Time immemorial Essay Example for Free

Time immemorial Essay In so many premises, we use and hear the phrase, â€Å"from time immemorial † This ideas somehow reveals that time is something which gives an event a basis before it can be said it has taken into place. But along with the passage of the so called â€Å"time† many sages have still never ended their different theses about the existence of time. Is time real? Can time exist even when nothing happens? Aristotle who was the very first philosopher to start the quest about time attached time to the movement of â€Å"objects† from before to after. He maintained the time was divisible and infinite and that it was necessary to measure motion. His idea on the existence of time was supported by Newton’s theory that time and God really exist and that every physical thing is kept in a container of infinite size and that â€Å"time is something that passes uniformly without regard to whatever happens in the world†. Augustine’s insinuation that â€Å"all is at once in the present and that what is seen now do not exist yet but it must in the future only implies that time is a matter of simultaneity and exist within a space. He asserts that we can say that time is long only because it constitutes successive movements. On the other hand, Einstein purports that time is but a virtual entity, a fourth dimension which cannot be grasped but just experienced. This conception is what Kant also claims, that â€Å"time is only a form of human inner sense that enables us to understand space and objects† and therefore time is not â€Å"real,† but only a mental experience that enables us to understand the real world around us. Therefore, time, which is measured by physical time (clock) empirically exists but transcendentally real. â€Å"It is but a human intuition of measuring changes that take place in a certain space. † It is something which we experience, for events are within the context of time. Even if something happens or not, still time elapses because it encompasses events and change, from before to after, from past to present, and from the perceived to its realization. Woks Cited: Johnson, Zachary. (Apri 28, 1999). Kant. Retrived May 4, 2008 from http://www.afn.org/~afn31396/Kant_essay.html

Thomas Jefferson Essay examples -- essays research papers

Thomas Jefferson was born on April 13, 1743 to Peter and Jane Jefferson. His exact place of birth is not known. But it is believed to be about five miles outside of Charlottesville. He had ten brothers and sisters, but many of them died very young. Jefferson was one of two surviving sons. He was sandy-haired, tall, and awkward. His nickname was â€Å"Long Tom.† He really enjoyed outdoor activities, especially riding, shooting, and canoeing. Jefferson was also great musician and a diligent worker who loved to study. His father impressed upon him a love of reading and writing. Although he was not a great public speaker, Jefferson was a very eloquent writer. After his father’s death, Jefferson left for school in Williamsburg. He fell in love there many times, but did not marry until he entered law school. He met and fell in love with a twenty-one year old widow named Martha Skelton, they married in 1772. The couple had six children, but three died in infancy. By all accou nts, they had a very happy marriage. â€Å"The young couple was exceedingly happy and exceedingly busy†¦[they were] gay and loving†(Padover, 23). Early in their marriage they were very wealthy. The Jefferson’s were one of the largest land owners in Virginia by the time Tom was in his late twenties. Partly because of Tom’s hard work, but mainly because of the large amount of land and money left to them by Martha’s father in his will.   Ã‚  Ã‚  Ã‚  Ã‚  In his thirties, Jefferson was Virginia’s delegate to congre...

