Reflexology benefits which community mental health clients experience

Reflexology benefits which community mental health clients experience Reflexology is growing in popularity in its use for a wide range of conditions such as pain management, to ease the effects of cancer treatment, and indeed mental health problems. Reflexology, a complementary therapy, has been around for many years and its main purpose is ultimately to aid relaxation and restore energy. Literature suggests that it may improve quality of life and promote well-being. An increasing demand for Complementary and Alternative Medicines (CAMS) emphasises the need for more research, therefore this research proposal suggests that further research is required to understand more clearly the benefits perceived by clients when reflexology is utilised in conjunction with their exiting plan of care. SEARCH STRATEGY A comprehensive literature search was conducted in relation to reflexology for mental health illness, in particular anxiety and anxiety related disorders. It was the intention to locate valid and reliable research carried out within the last ten years, however expanding this period located much more research that was considered relevant, and thus has been included within the literature review. The main databases for the literature included Cumulative Index to Nursing and Allied Health (CINAHL), Web of Knowledge, Swetwise, PubMed, British Nursing Index (BNI), Internurse,Wiley Interscience, Allied and Complementary Medicine Database (AMED) , EBSCO, and DARE (Centre for reviews and dissemination). Keywords used within the search strategy included: reflexology, anxiety, mental health, complementary therapies, complementary medicine, perceptions of reflexology, CAMS for enduring mental health, holistic care in psychiatry, holistic approach to mental health, zone-therapy and therapeutic touch. Additional literature was sourced from The Association of Reflexology. A manual search was also conducted for relevant books and leaflets. Searching literature revealed much quantitative and qualitative research on the topic of reflexology, the majority of which was related to reflexology for physical conditions such as cancer (of various types), multiple sclerosis, and skeletal ailments. A relatively small number was associated with mental health illnesses. LITERATURE REVIEW As mentioned there is an abundance of information and research with regards to the perceived benefits of CAMS including reflexology, however methodological flaws exist within some of these studies. Here, the researcher will attempt to give a critical, yet an evaluative account, on some of the research already published on the topic of reflexology. In addition, the researcher will draw upon previous research that has been carried out on why clients use reflexology, thus understanding reasons as to why it is becoming a popular complimentary therapy. Complimentary and alternative therapies incorporate a wide spectrum of approaches, however according to the National Centre for Complementary and Alternative Medicine (2007) they can be grouped into five main categories which are alternative medical systems, mind-body interventions, biologically based therapies, manipulative and body based therapies, and energy therapies. It is important to point out that these diverse modalities to not aim to neither diagnose or cure an illness; they merely aim to promote wellness and enhance wellbeing (Mamtani and Cimino, 2002). In recent years complementary therapies have seen an increase in popularity (Harris and Rees, 2000; Kessler et al, 2001; Russinova, 2009) for all age groups (Barnes and Bloom, 2008) and the reasons for this are varied. Change the start of this paragraph†¦ The Complementary and Alternative Medicines Project (2008) was commissioned by the Department of Health Social Services and Public Safety (DHSSPS) in 2000. Get Well UK a non-profit organisation was appointed to oversee the project. A large sample of 713 clients who had either musculoskeletal or mental health conditions were referred to the study by their General Practitioner (GP) with the aim of exploring the potential use of CAMS within existing primary care services. Utilising the measure yourself medical outcome profile allowed data to be generated through a validated measurement. Respondents were asked to complete this before their first treatment and again after their final treatment. Additionally there were independent surveys conducted via post to the participants, the GPs and the CAMS practitioners involved. The modalities of CAMS within the study included reflexology, aromatherapy, homeopathy, acupuncture, massage, chiropractor and osteopathy. Upon evaluation, it was concluded that 79% of those who took part felt an improvement in the mental health, 69% reported an improvement on their well being, and 84% reported that improvement of their well being was directly due to the CAM treatments. In addition, 94% stated that they would definitely recommend CAM treatments to others with similar complaints to themselves. Since the research, The Prince of Wales has called for a  £10 million investment into research of CAMS. Whilst the conclusion of this research appears promising for the various therapies involved, a closer look reveals that only a minority of mental health conditions were included in the selection criteria, which were anxiety, stress and depression. If the inclusion criteria allowed for a range of mental health conditions, their findings may have been different. However, strength is that it had a large sample size, which many other studies have failed to have. In response to the above research project, the Government strongly hold the view that more evidence is required, and recommended that research should attempt to contribute to the existing evidence based using the same rigorous methods that is required and desired of conventional medicine (Department of Health, 2001). Reflexology has been described as a technique used to promote the healing powers of the body that works on the premise that certain areas of the feet correspond to areas of the body. It is a non-evasive therapy where gentle pressure is applied to areas of the foot. It is believed that reflexology was practiced in china as early as 4000 BC. Reflexology, originally named zone therapy emerged from America during early 20th century. Reflexology is increasing being utilised in palliative care settings and have found to be effective in alleviating anxiety, additionally improving their physical, emotional, spiritual and psychological well being. Gambles et al (2002) carried out semi-structured interviews to identify cancer patients perceptions after a course of reflexology was offered. The main aim of this study was to evaluate the usefulness of reflexology offered in outpatients. Positive results were derived from the analysis demonstrating that reflexology was beneficial for this group of clients. The majority of the clients indicated that the main benefits perceived were a reduction in anxiety levels. Other clients highlighted a reduction in pain, and some noted an improvement in their sleep pattern. The lack of negative comments in this study indicates that reflexology was positively received by the client group. However as the findings were mainly gathered from narrative, thus subjective data, it could be said that lack of objective measurement reduces it value. However, the paper included some of the raw data in the form of quotations which enhanced the validity and credibility of the research. While the above research was carried out in Scotland, similar research has been