Things Fall Apart and a Small Place Comparing the Theme...

The integrity of local cultures is compromised for that of the intruding colonizer. There is conflict between the existing traditions and beliefs in an area and the new civilizations rules and ideas. Each side believes that they are correct and the other is the amoral one. We felt superior, for we were so much better behaved and we were full of grace, and these people were so badly behaved and they were so completely empty of grace. (Of course, I now see that good behaviour is the proper posture of the weak, of children) (Kincaid 30). In A Small Place, Jamaica Kincaid states that the Antiguans believed that the English were terrible because of their manners and behavior. She follows that the good behavior of the Antiguans is†¦show more content†¦To Okonkwo, masculinity is the most important value in life. He puts this value before any of the other values the clan holds as important. This is evident by his violation of the week of peace by beating his youngest wife. Okonkwo takes part in the killing of Ikemfuna when the oracle warned him against it. [Okonkwo] heard the blow. The pot fell and broke in the sand. He heard Ikemefuna cry `my father they have killed me! as he ran toward him. Dazed with fear, Okonkwo drew his machete and cut him down. He was afraid of being weak (Achebe 61). Okonkwo risks upsetting the gods by directly going against what the oracle said. His downfall begins when his gun explodes and kills a boy. This is also a feminine crime because it is accidental. When Okonkwo is exiled he is devastated. This setback ironically extends his life. If he were is Umofia when the missionaries came he would have immediately tried to rebel against them and would have met his demise much faster. Instead he has to witness his eldest son convert to Christianity and his society fall at the feet of British colonizers. The Christians challenge sacred ideas of the Ibo life by teaching equality and forgiveness. Christianity answers many of the unanswered questions tribes people had. Many people disliked the tradition of leaving twins in the woods to die. The Christians not only dont believe in this practice but they rescue twins from the woods. TheShow MoreRelatedBoutique hotel Essay7085 Words   |  29 Pagesï » ¿Boutique hotels focus on the experiential nature of service delivery. Factors helping to deliver upon the experience include a cap on the number of rooms, a design or cultural aspect to the property and attention to the location of the property. The subsector however, lacks a singular definition. This is in part due to structural changes undergone by the subsector since conception of the concept. The subsector evolved from comprising of independently owned properties to establishment ofRead MoreCounselling Assignment 58163 Words   |  20 Pagespeople in their 20s are too young to fully appreciate or relate to the value of money. 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Asia Pacific Region The Largest Tourist Destination Essay

Asia is currently the largest tourist destination in the world. With increase of Chinese tourism industry and growing visitor numbers domestically and in Thailand as well an analysis by euromonitor128 states that Asia Pacific region holds half of top 20 destinations in the world and 32 out of 100 fall in this region. The Airline industry is made up of only passenger air transportation which include both scheduled and charted carriers. It excludes any other form of air transport. The Asia Pacific region which comprises of Australia, China, India,Japan,Singapore,South Korea and Taiwan has grown into one of the biggest markets in aviation industry in the world. Asia Pacific boasts of some big names in the airline industry which are also some of the largest airlines in the world. Quantas, Korean airways,AirChina,Singapore airlines and Japanese airways have major hub operations for both domestic and international operations. These carriers have a wide network and they facilitate convenien t one stop flights across the world. In 2013 there were at least 980 million passengers who travelled within the region itself. The future market forecasts estimate another 100 million new passengers who would enter the market.(PATA :Trends in Asia Pacific Aviation 2015) With such rapid growth of the industry both the airlines and the airports are amongst the top names in the aviation world. Over the last decade due to high levels of economic growth there has been a great increase in the industryShow MoreRelatedTourism : The Largest And Fastest Growing Economic Sector900 Words   |  4 PagesThe largest and fastest growing economic sectors in the world, (#2) is tourism. Tourism has created jobs through the economic growth as well as gained export revenues and helped the development of under pillaged countries, this growth has been unstoppable. 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The cultural exchange often helped toRead MoreJetstar Analysis1821 Words   |  8 PagesQantas’s Jetstar Airways. It operates services to regional destinations. Its main base is Singapore Changi Airport. On April 16, 2008, the company announced that it had achieved profitability for the year ended March 31, 2008, with an increase of 20 per cent in the number of passengers carried and a passenger load factor of over 75 percent, an increase of 4 percent over the previous year. | IATA 3K | ICAO JSA | Call sign JETSTAR ASIA | | Founded | 2004 | Hubs | Singapore Changi AirportRead MoreEssay on Majestica Hotel in Shanghai5231 Words   |  21 PagesWhile Majestica expanded quickly in North America, it adopted a gradual expansion strategy in Asia. This gradual expansion strategy shifted when the opportunity arose to acquire a major competitor in Asia in 1998. This acquisition made Majestica one of the world’s largest operators of luxury hotels and resort properties. 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Gender Representations in Frankenstein - Free Essay Example

