7 Indispensable Tricks for Writing Comic Books

7 Indispensable Tricks for Writing Comic Books As the longtime creative director of Marvel Comics and one of the most iconic comic book creators of all time, Stan Lee (1922 – 2018) was the mastermind of a Marvel Universe full of timeless characters and stories that continue to capture the imagination of new generations of comic book fans.At first, however, Lee lacked confidence in his writing. As he would later explain in his autobiography, he felt that comic books (and therefore, comic book writers) had a low status in the literary world. As a result, he used a pseudonym for some of his earliest comic book work. He writes, I used to be embarrassed because I was just a comic-book writer while other people were building bridges or going on to medical careers. And then I began to realize: entertainment is one of the most important things in peoples lives. Without it, they might go off the deep end. I feel that if youre able to entertain people, youre doing a good thing.As we all know, Stan Lees comic books not only brought h im (and the Marvel company) massive success- they also played a large role in elevating comics to a genre that is well-respected and continuing to grow in popularity. If you have been thinking about writing a comic book and are unsure of how to go about it, here are seven little tricks to keep in mind as you write.Photo by Lena Rose on UnsplashTip #1- Focus on story first, then layout secondEven though comic books are often best known for their imagery, as a rule of thumb, when writing a comic book, you should first focus on the story. Stan Lee puts it simply: Comics are stories; theyre like novels or anything else. So the first thing you have to do is become a good storyteller.While were on the topic of storytelling, if you are unsure which story you want to tell, consider the fact that many comic books and graphic novels published in todays market are retellings of older stories. This graphic novel retelling of William Shakespeares Romeo and Juliet and this comic book-inspired ver sion of Victor Hugos Les Misà ©rables are great examples. Even Stan Lee borrowed much of his storytelling from classic Greek and Roman myths, so dont be afraid to put a new spin on an old tale if you are stuck on the story part.Tip #2- Know the end and work backwardsThis same piece of advice holds true for writing any type of story, whether it be a short story, novel or comic book. When you know your ending first- before putting pen to paper (or fingers to keyboard) for the first draft- youll be able to write a more succinct storyline with fewer holes in the plot.This doesnt mean that you need to know every detail about how your story will end. It only means that you should have a general idea of the major events that will take place at the end. You should know which character will be involved and the overall character arcs for your major characters (particularly the protagonist).This is especially important if you plan to write a series of comics. Knowing what happens at the end w ill help you divide the story correctly into segments and end each book on the right kind of cliffhanger (which well discuss more in tip #4).Tip #3- Outline completely before writingHeres another tip you should follow in the writing process, regardless of what type of fiction you are writing. Having an outline is one of the most important things (if not THE most important thing) you can do before sitting down to write your comic book. You dont need to know every detail at the beginning, but you should have a general idea of your setting, plot structure, major characters, their motivations, and their character arcs as the plot progresses.If youre stuck at this part, I recommend reading Blake Snyders Save the Cat! series. While he initially focuses on writing a screenplay, he offers invaluable advice on two different facets of outlining a story for any media. First, he provides a beat sheet focusing on the 15 major beats that occur within all great movies/screenplays. You can essentia lly take these beats and fill them in with your storys unique details to have a well-rounded plot outlined quickly. Second, he reviews the essential ten types of stories that encompass most plots. For example, he breaks down the most popular types of stories into easily digestible, overarching themes. A few examples are:Monster in the House (Alien, The Ring, etc.)Dude with a Problem (Die Hard, Open Water, etc.)Rites of Passage (Napoleon Dynamite, Kramer vs. Kramer, etc.)Buddy Love (When Harry Met Sally, Brokeback Mountain, etc.)Fool Triumphant (Forrest Gump, Legally Blond, etc.)Tip #4- For multiple issues, end on a cliffhangerI touched on this briefly above, but this is especially important during the outlining process if you are creating a series of comic books. As with any series- and particularly in comic books- ending each issue on a cliffhanger is essential if you want to keep your audience engaged in the overall story youre writing.In writing comics, its important to keep this in mind as you outline each issue. If you are creating a series, you should outline the entire series before writing the first comic book, and the outline should be completed before any artwork is begun. Pay special attention to page numbering as you outline and determine cliffhanger cut-off points for each issue, as this will determine the level of interest you are able to maintain with your audience and whether theyll want to purchase following issues (after reading the first).Photo by Andreas Fidler on UnsplashThere are also software programs available such as Celtx, which includes a comic book option for its script writing features. Using software to assist with layout and page numbering during the outlining and writing processes helps extensively with this cliffhanger