carried out in England (Lewith et al, 2002). Washington Hospices have also seen a significant rise in demand in the utilisation of complementary therapies for individualised, holistic client care (Kozac et al 2009) Research carried out in Northern Ireland to assess CAM use suggested that Reflexology was among the top six therapies used in Northern Ireland. The main reason for the use of reflexology was to enhance wellness and relaxation (Mc Donagh et al, 2007). The method used to carry out this research was surveys and had a sample of 100 people. Write more about this Bring in here about the Mind Report (unpublished research) A qualitative study (Richardson, 2004) found that clients rationale for using complementary therapies is diverse. Reasons ranged from clients feeling unhappy with orthodox medicine, having poor relationships with their GP, for symptom relief, and the increased availability of many complimentary therapies. Not dissimilar to the findings, although more specific to the reasons why clients avail of reflexology, Bishop et al (2008) found that reasons range from; for pleasure, as a treat, anticipated beliefs, prevention/management or alleviating current physical and mental health problems, and as a supplement or addition to conventional medicine. While this research was carried out in England and had a sample population of 46 clients, a bigger sample may have identified broader variations for their use. A systematic review by Wang et al (2008) agreed that there is indeed evidence to support that reflexology may have potential benefits; however they hold the view that there is no evidence to support its efficacy. To conclude their review they suggested that the routine provision of reflexology is not recommended for any illness or condition, expect for some symptoms associated with multiple sclerosis. Upon completing a systemic review Ernst (2009) and in agreement with Wang et al (2008) also concluded that there is evidence to suggest the effectiveness of reflexology although the results of previous studies are not convincing as the methodologies utilised within the trials were often poor with small sample sizes, lacked objective data or contained inaccurate measurements. As the systematic review focused on physical conditions and not mental health disorders the Jadad scale was used to assess the quality of the methodology. This instrument, often used for RCTs within the context of p hysical therapy has a score range of 0-5 (5 being highest quality) and is based on three criteria, is often used globally for the measurement of RCTs (Olivio et al, 2008). It is important however to note that research within complementary therapies often face difficulty in obtaining objective data as it is a very individualised approach, therefore client outcomes vary due to the clients values and belief system and evidence is placed on client feedback and satisfaction. Health professionals are encouraged to work towards evidence based practice, however, as the evidence mainly comes about as the result of Randomised Controlled Trials (RCTs) this can often place professionals in a dilemma due to the lack of RCTs in some complementary therapies (need ref) The underpinnings of RCTs are that of objective measurement, and often reject or disregard subjective data, which in turn make it more difficult to obtain hard evidence. CAM practitioners and reflexologists treat clients with individ uality, they see their clients as unique therefore the treatment is unique. As a result much of the research into reflexology does not fit adequately in the criteria for RCTs as emphasis is placed on individualising care, not placed on standardising care. For this reason lack of objectivity should not be lack of effectiveness. Need a linking sentence There have been significant changes and developments into the way mental health care is delivered, with much focus and emphasis on community based care. This shift from the traditional long stay hospitals has been seen as a positive step towards person centred holistic care. There is indeed much focus on recovery with the aim of supporting clients to manage their illness so that they can continue to reside within their community and live their life to their optimal best. Beresford (2000) and The Mental Health Foundation (2000) found that people wish to play an active role in their recovery from mental illness which includes being involved in the treatment and decision process and would like the opportunity to avail of complementary therapies. Thornicroft et al (2008) hold the view that central to the provision of effective community based care is that services need to reflect the needs of the clients, be holistic, individualised and patient centred. Keep this paragraph at the end of lit rev. People with mental health illnesses such as anxiety and anxiety related disorders often require different treatments, therapies and services to help them deal with, thus manage their illness more effectively (Sainsbury Centre for Mental Health, 2005). Regardless of any methodological flaws, it is important that health professionals take into account clients motivations for using complimentary therapies such as reflexology. We must listen to the clients perceived benefits and work towards a greater understanding of such benefits. . CHAPTER 2 METHODOLOGY 2.1 DESIGN Quantitative and qualitative approaches, what do each entail, why I have chosen mixed methods There are two main approaches to research; qualitative and quantitative. Each have there own advantages and indeed limitations. These approaches do not have to be used alone, they can often be used together. Mc Neill and Chapman (2005) put forward that mixed methods are often desirable as it enables the researcher to overcome some of the inherent weaknesses that many methods possess. Qualitative research design is often used to gather sensitive information. It aims to gain a more in-depth understanding of peoples beliefs, values, opinions and experiences. The rationale for choosing qualitative over quantitative approaches is that qualitative methods are more holistic; it seeks to understand perceptions held by individuals, and seeks to find out why instead of how many. It is a naturalistic approach whereby the research is carried out under natural conditions. Although qualitative data can be hard to objectively measure, it remains valuable because it considers and represents the perception of humans. A frequent criticism is that the qualitative approach lacks rigour (Rolphe, 2006). Bradbury-Jones (2007) suggest that keeping a reflective diary can enhance rigour whereby the researcher can reflect on their own values, beliefs and preconceptions which can all affect how the responses of the respondents are interpreted. Parahoo (2006) holds the view that reflexivity is not always easy to achieve and suggests that allowing the respondents to read the data obtained for agreement or clarification is a way of validating the data obtained. within the qualitative approach, It is argued that in order to assess the effectiveness and indeed efficacy of any treatment, service or therapy, randomised controlled trails (RCTs) should be used. RCTs are seen to be the gold standard of research (Kunz et al, 2007), however there are also limitations and criticisms of RCTs, especially where placebos are used (Vaque and Rossiter, 2001) Willaims and Garner (2002) proclaim that RCTs merely provide information about groups rather than individual clients. Many RCTs often give age restrictions and tend to focus on groups with the same diagnosis, in other words clients with dual diagnosis or mixed diagnosis