Sample details Pages: 5 Words: 1620 Downloads: 5 Date added: 2017/09/12 Category Literature Essay Tags: Gender Essay Did you like this example? Frankenstein by Mary Shelley – Extended Written Response Gender representations are present within texts as an example through which an author is able to communicate their own opinions to a wider audience. The presence of gender representations within texts are used to communicate the blatantly recurring inequality between male and female. A gender reading itself will interrogate all representations of gender and the power distribution within the text in order to come to a full understanding of the nature of the characters and the major theme behind their personalities and actions. Mary Shelley was influenced substantially by her mothers feminist views and despite never knowing her remained firm in her belief of womens equal worth. The novel Frankenstein or The Modern Prometheus although not a feminist novel at first glance is rather a powerful statement made by Shelley concerning the plight of women and the differeing social expecations placed upon them. The female characters are stereotypical in such a way that they embody the idilic, nurturing, loving, selfless and dutiful qualities so sought after during the time. Don’t waste time! Our writers will create an original "Gender Representations in Frankenstein" essay for you Create order Rather than write a radical novel and alowing the female characters to be of equal standing to the men Mary Shelley constructs her novel in such a way as to show how things ought not to be. The construction of the female characters within the novel positions them as stereotypical women who exist in such a way that their whole lives are either for or revolving around a man. This representation of women is an avenue that Shelley explores in order to communicate the severe disadvatage to which it puts women in relation to men. The two most extensive examples of women whos charcter puts them in this position are that of Caroline Beaufort and Elizabeth Lavenza. Caroline Beaufort is very much the embodiment of the womanly figure, a true angel. Amidst this was her constant gratitude towards Alphonse for resquing her from a life of poverty and squalour. This life she was saved from now encourages her to help those who are less frtunate than her thus further confirming her posistion an a truly idylic woman. â€Å"It was a necessity, a passion – remembering what she had suffered, and how she had been relieved, for her to act her turn as the guardian angel to the afflicted†. This inturn makes her solely dependant on Alphonse which is in great contrast to the young woman who was attempting to afford her own life and support herself. This inability to suppor oneself is a reminder of the common belief that women could not possibly support themselves without the aid of men. Elizabeth is first presented as a gift for Victor â€Å"my more than sister, since till death she was to be mine only† and from that moment on their lives are inexplicably intertwined. Her nature to be concerned for the welfare of those around her was often paramount to her own feelings anddesires. She indeed vieled her grief, and strove to act as the comforter to us all. She looked steadily on life, and assumed its duties with courage and zeal. † It is this that makes her the epitimy of all women as she ebodies everything that a women was expected to be. Despite her admirable qualities Elizabeth is still considered less than her ale counterparts. There are obvious gender inq ualities that surface during an analysis of the gender representations of the female characters in Frankenstein and themselves help to enlighte the reader as the the disadvantage of women and inspire action to induce change. The correspondance between Robert Walton and his sister Margret is both an example of the gender representation of women but also a reflection of the relationship between Victor and Elizabeth. The attitude of Walton towards his sister concerning his current occupation and her concerns regarding this venture is eveident in his letters to her. â€Å"An enterprise which you have regarded with such eveil forebodeings†. This attitute suggests Walton does not consider the opinion of his sister to be worthy of consideration. This is due to his belief that she is wholly ignorant of the force that drives him to carry out such goals. Accompanying this is the absence of any information regarding Margrets life aside from the fact that she