Personal name

They ought to contain your name and position title, contact number, email address and site address. On the off chance that conceivable, your business name, logo and administrations or items additionally ought to be recorded. It is normal practice to have a twofold sided card in the U. K. With the business subtleties on the front and the individual contact subtleties on the back 2. Shaking hands Shaking hands is a typical type of welcome A handshake Is standard for business events and when visiting a home. Ladies don't generally shake hands.In business, a light handshake Is standard. When vaulting a home, a handshake Is appropriate; in any case, a handshake Is not generally right at social events. See what others do. In the UK it is normally a solitary right hand that does the shaking. Not very many individuals shake with their left hand and it is esteemed discourteous to offer your hand without taking your glove off first. 3. Bowing 4. Kissing 5. Being formal or casual 6. Dependabili ty Punctuality is central. You ought to consistently show up for an arrangement/meeting on schedule, possibly five minutes early.If you will be late, phone and give when you expect you will show up. 7. Silliness Do not poke fun at the regal family. 8. Eye to eye connection The British regularly don't take a gander at the other individual while they talk. Keep in touch during the welcome. 9. Associating with contacts The most ideal approach to reach senior officials is through an outsider. It isn't suitable to have this equivalent outsider Intervene later If issues emerge. While business meals are getting less normal, business morning meals are picking up In popularity.Work Is frequently examined during business morning meals and snacks, in spite of the fact that these can likewise be utilized as an open door for general casual discussion to get to now your associates better and develop a decent working relationship Meetings typically open with a considerable lot of little talks, so as to make a warm, positive atmosphere helpful for functioning admirably together. They last inside 5-10 minutes before gatherings Animals are typically a decent subject of discussion. 11 . Tolerating interference 12. Giving presents Giving endowments in a business setting isn't very common.When they are given, thank you blessings are generally little representative things, for example, journals, pens, champagne, and so on. Blessings ought not appear to be improperly costly. Additionally, blessings are typically given at the finish of something, for example, a venture, to check the event or as a much obliged. Instead of giving endowments, it is desirable over welcome your hosts out for a feast or a show. At the point when you are welcome to an English home, you may bring blossoms (not white lilies, which mean passing), alcohol or champagne, and chocolates. Send a concise, written by hand card to say thanks quickly a short time later, ideally via mail or email-?not by messenger.When bringing blossoms, talk with the flower vendor about the proper sort and umber. 13. Being immediate (saying precisely what you think) 14. Utilizing first name When welcome individuals in the I-J, stand by to utilize first names until the other individual uses yours or requests that you call them by their first name. The reaction you provide for a presentation ought to have a similar degree of convention as the presentation itself. In any case, British business manners is turning out to be increasingly casual and first names are regularly utilized immediately The utilization of first names is getting progressively normal. In any case, you should follow the activity of your host.

Events Throughout History That Have Changed Us †History Essay

Carl Jung: The Undiscovered Self Essay

?The book of C. G Jung â€Å"The Undiscovered Self† was composed during the virus war concerning socialism. He saw during this time the pattern toward community as the most extreme danger to the individual self. He communicates despondency over the reception of mass mindedness, and energizes its mystic deterioration. Seeing the physical and mental pulverization of war, Jung gives the peruser his diagnostic translation of the unique loss of self in the interruption of mainstream religion and social cooperation. Jung shows that in spite of the fact that science attempts to force request on the world, the remarkable thing about genuine realities, alternately, is their uniqueness. Notwithstanding, the mind stays irresolvable riddle. An individual need to comprehend not the mankind in general yet rather than oneself. At whatever point individual is forced by a gathering an impact will happen simply like piece of the individual self will be denied so as to fit-in to the benchmark of the gathering. The individual quits considering itself an outcome the gathering turns into the character of the person. The difficulty of a person on the planet he lives is losing his self during the time spent adjusting the components that can influence him as a person. We need to get ourselves all together before we can get the remainder of the world all together. Truly, man as a social being can't proceed with life over the long haul without the connection to the network. However, it doesn’t imply that the network will characterize us. We are required to have consistently the feeling of harmony between the state, religions, and obviously our