Program

Pantawid Pamilyang Pilipino Program: â€Å"Kaya ng Pinoy tumawid sa Kaunlaran† One afternoon, I bought chips and drinks in a mini-mart. I fall in a long line with people who are too busy checking up their groceries. I heard one talking about the money that they have to budget in a week or two that in some sort helps them in their living. The cash that they had was from a program. I was too curious about the program that they were talking about, what comes next was I found myself talking to one of these people about the program. The Bridge of the Filipino PeoplePantawid Pamilya Pilipino Program is one of government’s programs that aims to reduce the number of poor Filipinos through helping them in health and education particularly children who suffer at ages 0-14. The Pantawid Pamilyang Pilipino Program provides cash subsidies to poor households in the country with zero to 14 years old children. It provides a P500 monthly allowance per household and P300 monthly per chil d under the health and education package respectively granted that the beneficiaries follow the set conditions of the program on health and education.Included in the program conditions are regular health checkups for children, pre- and post-natal checkups for pregnant women, 85 percent school attendance for children, and attendance on family development sessions monthly of parent-beneficiaries. Further, because of several factors that affect the indigenous people’s welfare – among which are cultural belief, isolation and lack of education, there is a need to establish links with non-government organizations, concerned local government units, and Civil Society Organizations to provide services and ensure the general welfare of the said group and address their specific concerns.Also, the DSWD Field Office IV-A reported that more frequent monitoring is being conducted to the group to ensure high compliance of the said families to program conditions and high involvement in the program activities. Other services being provided to the said groups are supplemental feeding, literacy class, livelihood projects, and birth registration. The program covers 17 regions, 80 provinces, 733 cities/municipalities including Lipa City. All in all, there are 1 million poor households covered in the program. Objectives of Pantawid ProgramFirst is eradating extreme poverty and hunger, achieving universal primary education, promoting gender equality and empowering women. It provides assistance to the poor to alleviate their immediate needs and break the intergenerational cycle of poverty investment in human capital such as education, health and nutrition. The program aims to respond on the basic needs of the poor families through financial assistance and to elevate the poor through helping poor families in terms of their health, nutrition and education. Procedure on Beneficiaries selection:The DSWD-Region IV-A hired personnel for the survey of Lipenos last 2009. The fol lowing filled up form will proceed to Proxy Means Test (PMP). A machine that will determine the socio-economic category of families or either the families is poorest household. Third quarter of 2011, the DSWD Region IVA, provide us a copy of master list of eligible household with a total of 9,201 families/ Fourth quarter of 2011, we assisted the DSWD staff for organization of Assemblies for validation of household at PVM School and Marawoy-wherein our constituent submitted birth certificate, marriage contract, barangay clearance and 2 valid ID’s.From 9,201 household, 7,323 are complied with the requirements of the program. (1,878 not passed) Memorandum of agreement was signed by the Mayor. Identification card was given to qualified beneficiaries. There is only one design of the ID distributed to 72 barangay by the DSWD Central Office. The distribution of ID was done 2nd week to 3rd week of March simultaneously to cope with the scheduled of the pay out on March 27-31, 2012 for the month of January and February 2012.The amount of grant for the said month will be given on a cash basis at Landbank, Marawoy, lipa City by presenting the Identification Card issued. The program provides conditional cash to beneficiaries through Landbank. What are the Pantawid Benefits Health and Nutrition grant were P500. 00 per household and a total of 6,000 per year or yearly. In education, 300. 00 per month will be given per child for 10 months a year to a maximum of 3 children per household. A household with 3 qualified children (5-14 years old) will received a total of P900. 0 as long as they comply with the conditionality’s. Based on the category the amount to be received by the beneficiaries for a month were 500, 800, 1,100 and 1400 (based on the approved beneficiaries of the program) Last January and February the program have a total of 15,079,000. 00 grant to 7,323 Lipenos. The Conditionalities (Co-responsibilities of household beneficiaries) For the nutrition o f children 0-5 years old, the beneficiary should visit the city health center to avail immunization.They should also have a monthly weight monitoring and nutrition counselling for the children age 0-2 years old and have quarterly weight monitoring for the age 25-37 weeks old. Lastly, they should have management of childhood disease for sick children 6-14 years old and must receive de worming pills twice a year. For the education of children ages 3-5 years old, they should be enrolled in day care of pre-school program and maintain a class attendance rate of at least 85% per month.For the children 6-14 years old they should also be enrolled in Elementary and Secondary School and maintain a class attendance rate of at least 85% per month. Aside from that, the parents or the guardian have their own responsibility. They must attend family development session at least once a month. They should participate in a community activities, (cleanliness drive, etc. ) and promote and strengthen the implementation of the program. â€Å"Pantawid Tulong† for the lipeno Families As of August 2012, there are 7, 290 lipeno grantees of Pantawid PamilyaProgram and they are monitored every 2 months. The support of the City Mayor, Hon. Meynard A. Sabili to the implementation of the program was continuous as he personally participates in all of the activities of the program. He acted like a father caring to 7, 329 children and always reminding them of the Pantawid contionalities and how to be a good parent to their children. â€Å"Pantawid Pamilyang Pilipino Program is a blessing to our family. I found a new partner to help me sustain the needs of my children.. † Ate Elsa said, one of the program’s beneficiary. -Yvette Landicho