are often excluded. Whilst we are encouraged to incorporate the results of RCTs, Naylors (1995) viewpoint is that RCTs lack external validity therefore it is not always possible to use the results and apply them in clinical settings. Using this approach in vulnerable groups also raises several ethical questions and concerns (American Psychiatric Association, 2006; Tharyan, 2006). However Green (2008) exerts that excluding vulnerable groups may also exclude them from gaining benefits The researcher proposes to use semi structured interviews (qualitative) as a means of collecting data and there are many reasons for taking this approach. This method can provide the researcher with rich and valuable information about the experiences and perceptions of clients with a mental health illness. SAMPLE Parahoo (2005) reminds us that selecting a sample for research requires much consideration, especially in mental health nursing research. The target population (sample) required for this proposal is 6 clients within the local community who currently have a diagnosis of anxiety or any anxiety related disorder as categorised in the DSM IV or ICD 10. The vulnerability of this group of clients must be considered whilst recruiting clients. Polit and Back (2004) exerts that clients should never feel obliged to take part in any study and no coercion from the researcher must take place. It is therefore important that when discussing the research with clients that it is emphasised that there will be no penalty for refusal to take part. Write about how you will get the sample How many Inclusion and exclusion criteria For the purpose of this research proposal the researcher has suggested convenience sampling, sometimes referred to as volunteer sampling. As the name suggests the sample is convenient, and is fairly typical of a qualitative approach to research (Burnard, 2004; Polit and Beck, 2010). However, Convenience sampling is not without its limitations (write about some limitations, also the good points). There are no set rules concerning samples sizes, although qualitative sample sizes are generally much smaller than quantitative sample sizes. In order to obtain the sample needed the assistance of the community mental health team (CMHT) is required. An information booklet containing the topic and aims of the research will be mailed to members of the CMHT. When nurses are located the researcher intends to arrange a small conference so that any issues can be raised, this will also provide an opportunity for the CMHT to ask questions. It is important that the researcher also leaves their contact details should any further questions arise. When the team are happy with the research topic and aims, they can discuss this (if applicable) with their clients and leave a participant information booklet with their client to read. If clients have any literacy or reading limitations or any sight problems then it is imperative that their nurse read out the information, or if preferred an audio cass ette will be prepared so the client can listen to the tape at their own time and pace. A client with literacy or communication difficulties should not be discriminated against and it is important that they are not excluded due to reasons mentioned. It may however pose challenges in the data collection and analysis (Low, 2006) The researchers contact details will be provided on the information booklet, which will enable the client to contact the researcher for more information if required. When six clients have shown interest and agreed to participate a consent form must be signed (see appendix). Arrangements will then be put in place, at the convenience of the participants and the reflexologist for the reflexology to commence. 2.3 METHOD OF DATA COLLECTION semi structured interviews, BDI 2.4 ROBUSTNESS OF DATA COLLECTION METHODS 2.5 DATA ANALYSIS how are you going to analysis the data, ie through recordings, transcribing the data from the tape etc 2.6 PILOT STUDY 2.7 PROCEDURE FOR MAIN STUDY 2.8 ETHICAL CONSIDERATIONS Research such as the Milgram experiment (where participants inflicted electric shocks to another participant), The Stanford Prison experiment (where participants became verbally and physically abusive towards one another) and The Monster Study (where an attempt to induce stuttering was conducted on orphans) a number of ethical principles and frameworks have been developed with the main aim being the protection of participants well-being (Kovisto et al, 2001; Keogh and Daly, 2009). Indeed the Numberg trials at the end of the second world also received much controversy. This resulted in the formulation of the Numberg code, which has been noted to be one of the worlds most recognised ethical documentation. The Numberg Code and the Helsinki Declaration provide the basis for research. These basic principles are used globally any can provide researchers with an outline to the ethical, moral and legal obligations of research (Benard and Ficher, 2006) Ethical considerations are an important element in any type of research and the onus of upholding the ethics of research should be the responsibility of the researcher (Research Council UK, 2009). Clients with a mental health illness are a vulnerable group and many steps must be taken for their protection. Ethical approval will be sought from the relevant bodies (appendix) (University of Ulster, 2006). it is advised that this can be a lengthy process so the letter will be mailed at the earliest available date. Ethical considerations is not merely about non- maleficience, and beneficence, it is much broader than that. Consideration of the benefits versus the risks must be considered. No research should ever intentionally cause harm. As mentioned in section †¦. An information booklet will be provided for those who wish to take part. The information provided will be easily read, wherever possible will be free of jargon so that it is comprehensible to the reader. A list of contact numbers of local organisations will also be added to the booklet as the nature of the study is obtaining information from a vulnerable population group and any likelihood of upset must be addressed. Other information included in the booklet is; what will happen when the research is completed, upholding confidentiality, the right to withdraw and complaints procedures (Medical Research Council, 2005). It is important that all this information is capsulated within the booklet as a new procedure, intervention or ser vice may seem confusing at first and provoke unnecessary anxiety to both the client and the staff involved. Data Analysis Researchers who use qualitative approaches to gain information can use several ways of analysing their data (Elo and Kyngas, 2007). Only the data analysis method applicable to this research proposal will be discussed here. The first stage of narrative data analysis is to gather all the information that was obtained from the participants, although this may first appear relatively easy task to do, the reality is that it is a lengthy and time consuming process. Furthermore it is not an easy or straightforward task to accomplish. When transcribing the tape recordings it is important that we consider the rate and tone of the speech and be aware of the colloquialisms (slang) used in everyday conversations. Pauses, sighs or any prolonged silences must also be noted as excluding any of these will result in losing valuable information and the transcription will not emphasise or illustrate an understanding of what the participant is trying to put across, in other words we need to be extremely careful when interpreting the data.

