More Than Just Race Free Essays

Something other than Race: Being Black In The Inner City William Julius Wilson Chapter One Synopsis In this Chapter, the creator presents his barriers and the manner in which individuals respond around him in spite of the way that he Is a Harvard educator. A considerable lot of the inhabitants in his harassing get anxious in light of the fact that he Is dark when he rides the lift with them. Nonetheless, notwithstanding the way that he Is oppressed when he Is out of his suits, he expresses that he can't reprimand them for being anxious around him. We will compose a custom paper test on Something other than Race or on the other hand any comparable subject just for you Request Now Because of the lawbreaker and brutal history that African Americans have today, just as the media blood vessel of African Americans, numerous individuals get a pre imagined supremacist thought of how all dark guys are. Wilson completely clarifies that in view of the evolving society, racial Inequality has proceeded. â€Å"In the most recent quite a few years, practically the entirety of the Improvements In profitability have been related with innovation and human capital† (Wilson 182). Despite the fact that the adjustments in the work power have been useful to higher talented specialists, they have made securing Positions for lower gifted laborers practically outlandish. In view of the isolation in lodging, schools are likewise isolated and African Americans don't get similar training that whites do. The way that African Americans are confined to networks that have higher joblessness rates, and lower training openings, blacks endure at an unbalanced rate. The way of life previously ingrained into downtowns, prejudice keeps on winning. â€Å"Culture is firmly interwoven with social relations in the feeling of giving apparatuses and making requirements in examples of social interaction†. (Wilson 319). Section Two Synopsis In this Chapter the creator portrays â€Å"structural forces† that have had an effect on the dark network. He talked about powers that were affected by race and those that despite everything affected the dark network regardless. In the late sass’s there was next to no conversation about the difficulties downtown blacks confronted. The absence of open consciousness of the difficulties downtown blacks face has contributed significantly to the declining neighborhoods and the immense hole among race and pay between downtown ghettos and urban regions. The Second Migration from the South toward the North in 1970 was put to an end in view of the decrease in work in the downtown. In light of this relocation, zones that were once enormously populated by awards were left totally deserted by the utilized working class. Social powers just as Structural powers assume significant jobs in understanding the impacts of living in poor isolated regions. In spite of the fact that culture is a significant piece of the results downtown blacks face, they are nothing close to the effect political powers in mix with financial powers produce in the downtown zones. Auxiliary powers on neediness stricken regions have an a lot more noteworthy criticalness than social powers. Part Three Synopsis In this Chapter, the creator clarified that despite the fact that both basic and social clarifications limit African American male advancement, basic clarifications of the financial ruins of low gifted African Americans assume an a lot bigger job than social clarifications. The PC disclosure in today’s Job showcase has diminished the interest for low talented representatives and has confined African Americans guys from securing work in Positions that in the past would offer them positions. The development of administration ventures has likewise put a holt in the accessibility of work to dark guys on account of the interest for laborers with training and in any event a modest quantity of aptitude. Administration enterprises just extend Employment opportunities that expect laborers to serve and identify with clients. Dark guys make some troublesome memories getting into this sort of industry in light of the fact that intermittently, businesses accept that ladies and â€Å"recent workers of the two sexes are more qualified than dark males†. The businesses convictions that ladies are more qualified than back guys originates from the high savagery rates in the downtown ghettos. In light of these brutality rates, managers see blacks contrarily. This viciousness likewise assumed a significant job in the lawful framework and brought about the higher imprisonment paces of dark guys. Due to these powers, both social and auxiliary, the interest for work of low talented dark guys has become progressively lower, particularly for the ones who have jail records. Section 4 Synopsis In this Chapter, Wilson talked about the ruins of poor dark families. In an investigation gathered about poor families, it was discovered that in the U. S. Poor families would in general be ran by dark lady and 31% of every single poor family unit were ran by youthful dark ladies. Record for just 12% of the United States populace. Willow’s investigation of family life in Chicago uncovered that marriage has declined at an a lot quicker rate among youthful, jobless dark dads than it has for youthful utilized dark dads. In any case, discoveries from inquire about didn't discover a string relationship among's business and paces of marriage. On account of relationships among dark social impacts trump basic ones. Studies likewise uncovered that reactions among work and marriage among poor ladies, in spite of race stay comparable. Much the same as in every single past section, the isolation of downtown blacks, just as the issues of Joblessness and absence of chance, keep on assuming an extraordinary job in all parts of African Americans lives. Section 5 Synopsis In this Chapter, Wilson summarizes every one of his discoveries to make an end on the best way to join both structure and culture so as to make a progressively equivalent society. Social examples in the downtown ghetto identify with casual principles that shape how individuals act with each other and decide. The choices made in the downtown ghettos frequently corresponds with the manner in which downtown occupants see the way the world works. Inhabitants of the ghettos discover approaches to change and react to such negative racial monetary isolation. These ways form into the ordinary conduct that numerous urban understudies see as loathsome, impacting their prejudice considerably further. Basic examples assume a more prominent job in the concealment of African Americans just as others of shading. Political powers likewise assume a job in the isolation of minorities, and despite the fact that there are some arrangement producers who are committed to consummation the issues of race and destitution, they despite everything face numerous difficulties. It has gotten critical to talk about how the issues of race and destitution are seen in open approach conversations in light of the fact that these uncover such a great amount about our dedication, as a general public to change. 20 Most Important Points 1 . The depiction of dark men in the media just as their paces of imprisonment is tricky when businesses assess the believability of dark guys structure work. . For whatever length of time that the high paces of imprisonment and brutality persevere, individuals of all races will respond to dark guys out in the open and private places adversely. 3. Auxiliary powers contribute legitimately to racial gathering results, for example, business rate and contrasts in destitution. 4. The deve lopment of new innovations in the working environment has changed the interest for various kinds of laborers. 5. The advancement being used of parentage in the work place is particularly risky for African Americans since they have a higher normal of low talented specialists. . Indeed, even before the rebuilding of the economy, low talented African Americans were the last to be employed and the first to be given up. 7. The fate of families, particularly poor working families, relies upon how the administration chooses to respond to changes in the economy. 8. Managers in the administration business feel that purchasers saw downtown dark guys to be risky or undermining. 9. Previously, dark guys just needed to show solid pointless due to the Jobs they were performing (mechanical production systems, development, and so on). The most effective method to refer to More Than Just Race, Papers

Obamas Health Care Reform Speech (Full Text)