individual mind. Finding in the model these three are exhibited by the two powers, the cognizant and oblivious. Later on this paper, it will be further talk about additional. Returning, in the event that we have an affinity to keep up the harmony between the three, we can achieve the self-information that will describe us, as a genuine person. The model shows that there are factors that can influence one’s self information. In the book, Jung attempts to call attention to that the self-information on a person is a constrained information since it just relies upon the social factors that can influence it. There are many vulnerable sides in self-information, and these vulnerable sides can have negative ramifications for oneself and for other people. For instance, one who overestimates the energy of their character or status is regularly hated by others, while having knowledge into how others see oneself and recognizing one’s defects appears to weaken the antagonism of others’ impressions. Poor self-information is likewise connected with adverse intrapersonal results, for example, powerless scholastic accomplishment and passionate issues. In like manner, absence of understanding into how one will feel or carry on later on will in general outcome in poor dynamic, dissatisfaction with unpredicted results, and eventually lower life fulfillment. What we basically think about our self is the cognizant state. We are not familiar that there is an inward express that is inside us that can assist with molding more our own self-information. What I am discussing here is the oblivious clairvoyant. We could have realized that this oblivious mystic can exceed the cognizant clairvoyant. To put it plainly, one can't exist without the other. These two mystic powers should collaborate to advance a progressively obvious comprehension of the self-information. In all actuality there are cognizant and oblivious plans in the mind and both are significant. It doesn't assist with setting up the oblivious to contend with the cognizant. In the cerebrum whenever a large portion of the plans are oblivious, a lot of it is, nonetheless, awareness inclined. The cognizant and the oblivious consistently cooperate, in dreams as well as in alertness. Our heart for example can reprimand us out of the oblivious center from our memory, however by doing so it gets cognizant, and it is then the assignment of the contemplated will to draw the outcomes out of it. The oblivious isn't the â€Å"bad something† Freud had considered, a something that pulls pranks on us. It is fairly the ground laborer for awareness, the staff that underpins the pioneer. Also, the pioneer is: The cognizant, contemplated through and through freedom. Why the oblivious is named as the â€Å"evil† inside us? As an ordinary individual at whatever point we don’t like something important to us, or at whatever point we won't concede something important to us, we push those energies profound inside the openings of our mind, making cut off renditions of who we truly are. Furthermore, to make matters much increasingly troublesome, we give those energies, awful names like â€Å"shadows† â€Å"demons† and â€Å"negative vibes. † As expressed on the book, â€Å"Since it all around accepted that man is simply what his awareness is aware of itself, he views himself as innocuous thus adds ineptitude to injustice. He doesn't deny that horrible things have occurred and still continue occurring, yet it is consistently â€Å"the others† who do them. † Man has the dread of perceiving the shadow that is in the absolute in front of the rest of the competition was there. This dread of the oblivious mind to be uncovered hinders the comprehension of self-information. Since referenced previously, the cognizant and oblivious must keep up harmony to accomplish self-information to the genuine degree. Human must not fear the shadow that stays inside us. Where in all actuality, this shadow can assist us with molding the independence we need to determine. In the event that a general had no clue with respect to what establishes an ideal fight result, there would be no utility in mimicking fight developments. Assessing potential activities is testing since it relies upon considering assorted contemplations (e. g. , physical or social outcomes). Most information with respect to what is great is as of now encapsulated in the very agentic frameworks that, before the approach of concealment, controlled conduct legitimately. Oblivious compromise forms subsequently outfit significant data to cognizant procedures of getting ready for what's to come. Given adequately solid inspirations and duty to the arranged game-plan, explicit plans, for example, â€Å"when X occurs, I will do Y† themselves work consequently whenever the future open door emerges, as in the execution expectation research of Gollwitzer and associates (e. g. , Gollwitzer, 1999). Along these lines, oblivious procedures adjust us to the current circumstance, however they additionally impact the tracks we lay to direct our future conduct. As notice prior in this paper, the state and religion including the individual mind ought to keep up a feeling of security in a person. Man ought not let neither the state nor religion, remove his singularity. One part of the book was entitled â€Å"Religion as the Counterbalance to Mass-mindedness†. Religion is characterized as a, â€Å"organized conviction framework that