lives in London and is married with children. Walton does not show concern for his sisters life or that of his crew as he seems fully egrosed in his quest to make it to the â€Å"land of ice and snow† and does not so much as think of others. â€Å"I would sacrifice my fortune, my existance, my every hope, to the furtherance of my enterprise. One mans life or death were but a small price to pay for the acquirement of the knowledge which i sought†. This draws a very strong parallel to the mind of a young Victor Frankenstein who was also consumed with work, neglected not only his family as Walton does but also his health. Victor does not even consider sharing the existance of his creation until he is convinced he will face and surely die at the hands of the monster on his wedding night. Both Walton and Frankenstein do not consider their female counterparts capeable of fully comprehending their ventures and as a result do not disclose them. The similarities between these two relationships is a device through which we are elightened to the universal position of women within the novel. Gender representations present within the novel are able to clearly illustrate the differing standards of judgment placed upon male and female. This is expressed through a variety of examples, the one that draws upon similar circumstances in order to clearly show the fatal flaws of the elevated status of men is the sentancing and subsequent death of Justine for the murder of William Frankenstein. This can be compared closely with the trial of Victor later in the novel for the murder of Henry Clerval. Despite many similarities there are several aspects of both trials that determine the course of events. During the proession of the trial Justine remians adamant of her complete innocence in spite of the evidence that is mounted against her. Elizabeh who is stirred by the obious injusice that is occuring speaks out in favour of Justine. â€Å"I believe and rely on her perfect innocence. She had no temptation for such an action: as to the bauble on which the chief proof rests, if she had earnestly desired it, i should have willingly given it to her; so much do i esteem and value her†. Elizabeths courageous act to fight for Justine, however, falls on deaf ears and is ultimatly not sufficient enough to save her from death. In contrast to this the trial of Victor for the murder of Henry Clerval results him being found innocent. During the trial Victor admits to being the one who murdered Henry even though he was not guilty of the crime. â€Å"I called myself the murderer of William, Justine and of Clerval. † Vicor had admittted to just as Justine had, however, instead of the words of Elizabeth to fight for his aquital they are he words of Mr. Kirwin. He is an influential member of society and as a result is able to use his position to form a case that will set Victor free. â€Å"Mr. Kirwin charged himself with every care of collecting witnesses, andarrangin my defence.. . The decisive moment in each trial is the defence of the accused by those arround them. However, due to the preconseived gender boundaries elizabeths word is not enough to save her. The two very different decisions made were refective of the influence of the representatives of those accused. Due largely to Elizabeths gender her pleas are not heard and Justine is found guilty. The presence of gender inequalities causes the death in part of an innocent party whilst reinoforicing the innocent pleas of a man. A true and comprehensive gender reading will encompas all aspects of the novel, this includes the male characters. They are able to exercise great inflence over the women in the novel and this further reiforces the common belief in society that men are superior to women. The arrogance and self centered nature of man is exposed in contrast to the representation of the angelic female in order to reinforce the message that there should be no distinction. Victor is a prime example of this, he embodies this figure, adventurous, arrogant and knowledgeable. â€Å"If i could banish disease from he human frame and render man invulnerableto any but a violent death†. Victor believes he can accomplish this task and in doing so he goes against the laws of nature, defying God and this is what truly brings about the demise of Victor and by connection those arround him. Through his identity the author is able to communicate the insolent nature of man an his flaws whilst encouraging feminine growth and the elevation of women from a position beneath men to one of equal standing. The representations of gender that are examined in the novel Fankenstein are both complex and vitally important to the social structure and harmony of society. Mary Shelley has successullyconstructed a text that sheds a blinding light on the drastic difference in gender equality within the world at this time. By portraying the charcters so, she has opened the readers eyes to a world that exists without equality but rather a rigid class system. An effective analysis of this structure enlighens the reader to a situation that should not exist and so they should take away that message and be inspired to eradicate any form of inequality and pomote a society free from the social constraints of gender expecations.