Obamas Health Care Reform Speech (Full Text) Madame Speaker, Vice President Biden, Members of Congress, and the American people:When I talked here the previous winter, this country was confronting the most noticeably awful financial emergency since the Great Depression. We were losing a normal of 700,000 employments for every month. Credit was solidified. What's more, our money related framework was very nearly collapse.As any American who is as yet searching for work or an approach to cover their tabs will let you know, we are in no way, shape or form free and clear. A full and energetic recuperation is numerous months away. Also, I won't let up until those Americans who look for occupations can discover them; until those organizations that look for capital and credit can flourish; until every single mindful property holder can remain in their homes.That is our definitive objective. Be that as it may, on account of the striking and conclusive move we have made since January, I can remain here with certainty and state that we h ave pulled this economy again from the brink.I need to thank the individuals from this body for your endeavors and your help in these most recent a while, and particularly the individuals who have taken the troublesome votes that have put us on a way to recuperation. I additionally need to thank the American individuals for their understanding and resolve during this difficult time for our nation.But we didn't tell the truth up emergencies. We came to fabricate a future. So today around evening time, I come back to address every one of you about an issue that is integral to that future and that is the issue of healthcare.I am not the primary President to take up this reason, yet I am resolved to be the last. It has now been about a century since Theodore Roosevelt originally called for social insurance change. Furthermore, from that point forward, about each president and Congress, regardless of whether Democrat or Republican, has endeavored to address this difficulty here and there . A bill for far reaching wellbeing change was first presented by John Dingell Sr. in 1943. Sixty after five years, his child keeps on presenting that equivalent bill toward the start of each session.Our aggregate inability to address this difficulty †after quite a long time after year, without fail †has driven us to a limit. Everybody comprehends the phenomenal hardships that are put on the uninsured, who live each day only one mishap or sickness away from insolvency. These are not basically individuals on government assistance. These are working class Americans. Some can’t get protection on the job.Others are independently employed, and can’t bear the cost of it, since purchasing protection on your own costs you three fold the amount of as the inclusion you get from your manager. Numerous different Americans who are willing and ready to pay are still denied protection because of past sicknesses or conditions that insurance agencies choose are excessively da ngerous or costly to cover.We are the main propelled popular government on Earth †the main affluent country †that permits such hardships for many its kin. There are presently in excess of 30 million American residents who can't get inclusion. In only a two-year time frame, one in each three Americans abandons social insurance inclusion eventually. Also, consistently, 14,000 Americans lose their inclusion. As it were, it can happen to anyone.But the difficult that torment the human services framework isn't only an issue of the uninsured. The individuals who do have protection have never had less security and steadiness than they do today. An ever increasing number of Americans stress that on the off chance that you move, lose your employment, or change your activity, you’ll lose your medical coverage as well. An ever increasing number of Americans pay their premiums, just to find that their insurance agency has dropped their inclusion when they become ill, or wonâ₠¬â„¢t pay the full expense of care. It happens each day.One man from Illinois lost his inclusion in chemotherapy since his back up plan found that he hadn’t announced gallstones that he didn’t even think about. They postponed his treatment, and he passed on as a result of it. Another lady from Texas was going to get a twofold mastectomy when her insurance agency dropped her arrangement since she neglected to pronounce an instance of acne.By the time she had her protection restored, her bosom malignant growth dramatically increased in size. That is deplorable, it isn't right, and nobody ought to be dealt with that path in the United States of America.Then there’s the issue of increasing expenses. We burn through one-and-a-half times more per individual on medicinal services than some other nation, however we aren’t any more beneficial for it. This is one reason that protection premiums have gone up multiple times quicker than compensation. It’s why such huge numbers of bosses  especially private ventures are compelling their representatives to pay more for protection, or are dropping their inclusion entirely.It’s why such huge numbers of hopeful business people can't stand to start a business in any case, and why American organizations that contend globally  like our automakers are at a tremendous disservice. Furthermore, it’s why those of us with medical coverage are likewise paying a covered up and developing expense for those without it about $1000 every year that pays for someone else’s crisis room and altruistic care.Finally, our social insurance framework is setting an impractical weight on citizens. At the point when human services costs develop at the rate they have, it squeezes programs like Medicare and Medicaid. On the off chance that we don't do anything to slow these soaring costs, we will in the long run be spending more on Medicare and Medicaidâ than each other government program consol idated. Set forth plainly, our medicinal services issue is our shortage issue. Nothing else even comes close.These are the realities. No one questions them. We realize we should change this framework. The inquiry is how.There are those on the left who accept that the best way to fix the framework is through a solitary payer framework like Canada’s, where we would seriously limit the private protection showcase and have the administration give inclusion to everyone.On the right, there are the individuals who contend that we should end the business based framework and leave people to purchase medical coverage on their own.I need to express that there are contentions to be made for the two methodologies. Be that as it may, possibly one would speak to an extreme move that would disturb the medicinal services the vast majority presently have.Since social insurance speaks to one-6th of our economy, I trust it bodes well to expand on what works and fix what doesn’t, instead o f attempt to assemble an altogether new framework from scratch.And that is exactly what those of you in Congress have attempted to do in the course of the last a few months.During that time, we have seen Washington at its best and its most exceedingly awful. We have seen numerous in this chamber work vigorously for the majority of this current year to offer mindful thoughts regarding how to accomplish change. Of the five councils requested to create charges, four have finished their work, and the Senate Finance Committee declared today that it will push ahead one week from now. That has never happened before.Our generally speaking endeavors have been upheld by a remarkable alliance of specialists and medical caretakers; emergency clinics, seniors’ gatherings and even medication organizations  many of whom contradicted change in theâ past. What's more, there is understanding in this chamber on about 80% of what should be done, putting us closer to the objective of change th an we have ever been.But what we have additionally found in these last months is a similar divided display that just solidifies the contempt numerous Americans have toward their own government.Instead of legit banter, we have seen alarm strategies. Some have delved into resolute ideological camps that offer no expectation of bargain. Too many have utilized this as a chance to score momentary political focuses, regardless of whether it ransacks the nation of our chance to explain a drawn out test. Also, out of this snowstorm of charges and countercharges, disarray possesses reigned.Well the energy for squabbling is finished. The ideal opportunity for games has passed. Presently is the season for activity. Presently is the point at which we should bring the best thoughts of the two gatherings together, and show the American individuals that we can at present do what we were sent here to do. This is the ideal opportunity to convey on healthcare.The plan I’m reporting today aroun d evening time would meet three essential objectives: It will give greater security and dependability to the individuals who have medical coverage. It will give protection to the individuals who don’t. Furthermore, it will slow the development of medicinal services costs for our families, our organizations, and our government.It’s an arrangement that approaches everybody to assume liability for meeting this test  not just government and insurance agencies, yet businesses and people. What's more, it’s an arrangement that consolidates thoughts from legislators and Congressmen; from Democrats and Republicans and truly, from a portion of my adversaries in both the essential and general election.Here are the subtleties that each American has to think about this arrangement: First, on the off chance that you are among the a huge number of Americans who as of now have medical coverage through your activity, Medicare, Medicaid, or the VA, nothing in this arrangement w ill require you or your boss to change the inclusion or the specialist you have. Let me rehash this: Nothing in our arrangement expects you to change what you have.What this arrangement will do is to cause the protection you to have work better for you. Under this arrangement, it will be illegal for insurance agencies to prevent you inclusion on the grounds that from securing a prior condition. When I sign this charge, it will be illegal for insurance agencies to drop your inclusion when you become ill or water it down when you need it most.They will not, at this point have the option to put some subjective top on the measure of inclusion you can get in a given year or a lifetime. We will put a breaking point on the amount you can be charged for cash based costs, in light of the fact that in the United States of America, nobody ought to lose everything since they get sick.And insurance agencies will be required to cover, with no additional charge, routine tests and preventive consid eration, similar to mammograms and colonoscopies  because there’s no explanation we shouldn’t be getting maladies like bosom cance

Elizabeth Gaskell and Industrialization Essay Example for Free

Elizabeth Gaskell and Industrialization Essay Two of Elizabeth Gaskell’s novelsâ€North and South and Mary Bartonâ€provide a basic understanding into the author’s endeavor at testing the issues encompassing industrialization in Victorian England. Aside from the way that the two books include female characters as heroes, they likewise feature the exemplary battle among rich and poor classes even with a developing modern culture. Without forgetting about the progression of the stories’ plots, Gaskell can consolidate the fundamental parts of industrialization. In North and South, Elizabeth Gaskell expounds on the battles of the urban regular workers in modern England, explicitly in its northern districts, during the nineteenth century as opposed to the ways of life of the individuals who live in the wealthier south. Since the story is appeared from the viewpoint of the courageous woman, Margaret Hale, Gaskell can show the opposite side of the generalizations ascribed to ladies during the nineteenth century. Generally, ladies around then were scarcely ready to confront their own conditions and address them all alone. Margaret Hale, in any case, challenges the thought that ladies to a great extent rely upon men just to live. She at first opposes that conviction by dismissing sentimental proposalsâ€a move that shows how she is in charge of her lifeâ€and shows it at its most noteworthy when she tosses her arms around John Thornton with an end goal to shield him from the irate horde. The last shows that it isn't generally ladies who look for the insurance of men since ladies can likewise secure men even to the detriment of such ladies. As Patsy Stoneman demonstrates in her book Elizabeth Gaskell, â€Å"[Margaret Hale] stands up to the way that men of all classes are represented, in the open circle, by a manly code,† a code that adequately forestalls the trait of delicacy credited to females (Stoneman, p. 86). Margaret’s ability to ensure Thornton doesn't just assimilate the idea that ladies are delicate and ought not be hurt. It additionally presents that womenâ€especially the individuals who are viewed as pariahs to modern territories, for example, Miltonâ€can likewise figure out how to identify with the individuals who are working under neediness. The episode in the story where the laborers were in a negative mark against Thornton, the neighborhood factory proprietor, likewise underlines that an untouchable can identify with the hardships and states of the laborers more than the individuals who are legitimately engaged with the modern framework. Another intriguing part of Gaskell’s topical investigation of industrialization in North and South is the means by which she had the option to rejoin, so to speak, the classes considered as perfect inverses. As Dorice Williams Elliott sees in her article: â€Å"the novel bases its case for women’s intercession between classes on a relationship among marriage and class cooperation† (Elliott, p. 25). The nearness of the pariah, Margaret, in the mechanical town makes it feasible for the marriage between the classes to initiate. Margaret turned into no not exactly an individual who made ready for the better understanding between the rich and poor gap despite the fact that her essence alone didn't totally break down the predominant divergence. Elliott’s perception that Margaret’s intervention prompted class collaboration just reaffirms the possibility that ‘class cooperation† in itself despite everything presumes contrasts between social classes. In Mary Barton, the incongruities between the rich and the poor classes take the state of the account of a dad who tries to shield his little girl from turning into a fallen lady. Like Margaret Hale in North and South, the story rotates around the life and battles of Mary Barton in Victorian England. John Barton, Mary’s father, is a millworker who lost the vast majority of the individuals from his family aside from Mary. One fascinating piece of the story is when John shot Henry Carson, the child of a rich factory proprietor. Being somebody who profoundly questions the riches variations among rich and poorâ€largely in light of the fact that he was â€Å"chairman at numerous a Trade’s Union gathering; a companion of delegates,† somebody who was â€Å"ambitious of being an agent himself† and a â€Å"Chartist† who was â€Å"ready to do anything for his order† (Gaskell, p. 25)â€John’s homicide of Henry represents how the individuals from the poor class some of the time develop edgy. The story is smart as in it consummately subsumes the issues encompassing industrialization in Victorian England into the story of a woman’s mission for adoration. Mary Barton is a great case of how Gaskell successfully expounds on the issues brought about by industrialization in Victorian England without dismissing the story’s plot. In spite of the discussions regarding whether Gaskell’s books truly mirror the genuine idea of the Victorian English society during the beginning of the modern time frame, it ought to be reminded that what her books do is to give an anecdotal record of the issues individuals face when managing individuals from another social class. Susan Morgan composes that â€Å"the standard of probability is a wrong way to deal with Gaskell’s work† (Morgan, p. 44). For instance, â€Å"it may have all around been improbable in Manchester for relations among specialist and manager to discover arrangements through individual friendships† (Morgan, p. 44). Whatever reasons there might be with respect to why Gaskell composed as she did, it is sufficient to take note of that North and South and Mary Barton catch the battles of anecdotal characters even with industrialization. The books might be fiction, best case scenario, yet the situation they suggestsâ€the epic separation among rich and poorâ€remains as genuine today as it once seemed to be. Works Cited Elliott, Dorice Williams. â€Å"The Female Visitor and the Marriage of Classes in Gaskell’s North and South. † Nineteenth-Century Literature 49. 1 (1994): 21-49. Gaskell, Elizabeth Cleghorn. Mary Barton. Ed. Shirley Foster. Oxford: Oxford University Press, 2006. Morgan, Susan. â€Å"Gaskell’s Heroines and the Power of Time. † Pacific Coast Philology 18. 1/2 (1983): 43-51. Stoneman, Patsy. Elizabeth Gaskell. Bloomington: Indiana University Press, 1987.