incorporates shared and regulated virtues, convictions about God, and contribution in strict community,† Individuals might be profound not strict, strict not otherworldly, strict and otherworldly, or neither profound nor strict. Intermittently the profound not strict individual is looking for significance, association with others, and fulfillment. The strict not otherworldly individual regularly takes part in strict organizations, holds mystical convictions, and systematized virtues. The otherworldly and strict individual holds attributes of both while the neither profound nor strict individual holds barely any of these qualities. In the book, Jung recognizes religion and doctrine, marking religion as the relationship of a person to God and a statement of faith as an admission of confidence in an aggregate conviction. Statements of faith have systematized their perspectives, customs and convictions and externalized themselves to such a degree, that the outside perspective has happened to minor significance. Jung attempts to bring up that, religion like the state long for the person to forfeit himself. The state and the religion have a similar goal towards an individual yet they have diverse line of assault to get a handle on it. Neither the state nor the religion is corrupt. Actually, we do require them, however they should be at a similar position in one’s self. One ought not supersede the other, for it must be keep upstanding. Look at the spirits that talk in you. Become basic. â€Carl Jung References: Carlson, E. N. (2013). Defeating the Barriers to Self-Knowledge : Mindfulness as a Path to Seeing Yourself as You Really Seem to be. Points of view on Psychological Sciences , 2. Deecke, L. (2012). There Are Conscious and Unconscious Agendas in the Brain. 4. Morsella, J. A. (2008). The Unconscious Mind. 7-8. Nickles, T. (2011). THE ROLE OF RELIGION AND SPIRITUALITY IN COUNSELING. 3-4.

Leading and Managing Organizational Change Organizational Innovation

Question: Examine about the Leading and Managing Organizational Change for Organizational Innovation. Answer: Proposals from Head of Human Resource Department Human Resource enlistment Strategy: Existing issues at the organization which includes recruiting unpracticed workers on legally binding premise can be unraveled with appropriate HR enrollment strategy(Kramar, 2014). A firm methodology that incorporates instructive, ability and experience necessity for every post should be resolved and settled. Such normalized benchmarks for enrollment. Benchmarking of enrollment will likewise involve normalization of items and setting high characteristics in them as it bargains in designing items. Human Resource Department KMS: MDDiv being a huge association spread across different branches spread in different area. Being an assembling unit with different specialists the organization needs to make a Knowledge the executives framework for its HRM division to take into account its enlistment and determination needs. Further, this framework will permit mechanized refreshing and assessment of criterias against set targets. Coordinated Human Resource Management Systems: Application of a unique KMS will alone not fill the need of enlistment of such an enormous association with shifted problems(Chitakornkijsil). Coordinated structure should be created. such coordinated frameworks will take into consideration normalization of enrollment procedures and accessibility of human asset quality. This will likewise empower moving an appropriate worker to a spot where he is generally required. To get rid of documentation out and out: The organization needs to concentrate and weight on getting rid of reports. All together for taking care of and overseeing complex activities at the organization a solitary enlistment and choice strategy will additionally expel any abberations existing during the time spent HRM particularly in enrollment. Setting Organization driven culture: It will be enthusiastically recommendable for embracing a comparable hierarchical culture over the whole association. Rather than making individualistic societies that oversees neighborhood legally binding workers at its different branches, if the association sets indistinguishable societies with comparable targets and occupation functionalities it will be advantageous to general equivalent normalization for items and assess them too. In nation driven hierarchical culture set up there may be errors happening on the item quality level that may somehow or another effect the brand name for the company(Dias, 2016). Adjusting of Human Resources Objectives: There have been significant disparities and clashes among the branches and administrative center. Anyway such functionalities conflict may bring about conflict of interests. Such premiums and goals between head office and branch office may bring about trouble in applying techniques and starting changes to convey seriousness in the market. Reference Lists Chitakornkijsil, P. (n.d.). The internationalization of human asset the executives in the host country setting vital methodology of IHRM. Universal Journal of Organizational Innovation, 3(2), 379. Dias, L. (2016). Human Resource Management. . Human Resource Management. Kramar, R. (2014). Past key human asset the executives: is practical human asset the board the following methodology?. . The International Journal of Human Resource Management, 1069-1089.