strategy.Tip #5- Make sure your setting and characters are memorableSince comic books have limited room for extended exposition, having a memorable setting and unforgettable characters is important. Stan Lee puts it like this: To my way of thinking, whether its a superhero movie or a romance or a comedy or whatever, the most important thing is youve got to care about the characters. Youve got to understand the characters and youve got to be interested. If the characters are interesting, youre half-way home.When you think back over some of the bestselling comic books and graphic novels (Neil Gaimans Sandman series and Robert Kirkmans The Walking Dead series come to mind), youll find that two things they all have in common are a unique, intriguing setting and fascinating characters. Both drive the story when limited exposition and dialogue are necessary (such as in comic books) and both will ensure a comics success if crafted properly.Tip #6- Notebooks and audio recorders are great for stealing dialogue you hear throughout the dayThis tip comes directly from Tony Max, indie comic book author and illustrator of The Golden Silence series. As a writer, he often catches conversations on audio rec orders (with the permission of the speakers, of course) to get a feel for the cadence and word choice of everyday conversations between people. He is then able to listen back through and recreate a realistic dialogue in his comic books.Since comic books rely heavily on dialogue to fill in details of the exposition, creating realistic dialogue should be a focus while youre writing. Often, panels dont have enough room to have a lot of dialogue either, so the dialogue you do include needs to be sharp, poignant, essential to the narrative, and realistic for the genre. Think of it as the bones that hold the narrative framework together.Tip #7- Phrase books help to find the right wordsPhrase books are great resources for writers of all genres in that they can help spark the creative Muse when writers block sets in (and lets face it, all writers experience writers block at some point or another). For example, this phrase book by USA Today bestselling author Jackson Dean Chase offers over 5 00 descriptions of weapons, wounds, wild animals, weather, emotions, dangerous places, and more, plus a combat thesaurus that covers everything, from attack to defense, ranged to melee, and from monsters to magic spells and psychic powers.Action Writers Phrase Book by Jackson Dean ChaseWhether your comic book is sci-fi, action and adventure, romance, fantasy, or somewhere in between, youll be able to find phrase books offering a plethora of information on costume, weaponry, fighting techniques, survivalist tricks, technology, period-correct verbiage, naming strategies, and more. They are really indispensable to any writers collection of source books and are especially useful in writing comics, where elements like worldbuilding and costume are essential for success.

How Much Time to Spend Studying in College

How Much Time to Spend Studying in College Theres no right way to study in college. Even students who have the same majors and take the same classes wont need to spend the same amount of time on coursework because everyone has their own way of learning. That being said, theres a common rule of thumb students and professors use to determine how much time to allocate for studying in college: For each hour you spend in class, you should spend two to three hours studying outside of class. How Should I Study? Of course, that outside of class studying can take on different forms: You might take the traditional approach to studying by sitting in your room, poring over a textbook or reading assignment. Or perhaps youll spend time online or in the library  further researching topics your professor mentioned in class. Maybe youll have a lot of lab work to do  or a group project that requires meeting other students after class. The point is studying can take many forms. And, of course, some classes require students to work outside of class a lot more time than others. Focus more on what sort of studying will help you complete your necessary coursework and get the most out of your education, rather than trying to meet a specific study-hours quota. Why Should I Track How Much I Study? While prioritizing the quality over the quantity of your study time is more likely to help you accomplish your academic goals, its smart to keep track of how much time you spend doing it. First of all, knowing how much time to spend studying in college can help you gauge if youre spending enough time on your academics. For example, if youre not performing well on exams or assignments - or you get negative feedback from a professor - you can reference the amount of time youve spent studying to determine the best way to proceed: You could try spending more time studying for that class to see if it improves your performance. Conversely, if youve already invested a lot of time in that course, perhaps your poor grades are an indication its not an area of study that suits you. Beyond that, tracking how you study can also help you with time management, a skill all college students need to develop. (Its pretty handy in the real world, too.) Ideally, understanding your out-of-class workload can help you avoid cramming for exams or pulling all-nighters to meet an assignment deadline. Those approaches are not only stressful, but theyre often not very productive either. The better you understand how much time it takes you to  engage with and comprehend the course material, the more likely you are to reach your academic goals. Think of it this way: Youve already invested a lot of time and money going to class, so you might as well figure out how much time you need to do everything necessary for getting that diploma.