What patriotism mean to me Essay Example for Free

What enthusiasm intend to me Essay Stacking Older Messages (11) Sunday Antahlia Napier 10/13, 9:08pm Antahlia Napier yea Monday Nate Young Migo Thompson 10/14, 5:01pm Nate Young Migo Thompson Wyd Antahlia Napier 10/14, 5:09pm Antahlia Napier chillen now Nate Young Migo Thompson 10/14, 5:15pm Nate Young Migo Thompson In forest? Antahlia Napier 10/14, 5:15pm Antahlia Napier yea im in da house Nate Young Migo Thompson 10/14, 5:16pm Nate Young Migo Thompson Who Im forest *in Antahlia Napier 10/14, 5:16pm Antahlia Napier particle no im in the HOUSE Nate Young Migo Thompson 10/14, 5:20pm Nate Young Migo Thompson Lol who was out there Antahlia Napier 10/14, 5:26pm Antahlia Napier I dont no I seen jarmed them when I was oming home like and hour back however particle no I dont head outside so idk Nate Young Migo Thompson 10/14, 5:43pm Nate Young Migo Thompson On the off chance that I come out there yhu gone come out lol Antahlia Napier 10/14, 5:43pm Antahlia Napier im fiinna come out there well nvm yea poorly come out Nate Young Migo Thompson 10/14, 5:45pm Nate Young Migo Thompson Where to? Where you gone be? Antahlia Napier 10/14, 5:45pm Antahlia Napier Da pool No one there in any case Nate Young Migo Thompson 10/14, 5:46pm Nate Young Migo Thompson Meet me where we use to be? Antahlia Napier 10/14, 5:48pm Antahlia Napier furthermore, where is tt u dont even be doing nunthing at any rate so what we meeting for? Nate Young Migo Thompson 10/14, 5:50pm Nate Young Migo Thompson Anyway quit worrying about at that point in the event that you dont need to Tuesday Nate Young Migo Thompson 10/15, 5:23pm Nate Young Migo Thompson Yes Today Antahlia Napier 5:03am Antahlia Napier Wessuhhpp? Nate Young Migo Thompson 5:04am Nate Young Migo Thompson Wyd today

The Best and Brightest Business Majors †Class of 2016

The Best and Brightest Business Majors – Class of 2016 by: Jeff Schmitt on December 08, 2015 | 0 Comments Comments 26,758 Views December 8, 2015Best Brightest in the Class of 2016Erica Amatori has always beaten the odds. Born with APD, a disorder where children struggle with processing auditory information, Amatori was told that she might never graduate from high school. But the naysayers could never imagine her steadfast and inventive spirit. By high school, Amatori was already running her own eCommerce site. At the College of William and Mary, she became a nationally-ranked conference champion in cross country. In the process, she launched (and sold) a cloud-based startup, published music on iTunes, and even skydived over Australia’s Great Barrier Reef.   Ohand she earned her school’s highest award – the Anderson Memorial Scholarship – for her academic excellence, campus leadership, and impact in the local community. Come spring, this mark eting and psychology major will earn her degree, with the dream of someday becoming an angel investor.Penn States Katie MaileyAmatori isn’t the only business major to dream big and make a difference. Penn State’s Katie Mailey has  spent the past year overseeing the THON Dance Marathon, the world’s largest student-run philanthropy initiative which last year required 15,000 volunteers and ultimately raised over $13 million dollars to fight childhood cancer. Indiana University’s Ashley Martinez, founded a community service organization that logged over 25,000 volunteer hours when she was in high school – and is still thriving today. And the University of Illinois’ Alison McAuliffe had to miss a few classes so she could open the first Chamber of Commerce in Nicaragua.These are just four stories from PoetsQuants’ new feature on the most decorated business majors from the Class of 2016. This fall, we reached out to the top undergraduate b usiness programs to share those seniors who reflected the best of their school in terms of â€Å"academic performance, extracurricular leadership, personal character, and innate potential.† Based on the students selected by administrators and faculty, the business world can expect a wave of highly gifted, value-driven disruptors to enter their ranks shortly.A CLASS OF VOLUNTEERS, MENTORS, LEADERS†¦AND A HIP HOP ARTISTAs you’d expect, these business majors shine in the classroom, notching scholarships and consistently landing on the respective dean’s lists. Some, like Boston University’s Jose de la Puente, take it a step further by acting as research and teaching assistants for their professors. But it is their involvement on campus that makes them so special. This year’s best-and-brightest are prolific volunteers like USC’s Murali Joshi, the unsung heroes who manage the dirty, dizzying details so others can thrive. They follow the examp le of the University of Illinois’ Monica Chen, who is driven to tutor and mentor her peers. They are trusted ambassadors like the University of California-Berkeley’s Jessica Mersten, who personify the spirit of the school to potential students. Like the University of Wisconsin’s Vanessa Mariscal, they apply classroom lessons by running fund-raising campaigns, clubs, student government, residence halls, and orientations. Or, they journey overseas like SMU’s Sabrina Janski to teach reading over their spring breaks. Indeed, they are praised by faculty and administrators alike for their â€Å"poise,† â€Å"passion,† â€Å"self-awareness,† â€Å"empathy,† and â€Å"warmth.† In practicing servant leadership, they are recognized by their peers as the go-to people on campus.Emorys Brandon WalkerForget the suit-swagging, suitcase-swinging Alex Keaton caricatures of yesteryear. These top business majors defy any easy classificatio n. Penn State’s Malik Elarbi, who’ll be joining Amazon after graduation, writes and produces his own hip hop music that he posts on YouTube. Wake Forest’s Ryan Janvion plays a mean tenor saxophone – and captains his football team. Georgia Tech is represented by Nick Cardamone, a future Google staffer who backpacked solo across eight European nations and trains police officers on urban horseback riding. New York University’s Teri Tan recently walked the runway at New York Fashion Week. USC’s Larissa Purnell plays a ukulele. The University of Virginia’s Ben Cunningham once had Jennifer Lawrence as a camp counselor (archery, anyone?). Notre Dame’s Ethan Muehlstein won a national championship in wool judging in high school. And Carnegie Mellon’s Rachel Fowler once broke a karate studio record for delivering kicks without putting her leg down – as a first grader.And their early business prospects are equally promising. Blake Chasen, a basketball-playing novelist at Carnegie Mellon, has already received $25,000 in seed money for his startup (flagtag) from AlphaLab, a leading accelerator in Pittsburgh. The University of Texas’ Chirag Agrawal has developed a NBA contract exchange to freshen up fantasy sports. At the same time, many of the best-and-brightest business majors have already landed jobs at the most prestigious brands. Emory’s Brandon Walker interned at Morgan Stanley, Goldman Sachs, and Google before choosing the Boston Consulting Group. Thanks to her management consulting work with area grocers and non-profits, Boston College’s Marissa Giannetto landed a position with Deloitte. After graduation, Cornell’s Alex Muchoki will cross the pond to work in Goldman Sachs’ London operation. Looking for brains? Check out Indiana University Jalen Walker, who interned at both NASA and McKinsey (ultimately choosing the latter). And Notre Dame’s Cristina and Ca rolina Gutierrez – yes, twins – will both be joining Bain as associate consultants in Chicago branch after graduation.STUDENTS DRIVEN TO BUSINESS BY DESIRE TO MAKE AN IMPACTGeorgetowns Sarah Renwick LongFor many 2016 graduates, their business degree will be the culmination of a long journey. Some were tempted to become engineers, teachers, writers, actors, or (gasp!) law students. And they would’ve been successful regardless of their major. For some, like Georgetown’s Sarah Long, the decision to major in business came from an epiphany. â€Å"While I loved doing the actual community service work,† she writes, â€Å"I realized that I could do more good through data-driven decision-making and organizational leadership.† For others, such as Ohio State’s Amjed Osman, it was a deeply personal mission. â€Å"I knew I wanted to major in business,† Osman confesses, â€Å"when my father told me that he did not know anything about retire ment and that no one in his family or my mother’s family knew how to invest or manage their own money.† Others developed a taste for business from mowing lawns and selling candy bars as kids. For a few students, like Brigham Young University’s Tanner Stutz, majoring in business became a necessity. â€Å"I fainted while giving blood and thought, â€Å"I guess I can’t study medicine, maybe I will enjoy business.†Beyond these, business also appealed to both these students’ imaginations and idealism. â€Å"Business-related majors combine many of the quantitative and qualitative lessons that are offered in a liberal arts curriculum,† writes Emory’s Walker. â€Å"I also really enjoy learning from and studying with people that recognize opportunity. Most people can do what they are told; I think business-related fields attract people looking to develop the vision to do more than what is expected.† At the same time, it also offe rs a practical outlet, adds Georgetown’s Long. â€Å"Everything I’ve learned is applicable to opportunities I see in the real world. I never struggle with the question, â€Å"So what are you going to do with that?† Page 1 of 3123 »