E-Commerce Essay Example | Topics and Well Written Essays - 500 words - 2

Online business - Essay Example also, utilize an assortment of online business applications, which make their organizations increasingly effective and help them to meet the most refined client needs. For the most part, online business applications spread an assortment of frameworks and procedures, which organizations and business visionaries can use to meet their business and buyer destinations. Flexibly chain the board, e-following and obtainment, sell off, business sites, and web search tools are broadly used to advance the ubiquity and effectiveness of online organizations. In this specific circumstance, a gracefully chain is, presumably, the most mainstream and notable type of web based business application. A flexibly chain can be commonly characterized as â€Å"a set of connections between various organizations who have an advantageous relationship with one another in that one organization supplies items or administrations to different organizations which, thusly, gracefully wares or administrations to different organizations, thus on† (Kalakota and Robinson, 2005). That e-organizations everywhere throughout the world apply to the advantages of flexibly chains isn't unexpected, for the last have just become a regular type of making business and a productive instrument of setting up cozy connections among providers and clients, just as among them and their accomplices. Be that as it may, flexibly chain the executives arrangements would not do the trick, to bring internet business to the present purpose of advancement: today, organizations and business visionaries online can utilize an assortment of different applications, including e-following and acquisition. E-following is a well known type of making business on the web, which suggests the utilization of original arrangements like those at Amazon.com. E-following is the general type of selling products on the web, and is frequently treated as an equivalent word to web based business, e-business, and business-to-client exchanges on the web. Amazon is, most likely, the most brilliant case of how e-following functions practically speaking: Amazon envelops a wide range of uses and arrangements that permit clients making buys internet, following their

General Essay Topics With Answers - Writing Essays For Students With Personality

General Essay Topics With Answers - Writing Essays For Students With PersonalityFinding general essay topics with answers is the easy part. The hard part is finding the ones that will interest you and get your student that much closer to a passing grade. This will vary based on your students personality and strengths, but you should be able to find some things that they like.You may find that your students love history or science, but you need some way to involve them in the topic by giving them general essay topics with answers. You can also go with a historical story, a favorite story from their history class, or even something about where they are in their life now.If you want to have a little more historical or real-world situations in the essay, you may find that you can get away with a little more in-depth essay. You don't have to follow the same essay rules as every other class, and you can make sure that your students get the more in-depth experience that they deserve.As long as you keep in mind that you're going to teach your students what interests them, not the boring rules of the writing world, you shouldn't have any problems getting your teaching style down. Teachers are trained to help students learn the skills they need to make their own writing shine, and that includes how to write an essay. If you want to, you can incorporate your own personality into the essay and still find the answers that your students want.When you find the general essay topics with answers that you like, take a look at some of your students' assignments and see what they've chosen. Make sure that they cover all of the general topics that they need to write an essay about.This may not be enough, so you'll need to look for essays that have essays with topics with answers in them. This should be easy because you already know what topics your students want to cover and how they're covering those topics. It will be hard to get students to start taking a real interest in essays that they weren't really interested in before.Instead of just spending time answering questions, however, you might want to have some fun with the essays, as well as showing some personal side to the topic. These can be the best ways to get your students talking and giving suggestions for what they'd like to discuss next.Find the general essay topics with answers that you like and spend some time thinking about what it would be like to write an essay without the actual essay as a basis. This may take some creativity, but you can be sure that your students will appreciate the extra attention when they're sitting in the class.

