J.R.R. Tolkien Middle Earth Essays - J. R. R. Tolkien,

J.R.R. Tolkien: Middle Earth J.R.R. Tolkien: Middle Earth John Ronald Reuel Tolkien is remembered for his imaginative writings and the lasting creation of Middle-earth world. However, he was also a great scholar and linguist, holding the position of the Rawlingson and Bosworth Professor of Anglo-Saxon at Oxford University. His writings owe much of its power to his ocean of knowledge about European languages and a deep understanding and appreciation of the art of storytelling and myths. His books have been translated into twenty-four languages and many millions of copies have been sold worldwide. Tolkien was born in the Orange Free State, in what is now South Africa, on January 3, 1892. However, his mother brought him home to England when he was four, and after his father's death his family made their home in rural Sarehole, then on the edge of the industrial city, Brimingham. When Tolkien was only twelve, his mother passed away, leaving him and his brother in the care of Father Francis Xavier Morgan. Father Morgan was a very strong moral influence on young Tolkien and provided him with loving support though to his years in college. Tolkien received a very good high school education at King Edward VI School, one of the finest schools in England at the time. From there he went up to Oxford, where he studied English at Exeter College, gaining him first class honors. At the age of twenty-one, Tolkien proposed to his childhood sweetheart, Edith Bratt, although it was against the wishes of Father Morgan, who objected to him marrying someone three years older than himself. However, the two were unable to wed for a few years because Tolkien was drafted to fight in World War I. During the war he served in the Lancashire Fusiliers as an officer, and survived the Somme, though many of his close friends and colleagues died. His respect for the common soldier under the great stress of war shows through in his later writings, where the Hobbits show strength in Mordor, previously unseen by themselves or others. After the war he got a job, working at the New English Dictionary, but in 1920 he was appointed reader in English at Leeds University. Four years later he was promoted to Professor, which is the highest academic rank in British universities. It was this time that he started writing. At this stage he thought of his tales as being a new mythology for England. These early works, which laid the basis for his later works, are now published as The Book of Lost Tales. In 1925 he was elected to the Professorship at Oxford. There he specialized in Philology, the study of words, and was among the most accomplished scholars in his field. His love of words led him to work on a series of languages for the Elves of Middle-earth. Though out his lifetime this obsession drove him to produce fourteen languages and he also showed how these languages developed over the course of history of Middle-earth. Tolkien said that the one of the first alphabets, called Tengwar, became very popular because it was a very flexible writing system that was easily adapted by the many different races of Middle-earth for use with their languages. The main flaw of this language was that it was very difficult to inscribe onto metal, stone or wood. This led to the creation of alphabet but with simpler characters made with strait lines. Tolkien often signed his work with }[emailprotected]@O8bael/u} , which translates into his name. Over the course of the next few years Tolkien wrote four books for each of his four children. Of these, The Hobbit is the best known and was eventually published in 1937. Stanley Unwin, the publisher asked for a sequel but Tolkien was skeptical of a sequel's success. He felt as if his work would only be enjoyed by a small minority and was surprised with his previous success. Once he began though, he became very involved with the book. Unfortunately World War II intervened, and slowed the process down considerably, taking a total of twelve years to complete. The book blossomed into more than a sequel, being not a book for children, but a great saga for adults, The Lord of the Rings. At the time of its first publication the book received mixed reviews. It was not until the late 60's and early 70's that Tolkien's popularity increased dramatically with the official release of the Lord of the Rings in the

Fasting Feasting Essay Essays

Fasting Feasting Essay Essays Fasting Feasting Essay Paper Fasting Feasting Essay Paper Exam Type Essay Fasting, Feasting is a novel written by Anita Desai. This book is divided in two parts, one part from an India family point of view, and the other from an American family perspective. The title of this novel is greatly interesting because it is in two parts too. Fasting which means abstaining from all food, and feasting which means to eat rich and abundant meal. After reading the book, we can immediately say that Fasting corresponds to Umas point of view (India) and Feasting is from Aruns point of view (America). Indeed, India is less developed than America and there is a lot of starvation and that America has abundance in terms of food. But this isnt the only meaning of the title and there are a lot more implicit and interesting things that relate to it. Fasting first means less and feasting means more that opens a lot more interesting subjects. For example, Arun traps himself alone and has no social life and it is the same case for Melanie who suffers from bulimia. Uma is in the same case: MamaPapa have great authority over her and ban her from going to St Marys school, from going on religious trips with Mira-Misa, from eeing anyone who can give her distraction. All these characters are fasting social life and are trapped in a vicious circle they cant get out of. Feasting is less present in the book but there are a few examples: in India, family life is considered important and it is a feasting theme whereas in America, the Patton family doesnt communicate much with each other. But food is the most feasting relate theme because Melanie, the daughter of the Patton family, eats too much, in abundance, and this leads to her bulimia and vomiting all the time. 305 words :