Financial Ratios and Stock Return: Evidence on selected Plantation Companies in Malaysia Essay

UNIVERSITI MALAYSIA SARAWAK (UNIMAS) SEMESTER 2 2012/2013 FACULTY OF ECONOMICS AND BUSINESS (FEB) EBF 3183 FINANCE SEMINAR (Group ASSIGNMENT) Financial Ratios and Stock Return: Evidence on selected Plantation Companies in Malaysia NAME:VICTORIA AK JUTI 28578 VENOSHNI A/P MANOGARAN 28577 PHUA WEE WEE 27952 TEOH CHIEN NI 28513 LING LING26752 GROUP:1 PROGRAMME:FINANCE Financial Ratio and Stock Return: Evidence on selected Plantation Companies in Malaysia Abstract This paper is to investigate the predictive ability of several financial ratios for stock return in Malaysia specifically in plantation industry. 23 listed plantation companies were analysed for the period from 2008 to 2012. Four of the common financial ratios were take into consideration in this study. These financial ratios include dividend yield (DY), book to market ratio (B/M), earning per share (EPS), and firm size. Pool ordinary least squares regression (OLS) method is adopted to estimate the predictive regression. The descriptive statistics indicate that there is a negative relationship between the dependent variable and the two independent variables include B/M and EPS. In contrast, the firm size and DY is positive correlated with the stock return. In addition, the empirical results indicate that dividend yield is the best predictor on stock return in the context of Malaysia’s plantation sector. Section 1 Introduction Introduction Research on predicting stock returns using various variables such as inflation, accuracy of disclosure of public information, discount rates are widely discussed in past studies. Return is something that investor expects to receive on their original investment in the future. Alternatively, financial ratios have provided investors another method in predicting the stock return. Previously, financial ratios are used to evaluate performance of a company. So far, numerous studies on stock return and financial ratios have conducted based on different sectors over the countries. However, the research on plantation sector is limited. Therefore, our main focus of this research is to determine the connection between financial ratio and stock return in the Malaysia stock market especially in the plantation industry. The reason plantation sector is chosen as our focus in this research is due to the growing of global demand in plantation. Presently, plantation is one of the major contributors in the economy of Malaysia amongst the sectors. In Malaysia, oil palm industry is currently the second largest export revenue earner for Malaysia after the electrical and electronics (E&E) sector. Meanwhile, Malaysia is also known as the world’s top exporter of palm oil which exported to several countries such as China, India, the European Union (EU) and Pakistan. Essentially, plantation sector is expected to rise in the future. In this study, we examine how the stock return can be predicted by using the financial ratio. 23 of plantation listing firms in Bursa Malaysia are selected as our research data. Meanwhile, the period we take into consideration is over the period from 2008 to 2012. The purpose of this research is to determine the predictability of financial ratio to the stock returns specifically in the plantation sector. By this research, we intend to provide an analysis of forecasting stock return using financial ratio. Financial ratios that commonly used to forecast the stock return are the dividend yield (DY), book to market ratio (B/M), and firm size. However, we extend the study by adding another financial ratio in predicting the stock return which is the earning per share. The empirical findings of this study indicate that financial ratios do have the predicting power on stock return in Malaysia’s plantation industry. Meanwhile, the results also show that firm size has the strongest forecasting power amongst the four variables. Therefore, we can conclude that our findings are somehow in line with past studies conducted by Fama and French (1988) which revealed that dividend yield was a good forecasting tool in predicting stock return in China, Canada and U.S stock market. The remainder of the paper is organized as follows. In section 2, we discussed the previous studies and provide a review of existing literature regarding on predictive ability of financial ratios for stock return. Data and methodology for constructing stock return predictors is discussed in the third section. Section four reveals the empirical findings and lastly followed by conclusion. Objective of study Main: To predict stock return using financial ratios General: To reveal more information regarding financial ratio acts as the predictor of stock return. To investigate how significant is the selected variables in forecasting the stock return. To determine which independent variables has greater predictive power. Significance of study Investing in stock market is risky. Therefore, a predicting tool is important for a wise investor to estimate the appropriate return of an investment. This research is significance in revealing the use of financial ratio as a forecasting tool of stock return. Previously, studies on the determinant of stock return are widely discussed by many of the researchers from all over the world. This study also tends to test whether our empirical results are parallel with previous research. Financial ratio is one of the most common tools that act as a financial analysis to compare the performance between companies or between industries. Currently, financial ratio analysis is not only can be used to evaluate the performance of company but also a predictor tool of the stock return. Financial ratio is computed through the items presented in financial statement of the company. For instance, financial ratio can be divided into several categories such as market debt ratio, liquidity ratio, profitability ratio, investment ratio and others. In addition, this study also acts as guidance and reference for further  research on similar topic. By referring this study, interested investor and researcher can apply different indicator, and other relevant factors to do further research. Theoretical Framework Section 2 Literature Review In this section is described the results of some of the most important researches which conducted in the context of financial ratios and the stock return. The financial ratios as empirical predictors of stock returns in the selected 23 plantations companies listed on the Malaysian Stock Exchange during the period 2008 to 2012. For this research, we used stock price as a dependent variable while dividend yields, book market, earning per share and asset size as independent variables. Stock returns, dividend yield (DY), asset size, earning yield (EY) and book-to-market ratio (B/M) have a strong theoretical background based on the predictive models. Some of the studies such as Fama and French (1988), Stattman (1980), Kothari and Shanken (1997) has done research on predictive variables, including, dividend yield, book to market, earning per share and asset size forecast stock return. Hodrick (1992), Fama and French (1988) has been study that DY has