ART Essay Example | Topics and Well Written Essays - 2000 words - 1

ART - Essay Example It also resembles more of a Southwest United States portrait because of its subject – a woman who is stringing beads. The braid on the woman also resembles a woman who would be living in this area of the United States during this period of time. What is also striking about this woman is that she is sexualized. This painting was painted in 1924, and perhaps the mores during this time in Europe was looser than in other places, especially the United States, but the nipple on this woman is almost dominating in the picture. But this is the only part of the picture that shows her to be a sexualized being, so it is striking that this part of the painting was so prominent. It is almost as if one is not supposed to take their eyes off of the woman's nipple. Beyond this, the colors and the lighting are extraordinary. The shadows and the light on the face show her features, and the same kind of light and shadows are on her hair that play up the dominant part in her hair. Her braids are a lso tinged with the same sort of light and shadows, all the way down. Her skin on her arms show the same. The shadows and the light are used to great effect to delineate and highlight what the painter wants us to see. The painting also does not necessarily reflect the realist movement. It is painted in broad brushstrokes that are not visible, and the features of the woman are almost in caricature. Her nose is pointed, more pointed than probably the actual woman had. This is not a picture of a woman as she really looks, but, rather, it is a picture of the woman as the painter wanted to portray her. It is a bit cubist, as noted above, but mostly reflects the southwest art movement that was prominent during this period of time. The geometric forms of this painting are not just in the way that the woman is portrayed, although these geometric forms are subtle, more subtle than a typical cubist painter, but also in other parts of the picture. This includes the stairs, which show sharp geo metric patterns, and the wall behind her, that shows the same sorts of geometric patterns. There also is a certain sense of solidity in the form. This is not necessarily a fluid form, but one that is almost sculptural in the way that the form is portrayed. She is engaged in work, in that she is working with her beads, yet, this is not necessarily portrayed in this painting. It is as if she was captured perfectly still. This was a hallmark of this particular painter, especially during this period of time, as he was working with poses that were more stylized and solid, as opposed to fluid. Adrian Piper – Vote/Emote This next piece of art is an interesting mix between a Marcel Duchamp sort of Readymade and photography. Duchamp, with his Readymade art used everyday objects and displayed them as art. For instance, he might bring in a bicycle wheel and call it art, or a toilet. In this case, the Readymades would be the window boxes. These are everyday objects that would be found in a home, and they are presented as works of art. The light boxes are silk-screened, which gives the photographs behind them more of the feel of a painting. Yet, beyond the windows themselves, are clearly other works of art that resemble paintings and photographs. Behind one of the windows is clearly the black protest marches of the 1960s civil rights movement. It shows the African Americans marching on Washington, with a sign that says â€Å"

Organizational Learning and Environmental Change Essay

Organizational Learning and Environmental Change - Essay Example This paper examines the various approaches to learning which an organization can adopt so that learning challenges in environment are not only recognized right in time but also ingrained into the operations of the organization and reflect in employees' learning to derive competitive advantage. This paper eamines the relevance of the Revans formula which emphasizes the importance of keeping pace in the learning process. All organizations can be viewed as offering some kind of solution to the problems of their stakeholders in the widest and deepest marketing sense. An essential blueprint for the organizational survival is derived from the writing of Revans(1980,1982) . Revans(1980) posited that in order for an organization to succeed the learning(L) within an organization must be greater than or equal to the rate of change(C)in the environment (L C). This is called the Raven formula. This concept maintains that organisations must become 'learning organisations' if they are to survive the changes in the external environment that affect the business and its' operations. Revans recommended action learning to essentially mean removing the gap between ideas and actions, between thinking and doing, action and learning as parts of each other. Revans coined the phrase," "helping each other to help the helpless" .Revans philosophy is based on three concepts of honesty about self, all knowledge ought to be ac tion oriented and most action should lead to camaraderie. An immediate example can prove Revans theory in relation to stakeholders of any organization. Organization like airlines -offering the services of air travel-were faced with a new and emerging niche of customers who were upwardly mobile professionals with high spending powers in early 1990s.This new niche of customers which emerged from the airlines environment was a result of prosperity brought about by globalization and opening up of economies and international markets. These travelers did not merely have an expectation of basic air travel need from airlines but expected a host of value additions in terms of menu, behaviour, off board facilities etc.Successful airlines that read into the trend and honestly went about implementing the necessary marketing plan reorientation through concrete actions like altering inflight menus, increasing airport facilities, changing the seats and space ,training the employees and above all i nstilling a team spirit while bringing about this overall change emerged as the best airlines of the world while others lagged behind. A living example is Singapore Airlines. The Revans formula worked secretly behind these success stories in that such airlines ensured that the rate of the organizational learning process was greater than that posed by the changes in their environment. Thus the employees of the organizatio

Language that we use Essay Example | Topics and Well Written Essays - 1000 words