The Structuralism Theory of Culture Essay Example | Topics and Well Written Essays - 1500 words

The Structuralism Theory of Culture - Essay Example Roland Barthes was responsible for explaining the concept of myth as it contributed to the structuralist theory. He came up with the â€Å"Myth Today† concept whereby it defines myth as a category of speech. According to him, myth is not just any type of speech but also a means by which people use to communicate. The myth is a message that is sent to a particular group of people. According to the study, therefore, a myth cannot be perceived as an object, idea or concept but rather form and way of signification. For this reason, it is illusionary to discriminate other people’s myths. This, therefore, shows that there is no primitive, better or poor culture. It is important to note that anything can be considered to be a myth as it is a speech but depending on how it is conveyed. The strength of the myth is how it is conveyed thus cannot be defined as an object. Everything in this world is open to any suggestions from the society this is so because no laws exist in forbid ding anyone to talk about things (John, 2002, pp.234-240). Objects can be used to come up with some mythical statements. The difference is that some objects are used for a while, others are not used at all and others are used for a very long time. A myth can be formed can survive for some time and be forgotten as the mythical objects keep changing. The concept of myth is founded on history as it existed from a very long time. For this reason, the concept of myth has not evolved over the years.  ... The difference is that some objects are used for a while, others are not used at all and others are used for a very long time. A myth can be formed can survive for sometime and be forgotten as the mythical objects keep changing. The concept of myth is founded on history as it existed from a very long time. For this reason, the concept of myth has not evolved over the years. Myths generally exit orally though they can be in writings. Since they have a historical foundations, most of them are passed orally and rarely in writings. Today, myths can be supported through sport events, cinemas, publicity, shows and photographs. It is important to note that a myth it is impossible to define a myth by its material or object because of their arbitrary meanings. For example, interpreting a diagram or a picture depends on the consciousness of an individual. This makes it very hard to grasp the concept behind a myth. Thus myths use materials that can be understood easily. It is evident that peopl e will prefer pictures than writings as they are more attractive to view than reading. More so, pictures can help individuals to immediately give meaning without any dilutions. The materials are simply used to ease communication as myths generally aim at sending various messages to people. As people give meaning to the pictures, they therefore turn in to meanings given through writings (John, 2002, pp.234-240). The concept and form of myth Mythology is a very ambiguous concept because sometimes it gives full meaning when in a particular situation but sometimes it is empty when one is faced with the same situation. It contributes to language as it involves individuals giving meaning whereby there is use of the sensory organ. One has to use the eyes to look at a

Marketing in Global Financial Crisis Essay Example | Topics and Well Written Essays - 1750 words