College Interview Preparation Tips

College applications are in, but the application process isn’t entirely over. Applicants have the opportunity to interview with college alumni as part of the application, but it isn’t required. Most the time, it is dependent on location and availability, so make sure you’re regularly checking your email! Here are some preparation tips if you do get a college interview: 1. Do Your Research Do not go to a college interview unprepared. College interviews alone are not going to get you accepted to your dream school, but it can impact negatively on your application. You need to show the college alumni interviewer that you are interested in the school, and to do so, you need to know the basics of a college: location, student size, curriculum. You don’t want to show up to a Brown interview and tell the interview you need structure to thrive academically. â€Å"Most of my interviews were fairly straight-forward. The interviewers told me that they could not get a student accepted from a school, but they could get a student rejected. Essentially, if you don’t make a fool of yourself in the interview, you will be fine. Look up common interview questions and brainstorm answers to them beforehand. Also, have a really solid answer to the â€Å"Why ____?† question going in. The interviewer wants to see that you aren’t applying to the school randomly or without any knowledge of it.† Simon54, Amherst College Class of 2019 2. Practice Interviews Conduct a few practice interviews with your teachers, or school counselor. You don’t need to memorize your answers, because you don’t want to sound rehearsed. The point of these practice interviews is to get you comfortable with an interview setting, so you know what to expect. 3. Checkout the location Once you and the interviewer have decided on a location, make sure you go check it out if you’re unfamiliar with it. Are there a lot of distractions? Is it loud? How cold is it? These are minor details that you should know to make yourself as comfortable as possible. What’s most important is you know how long it takes to get there, so you can schedule in travel time. 4. Build a list of questions The college interview is the best opportunity for you to learn more about the school you applied to. As much as the interview is for the school to get to know you as an applicant, it is also for you to find out if the school is for you. The alumni interviewer can share more about the campus culture and alumni network that you’ll access as to as a student. â€Å"I began to regret applying to Princeton after my interview. My interviewer was kind of a jerk, he came late and then, after hearing about my interests he was completely fixated on talking about my post-college plans. After I mentioned I was interested in Rabbinical school, he told me that I â€Å"don’t need to go to Princeton†. And after talking to him, I certainly didn’t want to!† Katherine2020, Brown University Class of 2020 5. Arrive Early First impressions matter, so don’t be tardy! More importantly, getting there early will give you time to relax and settle into the environment. Most college interviews are in casual settings, so there’s no need to be nervous. If your nerves normally get the best of you, give yourself some time. 6. Say Thank You Always remember to follow up after your interview and say thank you. Jot down some notes from the interview that were particularly interesting to you, whether it’s about the school or the interviewer. Mention it in your thank you email, tell them you appreciate them taking the time to interview you and re-iterate your interest in attending their alma mater. If you want more college interview tips, check out more college student advice on the topic! Our College Admits share the questions they were asked, how they did, and their acceptance results at each of those schools.

College Interview Preparation Tips

College applications are in, but the application process isn’t entirely over. Applicants have the opportunity to interview with college alumni as part of the application, but it isn’t required. Most the time, it is dependent on location and availability, so make sure you’re regularly checking your email! Here are some preparation tips if you do get a college interview: 1. Do Your Research Do not go to a college interview unprepared. College interviews alone are not going to get you accepted to your dream school, but it can impact negatively on your application. You need to show the college alumni interviewer that you are interested in the school, and to do so, you need to know the basics of a college: location, student size, curriculum. You don’t want to show up to a Brown interview and tell the interview you need structure to thrive academically. â€Å"Most of my interviews were fairly straight-forward. The interviewers told me that they could not get a student accepted from a school, but they could get a student rejected. Essentially, if you don’t make a fool of yourself in the interview, you will be fine. Look up common interview questions and brainstorm answers to them beforehand. Also, have a really solid answer to the â€Å"Why ____?† question going in. The interviewer wants to see that you aren’t applying to the school randomly or without any knowledge of it.† Simon54, Amherst College Class of 2019 2. Practice Interviews Conduct a few practice interviews with your teachers, or school counselor. You don’t need to memorize your answers, because you don’t want to sound rehearsed. The point of these practice interviews is to get you comfortable with an interview setting, so you know what to expect. 3. Checkout the location Once you and the interviewer have decided on a location, make sure you go check it out if you’re unfamiliar with it. Are there a lot of distractions? Is it loud? How cold is it? These are minor details that you should know to make yourself as comfortable as possible. What’s most important is you know how long it takes to get there, so you can schedule in travel time. 4. Build a list of questions The college interview is the best opportunity for you to learn more about the school you applied to. As much as the interview is for the school to get to know you as an applicant, it is also for you to find out if the school is for you. The alumni interviewer can share more about the campus culture and alumni network that you’ll access as to as a student. â€Å"I began to regret applying to Princeton after my interview. My interviewer was kind of a jerk, he came late and then, after hearing about my interests he was completely fixated on talking about my post-college plans. After I mentioned I was interested in Rabbinical school, he told me that I â€Å"don’t need to go to Princeton†. And after talking to him, I certainly didn’t want to!† Katherine2020, Brown University Class of 2020 5. Arrive Early First impressions matter, so don’t be tardy! More importantly, getting there early will give you time to relax and settle into the environment. Most college interviews are in casual settings, so there’s no need to be nervous. If your nerves normally get the best of you, give yourself some time. 6. Say Thank You Always remember to follow up after your interview and say thank you. Jot down some notes from the interview that were particularly interesting to you, whether it’s about the school or the interviewer. Mention it in your thank you email, tell them you appreciate them taking the time to interview you and re-iterate your interest in attending their alma mater. If you want more college interview tips, check out more college student advice on the topic! Our College Admits share the questions they were asked, how they did, and their acceptance results at each of those schools.

College Interview Preparation Tips

College applications are in, but the application process isn’t entirely over. Applicants have the opportunity to interview with college alumni as part of the application, but it isn’t required. Most the time, it is dependent on location and availability, so make sure you’re regularly checking your email! Here are some preparation tips if you do get a college interview: 1. Do Your Research Do not go to a college interview unprepared. College interviews alone are not going to get you accepted to your dream school, but it can impact negatively on your application. You need to show the college alumni interviewer that you are interested in the school, and to do so, you need to know the basics of a college: location, student size, curriculum. You don’t want to show up to a Brown interview and tell the interview you need structure to thrive academically. â€Å"Most of my interviews were fairly straight-forward. The interviewers told me that they could not get a student accepted from a school, but they could get a student rejected. Essentially, if you don’t make a fool of yourself in the interview, you will be fine. Look up common interview questions and brainstorm answers to them beforehand. Also, have a really solid answer to the â€Å"Why ____?† question going in. The interviewer wants to see that you aren’t applying to the school randomly or without any knowledge of it.† Simon54, Amherst College Class of 2019 2. Practice Interviews Conduct a few practice interviews with your teachers, or school counselor. You don’t need to memorize your answers, because you don’t want to sound rehearsed. The point of these practice interviews is to get you comfortable with an interview setting, so you know what to expect. 3. Checkout the location Once you and the interviewer have decided on a location, make sure you go check it out if you’re unfamiliar with it. Are there a lot of distractions? Is it loud? How cold is it? These are minor details that you should know to make yourself as comfortable as possible. What’s most important is you know how long it takes to get there, so you can schedule in travel time. 4. Build a list of questions The college interview is the best opportunity for you to learn more about the school you applied to. As much as the interview is for the school to get to know you as an applicant, it is also for you to find out if the school is for you. The alumni interviewer can share more about the campus culture and alumni network that you’ll access as to as a student. â€Å"I began to regret applying to Princeton after my interview. My interviewer was kind of a jerk, he came late and then, after hearing about my interests he was completely fixated on talking about my post-college plans. After I mentioned I was interested in Rabbinical school, he told me that I â€Å"don’t need to go to Princeton†. And after talking to him, I certainly didn’t want to!† Katherine2020, Brown University Class of 2020 5. Arrive Early First impressions matter, so don’t be tardy! More importantly, getting there early will give you time to relax and settle into the environment. Most college interviews are in casual settings, so there’s no need to be nervous. If your nerves normally get the best of you, give yourself some time. 6. Say Thank You Always remember to follow up after your interview and say thank you. Jot down some notes from the interview that were particularly interesting to you, whether it’s about the school or the interviewer. Mention it in your thank you email, tell them you appreciate them taking the time to interview you and re-iterate your interest in attending their alma mater. If you want more college interview tips, check out more college student advice on the topic! Our College Admits share the questions they were asked, how they did, and their acceptance results at each of those schools.

College Interview Preparation Tips

College applications are in, but the application process isn’t entirely over. Applicants have the opportunity to interview with college alumni as part of the application, but it isn’t required. Most the time, it is dependent on location and availability, so make sure you’re regularly checking your email! Here are some preparation tips if you do get a college interview: 1. Do Your Research Do not go to a college interview unprepared. College interviews alone are not going to get you accepted to your dream school, but it can impact negatively on your application. You need to show the college alumni interviewer that you are interested in the school, and to do so, you need to know the basics of a college: location, student size, curriculum. You don’t want to show up to a Brown interview and tell the interview you need structure to thrive academically. â€Å"Most of my interviews were fairly straight-forward. The interviewers told me that they could not get a student accepted from a school, but they could get a student rejected. Essentially, if you don’t make a fool of yourself in the interview, you will be fine. Look up common interview questions and brainstorm answers to them beforehand. Also, have a really solid answer to the â€Å"Why ____?† question going in. The interviewer wants to see that you aren’t applying to the school randomly or without any knowledge of it.† Simon54, Amherst College Class of 2019 2. Practice Interviews Conduct a few practice interviews with your teachers, or school counselor. You don’t need to memorize your answers, because you don’t want to sound rehearsed. The point of these practice interviews is to get you comfortable with an interview setting, so you know what to expect. 3. Checkout the location Once you and the interviewer have decided on a location, make sure you go check it out if you’re unfamiliar with it. Are there a lot of distractions? Is it loud? How cold is it? These are minor details that you should know to make yourself as comfortable as possible. What’s most important is you know how long it takes to get there, so you can schedule in travel time. 4. Build a list of questions The college interview is the best opportunity for you to learn more about the school you applied to. As much as the interview is for the school to get to know you as an applicant, it is also for you to find out if the school is for you. The alumni interviewer can share more about the campus culture and alumni network that you’ll access as to as a student. â€Å"I began to regret applying to Princeton after my interview. My interviewer was kind of a jerk, he came late and then, after hearing about my interests he was completely fixated on talking about my post-college plans. After I mentioned I was interested in Rabbinical school, he told me that I â€Å"don’t need to go to Princeton†. And after talking to him, I certainly didn’t want to!† Katherine2020, Brown University Class of 2020 5. Arrive Early First impressions matter, so don’t be tardy! More importantly, getting there early will give you time to relax and settle into the environment. Most college interviews are in casual settings, so there’s no need to be nervous. If your nerves normally get the best of you, give yourself some time. 6. Say Thank You Always remember to follow up after your interview and say thank you. Jot down some notes from the interview that were particularly interesting to you, whether it’s about the school or the interviewer. Mention it in your thank you email, tell them you appreciate them taking the time to interview you and re-iterate your interest in attending their alma mater. If you want more college interview tips, check out more college student advice on the topic! Our College Admits share the questions they were asked, how they did, and their acceptance results at each of those schools.