How to handle your finance after divorce - 600 Words

How to handle your finance after divorce Divorce is a complex and heartbreaking episode in anyones lives. You would not want to add in to your burden with monetary issues.This turn out to be a greater disaster if you were always being dependent on your partner or have money crunch. You can no longer afford to rely on anyone else other than yourself. So, gear up and get your act straight. We know it is difficult and at the same time important to start handling financial responsibility. Here are a few steps to help you to take the first step. Who owns the home In case the home is owned by your ex-spouse sole name, then you might want to consider registering for a share using a matrimonial home rights notice or a restriction†¦show more content†¦You can also review any wills, complex decisions and other legal documents that consisted of your ex as a beneficiary or legal partner. Do you have Credit? It is time to review all your debt and plan out a strategy to clear it off. The most helpful tip is to start with the highest interest rate debts first. This doesnt mean you liquidate your entire assets to restore your credit. A bird in basket is better than two in the bush. So, you know you have cash in the bank or safe in case of any emergency or money crunch to survive on. Start saving It will be a bit difficult in the beginning to save with just one income. But you need to prioritize and give yourself the time and attention required. If you detest taking risks then you can look at the combination of fixed income, equities, cash or other such kind of investments. Keep a tab on your portfolio on a regular basis and make adjustments according to your risk tolerance capacity. Have a financial schedule Always keep a tab on your cash flow. You should know how much you are earning and how much you are spending. Keep downloading your credit card and bank account statements to scrutinize. Sometimes we tend to overlook the expenses and then it hit us hard. Maintain your own personal balance sheet listing what you have and what you owe. Review these information annually to find out if you are heading towards your goal. If not, you will know where you are going wrong and can re-work in those areas.Show MoreRelatedWhy Divorce Is Not Be So Permanent? Divorce1590 Words   |  7 Pagespermanent? Divorce use to seem to be the absolute worst thing in the world but now unfortunately has taken the title of a â€Å"new norm.† According to the authors of Should I Keep Trying to Work It Out?: A Guidebook for Individuals and Couples at the Crossroads for Divorce (and Before), â€Å"In the United States, researchers estimate that 40%–50% of all first marriages, and 60% of second marria ges, will end in divorce† (Hawkins). Every day in the media we hear new scandalous stories about divorce in HollywoodRead MoreMarriage, As A Fundamental Social And Cultural Institution.1551 Words   |  7 Pagesliberated nation in which we live in, it’s well known in this country that early marriage is considered a very controversial subject matter for young and older adults. In a marriage, important issues such as attitudes, responsibilities, religion, finances, career, and whether or not to have children carry a lot of weight on the couple. This influence takes patience, willingness, and effort on the couple’s part to learn each other’s views regarding the issues and determine their compatibility. Read MoreFinance Abstract911 Words   |  4 Pagesthe talk about developing and investing your retirement nest egg as soon as possible. But the sheer number of times people encounter these facts is obviously not enough because I personally know a lot of people that are reaching retirement and realizing that they may have to look for another job. So I think the more places people encounter it the better maybe theyll start acting upon it sooner rather than later. The second article I read was about how to decide what stocks to invest in. TheRead MoreChapter Twelve Of The Marriage And Family Textbook By David Knox1632 Words   |  7 PagesChapter fourteen of the Marriage and family textbook by David Knox, covers divorce and remarriage in today’s society. It discusses how the attitudes towards divorce have changed dramatically from how it was viewed by our parents and grandparents. Not only have society’s views changed on divorce but also on the functioning roles of the family and its structure. The author also goes into how the child custody issues have changed and what things affect children who have divorcing parents. He then goesRead MorePopular Culture s Negative Influence Essay1727 Words   |  7 Pagestogether for forty, even fifty years. Forty to fifty percent of marriages end in divorce in America (Kazdin, 1). Some say that that is a myth, that it is not actually factual. However, thorough research proves that it is unfortunately true. From popular culture’s negative influence, to how marriage could go all wrong, and finally to why it sometimes just can’t stay together, marriage and divorce go hand in hand. Divorce is shockingly common and marriage is losing its appeal. The upcoming generationRead MoreMy Personal Statement On My Family1000 Words   |  4 PagesPediatrics, vol. 88, no. 6, Dec. 1991, p. 1134).