Efficient Market Hypothesis - Free Essay Example

Literature Review 2.0 Introduction In order to better understand the origin and the idea behind the Efficient Market Hypothesis (EMH), the first section deals with an overview of the EMH. Section 2 deals with the Random Walk Model which is a close counterpart of the EMH. We then have examine the different degrees of information efficiency that exist, namely the weak form efficiency, semi-strong form efficiency and the strong form efficiency. In section 4, we have a brief overview of the different types of statistical tests that have been used in the literature to examine the weak form efficiency. Section 5 explains the implications of efficient markets for investors. Section 6 2.1 Efficient Market Hypothesis (EMH) The concept of efficiency is one of the essential concepts in finance. Market efficiency is a term used in many different contexts with many different meanings. Market efficiency involves three related concepts- allocation efficiency, operational efficiency and informational efficiency. * Allocation efficiency: A characteristic of an efficient market in which capital is allocated in a way that benefits all participants. It occurs when organizations in the public and private sectors can obtain funding for the projects that will be the most profitable, thereby promoting economic growth * Operational efficiency: A marketcondition that exists when participants can execute transactions and receive services at a price that fairly equates to the actual costs required to provide them.Economists use this term to describe the way resources are employed to facilitate the operation of the market. It is usually desirable that markets carry out their operations at as low a cost as possible . * Information efficiency: The actual market price of a share should reflect its intrinsic value. Information efficiency implies that the observed market price of a security reflect all information relevant to the pricing of the security. The investor can manage to earn merely a risk-adjusted return from his investment, as prices move instantaneously and in an unbiased manner to any news. The efficiency in the market for financial assets and assets returns refers here to the information efficiency and should not be confused with the other types of efficiency. As explained by Rahman and Hossain (2006): For a stock market to be efficient, stock prices must always fully reflect all relevant and available information. This definition can be expressed as ÃÆ'† Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢(Ri,t, Rj,t ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ | ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  M t-1) = ÃÆ'† Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢( Ri,t, Rj,t ÃÆ' ¢ à ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ | ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  M t-1, ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  a t-1), where ÃÆ'† Ãƒ ¢Ã¢â€š ¬Ã¢â€ž ¢(.) = a probability distribution function, Ri,t = the return on security i in period t, ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  M t-1 = the information set used by the market at t ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã…“ 1, ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  a t-1 = the specific information item placed in the public domain at t ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã…“ 1. This equation has two important implications. 1. Specific information item at t-1 (ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  a t-1) cannot be used to earn non zero abnormal return. 2. When a new information item is added to the information set ÃÆ' Ãƒ ¢Ã¢â€š ¬Ã‚  M, it is instantaneously reflected on market prices. The concept of market efficiency was first introduced by Bachelier (1900). Since then, there has been many studies like Working (1934), Cowles and Jones (1937), Kendall (1953), Cootner (1964). However it was Fama (1965) who first used termed it as ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬Å"efficient marketÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ . Fama (1970) later stated the sufficient but not necessary conditions for efficiency: i. there are no transaction costs in trading securities; ii. all available information is costlessly available to all market participants, and iii. all agree on the implications of current information for the current price and distributions of future prices of each security He also identified three degrees of informational efficiency namely the weak form, the semi-strong form and the strong form. 2.2 Random Walk Model (RWM) The Random Walk Model is a close counterpart of the Efficient Market Hypothesis. The model was originally examined by Kendall (1953). It states that stock price fluctuations are independent of each other and have the same probability distribution. Thus the Random Walk theory suggests that stock price change randomly, making it impossible to predict stock prices. The Random Walk Model is linked to the belief that markets are efficient and that investors cannot beat or predict the market because stock prices reflect all available information and the new information arises randomly. As mentioned in Fama (1970) the two hypotheses constituting the Random Walk Model , that is (i) successive price changes are independent and (ii) successive changes are identically distributed, are implicitly assumed in the Efficient Market Hypothesis. The Random Walk Model is in direct opposition to technical analysis, which suggests that a stocks future price can be forecasted based on historical info rmation through observing chart patterns and technical indicators. 