Marketing in Global Financial Crisis - Essay Example The global value proposition reveals the insights achieved from extensive global research into consumers' existing, as well as potential requirements, in addition to the business's leadership statement. It explains the emotional  and practical advantages to customers and motives why the company will deliver. The value proposition will help significantly in differentiating from the competitors. Rather than being identified as offering everything for everyone, the business will be identified as the world’s strongest economic society (Simchi-Levi, p. 183, 2010). The long-term brand policy, along with brand structural design, pursues a one-brand vision, and promoted by the brand communication and campaigns. Consumers gain knowledge from experience whether the assurance behind a brand is factual or bogus, especially in times of global financial crisis. The global financial crisis has called for a number of strong points that can assist to differentiate a company for its stakehold ers. For this purpose, companies should implement an innovative communication approach that will meet the requirement to change the position and revitalize the brand. The innovative communication policy should leverages on this strength: it produces a new sort of discussion with the consumers and is even more open as well as transparent than before. Well-known brands keep developing their brand identity to progress with the times, constantly keeping the most identifiable components. That way they continue to look fresh and advanced, securing brand stability at the same time. The redesign reveals the brand policy with respect to the different prerequisites of the local... This paper stresses that traders are increasingly launching low cost ranges into their superstore’s shelves. The private-label merchandise is turning out to be a smart substitute to the cost responsive customer in times of global financial crisis. In a recent survey, 61 percent of customers said they were switching to inexpensive grocery brands in the financial crisis and approximately one-third of them said that they would carry on to buy low-priced grocery items even when the financial recession is finished. The author of the essay declares that the global financial crisis has a considerable impact on the way customers shop for groceries. With the purpose of getting the best value for their condensed earnings, customers are shopping around for the top bargains and increasingly dividing their grocery spending across at least four different sellers. For businesses, long-term policies may be the most important factor to brand success. When customers come out of the tough times, they may intentionally choose not to change all of their new practices and revert. An increasing number of customers are looking around for a bargain to shop, and this was obvious in a number of studies. This report makes a conclusion that marketing is struggling to meet the challenge of different communities. The majority of customers rely on the opinion of acquaintances and strangers more than official marketing.

Lighting Designer Assignment Example | Topics and Well Written Essays - 500 words

Lighting Designer - Assignment Example Set designer shows lighting designer his plan with the placement of objects on the scene. It is important to elaborate common view on the lighting on this stage and choose relevant equipment. It is possible to prevent possible problems in this phase as well. The lighting designer has to collaborate with all team in order to interpret the play right and help other designers to create common â€Å"look† of performance. The specialists constantly share their ideas and impressions from preparation. The work of lighting designer is completed by the very performance, and the light crew makes everything during the play under his control. Lighting designer uses specific instruments in his work and prepares a number of materials needed for production. He prepares some sketches and photos of the scenes with different types of lighting which serve various purposes. He elaborates lighting plot in which he indicates every lighting fixture to be utilized along with the general view of the stage. An equipment schedule which is created in the form of a list in which all the instruments that will be used during the staging are mentioned along with the circuits they will be connected. A cue sheet will help the lighting designer to understand what type of light, color, intensity, and prolongation will be used during the performance. The intensity of lighting is the means of creating the time of the day and the focus on the object. Intense light in complete darkness will attract viewers` attention to an actor when he is saying an important monologue or create haze and dim. The lighting designer works with direct and indirect light which come from various sources. The lighting designer operates with four light properties to create some specific atmosphere and mood: Lighting color is created with special filters and gels. Lighting colors give the opportunity to a designer to emphasize some element of the costume or a piece of scenery, make the accent on the actor`s face; The intensity of lighting is the means of creating the time of the day and the focus on the object. Intense light in complete darkness will attract viewers` attention to an actor when he is saying an important monologue or create haze and dim when it is appropriate; Distribution of lighting creates an illusion of lighting coming through various objects such as leaves of the trees; Lighting movement coordinates all the above-mentioned parameters allowing to change them from scene to scene. So the work of lighting designer consists of adjusting the light to the staging requirements and collaborating with other specialists to make a general look of performance.      