Language that we use - Essay Example In the present world thousands of languages exist. People from different parts of the world speak different languages. The Chinese speak Mandarin, Australians speak English, Arabians speak Arabic, the Argentines speak Spanish, etc. How well others the language you use defines you and not the language you use. Non-verbal communication has the same importance as the verbal. If a person is in foreign land and not familiar with the local language, he interacts with other through non-verbal movements or in other words signs. Deaf and dumb persons use the sign language. It helps them in communicating with others and makes their lives a lesser difficult. Human beings are different from other animal, that's why they are called as social animals. This is because they can think and most importantly can communicate easily with each other. To reduce the gap between geographical areas and the curiousness of man to know what's on the other side has made him to invent different languages. Thousands of years ago they started communicating with each other. In 3500BC alphabets were invented in the written form. This helped in the introduction of postal service. This way communication between different parties was made. The Chinese invented paper and the book came by 100AD. Slowly all the writings were entered into the books. Books were best for storing information for long time without causing much damage. Newspapers were introduced into the Europe by 1450AD.Words or short phrases can exhibit the distinction between purely informative and partially expressive uses of language. Many of the most common words and phrases of any language have both a literal or descriptive meaning that refers to the way things are and an emotive meaning that expresses some (positive or negative) feeling about them. Thus, the choice of which word to use in making a statement can be used in hopes of evoking a particular emotional response. This is a natural function of ordinary language, of course. We often do wish to convey some portion of our feelings along with information. There is a good deal of poetry in everyday communication, and poetry without emotive meaning is pretty dull. But when we are primarily interested in establishing the truth-as we are when assessing the logical merits of an argument-the use of words laden with emotive meaning can easily distract us from our purpose. Language is not static it is organic. It grows out of usage and need. What's important is not whether a word is being used in its original meaning, but whether it is understood within the cultural milieu it is being used in. Words come and go and when deemed necessary add to their meanings in any language that is vibrant. It is only a word's roots that remain fixed not the word itself. If words cannot evolve to meet cultural needs, perceived or otherwise, the language is doomed. One of the difficulties many people face is understanding the language. If a person lands up in a foreign land and not familiar with the local language faces many problems. The same has happened to Tan and her mother in the essay "Mother Tongue". Her mother was not familiar with English language and hardly understands it. This became a major problem to her. She can't communicate with others and cannot build friendly relationships with her neighbours. She can't go to the market alone since she cannot speak English

The importance of the Stock Market to the Economy

The importance of the Stock Market to the Economy The stock market is an important part of the economy because it organizes the resources and channels them to useful investments, in order to perform this role it must have proper association with the economy. Capital markets are important elements of a modern market based economic system as they give out the channel for flow of long term financial resources from the savers to the borrowers of capital. Stock prices of oil sector have been considered for the study. It is the most growing and important part of the stock exchange because its prices are deeply affected by the macroeconomic variables. Investor of Pakistan who invests for long term and short run will get benefit from this research. According to most of the past studies which conducted on this topic shows that macroeconomic variables which include interest rate and exchange rate directly impact on the stock prices if any changes take place in them it will directly going to affect the stock price. Macro economic variables are inversely related to the stock price. In markets, investors provide long term funds in exchange for long term financial assets offered by borrowers. The stock exchange is an important part of any country in the sense that it organizes domestic resources and channels them to productive investments. However, for this purpose it must have important association with the economy. Capital markets are main elements of a modern market based economic system as they serve as the channel for flow of long term financial resources from the savers of capital to the borrowers of capital. Efficient capital markets are essential for economic growth. With increasing globalization of economies, the worldwide capital markets are also becoming increasingly incorporated, while such integration is constructive for global economic growth. Hussainey Ngoc (2009) examined the effect of macroeconomic variables on Ghana Stock Exchange. They found that macroeconomic indicators such as lending rates and the inflation rate affect on stock market performance. Their results suggested that macroeconomic indicators should be considered for investors in developing economies. This motivates us to examine the degree to which this conclusion is applicable to another emerging stock market in Viet Nam. Huberman Zhenyu (2005) investigated that market embrace both the new issues by primary market and secondary market. Such securities might be raised in an organized market such as the Stock Exchange. As a marketplace where securities include stocks, bonds and shares are bought and sold openly with relative ease, the stock exchange is very important to the investors. The existence of a stock exchange in a capital market helps to broaden the share possession of a company and evenly distribute the nations wealth by making it possible for people in different locations to own shares in a firm in another location by purchasing the shares, bond stock through the simple mechanism of the stock market. Kandir (2008) investigated the linkage between stock price and macro economic variables for some developing countries in Eastern Asia which examined the impact of macroeconomic risks on the equity market of the Philippines stock exchange. Findings show that financial fluctuations in exchange rate and political changes on owners of Philippine equities cannot be able to explain Philippine stock returns. Mohammad et el. (2009) investigated that Karachi stock exchange is largest and most active stock market in Pakistan, accounting for 65% to 70 % of the value of the country total stock transaction as on October 1, 2004, 663 companies were listed with market capitalization $23.23 billion having listed capital of us $ 6.59 billion. Pakistans industrial exports and foreign investment today are growing at the countrys fastest rate ever. The countrys foreign exchange reserves skyrocketed to $12327.9 million in 2003-04 from $2279.2 million in 1998-99. Similarly, several Pakistani stocks are now traded on international markets. Also, foreign brokerage houses are now being allowed through joint ventures with Pakistani investment bankers to participate in primary as well as secondary markets in Pakistan. The stock exchange is not only crucial but also central to the entire mobilization process. This is because it offers an opportunity for continuous trading in securities. The purpose is to examine the impact of the macroeconomic variables which includes interest and exchange rates on the stock prices of oil sector by using regression analysis. Seven year data of both dependent variable and independent variables has been used to determine the result. The macroeconomic variables would provide more