2.3 3 Forms of Market Efficiency 2.3.1 Weak-Form Efficiency Fama (1970) stipulates that no investor can earn excess returns by formulating trading strategies based on historical price or return information in a weak-form efficient market. The weak-form efficiency thus assumes that the price of a stock fully reflects all information contained in past prices, that is the historical sequence of prices, rate of returns and other historical market information. A weak-form efficient market implies that it is of no use to engage in technical analysis that use past prices alone to find undervalued stocks. In order to test whether past share prices can be used to predict future share prices( that is, weak-form efficiency), statistical or econometric tests can be used. These studies seek to study the evolution of share prices from one period to the next period and try to detect correlation between the successive price changes. Technical analysts study the evolution of past share prices, with the aim of predicting share prices to make gains. 2.3.2 Semi-Strong Form Efficiency Fama (1970) described the semi-strong form efficiency as one where share price fully reflect all information contained not only in past prices but all public information. All public information includes capital market information as used in the weak form Efficient Market Hypothesis(EMH) as well as non-market information such as earnings, dividend announcements, price earnings ratio, information about the economy and political news (Reilly1997). New public information is almost instantaneously integrated in share price and the share price is adjusted so as to reflect the true value of the share. This means that an investor cannot use public information to generate gains on the stock market. In order to test for semi-strong form efficiency, event studies are often used. These event studies are performed by analyzing the effect of the release of new public information on the share price. If the market is semi-strong form efficient, the new public information ( for example annual re ports, earning announcement or dividend announcement) is instantaneously integrated in the share price, so as to reflect the intrinsic value of the share. New information can be both good or bad. Thus they can cause increases or decreases at their release. 2.3.3 Strong Form Efficiency Under strong form efficiency, the current price reflects all information, public as well as private. Private information, in this context, means information not yet published. On the stock market, there are professionals (for example security analysts, fund managers) who have private as well as public information. Efficient Market Hypothesis (EMH) assumes that no investor has monopolistic access to any information. This means that as new public and private information is released, it is incorporated in share price to reflect its true value. An investor will not be able to consistently find undervalued or overvalued shares and make gains on the strong form efficient market. Fama (1970) perceives a strong form efficient market as one where investors are not expected to earn excess returns by relying on inside information. To test whether past share prices, public and private information can used to predict future share prices, the investment records and gains generated by professi onal investors are often studied. Investors should not be consistently able to make gains by using public and private information. At all moments, the share prices incorporate all public and private information to reflect the true value of the shares. 2.4 Statistical Tests to examine validity of Weak-Form EMH In order to examine the validity of the weak form efficiency, a number of statistical tests have been used in the literature. These tests can be categorized into two groups: i. Using mechanical trading rules also known as filter rules. These rules test for the possibility of non-linear dependence existing in the price data. Filter rules were first used by S.A Alexander (1961) and later Fama and Blume (1966) added to the literature. Professor Alexanders filter techniques attempts to apply a sophisticated criteria to identify movements in stock prices. An x percent filter is defined as follows: If the daily closing price of a particular security moves up at least x percent, buy and hold the security until its price moves down at least x percent from a subsequent high, then sell and go short (Fama and Blume, 1966). The short position is then maintained until the daily closing price rises at least x percent above a subsequent low when one is going to cover and buy. Moves less tha n x percent in either direction are ignored. ii. Statistical tests of independence between successive price changes. Serial autocorrelation tests and run tests are among the most popular tests. Some of the researches in this field use Spectral Analysis which decomposes a time series into a spectrum of cycles of different length. This spectral decomposition of a time series yield a spectral density function that measures the contribution of each of the frequency bands to the