Prayer Important Spiritual Discipline Theology Religion Essay

Prayer Important Spiritual Discipline Theology Religion Essay Historically, a praying church has been a spirit-filled and consistently growing church. An example of such a church is found in Acts 2. It is stated in verse 42: They devoted themselves to the apostles teaching and fellowship, to the breaking of break and the prayers. The people that this verse is talking about are the new converts, ; the three thousand added. Through prayer the apostles asked for the entire house of Israel to know that God has made Jesus Christ Lord and Messiah, and because of this, three thousand converts were added to the group of apostles. The new converts did not pray for a few minutes a day, they devoted themselves to prayer and to being taught by the apostles. Many churches in the postmodern era wonder why they are not growing in congregation members, and the truth is because they simply are not asking God for it. It says in Gods Word, You do not have, because you do not ask (James 4.2). The church is not growing because it is neglecting the holy communion wi th the Lord.  [3]   Matice 2 From Christ, it is expected that Christians will pray to God. This is seen in the Bible multiple times, for example: the Lords prayer (Matthew 6.9-15).  [4]  This is the prayer that Jesus tells while preaching the Sermon on the Mount to the crowds; it is a concise way that shows people how to pray. Another example is found in Luke 18.1, where Jesus tells a parable about how people need to always pray and to not give up on anything. Because Jesus was so forward about the need for prayer, Christians should give heed to prayer time in a more disciplined fashion, and definitely more often. Prayer should ideally be constant communion with God; it is never losing sight of the fact that one needs to turn their attention to God.  [5]  It is a way that Christians can become more like Christ; by spending time with Him. It is important that Christians are prayerful people because if the Holy Spirit were to come into ones life, it would be through prayer, and also because if the Holy Spi rit is going to work in or through a person, it would start by prayer.  [6]  It is also very important that when a Christian is praying, that they are praying in the Spirit. Because the Spirit prays in agreement to the will of God, there is a one hundred percent chance that the prayer will be answered.  [7]  Prayer is the key that will unlock Gods grace and power.  [8]   Ephesians 1.3 asserts that God has blessed us in Christ with every spiritual blessing in the heavenly places. In order to get a hold of those gifts and blessings that God has placed within each of us, we must first ask for them with eager desire through prayer.  [9]  It is Matice 3 confirmed in James: The power of the righteous is powerful and effective (James 5.16). In other words, prayer actually works. Prayer brings the power of God into His childrens work. It is a supernatural gift and ability that can even save peoples souls, as said in 1 John 5.16.  [10]   Donald Whitney positively asserts: To abandon prayer is to fight the battle with our own resources at best, and to lose interest in the battle at worst.  [11]  Without asking for Gods grace during times of struggles or even times of prosperity, they are not fruitful. In order to truly learn how to pray, one needs to meditate on the scriptures. By reading Gods Word, meditating on it, and then praying about what one has meditated on, the Holy Spirit teaches the follower how to pray.  [12]  When we pray, we are speaking to God. It is a privilege to be able to speak to our Maker. It has been so fruitful and productive to study everything about the spiritual discipline of prayer. This year I have decided to take a more orthodox view of Lent, and so I have been studying that in my spare time as well. For Lent, I am going to refrain from sleeping in on school days. I am going to wake up at 6:00 to pray for at least an hour, along with reading the Bible. (good for you Mackenzie) After Christmas this year, when I had come back from my home (in Belgium), as I was jet-lagged, I would be awake at 5:00 here. I read for several hours and prayed each morning for those few weeks, and they were very productive days and I grew intimately with God. I would like to spiritually discipline myself to be able to wake up early in the morning to be with God, and I hope that He will see the yearning in my spirit and will give me the grace to wake up to pray to Him.

Fodor’s Misconstrual of Wittgenstein in the Language of Thought :: Philosophy Essays

Fodor’s Misconstrual of Wittgenstein in the Language of Thought In his book, The Language of Thought, Jerry Fodor claims that i) Wittgenstein’s private language argument is not in fact against Fodor’s theory, and ii) Wittgenstein’s private language argument â€Å"isn’t really any good† (70). In this paper I hope to show that Fodor’s second claim is patently false. In aid of this I will consider Wittgenstein's Philosophical Investigations (243-363), Jerry Fodor's The Language of Thought (55-97), as well as Anthony Kenny’s Wittgenstein (178-202). First I shall summarize Wittgenstein’s argument; then I will examine Fodor’s response and explain why it is fallacious. In my view, Fodor is wrong because he takes Wittgenstein to be a verificationist, and also because he makes a false analogy between people and computers. Anthony Kenny, in his book Wittgenstein, provides a concise summary and penetrating interpretation of Wittgenstein’s so-called â€Å"private language argument† (henceforth â€Å"PLA†). According to Kenny, the basic agenda of the PLA can be summed up in a quotation from Wittgenstein’s Tractatus: "Scepticism is not irrefutable, but obviously nonsensical, when it tries to raise doubts where no questions can be asked. For doubt only can exist where a question exists, a question only where an answer exists, and an answer only where something can be said." (Tractatus Logico-Philosophicus, 6.51) In making his argument, Wittgenstein addresses the belief that the knowledge we have of our own experiences can be expressed to ourselves or others, and that this expression does not assume acquaintance with the external world or other minds. Logically entailed by these beliefs is the idea that there is a private language in which words derive their meani ng by being linked with private experiences. In other words, a subject forms â€Å"internal ostensive definitions.† This means simply that the subject is exposed to and attends to an experience and associates it with a word. For Wittgenstein, this view is mistaken: experience is not private, and words do not acquire meaning by bare ostensive definition. Wittgenstein takes â€Å"private language† to mean a language in which words refer to the immediate private sensations of the speaker in this manner of private ostensive definitions. If a speaker has a certain sensation, she does not necessarily know that sensation only from her own case.