the predictive power on stock returns, a s the relationship between DY and return are developed by the appealing patterns. Moreover, DY track variation in return and can predict future return in 36 international markets. To illustrate the predictive power of DY, they introduced an explosive new test to improve the predictive ability of financial ratios especially DY during 55 years. Therefore, DY is regarded as a good predictor of stock returns in China, Canada and U.S stock market. Consequently, the DY as a strong predictor can contribute to stock return predictability. Banze (1981) and Reinganum (1981) found out that relationship between sizes (market value) has a significant effect on stock return. Smaller companies have more return than bigger companies. It is because first, intentional or unintentional errors are less likely to happen because of installing strong internal controlling systems in big companies, consequently audits can rely more on the company internal controlling systems and decrease increasingly the amount of content test. Second, big companies can recruit more accountants with more expertise and  higher education, and more advanced informational systems. According to study done by Fama and French (1988), they presented a firm background for the relationship between market size and stock return. Fama and French using Running single and mul tiple tests, they found a positive relationship between markets size and stock return. In fact, they doubt on beta sensitivity in capital assets pricing model, and generally stock return. Stattman (1980) has done study on indicated the positive relationship between return and the book-to-market ratio (B/M). Considerable evidence they suggested that BM ratios are related to future returns, and denoted the predictive power of B/M ratio on stock returns caused by the relationship between book value and future earnings, and provided evidence that the B/M ratios predict negative expected returns and track variation in return. The results of recent survey confirmed previous results that the BM ratio is positively related to stock returns. According to Hakkio and Rush (1991) have study on the relationship between stock return and earnings per share. They found that the subdivision do not improve the test power. Besides, there exists a non-stationary problem for stock prices and EPS, the non-stationary may lead to the problem of spurious regression for previous studies. Auret and Sinclaire (2006) has been studied the relationship between the ratio of book value to market value (BTM) and stock return in the years 1990 to 2000 in the companies listed in the Johannesburg Stock Exchange (JSE). In this study is used from the ratio of book value to market value (BTM), price to Earnings (P/E), dividend yield (DY), and firm size as independent and control variables. The results indicate that there is a positive and significant relationship between the ratio of book value to market value and stock return. But there is no significant relationship between the ratio of price to earnings and stock returns. According to Kheradyar, Ibrahim and Mat (2011) has been study on investigated the role of financial ratios as empirical predictors of stock returns in the 100 companies listed on the Malaysian Stock Exchange during the period 2000 to 2009. In their study is used from the variables of dividend yield (DY), earnings yield (EY) and Book-to-market ratio (BTM) as financial ratios to predict stock returns. To estimate the regression model used from panel data and generalized least squares (GLS) methods. Research findings indicate that there is a significant and positive relationship between financial ratios  and stock return of next year. Also, the results showed that the ratio of book value to market value is superior against dividend yield and earning s yield in explaining stock return of next year. Lau, Lee and Mclnish (2002) has been study on the relationship between stock returns and systematic risk with firm size, the ratio of book value to market value of equity, price to earnings ratio, the ratio of cash flow to price and sale growth in both Malaysia and Singapore. Their studied sample is 82 companies listed in the Singapore Stock Exchange and 163 companies listed in the Kuala Lumpur Stock Exchange during the period 1988-1996. Results for Singaporean companies are indicating that there is no significant relationship between the ratio of book value to market value (BTM) and earnings to price ratio (E/P) with stock returns. The results for Malaysian companies show that there is significant and positive relationship between the ratio of earnings to price (E/P) and stock returns. But the relationship between the ratio of book value to market value (BTM) and stock returns is not significant. Kothari and Shanken (1997) has been study on the relationship between the ratio of book value to market value and dividend yield with the expected market return. Results have shown that there is a significant and positive relationship between the ratio of book value to market value (BTM) and the dividend yield with market returns of future year. Also, the results indicate the superiority of book value to market value ratio against dividend yield in explaining future market returns. According to study done by Fama and French (1988), Hodrick (1992) and Stambaugh (1999) have shown that the variables of earnings to price ratio, the ratio of dividends to the price and short-term interest rates can better predict stock returns. As a conclusion, financial theories lay great emphasis on the role of risk in stock returns so the relationship between stock returns and financial ratios is because the ratios captured information about the risk. Therefore, these three financial ratios are supported by financial theoretical basis. Section 3 Data and Methodology Data Collection Methods The data collected are mainly from secondary data. The secondary data that used in this paper are included the closing price, dividend yield, book to market, earning per share and asset size of each plantation company from  year 2008 to 2012. These closing prices will be collected from yahoo finance but for the dividend yield, book to market, earning per share and asset size will be collected from data stream. Target Population The secondary data will be used in this paper to test whether dividend yield, book to market, earning per share and asset size forecast stock return or not. Therefore, the 23 stocks listed on Bursa Malaysia will be obtained. They are included: 1ï ¼Å½ UNITED MALACCA 2ï ¼Å½ NPC RESOURCES 3ï ¼Å½ KWANTAS 4ï ¼Å½ SARAWAK OIL PALMS 5ï ¼Å½ TH PLANTATIONS 6ï ¼Å½ TSH RESOURCES 7ï ¼Å½ CEPATWAWASAN GROU 8ï ¼Å½ CHIN TECK PLANTATIONS 9ï ¼Å½ KIM LOONG RESOURCES 10ï ¼Å½ FAR EAST HOLDINGS 11ï ¼Å½ KLUANG RUBBER 12ï ¼Å½ NEGRI SEMBILAN OIL PALMS 13ï ¼Å½ SUNGEI BAGAN RUBBER 14ï ¼Å½ UNICO-DESA PLANTATIONS 15ï ¼Å½ GOLDEN LAND 16ï ¼Å½ RIVERVIEW RUBBER ESTS. 17ï ¼Å½ UNITED PLANTATIONS 18ï ¼Å½ TRADEWINDS PLANTATION 19ï ¼Å½ MHC PLANTATIONS 20ï ¼Å½ IJM PLANTATIONS 21ï ¼Å½ HAP SENG PLTNS.HDG 22ï ¼Å½ CHIN TECK PLANTATIONS 23ï ¼Å½ GENTING PLANTATIONS Data Analysis The collected data were analyzed by using Microsoft Excel and Eview. Microsoft