† I have adopted my mother s work ethic and even her characteristic of being a diverse individual. If you plan on having children, the mannerism of encouragement is crucial to instill in the lives of your offspring. Whether someone is in school, a hospital or a person is going through a difficult time, you will always find someone in need of kind words. Someone is always in need of a comforting conversation and kind words to get them through their journeyRead More Divorce is An American Family Tragedy Essay1858 Words   |  8 PagesIn America today, one of our main life goals is to marry the person we fall in love with, live happily ever after, and skip gleefully away to live the American dream. In most cases, after marriage then comes children which starts a family. This has been a part of human nature since the beginning. Marriage an d family are the backbone of our culture. Families need each other for support, dependence, learning, love, encouragement, and ultimately survival. Parents are the ones that supply theseRead MoreThe Problem Of Financial Conflict2029 Words   |  9 Pagesstrain if couples do not approach their finances and priorities realistically. Working as partners is important to resolve the issues of finances and they can have a healthier relationship. Financial issues may result from one spouse be saver and one spouse being a spender, no budget planning or the opposite there is a budget, but it may be too strict. Unresolved conflict in finances can lead to divorce; the couple are unable to talk about their finances and repair the damage to the marriage. Read MoreThe Suicide Of The Marine Corps951 Words   |  4 Pagessomeone commit suicide in the Marine Corps, it has a great impact on our emotional state of mind, mission readiness, and how to deal with suicide while still fresh in our en vironment. This is important to talk about it vice walking away and let the time cure the unanswered question. After a Marine commit suicide I find it a critical point to educate the force on why taking your life is not the solution, why any suicide is a death that touches someone (Kelly, 2015). Educating Marines that there isRead MoreEssay on The Causes of Depression1545 Words   |  7 Pagessymptoms of depression, and I have suffered a lot of these personally. The second reason I chose depression is that I wanted to gain a greater knowledge on the matter, and know how to better handle problems I am faced with. Depression is a serious issue not only to me, but to society today. It can lead to suicides, divorces, poverty. The third reason is that my mother suffered from post partum depression with my last sibling. This caused a lot of heartache for our family. Depression has many different

Snow White and Red Rose Free Essays

There was once a poor woman who lived in an old thatched cottage . In front of the cottage grew two rose bushes. One grew flowers as white as snow, the other had flowers as red as wine. We will write a custom essay sample on Snow White and Red Rose or any similar topic only for you Order Now The woman had two daughters who resembled these rose bushes: one had a complexion as white as snow, the other lips as red roses. She named her daughters snow white and red rose. They were both good girls, but very different. Snow white, the elder, liked to stay with her mother and help her around the house, while her sister, Red rose, would wander the fields collecting flowers. But they loved each other dearly, and enjoyed each other’s company. This pleased there mother. ‘what one has she must share with the other. ’ The two girls liked to go walking in the woods to pick berries. Although the woods were filled with wild animals they never came to any harm-rather the reverse. The rabbits would come would come to feed from their hands and the deer would walk by their sides. If the girls were far from their home when night fell, they would make themselves a bed on the soft moss and sleep peacefully until morning. Their mother did not worry, as she knew her daughters were perfectly safe in the woods. The cottage itself was spotlessly clean, thanks to the way the two girls helped their mother. Red rose did the work housework during the summer. She would rise early, before anyone else was awake, so that she could bring her fresh flowers to put by her bed. During the winter, it was Snow white who lit the fire and set the cooking pot to boil. It was a copper cauldron, but she cleaned it so well, it shone like gold. One evening, as the snow falling softly outside, Snow white and Rose red sat by the fire as