information about the stock return economic activity relationship. This would also consider other firm characteristics in order to obtain a better insight about the return generation process. Chapter two consists of literature review where as chapter three consist of methodology and chapter four consists of results interpretations. Chapter 2: Literature review Roll Ross (1980) suggested that the arbitrage pricing theory is suitable alternative because it agrees perfectly on what appears to be perception behind a capital asset pricing model. The arbitrage pricing theory is based on the linear return and generating process at the first principle which require no utility assumption. It is also not restricted to a single period. This theory is applicable in both multi period and single period cases. Arbitrage pricing theory begins with an assumption based on return generating process. There are two major differences between arbitrage pricing theory and capital asset pricing theory, first arbitrage pricing theory allows more then one generating factors. Secondly arbitrage pricing theory demonstrates that any market equilibrium must be consistent with no arbitrage profit, every equilibrium will be characterized by a linear relationship between each asset expected return and its return response. After determination of the factors in asset returns other than the market returns, the arbitrage pricing theory was introduced in order to determine the association between variables used in the study, arbitrage pricing theory stated the use of variables without the need of pre specification of variables but it did not take too long before the criticisms to appear. One foremost criticism was that, the arbitrage pricing theory can not be able to specify the factors, but just explain them statistically. This inefficiency of the arbitrage pricing theory was established even in the first empirical arbitrage pricing theory study. Ammer (1993) investigated the empirical relation between macro economic variables and stock prices in ten different countries, with a main objective is to find a links between these vaiables. The stock price decomposition is used to find the ways through which negative stock prices is associated with a positive inflation which is because of decrease in dividends and increase in real equity returns. Ammer (1993) observed in the results that generally increase in the rate of macro economic variables are directly linked with decrease in dividends and also decrease in required real equity returns. This favors the corporate tax related theories in which any change in the tax related systems affect on an increase in the rate of inflation this helps the firm in raising their cost of their capital relative to the return that has been earned by investors in the firm. Ammer (1993) investigated that In the United States (US) and the United Kingdom (UK) the suggestion of the arbitrage pricing theory model with a conditionally heteroscedastic economic factor imply that macro economic variables may increased the average amount of capital. Kaul (1995) suggested the impact of changes in monetary policy regimes, expected macro economic variables and there impacts on stock prices. Post war evidence from four countries reveals a direct link between these relations and the central banks operating targets which include money supply, interest rates and exchange rates. Specifically, the post war opposing relation has been found between stock price and in expected macro economic variables are significantly stronger during interest rate regimes. Bonomo Garcia (1997) investigated a version of the conditional capital asset pricing model with respect to a local market portfolio, which provides alternative by the Brazilian stock index during the period of 1976 to 1992. For this purpose they had selected conditional arbitrage pricing theory model by using the difference between the 30 days rate and the overnight rate as a second factor in addition to the market portfolio in order to capture the large inflation risk present during this period. Bonomo Garcia (1997) used conditional capital asset pricing model and arbitrage pricing theory models in the formation of the portfolio that consist of twenty five securities exchanged on the Brazilian market, this played an important role for the appropriate pricing of the portfolios. It has been examined that the unconditional moments of the returns series for the stock market index taken from the IFC Emerging markets data base it shows an average return in US dollars of 21.15% and an average excess return in local currency of 28.82%. For industrialized countries standards, it has been observed that these returns are exceptionally high. According to the fundamental asset pricing models such as the capital asset pricing model or the arbitrage pricing theory considered that, high expected returns getting from the security are linked with high measures of risk with respect to a number of risk factors that are going to affect directly on market portfolio. According to the capital asset pricing model, the expected return getting from the portfolio of assets is because of the covariance of the portfolio return which consists of different securities from exchange with the market portfolio return. It has been examined that the while selecting any market portfolio Two different views can be undertaken: it has been considered that the Brazilian stock market is divided into different segmented and concentrate on local risk factors which consist of macroeconomic variables that help in explaining local returns of the stocks, another way to adopt the perspective is that, international investors diversifying their portfolios worldwide by investing their funds into different market of the world in order to reduce the risk from their portfolio because if they invest in only one market with out diversifying in this way risk is high because if decline in market takes place then the investor will directly going to suffer loss on investment. Bonomo Garcia (1997) examined that they adopt the view according to which the Brazilian stock market is divided and tests a description of the conditional capital asset pricing model with reverence to a limited market portfolio, characterized by the Brazilian stock index in the IFC database. The conditional capital asset pricing model is experienced on a set of size portfolios produced from a total of twenty five securities exchanged on the Brazilian markets. The IFC emerging markets data base of the World Bank provides data on stock prices and other financial variables for both the stock index and individual stocks in a series of rising and newly industrialized countries. The Brazilian stock market is subjected by individual investors. They characterize investors in the market with minute investment knowledge or experience, they speculate in the stock market in the absence of market experience. Stocks are often bought and sold on historical prices and on market news about stock pri ces, resulting in stock market mania. Bonomo Garcia (1997) selected the total list of twenty five common shares which were listed on the brazilian stock exchange from January 1976 to December 1992. To test this model the return on individual securities has been selected, but for the purpose of getting linear result they have limit the number