College Interview Preparation Tips

College applications are in, but the application process isn’t entirely over. Applicants have the opportunity to interview with college alumni as part of the application, but it isn’t required. Most the time, it is dependent on location and availability, so make sure you’re regularly checking your email! Here are some preparation tips if you do get a college interview: 1. Do Your Research Do not go to a college interview unprepared. College interviews alone are not going to get you accepted to your dream school, but it can impact negatively on your application. You need to show the college alumni interviewer that you are interested in the school, and to do so, you need to know the basics of a college: location, student size, curriculum. You don’t want to show up to a Brown interview and tell the interview you need structure to thrive academically. â€Å"Most of my interviews were fairly straight-forward. The interviewers told me that they could not get a student accepted from a school, but they could get a student rejected. Essentially, if you don’t make a fool of yourself in the interview, you will be fine. Look up common interview questions and brainstorm answers to them beforehand. Also, have a really solid answer to the â€Å"Why ____?† question going in. The interviewer wants to see that you aren’t applying to the school randomly or without any knowledge of it.† Simon54, Amherst College Class of 2019 2. Practice Interviews Conduct a few practice interviews with your teachers, or school counselor. You don’t need to memorize your answers, because you don’t want to sound rehearsed. The point of these practice interviews is to get you comfortable with an interview setting, so you know what to expect. 3. Checkout the location Once you and the interviewer have decided on a location, make sure you go check it out if you’re unfamiliar with it. Are there a lot of distractions? Is it loud? How cold is it? These are minor details that you should know to make yourself as comfortable as possible. What’s most important is you know how long it takes to get there, so you can schedule in travel time. 4. Build a list of questions The college interview is the best opportunity for you to learn more about the school you applied to. As much as the interview is for the school to get to know you as an applicant, it is also for you to find out if the school is for you. The alumni interviewer can share more about the campus culture and alumni network that you’ll access as to as a student. â€Å"I began to regret applying to Princeton after my interview. My interviewer was kind of a jerk, he came late and then, after hearing about my interests he was completely fixated on talking about my post-college plans. After I mentioned I was interested in Rabbinical school, he told me that I â€Å"don’t need to go to Princeton†. And after talking to him, I certainly didn’t want to!† Katherine2020, Brown University Class of 2020 5. Arrive Early First impressions matter, so don’t be tardy! More importantly, getting there early will give you time to relax and settle into the environment. Most college interviews are in casual settings, so there’s no need to be nervous. If your nerves normally get the best of you, give yourself some time. 6. Say Thank You Always remember to follow up after your interview and say thank you. Jot down some notes from the interview that were particularly interesting to you, whether it’s about the school or the interviewer. Mention it in your thank you email, tell them you appreciate them taking the time to interview you and re-iterate your interest in attending their alma mater. If you want more college interview tips, check out more college student advice on the topic! Our College Admits share the questions they were asked, how they did, and their acceptance results at each of those schools.

College Interview Preparation Tips

College applications are in, but the application process isn’t entirely over. Applicants have the opportunity to interview with college alumni as part of the application, but it isn’t required. Most the time, it is dependent on location and availability, so make sure you’re regularly checking your email! Here are some preparation tips if you do get a college interview: 1. Do Your Research Do not go to a college interview unprepared. College interviews alone are not going to get you accepted to your dream school, but it can impact negatively on your application. You need to show the college alumni interviewer that you are interested in the school, and to do so, you need to know the basics of a college: location, student size, curriculum. You don’t want to show up to a Brown interview and tell the interview you need structure to thrive academically. â€Å"Most of my interviews were fairly straight-forward. The interviewers told me that they could not get a student accepted from a school, but they could get a student rejected. Essentially, if you don’t make a fool of yourself in the interview, you will be fine. Look up common interview questions and brainstorm answers to them beforehand. Also, have a really solid answer to the â€Å"Why ____?† question going in. The interviewer wants to see that you aren’t applying to the school randomly or without any knowledge of it.† Simon54, Amherst College Class of 2019 2. Practice Interviews Conduct a few practice interviews with your teachers, or school counselor. You don’t need to memorize your answers, because you don’t want to sound rehearsed. The point of these practice interviews is to get you comfortable with an interview setting, so you know what to expect. 3. Checkout the location Once you and the interviewer have decided on a location, make sure you go check it out if you’re unfamiliar with it. Are there a lot of distractions? Is it loud? How cold is it? These are minor details that you should know to make yourself as comfortable as possible. What’s most important is you know how long it takes to get there, so you can schedule in travel time. 4. Build a list of questions The college interview is the best opportunity for you to learn more about the school you applied to. As much as the interview is for the school to get to know you as an applicant, it is also for you to find out if the school is for you. The alumni interviewer can share more about the campus culture and alumni network that you’ll access as to as a student. â€Å"I began to regret applying to Princeton after my interview. My interviewer was kind of a jerk, he came late and then, after hearing about my interests he was completely fixated on talking about my post-college plans. After I mentioned I was interested in Rabbinical school, he told me that I â€Å"don’t need to go to Princeton†. And after talking to him, I certainly didn’t want to!† Katherine2020, Brown University Class of 2020 5. Arrive Early First impressions matter, so don’t be tardy! More importantly, getting there early will give you time to relax and settle into the environment. Most college interviews are in casual settings, so there’s no need to be nervous. If your nerves normally get the best of you, give yourself some time. 6. Say Thank You Always remember to follow up after your interview and say thank you. Jot down some notes from the interview that were particularly interesting to you, whether it’s about the school or the interviewer. Mention it in your thank you email, tell them you appreciate them taking the time to interview you and re-iterate your interest in attending their alma mater. If you want more college interview tips, check out more college student advice on the topic! Our College Admits share the questions they were asked, how they did, and their acceptance results at each of those schools.

College Interview Preparation Tips

College applications are in, but the application process isn’t entirely over. Applicants have the opportunity to interview with college alumni as part of the application, but it isn’t required. Most the time, it is dependent on location and availability, so make sure you’re regularly checking your email! Here are some preparation tips if you do get a college interview: 1. Do Your Research Do not go to a college interview unprepared. College interviews alone are not going to get you accepted to your dream school, but it can impact negatively on your application. You need to show the college alumni interviewer that you are interested in the school, and to do so, you need to know the basics of a college: location, student size, curriculum. You don’t want to show up to a Brown interview and tell the interview you need structure to thrive academically. â€Å"Most of my interviews were fairly straight-forward. The interviewers told me that they could not get a student accepted from a school, but they could get a student rejected. Essentially, if you don’t make a fool of yourself in the interview, you will be fine. Look up common interview questions and brainstorm answers to them beforehand. Also, have a really solid answer to the â€Å"Why ____?† question going in. The interviewer wants to see that you aren’t applying to the school randomly or without any knowledge of it.† Simon54, Amherst College Class of 2019 2. Practice Interviews Conduct a few practice interviews with your teachers, or school counselor. You don’t need to memorize your answers, because you don’t want to sound rehearsed. The point of these practice interviews is to get you comfortable with an interview setting, so you know what to expect. 3. Checkout the location Once you and the interviewer have decided on a location, make sure you go check it out if you’re unfamiliar with it. Are there a lot of distractions? Is it loud? How cold is it? These are minor details that you should know to make yourself as comfortable as possible. What’s most important is you know how long it takes to get there, so you can schedule in travel time. 4. Build a list of questions The college interview is the best opportunity for you to learn more about the school you applied to. As much as the interview is for the school to get to know you as an applicant, it is also for you to find out if the school is for you. The alumni interviewer can share more about the campus culture and alumni network that you’ll access as to as a student. â€Å"I began to regret applying to Princeton after my interview. My interviewer was kind of a jerk, he came late and then, after hearing about my interests he was completely fixated on talking about my post-college plans. After I mentioned I was interested in Rabbinical school, he told me that I â€Å"don’t need to go to Princeton†. And after talking to him, I certainly didn’t want to!† Katherine2020, Brown University Class of 2020 5. Arrive Early First impressions matter, so don’t be tardy! More importantly, getting there early will give you time to relax and settle into the environment. Most college interviews are in casual settings, so there’s no need to be nervous. If your nerves normally get the best of you, give yourself some time. 6. Say Thank You Always remember to follow up after your interview and say thank you. Jot down some notes from the interview that were particularly interesting to you, whether it’s about the school or the interviewer. Mention it in your thank you email, tell them you appreciate them taking the time to interview you and re-iterate your interest in attending their alma mater. If you want more college interview tips, check out more college student advice on the topic! Our College Admits share the questions they were asked, how they did, and their acceptance results at each of those schools.