Excel will be used to calculate the stock returns for each stock for a period of around 5 years which are the year from 2008 to 2012. Besides, pool ordinary least squares regression, descriptive statistic, correlation and Hausman test from Eview will be used to run the result of our research. Dependent variable a. Stock return The total stock return can be gain through the appreciation in the price plus any dividends paid and then divided by the original price of the stock. The dividends can include any of the income sources from a stock. Commonly, it is increase in value. Thus, the first portion of the numerator of the total stock return formula is looks at how much the value has increased (P1 – P0). Then, it needs to remind that the denominator of the formula which is use to calculate a stock’s total return is considered as the original price of the stock which is used due to being the original amount invested. Total stock return calculated as follow: Total stock return = where = Ending stock price (period 1) = Initial stock price D = Dividends Independent variable b. Dividend yield Usually, a financial ratio can be used to show how much a company pays out in dividends each year which is relative to its share price. Therefore, it can be said that the dividend yield is the return on investment for a stock in the absence of any capital gains. Dividend yield is calculated as follows: Dividend yield = Annual dividends per share / Price per share c. Book to market Sometimes, we also use a financial ratio to find the value of a company. It can be found by comparing the book value of a firm to its market value. Book  value can be calculated by looking at the firm’s historical cost or accounting value. On the other hand, market value is determined in the stock market through its market capitalization. Book value is calculated as follows: Book to market = Book value of firm / Market value of firm d. Earnings per share The earnings per share (EPS) can be defined as the portion of a company’s earnings, net of taxes and preferred stock dividends. Usually, all of them are allocated to each share of common stock. EPS is calculated as follows: EPS = Net earnings / Outstanding shares e. Asset size Asset size is defined as the total of the current assets and the non-current assets which is holding by a company. Asset size is calculated as follows: Asset size = total asset Pool OLS regression Stock return = + (dividend yield) + (book to market) + (earning per share) + (asset size) + Pool OLS is to measure whether there is positive or negative relationship between dependent variable (stock return) and independent variable (dividend yield, book to market, earning per share and asset size). R-squared is the total variation dependent Y is explained by the total variation of independent X. F-statistic is to test whether the overall goodness of fit is good or not. The significant level is set at 1%, 5% or 10%. Descriptive Statistic Descriptive statistic is to provide simple summarizes about the sample and the observation that have been made like mean and median. Correlation The correlation is called the correlation coefficient (or â€Å"r†). It ranges from -1.0 to +1.0. If r is close to 0, it means there is no relationship between the variables. If r is positive, it means that as one variable gets larger the other gets larger. If r is negative it means that as one gets larger, the other gets smaller (often called an â€Å"inverse† correlation). Hausman test Hausman test is usually applied to test for fixed versus random effects models. Ho: Cov (ÃŽ »i, xit) = 0 (Random Effect) H1: Cov (ÃŽ »i, xit) ≠  0 (Fixed Effect) If the p-value is lower than 0.01, we reject Ho. This indicated that the fixed effects model is preferred. If p-value greater than 0.01. We do not reject Ho. This means that the random effect is preferred. Random effect model is to utilize in meta-analysis. It is using both study sampling error and variances. The variations between studies are included in the assessment of the uncertainty or confidence interval of the results of a meta-analysis. In addition, random effects model is apply when there is no correlation between the regresses and the individual effects. On the other hand, fixed effect model stipulates the units under analysis such as people in a trial or study in a meta-analysis are the ones of interest. Thus, this model constitutes the entire population of units. The variation between the estimates of effect from each study name as heterogeneity. It does not affect the confidence interval. Besides, this model is applied when there is allow for arbitrary correlation between the regresses and the individual effects. Section 4 Data and Empirical Results Research Findings: Descriptive statistics Variables N Mean Maximum Minimum Standard Deviation Stock Return 115 0.069304 1.170000 -0.600000 0.308345 Dividend yield 115 3.356435 10.31000 0.370000 2.220661 Earnings per share 115 0.345304 1.800000 0.040000 0.300544 Book to market value 115 1.193478 2.950000 0.340000 0.542936 Firm Assets 115 13.64433 15.36144 12.01738 0.816106 From the table above, on average or the mean stock return level for firms is 0.07% with a maximum value of 1.17% from 2008 to 2012. As we can see, average dividend yield for the plantation firms in Malaysia is the highest which mean 3.36% return of plantation firms in Malaysia are generated by dividend yield. Looking for the earnings per share, it shows low earnings  per common share. On average Malaysian plantation firms only make earnings about 0.04% and the highest is 1.8%. This amount of earnings per share is very low compared to the dividend yield. Average book to market value is 1.19% with a maximum value of 2.95%. Firm asset is one of the most important bank specific variables that will affect stock return. Total assets value for Malaysian plantation firms ranges from 12.02% to 15.36%. The range is big and this may due to the sample firms having operated for different lengths of time. Correlation SR DY EPS LSIZE MVB SR 1.000000 DY 0.188256 1.000000 EPS -0.048140 0.084159 1.000000 LSIZE 0.055228 -0.150209 0.239308 1.000000 MVB -0.313238 -0.014558 0.383026 0.509393 1.000000 The stock returns for two variable that is earning per share and market to book value are moving in totally opposite direction linearly. These are because the correlation between stock return and earning per share and also the correlation between stock return and market to book value are negative relationships which are -0.05 and -0.3. On the other hand, the correlation between stock return and total asset and also the correlation between stock return and dividend yield are positively correlated which are 0.05 and 0.19. As a conclusion, based on the result above the dividend yield recorded the strongest correlated to stock return. Pooled Ordinary Least Square Dependent Variable: Stock Return Variables Coefficient Std.Error t-Statistic Probability C -1.424024 0.492529 -2.891247 0.0046 DY 0.031544 0.011973 2.634631 0.0096 EPS 0.044259 0.094578 0.467969 0.6407 LSIZE 0.125167 0.037734 3.317073 0.0012 MVB -0.281240 0.058763 -4.786012 0.0000 R-squared 0.214105 Adjusted R-squared 0.185527 F-statistic 7.491945 Prob(F-statistic) 0.000022 