of variables used in this process. Bonomo Garcia (1997) examined the degree of the covariance parameters which is small in absolute value but small in variance of the surplus return. The betas of the second and third portfolios got negative values in the outline followed by their magnitudes, which increases with the capitalization value. This specifies the hight of worth portfolios which offers the best hedge against the risk. It should be seen that, by adding a second factor, all the market portfolio betas becomes lower as compare with others portfolios. Altay (2003) suggested that a range of macroeconomic variables representing the essential indicators of an economy are employed in the factor analysis processes and factor realizations of principal economic phenomena. Arbitrage pricing theory has a serious disadvantage in defining systematic risk factors. In contrast to the Arbitrage pricing theory, the market portfolio as the only risk factor in the capital asset pricing model is clearly defined. Asset prices are supposed to respond to series of macro economic procedures. A number of macroeconomic alteration influence asset prices stronger than others and some do not even influence them at all. One of the most well known Arbitrage pricing theory tests on this topic was implemented and measured by a number of important economic variables to have systematic influence on asset returns. Arbitrage pricing theory is only focused on shaping the number of risk factors that systematically give details about the stock market returns by formulating factor analysis methods. Altay (2003) have chosen five factors from the New York stock exchange and AMEX which depend on the period length and the size of the stock groups under examination. In this paper they put into practice empirical analysis to both German and Turkish stock markets and economic data. It shows that Germany and Turkey are both European countries with dissimilar levels of economic development. There are numerous earlier empirical results of the Arbitrage pricing theory for the German and Turkish Stock Markets. Monthly returns of ninety three assets are put into practice, the principle components analysis method are used in order to test the arbitrage pricing theory. The accomplishment of the maximum likelihood factor analysis method used some macroeconomic variables as possible common risk factors in the analysis. The asset prices are supposed to respond to macroeconomic factors and unexpected changes in macroeconomic factors are estimated to be rewarded in stock markets. The factor structures of the German and Turkish economy are presented by employing the same eight macroeconomic variables and stock market proxies in the principle mechanism and maximum likelihood factor analysis. In each type of analysis of German variables, four factors are extracted while only three variables are derived from Turkish variables, representing dissimilar factor structures of these two economies. Javed Aziz (2005) suggested the development of financial equilibrium asset pricing models which has been the most significant area of research in current financial theory. These models are broadly tested for the development of the market. The strength of the Arbitrage Pricing Theory (APT) model on returns from twenty five aggressively trading stocks in Karachi Stock Exchange using monthly data from January 1997 to December 2003 had been examined. Arbitrage pricing theory suggested that there are a number of sources of risk in the economy that cannot be eliminated. Javed Aziz (2005) considered in relation to economy wide factors such as inflation, interest rate, exchange rate and changes in aggregate output. Instead of calculating a single beta, like the capital asset pricing model, arbitrage pricing theory calculates several betas by estimating the importance of an assets return to changes in each factor. The arbitrage pricing theory assumes that a security return is a linear function. The arbitrage pricing theory thus specified that the risk premium for an asset is connected to the risk premium for each factor and that as the assets sensitivity to each factor increases, its risk premium will increase as well. The arbitrage pricing theory forecast that the prices of all sensitive assets in the economy conformed to the condition of no arbitrage. No arbitrage indicate that an individual investment in a well diversified portfolio could not receive any additional return merely by altering the weights of the assets incorporated in the portfolio, holding equally systematic and unsystematic risk constant. The arbitrage pricing theory stated that there is a set of fundamental sources that influence all stocks returns. The stock return is a linear function of a certain number of economic factors, while these factors are unnoticeable and not significant. In order to test the arbitrage pricing theory empirically, following approach has been used. It can simultaneously calculate approximately the asset sensitivities and unknown factors by examining factor analysis on stock returns. On the other hand, it identifies previous general factors that give details about the pricing in the stock market. Such macroeconomic variables can be those affecting either future cash flows on companies or future risk adjusted discount rates. These selected twenty four stocks are the most active stocks with just about 80% weight of aggregate market capitalization of KSE 100 index companies. In order to analyze the stability of the factors in the arbitrage pricing theory, the period is divided into two sub periods; monthly data had been selected for the purpose of examination. The schedule are reported approximately daily by the news media. The outcome specify that in the whole sample period only two priced factors are found to have exploratory factor analysis approach; in the first sub period none of the factors seems to be priced, and in the second sub period they discovered only one priced factor at the 5% level of significance. The number of priced factors seems to be very low and the consequences of this approach specify considerable instability of the explanatory power of the arbitrage pricing theory. The results of two different testing methods for the arbitrage pricing theory are nearly in the identical manner because in the whole sample period two priced factors are found. This is an encouraging result, which supports the theory. But the number of priced factors seems to be very low and the results of this approach point towards substantial instability of the explanatory power of the arbitrage pricing theory. The arbitrage pricing theory is an alternative for the Capital Asset Pricing Model in this way both shows a relation between assets returns and their covariance with other variables, where as capital asset pricing model focuses on the covariance of the market portfolio return. Huberman and Zhenyu (2005) suggested that the arbitrage pricing theory entails a procedure to identify at least some features of the underlying factor structure. Merely stating that some collection of portfolios (or even a single portfolio) is mean variance efficient relative to the mean variance frontier spanned by the existing assets does not constitute a test of the arbitrage pricing theory, because one can always find a mean variance efficient portfolio. Consequently, as