Behavior Around Earnings Announcement Events For Emerging Markets - Free Essay Example

Sample details Pages: 17 Words: 5216 Downloads: 9 Date added: 2017/06/26 Category Statistics Essay Did you like this example? 1. INTRODUCTION 1.1 Background of Research Question Stock prices show a tendency to behave in a manner not consistent with what current finance theory proposes or expects. This gap may be the result of flawed assumptions presently used as a basis in existing theory. Don’t waste time! Our writers will create an original "Behavior Around Earnings Announcement Events For Emerging Markets" essay for you Create order Conventional modern finance theory rests on the assumption of investor rationality. Efficient market hypothesis (EMH), representing an integral part of conventional finance theory, further assumes security prices reflect (to varying degrees) all available information as processed by rational investors. Modern portfolio theory (MPT) suggests[1], a stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s price represents the present value of future expected cash flows and therefore, is dependant on investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s expectations of estimated forecasts of earnings growth rates into the future. Actual short-term stock price behavior indicates anomalies and significant divergences of prices away from fundamental intrinsic values, long-term averages, or expectations as implied by MPT. Behavior finance takes the approach of understanding these price anomalies through a study of cognitive and emotional biases. This thesis investigates the possibility of investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s making mistakes (through irratio nal behavior) in their forward expectations of future corporate cash flows, resulting in short-term overreaction to earnings information releases due to influence of representative bias (a cognitive bias). This proposal attempts to examine the existence, relationship and, impact of overreaction as a determinant of securities price behavior in emerging markets of Far East. The aim of this study is to discover representative bias, a tendency of investors to overweigh most recent information in making future forecasts, as one possible cause leading to overreaction in securities prices. This thesis tests investor responses to corporate earnings announcements, specifically surprises, to determine overreaction behavior and to identify representative bias as the cause of such overreaction. The results may contribute, by offering a missing piece of the puzzle, of understanding stock price behavior (towards the search for a unified theory), into existing research work for behavior finance. In addition, a better understanding of what drives stock prices would be a highly useful forecasting and policy tool for participants concerned with asset pricing. 1.2 Motivation for Research The field of behavior finance focuses on the question; what drives investor behavior?. It is divided into two main groups. Cognitive and emotional biases, which are further sub-divided into two sub-groups, individual and collective biases. Behavior finance has been seeking to discover the causes of investor irrationality within the investment decision-making framework. Significant empirical and theoretical studies have been conducted, which suggest cognitive and emotional biases affect investor rationality. Indeed, the field of behavior finance directly challenges the conventional finance framework, which uses within its paradigm the assumption that investors are rational decision makers, and securities prices reflect all available information (EMH[4]. According to Fung (2006), it seems clear that EMH and CAPM[5](pillars of the current financial theory), despite mounting evidence against their validity, remain widely in use. One reason for this is the fact that these models cannot be empirically falsified due to their dependence on layers of assumptions, which support each other. The other reason is a lack of an alternative asset-pricing model taking cognitive biases into consideration, which does not exist so far. Behavior finance offers just such an alternative, and after observing price anomalies as a trader in the financial markets, I have become interested in pursuing empirical work in this direction to understand and discover a better way to price financial assets. Furthermore, only limited research exists for capital markets covered by this thesis namely Malaysia, Thailand, and Singapore, despite the fact these markets have outperformed western markets recently and continue to offer potential for future growth. 1.3 Statement of Problem This thesis focuses on the following problem: à ¢Ã¢â€š ¬Ã…“What is the relationship between representative bias and overreaction, as it relates to individual as well as a series of earnings surprise announcements, on investor behavior in the stock markets of Far East?[6]à ¢Ã¢â€š ¬? 1.4 Research Questions Objectives This proposal consists of three components. First, the study aims to discover existence of investor overreaction (derived and tested from stock price behavior) in the stock markets of Malaysia, Thailand, and Singapore based on overreaction hypothesis (ORH) as proposed by Thaler (1985). Thereafter, the second objective of this thesis is to test for overreaction in response to corporate earnings surprises (positive and negative). Third and last objective of the study is to determine if representative bias (cognitive bias) is a source of this investor irrationality, in response to earnings surprises, as demonstrated through price behavior in the respective stock markets. In other words, to contribute an answer to the key question behavior finance is seeking; what drives investor behavior in the stock markets?, this study tests emerging stock markets of far east for investor overreaction. Subsequently, this thesis focuses on representative bias as one cognitive attribute of investor behavior, which may cause overreaction to occur. Following are some of the research questions this study will attempt to answer. Research Questions: This study attempts to answer the following research questions: Research Question 1: Does investor overreaction exist in emerging stock markets? Research Question 2: Do investors overreact to positive earnings surprises? Research Question 3: Do investors overreact to negative earnings surprises? Research Question 4: Is representative bias present during investor overreaction to earnings surprises? Research Question 5: Does representative bias cause investor overreaction when earnings surprises are positive? Research Question 6: Does representative bias cause investor overreaction when earnings surprises are negative? Research Question 7: What is the relationship between representative bias and overreaction as it relates to a series of earnings surprise announcements, both positive and negative? 1.5 Research Significance The motivation behind this research is to contribute a better understanding of determinants of stock pricing in the context of investor decision making. The results of this study will be useful in furthering current empirical research on cognitive biases affecting stock price behavior, specifically investor overreaction and representative heuristic, (as it relates to earnings surprises), as well as provide useful understanding for investment decision making, forecasting, and policy making for financial market participants in the asset management field. In addition, contribution towards a piece of the stock-pricing puzzle, as well as further research questions may also be discovered. 2. LITERATURE REVIEW 2.1 Cognitive Biases Overreaction Hypothesis (ORH) Behavior finance seeks to understand effects of psychology on financial behavior. However, a unified model, which can replace the conventional mainstream models such as the efficient market hypothesis and CAPM (capital asset pricing model), has yet to be discovered, Fung (2006). Keynes (1973, original publication 1936) wrote in his General Theory: à ¢Ã¢â€š ¬Ã…“ Day-to-day fluctuations in the profits of existing investments tend to have an altogether excessive, and even absurd, influence on the marketà ¢Ã¢â€š ¬? (1973, pp. 153-154). This became the starting point for a study on overreaction by De Bondt and Thaler (Fung 2006, p.29). Keynes remark infact implied the possibility of systematic mispricing of securities by investors. Indeed, this argument led to directly challenging the efficient market hypothesis, a mainstream concept used for financial asset pricing invented by Fama (1970). Fama created an empirically testable model to price securities based on this concept called the à ¢Ã¢â€š ¬Ã…“fair gameà ¢Ã¢â€š ¬? which implied the notion that markets cannot have expected returns in excess of equilibrium expected returns (ibid., p.385). This particular notion is questioned in De Bondt and Thalerà ¢Ã¢â€š ¬Ã¢â€ž ¢s, 1985 paper, proposing instead the stock market overreaction hypothesis (ORH). They suggest, stock prices fluctuate from their intrinsic values (PV of expected future cash flows of the firm) due to optimism and pessimism prevailing amongst investors. In addition, De Bondt and Thaler (1985) suggeste d two other hypotheses: 1. à ¢Ã¢â€š ¬Ã…“Extreme movements in stock prices will be followed by subsequent price movements in the opposite directionà ¢Ã¢â€š ¬? 2. à ¢Ã¢â€š ¬Ã…“The more extreme the initial price movement, the greater will be the subsequent adjustment. Both hypotheses imply a violation of weak form market efficiencyà ¢Ã¢â€š ¬? (1985 p.795). In other words, their hypothesis suggested the existence of the possibility of earning excess returns above equilibrium returns. This may be accomplished by investing in stocks, which have performed poorly relative to the average (a new contrarian strategy). In addition to casting a doubt on the EMH, De Bondt and Thalerà ¢Ã¢â€š ¬Ã¢â€ž ¢s paper (1985) also brought into question the validity of the CAPM (Fung, 2006). According to CAPM, an assets return is a function of the asset risk premium and the risk free rate. In other words, higher the systematic risk (Beta) of an asset, higher the assets return (represented by a linear relationship between risk and return). However, the findings of De Bondt and Thaler discovered low Beta (low systematic risk) portfolios (L) generating higher returns and high beta portfolios (W) producing low returns. This result contradicts the basic risk-return relationship as proposed by CAPM. Fama and French in their 1992 paper were the first to confirm this CAPM contradiction through empirical study based on discovering the (positive) relationship between size and beta. They suggested CAPM did not fully measure and adjust for the higher risk of smaller(size) firms. In summary, empirical research has discovered that consistent anomalies exist between risk-return relationship as proposed by the widely used EMH and CAPM (the traditional financial theory paradigm). However, no comprehensive theory exists to explain why some stocks do better than others. Lakonishok et al. (1994) confirm in their paper that value stocks outperform glamour stocks. Thereby they suggest cognitive bias as a possible explanation for this anomaly. à ¢Ã¢â€š ¬Ã…“Putting excessive weight on recent past history, as opposed to a rational prior, is a common judgment error in psychological experiments and not just in the stock marketà ¢Ã¢â€š ¬? (ibid., p.1575). It seems clear that EMH and CAPM (pillars of the current financial theory), despite mounting evidence against their validity, remain widely in use. Behavior finance seems to offer an alternative to the current financial theory, and therefore it is imperative to pursue empirical work in this direction in order to understand and discover a better way to price financial assets. 