Protrayal of Australian Landscape and Character

How has the Australian Landscape been used to portray and show the development of Australian Character? Refer to 2 Texts. As a person that calls Australia home, I have seen and heard many criticisms and descriptions of this land that were observed from foreigners. Although there are aspects that create the image of Australia such as the people and the natural fauna, the main and central idea that represents our home are her deadly and awe-inspiring environments and landscape. Australia’s character is built upon first impressions.As most people rely on their sight, their first impressions are from visual perspectives. The environment of which they arrive in or have experienced from media depend largely on what they see, thus making the Australian landscape of vital importance in creating the â€Å"Australian Character. † Due to the fact that we rely on sight, this also includes our limitless imagination; and the key to imaginations are words. Description, tone and the fe elings portrayed through words are the cause of imaginations and perceptions and because the iconic images of Australia are the landscapes we tend to include them in our portrayals.Written languages have been around for centuries, it is a way of communication and as informed so are images. The comparison for the development of Australia flows easily with words and is therefore usually portrayed in texts, other forms of literature and in songs. It goes into more depth. It is a detailed way to represent the character of Australia. There are many text examples, of which use the Australian landscape to portray the development of Australia such as poems like â€Å"My Country† and â€Å"The Fierce Country† and lyrics in the Advance Australian Fair.The poem â€Å"My Country† by Dorothea Mackellar is a famous Australian poem, well-known for the descriptions based upon Australia’s landscape. The poem contains many words related to landform such as â€Å"sweeping plains†, â€Å"ragged mountain ranges† and â€Å"wilful lavish land,† all in which have an adjective to accompany it. This creates allows us to imagine these depictions in the same perspective as the authors, which gives us a clear view to what she is talking about.The way Dorothea used symbolic words to describe Australia’s landscapes, helps us to grasp the concept of Australia’s character. A sample of this would include the contrasting effects in the verse: â€Å"I love a sunburnt country, A land of sweeping plains, Of ragged mountain ranges, Of droughts and flooding rains. I love her far horizons, I love her jewel-sea, Her beauty and her terror – The wide brown land for me! † Here the words symbolise and infer many characteristics that may bring out feelings. There are many ways to interpret Australia’s character through this.For example, the â€Å"sunburnt† gives me the idea of being durable and tough as well as the c olour of red, the â€Å"land of sweeping plains† keeps me thinking of being broad/wide and productive as plains contain fertile soil and the â€Å"ragged mountains† produces the personality of being persistent and being able to stand her ground through many years. Additionally, â€Å"her far horizons† perceives calmness, the â€Å"jewel sea† shows that Australia is rich, valuable and holds substance still to be discovered and the contrast in the line â€Å"her beauty and her terror† indicates that she is diverse.By reading through this verse of the landscape, it overall gives Australia the characteristics of being strong, durable, dynamic, tenacious, relaxed and unique and therefore portraying Australia’s characteristics. Another poem is Douglas Stewart’s, â€Å"Fierce Country. † In this case, the uses of landscapes are used constantly through the poem, in a way forcing us to think about only landscapes throughout the whole thi ng. He uses many personifications such as â€Å"the sun glares down on the stones and the stones glare back†, â€Å"red stones leap with fire† and â€Å"where the mirage still watches with glittering eyes. This enables us to think of this country as a living organism, which gives us an easier way to create Australia’s character and personality. The use of landscapes mixed along with personification also assists our interpretation as we are human and have experienced or seen these personified actions before, hence strengthening the concept through the whole poem and is a way in which the Australian landscape has been used.