their mother read to them. A small lamb lay beside them, basking in the warmth, and a dove dozed on its perch above them. As the night drew on there came a loud knock at the door. ‘Quickly, Rose red,’ said her mother. ‘Open the door. It must be a lost traveller looking for shelter for the night. ’ Rose red opened the door, but standing there, instead of a traveller, was a enormous bear! She screamed and Snow white ran to hide behind her mother. ‘Do not be afraid,’ said the bear. ’ I mean you no harm. I am dying of cold and I am simply seeking some warmth. ‘The lamb trembled with fear and the dove flew away at the sound of the bear’s voice, but the girls’ mother was not scared. ‘Poor bear,’ she said. ‘Come, and warm yourself by the fire. Come, my daughters, do not be afraid, this bear will not harm you. ‘The girls came closer and were soon felling confident enough to brush the snow from his thick fur and tickle him with a stick. This would make the bear chuckle, but every now and again they would poke him too hard. The bear would growl softly, ‘Snow white, Rose Red, be careful. You almost spread me. ’ When it was time to go to bed, the girl’ mother suggested that the bear stay and sleep close to the fire. The next morning the two sisters woke and saw that the bear had left. Its heavy footprints in the snow led towards the wood. The next night the bear returned, and the next, and the next. All winter, the bear returned to sleep in the thatched cottage. The young girls spent the evenings playing with him, then at daybreak the bear would leave. One morning, when spring had come, the bear to Snow white, ‘I must leave now, and I will not be able to return until after summer. ’ ‘Must you go? ’ asked Snow white. ‘I’m afraid so,’ he replied. ‘I have to protect my treasure from the elves. As long as the ground is cold, the elves cannot find it, but as soon as the sun returns and heats the ground, they try to steal it. Snow white was very sad to see the bear leave, but as he passed the door, the latch caught against his skin and cut him. For a moment Snow white thought she saw a flash of gold shining through his fur, but she glimpsed it so briefly she could not be sure. Seeing snow white’s confused look, bear fled quickly into the woods. Sometime later, Rose red and Snow white were sent by their mother to collect firewood in the forest. As they approached a newly-felled tree, they spotted something hopping around the stump. It was an elf with a long white beard. The end of the beard was caught in the trunk and he pulled and tugged at his beard to try to release it. The elf glared at the girls. ‘What are you, statues? Why don’t you help me? ’ The happened here? ’ asked Red rose nicely. ‘You have a brains of a turkey! ’ the elf snapped back. ‘Can’t you tell that I was trying to chop down this tree here for firewood? It was all doing fine until my beard got caught in this cursed tree. Then you two young turkeys wandered past laughing at me! ’ To two sisters tried to free the elf, but his beard remained held fast on the tree. ‘Let’s go for help,’ suggested Rose red. You idiots! ’ he cried. ‘How dare you cut off the end of my beard? ’ Then he threw the bag on his shoulder and left without even looking at the young girls, let alone thanking them for freeing him. A few days later, Snow white and Rose red decided to go fishing. When they were close to the river, they saw something moving. It was the elf that Snow white had helped a few days earlier. A strong wind had entangled his beard with a fishing line-and at the other end of the line was a big fish. The fish was pulling so hard it threatened to drag the elf into the water. ‘Be careful! shouted Rose red. ‘You’ll fall into the water. ’ ‘I am not doing this on purpose, you fools,’ replied the elf, rudely. ‘It’s this cursed fish which wants me to fall in. ’ The young girls went to help. They hauled the elf into the bank and tried to disentangle the beard from the line. Unfortunately his beard was so twisted that Snow white was forced once again to resort to the scissors. The elf started to howl, ‘Oh, you devils! Why do you feel you have to mutilate the faces of everyone you meet? You disfigured me earlier, cutting off the point off my beard, and now you’ve cut off more! I daren’t show my face now because of you. ’ Snow white and Rose red were astonished. Then the elf added a curse. ‘I wish you only one thing-it is that you have to run without stopping until you have worn out the soles of you shoes. ’ Then he turned his back on the two girls, picked up a bag of pearls he had left on the riverbank, threw it over his shoulder and marched away. A short time afterwards, the girls’ mother sent them to town to buy some needles and thread. The path to the city crossed a moor covered with large rocks. Snow white and Rose red spotted an immense eagle circling in the sky. How to cite Snow White and Red Rose, Papers