The Capm Assumptions Essay Online For Free - Free Essay Example

Sample details Pages: 3 Words: 1042 Downloads: 5 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Given the paradox between the complexities of the real world, in order to construct good models, those complexities having little effect of the model should be assumed away. A theory is usually validated when it is based on empirical accuracy of its predictions rather than on the realism of its assumptions. The major assumptions of the CAPM are listed as follows: Investors aim at the maximization of utility from holding wealth. Don’t waste time! Our writers will create an original "The Capm Assumptions Essay Online For Free" essay for you Create order Investors selection criteria of investment opportunities are based on expected return and risk. All investors have a risk adverse attitude and behave rationally. Investors choose investment opportunities set based on expected return and risk. Expected returns follow a normal distribution. The lending and borrowing process is unlimited at a common interest rate. No transactions costs are entailed in the trading of securities. Taxes on dividends and capital gains are at similar rates. 3.2 The Capital Market Line In order to represent the set of portfolios that investors would choose in equilibrium through the stated assumptions above, an opportunity set of all risky portfolios is drawn where with the inclusion of a risk free rate asset, the combination of the risk free asset with any risky portfolios is made possible. Expected return Iii Ii Capital market line Rm Opportunity set M Rf ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢m Standard deviation Figure 1 In an equilibrium state, investors prefer a composition of the risk free asset and one risky portfolio that provides the maximum expected return for any given level of variance that is hold efficient portfolios. Such a condition is labeled M in the above diagram, where capital market line (the vertical line starting at the risk free rate of return) meets the opportunity set of risky assets. One of the unparalleled characteristic of the CML is that investors would not want to move beyond point M. That is, investors cannot improve upon the alternatives by this set of portfolios otherwise the market would not be in equilibrium and arbitrage would occur. 3.3 The Security Market Line Sharpe and Lintner developed a framework to describe the relationship between expected returns and the risk associated with securities with the following equation which is in its ex-ante form: E (ri) = rf + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² [E (rm) rf] (1) In simpler terms, the above equation (1) shows that the expected return on an asset which is equal to the risk free rate of return plus a risk premium. The risk premium is the price of risk (slope of the line) multiplied by the quantity of risk which is the systematic risk (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²). Equation (1) propounds that in the equilibrium state, an asset with zero systematic risk (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²=0) will have expected return just equal to that on the riskless asset rf , and expected return on all risky securities (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ² 0) will be higher by the risk premium which is directly proportional to their risk as measured by ÃÆ'Ã… ½Ãƒâ€šÃ‚ ². Such a relation is graphed through the Security Market Line (SML) in the below diagr am (figure 2) with expected returns on the vertical axis and beta on the horizontal axis. The SML shows a positive linear relationship between beta and expected return and the intercept is equal to the risk free rate. Expected Return Security market line Rm M Rf Figure 2 Beta It important to note that efficient portfolios are usually plot on the CML and Figure 3 provides two diagrams which portrays the relationship between the CML and the SML. Point A represents an efficient portfolio A which lies on the CML and point B is an inefficient portfolio outside the CML. However, both portfolios have similar expected return and beta value. Note that the CML concentrates on portfolio standard deviation rather than beta. E(R) E(R) A A, B E (RA) =E (RB) B Rf Rf Figure 3 ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢A ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢B ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²A = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²B An efficient portfolio is said to have lesser standard deviation of returns than the inefficient portfolio given equal expected returns. The excess standard deviation associated with the inefficient portfolio is called diversifiable risk or unsystematic risk. Investors are not compensated for this kind of risk because in a state of equilibrium, investors only hold efficien t portfolios. Hence it can be perceived that the CAPM is effective in the pricing of all assets whether they demonstrate efficiency or not but the CML only prices efficient portfolios. 3.4 The transition from the ex-ante to the ex-post model As incorporated in the overall study, equation (2)ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦ is denoted as an ex-ante or a forward-looking model which uses entirely historical data for the testing purposes. However, a contradiction is formed upon this belief of historical data as there is no proof that the rates of return expected in the future will automatically be equal to realized rates of return over the past periods. Moreover, it should be acclaimed that historical beta may or may not mirror expected future risk. Hence the need to traverse from the ex-ante principles to the ex-post is felt in order to better test for CAPM. The ex-post model specifies some return generating process by assuming that the rate of return on an asset follows a fair game. The fair game signifies that, on average, across a large number of samples the expected return on an asset equals its actual return and is explained as follows: ri = E (ri) + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²iÃÆ'Ã… ½Ãƒâ€šÃ‚ ´m + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi (..) Where, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´m = rm E (rm) E (ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´m) = 0 ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi = a random error term Cov (ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi , ÃÆ'Ã… ½Ãƒâ€šÃ‚ ´m ) = 0 Cov (ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi , ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi t-1 ) = 0 ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i = systematic risk Note that since CAPM assumes that asset returns are jointly normal, ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i in the fair game model behaves exactly as in the CAPM model and the market model must hold. Equation (..) assumes that if expected return is taken on both sides, the average realized return is equal to the expected return: E (ri) = E (ri) Substituting E (ri) from the CAPM into (,,) yields: ri = { rf + [ E (rm) ] ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i [ rm E (rm) ] + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi ri = rf + (rm rf) ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi Substracting the risk free rate from both sides: ri rf = (rm rf) ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²i + ÃÆ'Ã… ½Ãƒâ€šÃ‚ µi (..) Equation (..) represents the ex-post model of the CAPM. One important difference between the ex-ante theoretical model and the ex-post model is that the latter can present a negative slope while the former cannot because the theoretical CAPM must have a higher expected return on the market than the risk free rate of return.