Free Essays on The Role A Citizen Plays In Government

Essay Two The ultimate role a citizen plays in the United States government is the engagement in politics by voting, organizing, and criticizing leaders that he or she does not believe serve them justly. The works of Rousseau, Thoreau, and Jefferson substantiate this assumption by providing intellectual and literary theories about the function of a citizen. Also, the statements that the authors make, though they differ from one another, provide reinforcement to this concept. The first substantial writer mentioned is Rousseau, who in writing â€Å"The Origins of Civil Society,† conveys his belief that government has taken the natural freedoms of man and has replaced it with a more materialistic liberty. Also, in his book, Rousseau describes a term called â€Å"social compact† that a people share with one another to strengthen the community (65). These suppositions all support the fluent author’s theory of a strong government by a mutual agreement between the people, but his most potent statement comes from his description of â€Å"The Sovereign People.† Rousseau states that the Sovereign People â€Å"share a collective name of The People, the individuals who compose it are known as citizens† ( 67). The reader, upon noting the author’s rhetoric, understands the power that Rousseau believed citizens had in a Democratic government. Although influenced by Rousseau, the great American founder Thomas Jefferson expands the latter author’s ideas into one of our most treasured documents, the â€Å"Declaration of Independence.† In the â€Å"Declaration of Independence,† Jefferson addresses the justifications of seceding from the British empire, and laid structure to the conjecture when a government abuses its citizens, it is the direct responsibility of the people to right what has been wronged or overthrow the governing entity entirely. With the belief that every man is free and have the rights of â€Å"life, liberty, and pursuit of... Free Essays on The Role A Citizen Plays In Government Free Essays on The Role A Citizen Plays In Government Essay Two The ultimate role a citizen plays in the United States government is the engagement in politics by voting, organizing, and criticizing leaders that he or she does not believe serve them justly. The works of Rousseau, Thoreau, and Jefferson substantiate this assumption by providing intellectual and literary theories about the function of a citizen. Also, the statements that the authors make, though they differ from one another, provide reinforcement to this concept. The first substantial writer mentioned is Rousseau, who in writing â€Å"The Origins of Civil Society,† conveys his belief that government has taken the natural freedoms of man and has replaced it with a more materialistic liberty. Also, in his book, Rousseau describes a term called â€Å"social compact† that a people share with one another to strengthen the community (65). These suppositions all support the fluent author’s theory of a strong government by a mutual agreement between the people, but his most potent statement comes from his description of â€Å"The Sovereign People.† Rousseau states that the Sovereign People â€Å"share a collective name of The People, the individuals who compose it are known as citizens† ( 67). The reader, upon noting the author’s rhetoric, understands the power that Rousseau believed citizens had in a Democratic government. Although influenced by Rousseau, the great American founder Thomas Jefferson expands the latter author’s ideas into one of our most treasured documents, the â€Å"Declaration of Independence.† In the â€Å"Declaration of Independence,† Jefferson addresses the justifications of seceding from the British empire, and laid structure to the conjecture when a government abuses its citizens, it is the direct responsibility of the people to right what has been wronged or overthrow the governing entity entirely. With the belief that every man is free and have the rights of â€Å"life, liberty, and pursuit of...

War in iraq essays

War in iraq essays The war in Iraq has many people in America and around the world questioning Americas intentions. Some might speculate that America went into this war to obtain oil. Others might see America as power hungry by wanting to overthrow Saddam Hussein. There are many different speculations about what exactly caused America to go to war. One reason I believe we were so determined to go to war with Iraq is because of September 11th. I think that George Bush felt the pressure of the American people to seek revenge on somebody. It turns out that that somebody turned out to be the country of Iraq. I think George Bush basically came into the presidency with the goal of overthrowing Saddam Hussein, something his father failed to do, and when September 11th happened it made Bush that much more determined. I think that the American people knew that Saddam needed to be dealt with. The problem is the way Bush tried to accomplish this. I feel that there could have been more subtle tactics used. For instance why couldnt one of Americas Special Forces try to sneak into shooting range of Saddam to assassinate him? I think that approach seems a little more logical, rather than send thousands of our troops into harms way. I also think that the American people feel like they have been lied to by yet another president. One of the main reasons that America went to war is because we were told that Iraq had weapons of mass destruction. After more than a year of fighting has there been any weapons of mass destruction found? NO. I think that many Americans were absolutely one-hundred percent for the war in the beginning. Who in there right mind wouldnt want to go to war if they were told that Iraq had weapons of mass destruction and not to mention had a part in the worst catastrophe in American history. Now Americans are starting to see that Bush was very misleading to the people and his job approval rating is s...

