learned to become skillful warriors, which allowed them

The Leadership Styles Of The Chief Of Sunrise Regional...

1. Introduction This report was commission by Shayne Williams, CEO of Sunrise Regional Council. Its purpose is to analyse and advise on improving communication practices between the council and the communities as well as between manager and employees in the council. According to the case study, Shayne Williams recognised the former CEOs reasoning and decision-making was sound, but his failure to communicate his vision has resulted in lack of support from all stakeholders. Shayne is concerned now that bad publicity, ratepayer animosity, and lack of engagement by regional council staff have created a barrier to ensuring the expressway initiative can forge ahead. This report will analyse the leadership styles of the former CEO and offer some recommendation on what could able to be done to help Mr. Williams solve the problems. Main issues are included leadership personalities and behaviours, effective internal communication style, and public and external communication. However, due to the lack of information in the case study, the limitation of the report and its recommendations might be appeared. 2. Discussion 2.1. Organisation behaviour issues – Leadership The first issue is the leadership styles of the former CEO of Sunrise Regional Council. There is always confusion between the definition of management and leadership in organisations. While â€Å"management promotes stability, order, and problem solving within the existing organisational structure and systems;Show MoreRelatedCorrectional Administration Reviewer18383 Words   |  74 Pages(like penitentiary) ï  µ brutality ï  µ corruption ï  µ not administered as planned ï  µ but, important features survived: ï  ® inmate classification ï  ® rehabilitation programs ï  ® indeterminate sentences ï  ® parole 3. THE INDUSTRIAL PRISON – The failure of reformatory style of prison was lead to the development of attractive alternative where potential profitability of inmate labor was conceptualized. 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The French Revolution free essay sample