2.2 Investor Overreaction Earnings Surprises Research in Behavior Finance has taken different approaches to discovering cognitive biases and their impact on asset pricing. Odean (1998) and Daniel, Hirshleifer and Subrahmanyam (1998) focused on overconfidence, while Hong and Stein (1999) investigated mispricing by positive feedback trading. De Bondt and Thaler (1985) have empirically investigated overreaction, and concluded investors overreact to information. Their research focused on NYSE stocks and cumulative returns for three years (event window). They concluded specifically that stocks with previous abnormally low returns performed better than those with previous abnormally high returns. This return reversal indicated investor reaction to be over-weighted in response to information, which was later corrected in prices over the longer term. The overreaction anomaly has been empirically established in finance through multiple studies. Kaestner (2006) points out that Poteshman (2001) tests overreaction in the options market; Cutler, Poterba, and Summers (1991) for gold market; Chui, Titman and Wei, (2000) and Bhojraj and Swaminathan (2001) for international stock markets. In addition Chopra, Lakonishok, and Riter (1992) as well as De Bondt and Thaler (1987) have confirmed overreaction in stock markets. The main gap, which remains in empirical research, is establishing the determinant or driver of overreaction (Kaestner 2006, pp.3). This particular cognitive bias has recently been tested as a driver of overreaction in a few markets only. Kaestner (2006) further points out that Poteshman (2001) has researched for representative bias and overreaction in the options markets through investor responses to changes in variance of the underlying asset. De Bondt and Thaler, (1985 and 1987), Chopra, Lakonishok, and Ritter, (1992) look at representative bias as the potential driver of overreaction basing their studies on current earnings, forecasted changes in earnings and past performance without directly testing for it. Kaestner (2006) directly tests for this link between representative bias and overreaction for NYSE stocks related to earnings surprises. 2.3 The Representative Heuristic Representative heuristic belongs to the family of cognitive biases within the field of behavior finance. Tversky and Kahneman (1974) suggest this bias may affect an investorà ¢Ã¢â€š ¬Ã¢â€ž ¢s decision-making framework by causing the investor to over weight most recent fundamental information regarding a stock while making estimations of future earnings forecasts. Because of representative bias, investors may over/under estimate a stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s intrinsic value[7]resulting in subsequent anomalous security price behavior. According to Tversky and Kahneman (1974), representative bias involves estimating: à ¢Ã¢â€š ¬Ã…“ the probability of an uncertain event, or a sample, by the degree to which it is similar in its essential properties to the parentsà ¢Ã¢â€š ¬Ã¢â€ž ¢ populationà ¢Ã¢â€š ¬? (ibid.). In other words, investors place too much weight on recent small sample datasets (law of small numbers) when projecting future cash flows for a stock. Kaestner (2006) suggests that when a series of such recent earnings data (in the same direction) is presented to the investor, this series is interpreted as a pattern and thereby becomes the basis for future projections of a stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s performance. Such projection thus leads to over/under estimation of future projected probability distributions of expected price performance. Kaestner (2006) argues that if representative bias affects investors then evidence of two related phenomenon would be present. à ¢Ã¢â€š ¬Ã…“First, statistical results would indicate a marketà ¢Ã¢â€š ¬Ã¢â€ž ¢s overreaction to some disclosed information. Second, the overreaction will be increasing in the extent to which the series of similar information is longà ¢Ã¢â€š ¬? (ibid., pp.10). Although De Bondt and Thaler (1987 and 1990) only tested for overreaction in their paper, they do mention the representative bias as a possible reason. Poteshman (2001) tests for representative bias and relates it to overreaction in the options markets. However, Kaestner (2006) for the first time directly tests the representative heuristic and links it to overreaction in the U.S. stock markets. 3. METHODOLOGY 3.1 Methodology Overview The literature has identified a variety of research methodologies, used to test for cognitive biases. This proposal extends the methodology of testing for overreaction used by De Bondt and Thaler (1985) for U.S markets, to Asian markets. Subsequently, the main focus of this study, à ¢Ã¢â€š ¬Ã…“representative biasà ¢Ã¢â€š ¬? as a driver of investor overreaction in response to earnings surprises is tested based on Kaestnerà ¢Ã¢â€š ¬Ã¢â€ž ¢s paper (2006) which also only explored the US stock markets. De Bondt and Thaler (1985) tested the overreaction hypothesis by constructing winner(W) and loser (L) portfolios of NYSE stocks. These were selected based on past three yearà ¢Ã¢â€š ¬Ã¢â€ž ¢s residual stock performance, which was, defined as monthly returns minus monthly market returns. The hypothesis test was run for the period January 1926 through December 1982. Positive results constituted the (W) and negative results the (L) portfolios. The two residual return results of prior and post three-year event periods (total of six years) were tested using the cumulative residual returns (CRS), a sum of the post formation monthly residual returns over three years. CRS was calculated for all sets of portfolios from 1930-1982 and each portfolioà ¢Ã¢â€š ¬Ã¢â€ž ¢s component residual returns were averaged to determine the cumulative average residual returns (CARS). Average of the CARS was calculated as the next step for all (L) and (W) sets of portfolios. CAPM was used in determining the ma rket portfolio return. Overreaction hypothesis suggested that (L) portfolios would perform better than market and vice versa. Results supported the hypothesis. This finding directly challenged the EMH implicit assumption that arbitrage gaps are filled rapidly by rational investors, since markets find an equilibrium price where excess returns are not possible and occur only as a result of luck. In essence, De Bondt and Thaler (1985) discovered the possibility of earning better than market returns. 3.2 Sample Data Characteristics Data for stocks will be acquired for Malaysia, Thailand, and Singapore stock exchanges directly, and/or from other information providers for the period 1990-2008. A total of eighteen years will cover three event windows and two economic cycles. This would also include the 1990 U.S. recession, 1997 Asian crises, and current 2008 global market fallout data. Daily stock prices in the form of open, high, low, and close would be used to determine daily returns and same data set would be required for the market index to get a proxy for market returns. In addition, quarterly EPS (earnings per share), earnings announcements by the company, and earnings consensus estimates of analysts would be gathered. For time line analysis, EPS estimates and actual EPS values will need to be obtained for preceding 4 quarters. To adjust for size, company capitalization data (shares x stock price) will be recorded at the beginning of each year in the sample set through the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s financia l statements. In addition, Beta estimates for all companies would also be required for the sample period. Most of this data is available in digital form through research sources including online internet subscriptions and the stock exchange itself. Stock selection criteria are detailed in the following sections. 3.3 Dependant and Independent Variables Dependant variable is the excess return derived as the difference between stock raw daily return and market daily return as an indicator of investor reaction. Independent variable is the data of actual earnings surprises in relation to analystà ¢Ã¢â€š ¬Ã¢â€ž ¢s estimates. 3.4 Overreaction Test Overreaction will be tested using sort-ranking procedure, as used by De Bondt and Thaler (1985) and repeated by Kaestner (2006) based on past stock return performance. Stocks will be ranked according to their past performance over three year event windows as a proxy for prior information and will be included into portfolios based on this performance. Post-formation performance will be assessed to test the ORH. 3.5 Portfolio Construction Portfolios of best performing (W) and worst performing (L) stocks will be constructed using past performance as a criteria. Each stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s historical monthly closing prices will be used to determine past performance over three-year event windows. The monthly return (Rist ) for stock i, based on its monthly closing stock price minus the monthly market return (Rmt ) derived from the closing market index price (for the same period) will generate the excess return (ARiet ) for stock i. ARiet = Rist Rmt This excess return (ARiet) will be defined as a performance measure for stock i, at time t, where the à ¢Ã¢â€š ¬Ã…“eà ¢Ã¢â€š ¬? represents excess and à ¢Ã¢â€š ¬Ã…“sà ¢Ã¢â€š ¬? represents stock specific return. Positive excess return (+ARiet) stocks would indicate best performers (W) while negative excess return (-ARiet) stocks would become part of the worst performers (L). The next step will calculate the cumulative excess (abnormal return denoted by AR) returns (CARi(p,q)) by summing the monthly returns for the 36 month formation event window for all stocks. q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet t=p p = time at beginning of event window (t=0) q = time at end of event window (t=3 yrs) Thereafter, stocks will be ranked from high to low, based on their cumulative excess returns of previous three years (formation period), and subsequently be added to either the best performers (W) portfolio or the worst performers (L) portfolio. To provide for progressive multiple tests, this portfolio formation process will be repeated for all non-overlapping event windows covering the entire test period with new portfolios formed every 3 years to be tested against their performance in the post-formation 3-year periods. Overreaction hypothesis suggests that (L) stocks should perform better than the market in the subsequent three-year post-formation event window as compared with the previous three years, whereas the reverse should be true for (W) stocks. This implies (L) stocks should have positive excess returns (+ARiet) while (W) stocks should generate negative excess returns (-ARiet) in the post event three-year period. A total of six years data will be required for the stocks und er consideration. For the market return (Rmt), an equally weighted monthly arithmetic average of stock returns in the sample will be used as proxy for market return (De Bondt and Thaler 1985). For each (W) and (L) portfolio, cumulative excess return (CARi(p,q)) for three-year post-formation event window will be calculated and repeated for all sets of portfolios. Finally, a mean of all member stock CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s in each portfolio will be computed and referred to as MCARi(p,t). Thus, two MCARi(p,t)à ¢Ã¢â€š ¬Ã¢â€ž ¢s will be obtained for each of these portfolios during the formation period of 36 months, and this will be repeated for all progressive portfolios over different event windows of the entire test period. In summary, CARi(p,q) and MCARi(p,t) will be calculated for the post-formation 3-year event window to test with formation event portfolios. If overreaction exists, then it is expected worst performing portfolios (L) should generate positive excess returns and vice versa for the best performing portfolios (W), i.e. negative excess returns. This return reversal would imply initial prices had overshot rational values (investor overreaction) as a short-term reaction and therefore adjusted back to rational values subsequently. Here, W-MCARi(b,t) = best performer portfolios L-MCARi(w,t) = worst performer portfolios The overreaction hypothesis (De Bondt and Thaler, 1985) expects post-formation results as follows: W-MCARi(b,t) 0 L-MCARi(w,t) 0 Such that, L-MCARi(w,t) à ¢Ã¢â€š ¬Ã¢â‚¬Å" W-MCARi(b,t) 0 3.6 Overreaction Due to Earnings Surprise Events Test Overreaction in response to earnings surprises will be tested based on sort-rank for single event and selection-ranking event method, for series analysis, as used by Kaestner (2006). The study will use portfolio-study approach as proposed by Ball and Brown (1968). Portfolios will be constructed based on stock earnings announcement events, ranked