Equilibrium and competition in the banking sector Literature review

Equilibrium and competition in the banking sector - Literature review Example Literature speaks of limited equilibrium modelling. General equilibrium, according to researchers depends on various market conditions. Further, level of equilibrium in banking industry depends on competition and financial stability, which depends further on banks’ risk-taking initiatives. Literature review discusses the opinions of various authors on the banking products as trade off between competition and financial stability on different risk choices. Various risk-transferring models are discussed. Role played by bank supervising technologies forms part of various models. New models of bank risk-taking, named partial equilibrium models are analysed. The UK banking sector is statistically reviewed through the Panzar and Rosse model. Literature review attempts various views on banking competition and financial weaknesses through various models to know if any relationship between equilibrium and competition can be established or not. Past Research As stated by Allen and Gale (2004a), the relationship between banking competition and financial health has been majorly discussed in the discourse of limited equilibrium modelling. There are not many general equilibrium models in literature. ... Banking sector can be stated in partial equilibrium if the exchange between competition and financial stability is generally achieved via a standard risk transferring statement practiced on a bank that arranges funds from insured customers and selects the risk of its investment. In such a scenario where market indicates limited liability, sudden risk alternatives, risk-free deposit demand, and stable return to scale in checking, a high in deposit market competition heightens the deposit rate, decreases banks’ anticipated margins and inspires banks to take advances in risk-taking. This conclusion has been derived by Allen and Gale (2000) in both fixed and ordinarily changing scenarios. A number of scholars in literature have supported this predictability in their works, including Keeley (1990), Matutes and Vives (1996), Hellmann, Murdock and Stiglitz (2000), Cordella and Levi-Yeyati (2002), Repullo (2004) among many others. Nevertheless, in the case of competition among banks i n loan and deposit markets, it is loan rate that governs the degree of risk-transfer initiated by companies, as stated by Stiglitz and Weiss (1981). Boyd and De Nicolo (2005) discussed the evaporating trade-off between competition and financial stability when various risk alternatives are analysed by firms. A rise in loan market competition cuts down bank loan rates, strengthening firms’ anticipated profits and prompting them to select secure investments, which gets written into securer bank loan portfolios. Amidst this increasingly conflicted environment, the risk-transferring statement is used on two market units, firms and banks, in stead of a single entity. Latest versions of this kind of model, including bank heterogeneity (De Nicolo and Loukoianova, 2007),

Advanced Financial Management Essay Example | Topics and Well Written Essays - 1000 words

Advanced Financial Management - Essay Example Implementation in the efficiency in a market proves that it is unable for any investor to beat the market consistently by using a common investment strategy. â€Å"The efficient market hypothesis is associated with the idea of a â€Å"random walk,† which is a term loosely used in the finance literature to characterize a price series where all subsequent price changes represent random departures from previous prices.† 3 But even very rarely efficient markets carry a negative implication for the investment strategy. An efficient market does not imply that the stock price cannot move away from the true value. Some times in the efficient market the expected return from investment will be consistent with the risk factor. Errors in valuation creates problems in efficient market. An efficient market is described as â€Å"Informationally Efficient†, because the investors can get all the necessary information that reflects within the market like political, economical and social. â€Å"The paradox of efficient markets is that if every investor believed a market was efficient, then the market would not be efficient because no one would analyze securities.† 4 As per behavioral decision theory of Kehneman and Tversky investors decisions are subject to the change of optimism and pessimism. These behavioral changes are reflecting their investment decision. Some investors are over confident they are able to forecast future stock price. 5 Share prices are reflected all information about the market so the investors are able to expect their returns and they can easily take decision about their investments. Market may needs to exist where the investors are unable to earn excess return over a long period. In order to maintain the market in a steadily manner it is essential to undertake the legal barriers about the publication of privatized information. In a weak form of market the prevailing share prices are