SR= -1.4240 + 0.0315 DY + 0.0443 EPS + 0.1252 LSIZE – 0.2812 MVB where SR = Stock Return DY = Dividend Yield EPS = Earnings Per Share LSIZE =Log Firm Size MVB = Book to Market Value The intercept value of -1.4240 means that if the all independent variable are zero, the stock returns will expected to be -1.4240. the R-squared is 0.2141 means that about 21.4% of the total variation dependent Y is explained by the total variation of independent X. the F-statistic is 0.000022 means that  this regression model is statistically significant at 5% level of significant. Therefore, the overall goodness of fit is good. From this regression, dividend yield and firm size showed positive relationship to stock return as shown by the positive coefficient. Both variables of p-value are significant at 1% of significant level. There is negative relationship between book to market value as shown by negative coefficients and the p-value is significant at 1% of significant level. The relationship between stock return and earning per share is negative and the p-value is not significant at 10% of significant level. Fixed effect model Dependent Variable: Stock return Variable Coefficient Std. Error t-Statistic Probability C -4.296162 2.324473 -1.848231 0.0679 DY 0.040577 0.020388 1.990207 0.0497 EPS -0.153195 0.222027 -0.689983 0.4920 LSIZE 0.361256 0.168448 2.144618 0.0347 MVB -0.542055 0.096166 -5.636630 0.0000 The table shows the dividend yield, earning per share, firm size and book to market value. The dividend yield, size and book to market value were found be significant, the p-value are 0.0497, 0.0347 and 0.0000 respectively which are significant at 5% of significant level. The earnings per share was found not be significant, since p-value is 0.4920 which is greater than 0.05. Thus, dividend yield, size and book to market value were impact on the stock return of Malaysian plantation sector. Random effect model Dependent Variable: Stock return Variable Coefficient Std. Error t-Statistic Probability C -1.424024 0.450854 -3.158502 0.0020 DY 0.031544 0.010960 2.878165 0.0048 EPS 0.044259 0.086575 0.511226 0.6102 LSIZE 0.125167 0.034541 3.623689 0.0004 MVB -0.281240 0.053791 -5.228410 0.0000 The table shows the dividend yield, earning per share, firm size and book to market value. The dividend yield, firm size and book to market value were found be significant, the p-value are 0.0048, 0.0004 and 0.0000 respectively which are significant at 5% of significant level. The earnings per share was found not be significant, since p-value is 0.6102 which is greater than 0.05. Hausman test Test Summary Chi-Sq. Statistic Chi-Sq. d.f. Prob. Cross-section random 35.021193 4 0.0000 Hausman test is used to test hypotheses in terms of bias or inconsistency of an estimator. For this specification test, H0 and H1 are: H0: Cov(ÃŽ » , x ) = 0 H1: Cov(ÃŽ » , x ) ≠  0 The result of Hausman Test illustrated the p-value is 0.0000 which is smaller than 0.01. Therefore, it is statistically significant at 1% of significant level. Therefore, the null hypothesis is rejected and concludes that the fixed effect is preferred. Section 5 Summary and Conclusion The purpose of this study is to investigate the predictive ability of the selected financial ratios on stock return in Malaysia specifically in plantation sector over the period from 2008 to 2012. Among the financial ratios, three commonly used financial ratios are included which is the dividend yield, firm size, earning per share (EPS) and book to market ratio. As a result, this study has provided evidence that financial ratios played a significant role in predicting stock return. In addition, the empirical findings also revealed that dividend yield, book to market ratio and firm size have significant relationship on stock return of Malaysia plantation sector among the financial ratios. However, the research finding indicate that the dividend yield has the strongest forecasting ability on stock return and it is in line with the past studies by Fama and French (1988) who found out that there is a strong predictive power of dividend yield on stock return. In summary, this study might not applicable to other region or other industry. Nevertheless, it has provided better information regarding the forecasting power of financial ratio on stock return. Therefore, effort shall be made to explore for further research in order to improve on previous work. References: Abgineh, M. (2013). The Investigation of the Relation between Changes in Financial Ratios with Changes in Stock Returns on the Tehran Stock Exchange. Journal of Basic and Applied Scientific Research, 3(2), 473-479. Aono, K., & Iwaisako, T. (2010). Forecasting Japanese Stock Returns with Financial Ratios and Other Variables. Asia-Pacific Financial Markets, 18, 373–384. Auret. C.J., & Sinclaire R.A. (2006). Book-to-market ratio and returns on the JSE.Investment Analysts Journal, 19, 31-38. Banze, R. (1981). The relationship between return and market value of common stocks. Journal of Financial Economics , 9, 3-18. Emamgholipour, M., Pouraghajan, A., Yadollahzadeh, T., Haghparast, M., & Shirsavar, A. (2013). The Effects of Performance Evaluation Market Ratios on the Stock Return: Evidence from the Tehran Stock Exchange. International Research Journal of Applied and Basic Sciences, 4 (3), 696-703. Fama, E. F., & French, K. (1988). Dividend yields and expected stock return. Journal of Financial Economics, 22, 3-25. Hodrick, R. (1992). Dividend yields and expected stock returns: alternative procedures for inference and measurement. Review of Financial Studies, 5, 357-386. Hakkio, C. & Rush, M. (1991), Cointegration: how short is the long run?, Journal of International Money and Finance, 10, 571-581. Kheradyar, S., Ibrahim, I., & Mat, N. F. (2011). Stock Return Predictability with Financial Ratios. International Journal of Trade, Economics and Finance, 2 (5), 391-396. Kothari, S. P., & Shanken, J. (1997). Book-to-market, dividend yield, and expected market returns: a time series analysis. Journal of Financial Economics, 44, 169–203. Lau, S.T., Lee, T.C. & McInish, T. H. (2002).Stock Returns and Beta, Firms Size, E/P, CF/P, Book to Market, and Sales Growth: Evidence from Singapore and Malaysia. Journal of Multinational Financial Management, 12, 207-222. Lewellen, J. (2002). Predicting Returns with Financial Ratios. MIT Sloan School of Management. Working Paper 4374-02. Lewellen, J. (2004). Predicting Returns with Financial Ratios. Journal of Financial Economics, 74, 209–235. McManus, P.A. (2011). Introduction to regression models for panel data analysis. Retrieved from http://www.indiana.edu/~wim/docs/10_7_2011_slides.pdf Reinganum, M.R. (1981). Misspecification of Capital Asset Pricing: Empirical Anomalies based on earning yield and market values. Journal of Financial Economics, 9(1), 19-46. SAS Institute Inc. (2013). The model produce. Hausman specification test. Retrieved from http://support.sas.com/documentation/cdl/en/etsug/63348/HTML/default/viewer.htm#etsug_model_sect050.htm. Stambaugh, R. (1999). Predictive regressions. Journal of Financial Economics 54, 375–421. Stattman D. (1980). Book values and stock returns. The Chicago MBA: A Journal of Selected Papers, 4:25-45.