Due to these causes, each revolution had a unique outcome. Prior to these revolutions there were social ideals and issues. Before the American Revolution, different thoughts and interests were developing and causing distance between Britain and the thirteen colonies (Columbia Electronic Encyclopedia, American Revolution). Along with growing identities, the colonists were used to a great degree of independence. Unlike the American colonists, the people of France were divided into three social classes, or estates. This social system was called the Old Regime.The first estate was made up of clergy of the Catholic Church and the second estate was formed by the wealthy nobles who held high positions in the government. The third estate, however, was the lower class, who had no power to influence the government and resented the upper classes (Beck 652). Social inequality became an important factor leading up the French Revolution. Nonetheless, both revolutions were encouraged by enlightenment ideas, such as life, liberty and property (Beck 641 , 652). We will write a custom essay sample on The French Revolution or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page On both sides of the Atlantic, a Just government was sought after, in which an economic being was ensured. Economic factors also lead to the commencement of both revolutions. After the British government had passed acts, for example the Stamp Act and the Townsend Acts, which required tax stamps on many items and placed taxes on things like glass, paper, and tea. Since Britain was in deep debt after the French and Indian War, it placed acts like such (Columbia Electronic Encyclopedia, American Revolution). Colonists argued that such taxes violated the colonists natural rights and argued that it was taxation without representation. Since colonists had no representation in parliament, they argued that they could not be taxed.Like the American colonists, the lower class in France was heavily taxed. As a result of King Louis XVI extravagant spending and helping the American colonists in the American Revolution, France was deep in debt (Beck 653). The people who were in the third estate paid about half their income to nobles, the church, and as taxes to the king. This created resentment towards the upper classes and the government (Beck 652). Economical causes of both revolutions also lead into political issues. In 1773 colonists protested against an import tax on tea and dumped a large load of British EAI into the Boston Harbor and was called the Boston Tea Party.King George Ill then closed the Boston port. Colonists formed the Fist Continental Congress in Philadelphia, on 1774, to protest the treatment of Boston. A similar even happened in France prior to the revolution, the National Assembly. Delegates of the third estate, after voting to establish the national assembly, proclaimed the end of absolute monarchy and begin a representative government. Then the Third Estate Delegates pledged to stay in an indoor court until they had drawn up a new constitution, this came known as the Tennis Court Oath.In response to these events, Louis called upon his stationary army. People suggested that he would use military force against the National Assembly. People began to gather their own weapons and created a mob which attacked the Pastille (Beck 654). This act became a major symbol of the beginning of the French Revolution. After the end of each revolution, each had their social outcomes. Once the American Revolution was over, as it was stated in the Declaration of Independence, men were all equal and had rights. However, this did not mean equality for slaves or omen in the colonies.Slaves were still treated as such and women were not given any rights. After the revolutions, in both countries, a mans natural rights were life, liberty, and property. This was claimed in Frances Declaration of Rights of Men. There, social classes were also abolished and that was the end to the Old Regime. However, these were not the only outcomes of the revolutions. Although freedoms were gained in these countries, political concerns aroused. A constitution was ratified in 1781 and it was known as the Articles of Confederation which established the United States as a republic.The Articles, however, created a weak national government that contained Just one body of government, the Congress. This did not last long and a new system of government was created with separate branches, legislative, executive, and Judicial (Beck 644). Also a system of checks and balances that allowed each branch to check the actions of the other two. A federal system was set up to divide the power between national and state governments. The leaders in the new country were those prominent either in the council halls or on the ailed of the Revolution. In France the bourgeois, people of the middle class, emerged as a dominant power. The Directory and a bicameral legislature was set up by the Convention, but the Directory lost control of the political situation in France. In 1799 Napoleon Bonaparte returned from an expedition in Egypt and with the support of the army and many government members, he overthrew the Directory and seized power. Social order and contractual relations were strengthened by the Code of Napoleon, which was a comprehensive system of law (Columbia Electronic Encyclopedia, French Revolution). The French Revolution free essay sample The French Revolution Kenneth Milton History104 World Civilization 11 Professor Carl Garrigus May 20, 2013 The French Revolution The French Revolution was the greatest event of the modern period. It influenced the whole human society. The whole world received the message of Liberty, Equality, and Fraternity. It began in the year 1789 and lasted approximately a decade, until the year 1799. The causes of the French Revolution were poverty, the enlightenment, deficit Government spending, and a clash between the established Aristocracy and a rising Bourgeoisie. There were a number of intermediate causes of the French evolution. The most important cause was the continually worsening economic disorder. Financial problems in France had had been worsening for a long time before the revolution. Financial difficulties grew under LouisXIV and LouisXV as they embarked upon ambitious wars and extravagant spending. The Seven Years War crippled France as she lost her colonies to Britain and was economically drained. France had always had a problem with finances, and a monarch was yet to stand up to the upper estates and enforce taxation. We will write a custom essay sample on The French Revolution or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page Instead, like every other monarch, LouisXVI carried on the constant loan cycle. â€Å"For some, the French Revolution was a beacon of light that gave a world dominated by Aristocratic privilege and monarchical tyranny a hope of freedom,† (Rosenzweig, 2001). One of the main principles of the Enlightenment, which all of the Philosophers began with and which sums up the whole political philosophy of the eighteenth century was, that it was necessary to substitute simple and elementary rules based on reason and natural law for the complicated and traditional customs which regulated society in their time. France was the classic example of a society rife with, absurd and ridiculous privileges favoring a minority. Hence, the Philosophers were driven towards the notions of natural equality. â€Å"18th century philosophy taught the Frenchman to find his condition wretched, unjust, and illogical and made him disinclined to the patient resignation to his troubles that had long characterized his ancestors†¦. The propaganda of the Philosophies perhaps more than any other factor accounted for the fulfillment of the preliminary condition of the French Revolution, namely discontent with the existing state of things,†(Peyre,1949). The French philosophers therefore sought to rebuild society based on the principles they stood for: Liberty, Equality, and Fraternity. Thus the Enlightened were reacting against the worsening social and political situation in France. The Enlightenment brought many changes in the way people viewed Religion and Government. These new ideas and viewpoints were reflected in the French Revolution. Although the revolution did not deliver on all of its promises and ideals, it introduced ideas and forced changes that shaped modern history and politics. The revolution abolished the monarchy and created the French Republic. It launched a string of reforms that gradually stripped the ruling aristocracy of its power, privileges, and property. The French Revolution also introduced several fundamental democratic traditions and tools. There were several social impacts brought on by the French Revolution. Serfdom was abolished across Europe, federal barriers to trade were removed, and the peasants received land. Other social impacts include, Germany unites and reforms its way to a modern capitalist state, the Napoleonic political, social, and cultural impacts code was implemented across Europe, and feudalism was dismantled by Napoleons Graude Army across Europe. France made numerous achievements in the field of art, science, and literature, due to the French Revolution. Numerous schools, colleges, universities, and academies were opened in the country. There was special attention paid to art, literature, science, mathematics, technology, and physical training in the field of education. Technology had a very large impact on the French Revolution. The guillotine, which was used to make the death penalty less painful, was invented during the French Revolution. Other major inventions of that era was the invention of saltpeter, used in gunpowder, balloons using heated air, enabled French armies to get better reconnaissance, development of the telegraph, steam engines, and railroads. Napoleon Bonaparte used these inventions to make speedy and massive invasions. These inventions made it easier for Napoleon’s Empire to maintain control of lands they had conquered. In conclusion, the French Revolution was an important milestone of our modern civilization. It marked the beginning of massive changes that would affect world history. The lasting effects of the French Revolution were felt worldwide. The people’s social rights had been respected, the life of urban and rural workers improved significantly. The Bourgeoisie led the process to ensure their social matters. The French Revolution was caused by Enlightenment ideas, inequality, starvation, poor leadership, overspending, and was highlighted by chaos and the desire for guaranteed rights. Even though there were other revolutions, few were as massive and complex as the French Revolution, which empowered citizens everywhere and resulted in a considerable leap toward the end of oppression throughout Europe. References Peyre, Henri, the Influence of Eighteenth Century Ideas on the French Revolution, Journal of the History of Ideas, vol. 10, no 1, January, 1949. Rosenzweig, Roy, George Mason University and City University of New York, 2001, Liberty, Equality, Fraternity: Exploring the French Revolution, Retrieved from http://chnm. gmu. edu/revolution/ repository of 600 primary source documents relating to the French Revolution.