a test of the arbitrage pricing theory it is not sufficient to merely show that a set of factor portfolios satisfies the relation between the return and its covariance with the factors portfolios. Gunsel Cukur (2007) investigated the performance of the Arbitrage Pricing Theory (APT) in London Stock Exchange for the period of 1980-1993 as monthly. The arbitrage pricing theory introduced by CRR (1986) involves identifying the macroeconomic variables which directly impact on stock returns. Thus macroeconomic behavior influence the returns on stocks and utilizing macro variables in the return generating process provided a basis to approximate stock returns. The simplest of theories of pricing a financial asset is by discounting future cash flows. Hence, the following exogenous variables that affect the future cash flows or the risk adjusted discount rate of a company must be measured. The reason is to recognize the macroeconomic forces that influence the stock market. For this purpose seven economic variables are examined. The model is designed in a way to test the two conditions. These conditions are economic conditions such as term structure of interest rate, inflation, money supply, the exchange rate, the risk premium and industry specific conditions, dividend yield and industrial production. Their result suggests that share prices are affected in a different manner than one described in CRR. This can be explained by the idea that other explanatory variable may be at work in UK or the CRR methodology is inadequate. They suggested that, interest rate, inflation and money supply were among the factors that are found to be significant. However, in this case unexpected inflation seems to be insignificant. Humpe Macmillan (2007) investigated the relationship between stock market and a series of different macroeconomic and financial variables through out the stock markets over a range of different time horizons. Presented financial economic theory proposes a number of models that gives a structure for the examination of this association. Arbitrage pricing theory is a one way of linking macroeconomic variables to the stock market where different kind of risk factors which affect market in a different ways can give details about asset returns. The early investigations related to arbitrage pricing theory focused on individual security returns, where as it may also be used in a cumulative stock market structure. In this way any changes in a given macroeconomic variable could be seen as reflecting a change in an underlying systematic risk factor influencing future returns. Many of the past empirical studies based on arbitrage pricing theory that links the state of the macro economy to stock market returns, are characterized by modeling a short run relationship between macroeconomic variables and the stock price in terms of first differences, assuming trend stationary. These papers found a significant relationship between stock market prices and changes in macroeconomic variables. An alternative, but not inconsistent, approach is the discounted cash flow or present value model. This model relates the stock price to future expected cash flows and the future discount rate of these cash flows. All macroeconomic factors that influence future expected cash flows or the discount rate by which these cash flows are discounted should have an influence on the stock price. This showed that long term moving average of earnings predicts dividends and the ratio of this earnings variable to current stock price is powerful in predicting stock returns over several years. The only negative coefficients are found on long term interest rates. Additionally, it has been examined that Europe an stock markets are highly integrated with that of Germany and also found that industrial production, stock prices and short term rates in Germany positively influence returns on other European stock markets (namely France, Italy, Netherlands, Switzerland and the UK). Humpe Macmillan (2007) draw upon theory and existing empirical work as a motivation to select a number of macroeconomic variables that might expect to be strongly related to the real stock price. They make use of these variables, in a co integration model, to compare and contrast the stock markets in the US and Japan. The aim is to examined whether the same model can explain the US and Japanese stock market while yielding consistent factor loadings. This might be highly relevant to private investors, pension funds and governments, as many long term investors base their investment in equities on the assumption that corporate cash flows should grow in line with the economy, given either a constant or slowly moving discount rate. Unanticipated inflation may directly influence real stock prices negatively through unexpected changes in the price level. Inflation uncertainty may also affect the discount rate thus reducing the present value of future corporate cash flows. Tursoy, Gunsel, Rjoub (2008) suggested that the reason of this study is empirically test the arbitrage pricing theory in Istanbul Stock Exchange for the period of February 2001 up to September 2005 on monthly base. The arbitrage pricing theory is a theoretical substitute to the capital asset pricing model which analyzed the strength of the arbitrage pricing theory in the US securities market. They used US macroeconomic variables as proxies for the underlying risk factors driving stock returns. Tursoy, Gunsel, Rjoub (2008) found that several of these macroeconomic variables to be important in explaining expected stock return, particularly in industrial production, changes in risk premium, and twist in the yield curve. Tursoy, Gunsel, Rjoub (2008) analyzed the empirical applicability of the arbitrage pricing theory is to price the Istanbul Stock Market, and to recognize the set of macroeconomic variables which communicate more closely with the stock market factors. There are list macroeconomic variables which were used to price the stock of Istanbul Stock Exchange which formed in eleven portfolios from the industrial sector because it represents the important segment of the traded stocks which consists of 174 out of 259 totally traded stocks. A higher index is reflected in higher values of these three variables, therefore, this indicates greater pressure on the exchange market depending on the nature of the involvement of the respective Central Bank. That is, speculative pressures are either accommodated by a loss of reserves or can be prevented by the monetary authorities through an increase in interest rates. Each portfolio may influence different industry in different manner by macroeconomic variables; a macroeconomic factor may affect one industry positively, but affect the other industry negatively. The regression results specify that there is no significant pricing relation between the stock return and the tested macroeconomic variables. This indicates that other macroeconomic factors affect the stock return in Istanbul Stock exchange or the multifactor arbitrage pricing theory with macroeconomic variables fails to explain the effect in stock market. The consequence found that there is no relationship between the macroeconomic variables and stock market return. Kandir (2008) suggested that by make use of statistical tools like factor analysis, arbitrage pricing theory