on highest to lowest surprises, for stocks in the sample. Highest earnings positive surprise stocks will be added to portfolio (+Ä ¤p ) and highest negative surprise stocks will constitute portfolio (-Ä ¤n ). Standardized Earnings Surprise criteria Quarterly earnings surprises will be computed based on standardized surprise earnings (Ã…Å ¾SÄ–q) represented by the difference between the actual released earnings (AÄ–q) and the one month prior to announcement consensus estimate for earnings (EÄ–q), scaled by the standard deviation of the individual estimates for each stock (à Ã†â€™est-q). Therefore, quarterly standardized surprise would be as follows: Standardized Surprise measurement: Ã…Å ¾SÄ–q = (AÄ–q EÄ–q) / à Ã†â€™est-q Excess Returns Measurement Excess returns (ARiet) for each stock will be computed on daily basis using closing stock prices as described in section 3.5. These returns will use size-adjusted approach[8](Kaestner 2006) and will be calculated as the difference between stock daily return (Rist ) and the equally weighted daily return of the stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s own portfolio (Rmt ). Thus excess return will be, as explained earlier in section 3.5: ARiet = Rist Rmt Thereafter, post-formation cumulative excess returns (CARi(p,q) ) will be derived based on event windows of 0 (0 represents the announcement date) to 1, 3, 10, 30 and 60 days for each portfolio Ä ¤p and Ä ¤n . The cumulative excess return for an event window will be: q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet t=p where; q= 1,3,10,30 or 60 day post-formation event window Overreaction to earning surprises expects stock prices to overshoot in the direction of the surprise, represented as follows: Positive cumulative excess returns for positive surprise portfolios and vice versa. CARi(p,q) 0 for +Ä ¤p CARi(p,q) 0 for -Ä ¤n Such that, Positive surprises (+Ã…Å ¾SÄ–q 0): CARi(p,q) 0 Negative surprises(-Ã…Å ¾SÄ–q 0): CARi(p,q) 0 Null Surprises ( Ã…Å ¾SÄ–q = 0): CARi(p,q) = 0 3.7 Representative Bias a Driver of Overreaction to Earnings Surprises According to Kaestner (2006), two expected phenomenon should be present, if representative bias plays a role in investorsà ¢Ã¢â€š ¬Ã¢â€ž ¢ overreaction to earnings surprises. First, a confirmation of overreaction to released information events, as tested earlier in this thesis, must exist. Second, this overreaction phenomenon should be increasing in relation to a similar series of earnings surprises over consecutive event windows[10]of future expected cash flows). This tendency to misjudge future prospects of a company causes investors to overreact in response to earnings surprises (both positive and negative), and would be reflected through securities prices. As a companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s actual earnings information is released, investors would have to readjust their expectations (if they had overreacted) of cash flows based on the new real (actual) information and therefore the stock price must correct itself over time, if overreaction had occurred in the first instance. Representative bias causing overreaction due to earnings surprises will be tested by measuring investor reaction to a series of same sign surprises (Kaestner 2006). A non-parametric significance test will be used as proposed by Foster, Olsen, and Shevlin (1984) and later reviewed by Lyon, Barber, and Tsai (1999)[11]. This test relaxes the assumption of normality, constant variance of security returns over time, and cross-sectional independence in residuals (Kaestner 2006). The test focuses on establishing a companion empirical sample distribution, and then comparing its cumulative excess return (CARi(p,q)) with the observed CARi(p,q) to assess for statistical significance. Empirical distribution is generated by randomly selecting one event in the parent population for each event, computing equally weighted CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s for the companion sample, and ranking the companion sample CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s from highest to lowest based on a repetition of the first two s teps 2,500 times in order to obtain the empirical distribution. If representative bias exists and investors rely heavily on most recent earnings surprise information, then in the event of positive surprises, they will project overly optimistic future surprises and overreact immediately after the event on the positive side, subsequently reversing the price direction upon next earnings release (should the actual surprise not meet their expected higher surprise, (Ã…Å ¾SÄ–q =0). To test a series of events of earnings surprises, the sequential sort-ranking procedure will be used (Kaestner 2006). The initial portfolio is constructed for all individual null-surprise event stocks (Ã…Å ¾SÄ–q,t=0) and then ranked based on their most recent surprise events (Ã…Å ¾SÄ–q,t-1) relative to this null-surprise, as compared with the stockà ¢Ã¢â€š ¬Ã¢â€ž ¢s last surprise (t-1). In fact all subsequent sorting will be in relation to a starting most recent null-surprise (Ã…Å ¾SÄ–q =0), so that post null-surprise period can be studied. These rankings are used to construct three equal sized portfolios labeled as positive, neutral, and negative (Ã…Å ¾SÄ–q,t-1) surprise portfolios. These three portfolios are then each sub-divided into three more portfolios based on rankings of stock surprises at (Ã…Å ¾SÄ–q,t-2) which means 2 quarters behind in a series. Similarly, these are sub-divided into three more portf olios at t-3, and t-4, giving rise to a total of 5 quarters backwards surprise series-related portfolios. In this way, series of similar earnings surprises in sequence are separated for testing while keeping the current surprise at zero (null). For each family of series of portfolios (including one null surprise) which gives rise to different number of stocks in the sample, CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s are computed for different event windows (i.e 0;1, 0;3, 0;30 and 0;60). This will allow for a study of the impact of similar preceding surprises on overreaction to the most recent earnings surprise. Portfolios will be tested for investor reactions for four event windows. Representativeness hypothesis (Kaestner 2006), suggests investors will overreact initially to a surprise due to overweighting of this information in future projections. And in the case of a series of such surprises, the overweighing of future expectation will be stronger, giving rise to greater overreaction. However, when the actual earnings number results in no surprise, investors readjust their view in the opposite direction, causing a correction to the initial overreaction. This hypothesis suggests then, that a correction will ensue post the current null-surprise event causing CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s to be of the opposite sign of the surprise and also, this reversal should be stronger for longer series of such similar surprises as opposed to shorter series, implying that investors overreaction is affected by the representative bias. Thus, for positive surprises, CARi(p,q)à ¢Ã¢â€š ¬Ã¢â€ž ¢s should be negative in relation to the empirical distribution generated by the null-surprise sample portfolio and positive for the negative surprise portfolios. For the empirical distribution sample and null-past surprise series, the CARi(p,q) should be = 0. 3.8 Empirical Results Statistical Significance Representativeness hypothesis expects: Non-surprise portfolios: Where  : (Ã…Å ¾SÄ–q = 0) CARi(p,q) = 0 (no significant market reaction) For positive surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q) 0 (negative subsequent post event correction beyond null-surprise) For negative surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q) 0 (positive subsequent post event correction beyond null-surprise) Such that: For positive surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q-3) CARi(p,q-2) CARi(p,q-1) CARi(p,q) For negative surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q-3) CARi(p,q-2) CARi(p,q-1) CARi(p,q) 3.9 Summary of Research Objectives Note: details of methodology appear in relevant sections above. This section indicates only a summary of already discussed objectives for ease of reading. Objective 1: Does investor overreaction exist in emerging stock markets? W-MCARi(b,t) 0 L-MCARi(w,t) 0 Such that, L-MCARi(w,t) à ¢Ã¢â€š ¬Ã¢â‚¬Å" W-MCARi(b,t) 0 Objective 2: Do investors overreact to earnings surprises? Null Surprises: (Ã…Å ¾SÄ–q =0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet = 0 t=p Objective 3: Do investors overreact to positive/negative earnings surprises? Positive surprises: (+Ã…Å ¾SÄ–q 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet 0 t=p Negative surprises: (-Ã…Å ¾SÄ–q 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet 0 t=p Objective 4: What is the relationship between representative bias and over- reaction as it relates to earnings surprises? Is representative bias present during overreaction? Non-surprise portfolios: (Ã…Å ¾SÄ–q = 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet = 0 t=p (No significant market reaction) Objective 5: Does representative bias cause overreaction when earnings surprises are positive? For positive surprise portfolio: (Ã…Å ¾SÄ–q 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet 0 t=p (Negative subsequent post event correction beyond null-surprise) Objective 6: Does representative bias cause overreaction when earnings surprises are negative? For negative surprise portfolio: (Ã…Å ¾SÄ–q 0) q CARi(p,q) = à ¢Ã‹â€ Ã¢â‚¬Ëœ ARiet 0 t=p (Positive subsequent post event correction beyond null-surprise) Objective 7: What is the relationship between representative bias and overreaction as it relates to a series of earnings surprise announcements, both positive and negative? For positive surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q-3) CARi(p,q-2) CARi(p,q-1) CARi(p,q) For negative surprise portfolio: (Ã…Å ¾SÄ–q 0) CARi(p,q-3) CARi(p,q-2) CARi(p,q-1) CARi(p,q) 4. EXPECTED CONCLUSION The contribution this research would make is extending current empirical research on cognitive biases affecting stock price behavior, and testing for investor irrationality, specifically investor overreaction and representative heuristic, as it relates to earnings surprises. This study may also provide further understanding of the drivers of stock prices for investment decision-making, forecasting, and policy making relevant to financial market participants. In addition, contribution towards a piece of the stock pricing puzzle, as well as further research questions may be discovered. It seems clear that EMH and CAPM (pillars of the current financial theory), despite mounting evidence against their validity, remain widely in use. Behavior finance seems to offer an alternative to the current financial theory, and therefore latest empirical research in asset pricing, is towards this direction in order to understand and discover a better way to price financial assets. This thesis expects, based on Thalerà ¢Ã¢â€š ¬Ã¢â€ž ¢s (1985) ORH, investor overreaction in the emerging markets (Malaysia, Thailand, and Singapore) as demonstrated through securities prices to be confirmed through empirical testing. In addition, this study expects to identify representative bias as a source of such overreaction. This study offers to contribute empirical research towards the field of behavior finance in understanding better the notion of investor irrationality and its consequent impact on asset pricing. 5. PROPOSED RESEARCH OUTLINE THESIS OUTLINE Sections: Introduction Brief History of Research Question Theoretical Framework Research Objectives Statement of Problem Research Significance Literature Review 1) Prior Research and Gaps 2) Investor Overreaction 3) Representative Heuristic 4) Research Questions Methodology 1) Methodology Overview 2) Research Hypothesis 3) Model Configuration 4) Dependent and Independent Variables 5) Sample Data and Characteristics 6) Construction of Test Portfolios 7) Measuring Abnormal Returns and Earnings 8) Empirical Results and Statistical Significance 9) Does Representative Bias drive Overreaction? 10) Limitations of Study Conclusions References Appendix/Exhibits