Is Anne Franks Diary A Holocaust Work - Free Essay Example

Sample details Pages: 3 Words: 965 Downloads: 8 Date added: 2019/04/22 Category History Essay Level High school Tags: Anne Frank Essay Holocaust Essay Did you like this example? The Diary of a Young Girl is part of the literary canon reserved for the educational establishment. Generation after generation of students read through the diary, reading it as a voice of optimism in the midst of one of the darkest hours in all of human history. It is common to look upon this diary as a fountain of positive energy daring to exist in spite of the menace of the Nazi machine. Don’t waste time! Our writers will create an original "Is Anne Franks Diary A Holocaust Work?" essay for you Create order While there are elements of the book that are powerful, and while the book would not have been composed if the Holocaust had not taken place, it is problematic to define this book as a Holocaust work, at least in the terms in which it is commonly marketed. Instead, it is more appropriate to look it as a fragment, a look into the mind of one young woman who had the vast majority of her life taken from her. However, that look should not be conflated into a story, because we do not see Anne Frank in the diary after her arrest; we do not encounter her time in the camps through her diary; we do not come to the end of her days in her diary, as we do (in contrast) with Elie Wiesels father, who vanishes from a bunkroom on one dark night, having succumbed to dysentery. It is true that Frank wrote about her observations as showing the comical side of life in hiding (Frank 241). However, the comedy that emerges from her writing is of the darkest sort. There are all sorts of writing at work here, except for the motivation it is touted to contain. What does the diary tell us? There are moments of deep suspense, as one might expect when two families consisting of eight people are hiding in plain sight in a Netherlands teetering under the weight of its Nazi neighbor. However, much of the diary has very little to do with the menace of the Third Reich: at times, Anne writes about her own sexual curiosity, natural for someone of her age; there are moments when she shows idealistic tendencies to go along with her darker moments. She shows fear, joy, infatuation and desperation. There are nights when the bombing excursions overhead make her sanctuary shake with the impact of the ordnance. The fact that the families have to leave the toilet unflushed for ten hours on end, after eight people have used it, provides a most vivid image, although the smell lingering from the meal of spoiled potatoes and boiled lettuce might be just as rank. With that said, the commercialized version of the diary is not the one that one sees when one picks up the book. The death of Anne Frank turns out to have been somewhat ironic; at the point when she finally passed away, the Third Reich was collapsing, as the Russians were heading toward Auschwitz. Anne went to Bergen-Belsen as the Nazis were trying to destroy all evidence of their Final Solution at Auschwitz before the Russians could expose their plot. It was not a gas chamber or a death squad that took the life of Anne Frank; it was a typhus epidemic. This sort of outrage was also part and parcel of warehousing so many people so close together and with such little attention to matters of basic hygiene, but Anne Frank was not picked out for selection, she was not tricked into the showers that marked the end for so many, and she did not swing from a Nazi rope. There was never a way out of this situation for Anne Frank. This is what makes attempts to turn the book into some sort of empowering document ring so hollowly. How can a fragmentary memoir of a young woman who had no chance to survive turn into a motivational text? If anything, it serves as a paean to the utter absurdity of both that part of history and our own part, several decades down the timeline, in an eerie place where we have Holocaust survivors in our midst but also have Holocaust deniers as well, a bizarre version of the Einsteinian paradox in which a person would not continue to exist if he encountered a different version of himself as a result of time travel. When we turn the story of Anne Frank into a cute memoir of a brave girl hiding inside a wall, we take the story of Nazi Germany and we turn it into a sort of Nancy Drew mystery. If we are willing to look at the story as the musings of a young woman who saw nothing good ahead of herself but, even so, still had the natural thoughts of a young teenager. She notes that [i]n the evenings when its dark, [she would] often see long lines of good, innocent people accompanied by crying children, walking on and on, ordered about by a handful of men who bully and beat them until they nearly drop. No one is spared. The sick, the elderly, children, babies, and pregnant women â€Å" all are marched to their death (Frank). There is nothing cute in this representation; there is nothing motivational. Instead, there is just representation. Representation of what, you might ask? The bleak reality of the Nazi regime was that there was no way out as long as Hitler remained in control. The grotesque fetish known as the Final Solution has its analogue in the yellow stars of David that appeared in the aftermath of the inauguration of Donald J. Trump and in the global refusal to deal with the atrocities that Bashar el-Assad has carried out in Syria. Every time we turn a story like that of Anne Frank into kitsch, we ignore the lesson that that story would actually teach us.

Gun Control Argument paper - 1449 Words

EN 111 4/16/13 Don t shoot! I m not armed! Many have heard the saying, â€Å"Guns don’t kill people, people kill people,† then on December 14, 2012, Adam Lanza, fatally shot twenty children and six adult staff members at Sandy Hook Elementary School in the small town of Newtown, Connecticut. Ever since this tragic day, there has been a large push for gun control in the US, led by President Obama. The bills that are before Congress would make penalties for buying guns illegally more onerous, address trafficking, and greatly expand the number of gun sales covered by background checks. These laws might make us all feel safer as well as make us feel like we have control over the â€Å"bad guys† but at the end of the day, these new laws will†¦show more content†¦The second law would put bans on high-capacity magazines and semi-automatic assault weapons. The Liberals’ reasoning for this law is that there is no reason for an American civilian to own, or have to own an assault weapon, for example an AK-47. The argument an individual will use in support of gun control would say something like, â€Å"The reason why the mass murders can have such a large killing spree is because they use these semi-automatic, high capacity ammunition weapons. If these kinds of weapons were made illegal it would be harder for these large killing sprees to happen.† That argument does sound logical, but let’s take a look at some numbers to see how much of an impact this law would cause. In a speech that Mr. Virtual President, Bill Whittle, made he said, â€Å"In 2011 the total of fire arm murders came to 8,583 and total murders by all rifles, not just semi-automatic rifles, came to 323, which is only 3%.†¦but there were 5 times the amount of murders then all rifles combined made by knifes alone, and preventable medical errors kills about 98,000 people a year† (Bill Whittle). With the small number of only 3% of murders made by all types of rifles compared to the total fir e arms is a very small percentage. If this law came into place there would not be noticeable decrease of total fire arm murders due to semi-automatic rifles being banned. RonaldShow MoreRelatedArgument Paper On Gun Control1354 Words   |  6 PagesPosition Paper on Gun Control While Americans were contemplating gun control proposals in the wake of mass shootings at a Colorado School, another gunman massacred 50 people in a club in Orlando. 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