provide guidance in the use of variables without the requirement of pre specification of variables but it did not take too long before the criticism to appear. One most important criticism was that, arbitrage pricing theory cant be able to properly explain the variables which are used in the study, but just derive them statistically. This insufficiency of the arbitrage pricing theory continues that the result obtained from factor analysis should be primary economic variables, such as gross national product (GNP) or interest rates. Additionally, in this paper they acknowledge that stock prices and stock returns are systematically affected by economic variables. For this purpose they have selected the data from July 1997 to June 2005 in order to analyze there impact. Their findings of suggested that there has been a significant relation between Macroeconomic factors and stock return in the countries examined. Kandir (2008) recommended that the examination of major economic factors that are alternate of the derived factors in the arbitrage pricing theory which is the first to employ specific macroeconomic factors as proxies for undefined variables in the arbitrage pricing theory. Expected dividends of a company can be directly affected because of increase in inflation rate, real production, oil prices and consumption. The new model has an explicit advantage over the arbitrage pricing theory. There is no theoretical framework for the selection of macroeconomic variables. Stock prices are found to share positive long-run relationships with industrial production and consumer price index. Whereas result they obtained has found to have a negative relation with money supply, interest rate and exchange rate. Kazi (2009) identified the significant risk factors for the Australian stock market by applying co integration technique. It is Relevant to previously used variables, which act as a substitute for Australian systematic risk factors. The linear combination of previous variables is found co integrated although not all variables are significant. The bank interest rate, corporate profitability, dividend yield, industrial production and, to a lesser extent, global market influence are significant for the Australian stock market returns in the long-run; while the stock prices are used in each quarter by its own market presentation, interest rate and global stock market arrangements of previous quarter. The sensible implications for both local and overseas investors as all investors now able to direct their investment risks better while considering Australian stocks into their portfolios through monitoring only 4 to 5 factors that are identified here. The relationship between kibor rates and stock prices of oil sector from the viewpoint of asset portfolio allotment is commonly negative. An increase in interest rates raises the necessary rate of return, which in turn inversely affects the value of the asset. Measured as opportunity cost, the nominal interest rate affects investors decision on stock holdings. A rise in the opportunity cost may, however encourage investors to find a substitute shares for other assets. Using co integration technique this paper performs an empirical analysis to identify the significant risk factors for the Australian stock market. In doing so it examines whether or not the selected a previous variables can give details about the return generating and pricing process of the Australian stock market. The results are in conformity with the current finance theory, yet interestingly different on some points. In long run, it is found that the Australian stock market prices are being influenced by only 4 or 5 systematic risk factors. Nguyen (2010) examined the stock price performance of an emerging stock market the Stock Exchange of Thailand, by applying a new equilibrium stock price theory. They have chosen the data for assessment during financial crises. The theory recommend stock market risks and returns are determined by essentials under a linear relationship recognized on the basis of a consistent multi factor model return generating process and the assumptions of perfectly aggressive and frictionless markets. The literature on asset pricing models has taken on original lease of life since the appearance of the Arbitrage Pricing Theory, is substitute theory to the renowned Capital Asset Pricing Model (CAPM). Being motivating in its own right the arbitrage pricing theory soon concerned a number of main financial economists and researchers which had yielded its several affect on different researches. The methodology for testing the strength of the capital asset pricing model can be functional for testing the weight of arbitrage pricing theory. The two pass test measures are applied in almost every test of the arbitrage pricing theory. The study on certain macroeconomic forces which are going to systematically affect the stock returns of certain stocks. Their result suggests industrial production; changes in a default risk premium, term structure, and unanticipated inflati

My Visit to a Greek Orthodox Church :: Observation Essays Descriptive Essay

I have decided to visit a Greek Orthodox Church, Saint Constantine and Helen Greek Orthodox church. I went alone because I figured that this would not draw too much attention during the service. I tried to find a nearby church that will give the service partially in English. When I found one near me it was my luck that I went at the time when it was all spoken in Greek. The English service was at six in the evening, and the all-Greek service started at ten in the morning. So to my discouragement I was at a lost at any attempts that I had preplanned to adapt to this new environment. I didn’t even get the name of the priest. While I was there sitting in the back I was able to dissect some of the norms of the church and the culture with in.   Ã‚  Ã‚  Ã‚  Ã‚  The church external appearance was quite different than other churches that I have seen. It was basically a big white stucco block with a gold dome on top and four decorated spikes on each corner of the building that surrounded the dome. The people of course were all Greek and were very well dressed. Most of the men and boys all wore suits, and If not they had some kind of vest on. I don’t know if this was some kind of rule or tradition, but it mostly seemed as a respect to God. The women all wore the basic dresses, and all the skirts fell down below the knee. Everybody was proper and ordered. As I walked in the church I entered a lobby of some kind. What I saw hear was something like social hour. Everybody was in there. They were all speaking Greek, and I felt as if I was in a family reunion party. The children were all together; the adults talked together and the young adults all were together. The way they all socialize is when someone comes up to say he llo, they give each other a kiss on the cheek and a hug. These people are all very close to each other. It seems as if the church is the center of their lives. I admire that trait as well. To enter the auditorium you must enter this little room, which has a piece of garment from St. Constantine and St. Helen. Also there were candles lit. As they walked through this little room they lit a candle and knelt down for a moment to pray, and then touched each garment and made a cross over their chest.