overall variance of the times series. There is also a relatively new test introduced by Lo and Mackinlay (1988), it is called the Variance Ratio which is based on the heteroscedasticity problem. The basic idea behind the Lo and Mackinlay (1988) variance-ratios test is that if a natural logarithm of a time series is a pure random walk, then, the variance of its k-differences in a finite sample grows linearly with the difference, Let (pt) denote a time series consisting of T observations p1,p2,ÃÆ' ¢Ãƒ ¢Ã¢â ‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦,pT of asset returns. Then, the variance-ratio of the k-th difference, VR(k), is defined as: VR(k)= ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2(k)/ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2(1) where, VR(k) is the variance-ratio of the shares returns k-th differences; ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2(k) is the unbiased estimator of 1/k of the variance of the shares returns k-th differences, under the null hypothesis; ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢2(1) is the variance of the first-differenced share returns series, and k is the number of days of base observations interval or lag (Ntim et al. ,2007). 2.5 Implications of EMH Market efficiency has important implications for both investors and authorities. If a market is inefficient, investors should doubt the ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬Å"hold the marketÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚  strategy and should try to ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¦Ã¢â‚¬Å"beat the marketÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ . While the authorities on their part should restructure the stock market by enacting effective law and enhancing financial media. The graph below shows the effect of EMH on stock prices. The straight line shows the reaction under EMH while the dotted lines show the over-reaction and under-reaction that occur with the existence of market imperfections. If a market is efficient, investors: 1. should not worry about investment analysis. They should rather concentrate on holding a well diversified portfolio. Investors holding an inefficient diversified portfolio will be exposed to risk which could be avoided and for which they will not be rewarded. In other words, the market only provides return for systematic risk, while specific risks have to be diversified away. 2. Should adopt a buy and hold policy once they have established their portfolios. This is because there is no advantage in changing from one group of securities to another. By doing this, there would be transaction costs which they would have to incur and as a result, the risk-adjusted return would be affected. Altering the composition of a portfolio can only be justified a) if the risk exposure has changed due to relative changes in the market value of the constituent securities. b) if tax payments can be minimized. Other implications of EMH are: * Price changes are random and unpredictable * Investors are not easily fooled by the glossy financial reports or ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¹Ã…“creative accounting techniques * Timing of new issues of securities are not important since prices represent the intrinsic and will reflect the degree of ris k in the share. Thus under EMH neither fundamental nor technical analysis can be used to achieve superior gains. Investors should concentrate on constructing and holding efficiently diversified portfolios. 2.6 Empirical Evidences Based on the literature, it can be seen that there are two competing schools of thoughts about market efficiency. The first school argues that markets are efficient and as a result, returns cannot be predicted. For example early studies (Working, 1934; Kendall, 1943, 1953; Cootner, 1962; Osborne, 1962; Fama, 1965) on developed markets support the weak form efficiency of the market with a low degree of serial correlation and transaction cost. The studies in this school of thought, support the Efficient Market Hypothesis (EMH) and show that price changes could not be used to forecast future price changes, especially after transaction costs were taken into account. The second school, on the other hand, provides empirical evidence of ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¹Ã…“anomalies that contradict the theory of efficient markets. Some of these studies are Summers (1986), Keim (1988), Fama and French (1988), Lo and MacKinlay (1988) and Poterba and Summers (1988). They found some ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€¹Ã…“anomalies, which could not be explained by the theory of Fama (1965). Some of the market anomalies that they found are:  · January Effect/Turn of The Year Effect Stock returns are usually abnormally high during the first few days of January. The January effect occurs because many investors choose to sell some of their stock right before the end of the year in order to claim a capital loss for tax purposes. Then they quickly reinvest their money after the new year, causing stock prices to rise. Rozeff and Kinney (1976) was among the first to prove this market anomaly. Rozeff and Kinney (1976) methodology gives smaller companies greater relative influence than would be true in value-weighted indices where large firms dominate. Subsequent researches (Reinganum, 1983; Roll, 1983, among others) later confirm that the January effect is a small cap phenomenon.  · Size Effect/Small Firm Effect The Size Effect is the tendency for firms with a small market capitalization to outperform larger companies over the long term. For example Banz (1981) and Reinganum (1981) showed that small-capitalization firms on the New York Stock Exchange (NYSE) earned a return in excess of what would be predicted by the Sharpe (1964) ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒ ¢Ã¢â€š ¬Ã…“ Linter (1965) capital asset-pricing model (CAPM) from 1936-1975. However as mentioned by G.W. Schwert(2003, p.943), it seems that the small-firm anomaly has disappeared since the initial publication of the papers that discovered it. Alternatively, the differential risk premium for small-capitalization stocks has decreased over the years.  · Weekend Effect/Day of The Week Effect This is a phenomenon in which stock returns on Mondays are often significantly lower than those of the immediately preceding Friday. French (1890) observed this anomaly. He noted that the average return to the Standard and Poors (SP) Composite Portfolio was reliably negative over weekends in the periods 1953-1977. Again, like the size effect, the weekend effect seems to have disappeared, or at least substantially attenuated, since it was first documented in 1980.  · Value Effect/Price Earnings Ratio Effect The value effect refers to the tendency for stocks with low price earnings ratio to outperform portfolios consisting of stocks with a high price earnings ratio. Basu (1977) shows that investors holding low price earnings ratio portfolio earned higher returns. The existence of market anomalies have important implications. If stock returns do not follow a random process, then it is possible to design profitable trading strategies based on historical information 2.6.1 Empirical Evidences from Developing Countries Despite the large number of empirical studies that have been conducted to test the validity of the Efficient Market Hypothesis (EMH) in developed countries with booming financial markets, studies to support or dispute the efficiency or inefficiency of the African stock markets are quite limited. There is a small number of empirical studies analyzing emerging African equity markets with regards to weak form of market efficiency test. While some of these studies have analysed single markets ( e.g. Samuels and Yacout 1981; Parkinson 1984; Ayadi 1984; Dickinson and Muragu 1994; Osei 1998; Olowe 1999; Mecagni and Sourial 1999; Asal 2000; Adelegan, 2004; Dewotor and Gborglah, 2004; Ntim et al., 2007), others have analysed groups of countries (e.g. Claessens et al., 1995; Magnusson and Wydick, 2002; Smith et al., 2002; Appiah-Kusi and Menya, 2003; Simons and Laryea, 2004; Jefferis and Smith, 2005). However, while there are only a few empirical studies, their conclusions as to the effic iency and predictability of future stock returns have been mixed. For example Dickinson and Muragu (1994) shows that the Kenyan stock market is weak form efficient, in contrast to the results of Parkinson (1984). Also, most of the existing studies made use of conventional weak form testing techniques such as serial correlation tests. Samuels and Yacout (1981) and Parkinson (1984) were among the first to use serial correlation tests to examine the weak form efficiency on the African continent. Samuels and Yacout analysed the weak form market efficiency in weekly price series of 21 listed Nigerian firms from 1977 to 1979 and provided empirical evidence that the market was efficient. Parkinson on his part, analysed monthly price series of 30 listed Kenyan firms from 1974 to 1978 and rejected the weak form efficiency. Dickinson and Muragu (1994) reinvestigated the Kenyan market by applying run and serial correlation tests to weekly stock price series of 30 listed companies on the Nai robi Stock Exchange and their results were in contrast with Parkinson (1984). They demonstrated that successive price changes are independent of each other for the majority of the companies investigated. Most of the developing countries suffer from the problem of thin trading (Mlambo and Biekpe, 2005). The problems caused by thin trading have been widely acknowledged in financial market researches (e.g., Dimson, 1979; Cohen et al. ,1983; Butler and Simonds, 1987; Lo and Mackinlay, 1990a and b; Bowie, 1994; Muthuswamy and Whaley, 1994) . Fisher (1966) who was the first to identify the bias caused by thin trading in the serial correlation of index returns, explained that recorded prices of securities are not necessarily equal to their underlying theoretical values. This is because when a share does not trade, the price recorded remains the closing price when the share was last traded. However, while most of the African stock markets suffer from thin trading, many existing studie s fail to adjust for thin trading. For example recent studies conducted on the Stock Exchange of Mauritius (Appiah-Kusi and Menya, 2003 and Simons and Laryes, 2004) made used of conventional techniques and did not adjust for thin trading. Other studies (Kabba, 1998; Roux and Gilberson, 1978 and Poshawale, 1996) which have examined the behavior of stock price and rejected the weak-form efficiency, have explained that the inefficiency might be due to delay in operations and high transaction cost, thinness of trading and illiquidity in the market.