Testing the Capital Asset Pricing Model free essay sample

Testing the Capital Asset Pricing Model And the Fama-French Three-Factor Model By Jiaxin Ling (Cindy) March 19, 2013 Key words: Asset Pricing, Statistical Methods, CAPM, Fama-French Three-Factor Model Abstract: This paper examines the Capital Asset Pricing Model(CAPM) and the Fama-French three-factor model(FF) and the Fama-MacBeth model(FM) for the 201211 CRSP database using monthly returns from 25 portfolios for 2 periods July 1931 to June 2012 and July 1631 to June 2012. The theory’s prediction is that the intercept should equal to zero the slope should be the excess return on the market portfolio. The findings of this study are not substantiating the theory’s claim for the fact that in some portfolios the alpha is statistically significant with non zero value and in some regression models, the slope is not statistically significant. 1. The BJS time-series test of the CAPM Black, Jensen and Scholes introduced a time series test of CAPM which is based on time series regression of the portfolio’s excess return on excess market return. [pic] (2) The intercept is known as Jensen’s alpha, which is a coefficient that is proportional to the excess return of a portfolio over its expected return, for its expected risk as measured by beta. Hence, alpha is determined by the fundamental values of the company in contrast to beta, which measures the return due to its volatility. If CAPM holds, by definition the intercept of all portfolios (Jensen’s alpha) are zero. Also note that, if the alpha is negative, then the portfolio underperforms the market. Table One presents the estimated alpha coefficients and the p values. Sample size for the regression is 972 for time period one and 588 for time period two respectively and period two is a sub period of period one. The following conclusions can be drawn from the table one and two available in appendix: 1) In period one, all estimated alphas are non zero ranging from -0. 53(portfolio 1) to 0. 57 (portfolio 5). Six out of twenty-five are negative which suggests that these portfolios cannot reach the expected return of market level. Twelve of twenty-five have p value smaller than 0. 05 which implies in those cases, it rejects the null hypothesis of zero alpha. The results of other thirteen portfolios confirm that the intercept is statistically insignificant upholding the CAPM theory that alpha is zero. 2) In period two, most of alphas are positive yet 5 out of 25 are negative, which indicates that they underperform the market. Besides, it is observed that the p value of alpha in fourteen portfolios is smaller than 0. 05 which implies that it rejects the null hypothesis of zero alpha. Similarly, the results of the intercepts of the remaining 11 portfolios show us that it cannot reject the hypothesis of zero alpha. Also in Table 1 and Table 2, interesting remarks can be derived from the following evidence based on the estimated beta coefficients and their p values: 1) In time period one, majority portfolios have beta larger than 1, which indicates that the return of those portfolios tends to be more volatile than the market level. All betas are statistically significant (p value less than 0. 05). In CAPM, it points out that higher systematic risk (beta) would lead to higher level of return. However, in this study, higher estimated beta portfolios are not associated with higher excess returns. Portfolio one for example, has the highest beta (1. 65) with -0. 53 excess return. In contrast, portfolio 13 has relatively lower beta (1. 17). But it produces a higher and positive excess return (0. 24). 2) In time period two, betas are statistically significant. Portfolio 4 has an estimated beta of the unit value which implies it has the same volatility as the market, other 17 having a superior to one, which therefore has a higher volatility than the market. Similarly, in this case, higher estimated beta is not necessarily correlated to higher excess return (which can be shown more clearly in the following plots). This evidence can be seen in portfolio 1 (with beta 1. 43 and alpha -0. 45) and portfolio 25 (with beta 1. 02 and alpha 0. 56). 3) One may observe that the data in period two is a sub period of period one and the beta is not stable over time for more portfolios have less than unit value beta in period two and some portfolios tend to be more volatile in the whole period (July 1931 to June 2012) but in sub period (July 1963 to June 2012) is less volatile than market level, take portfolio 24 as an example: its beta is 1. 4 in period one and in period two its beta is 0. 83. 2. The OLS cross-sectional test of the CAPM The CAPM states that the securities plot on the Security Market Line (SML) in equilibrium. We do cross-sectional test is to identify whether the above statement is true with our two data set and whether or not it rejects the hypothesis that the slope is zero. In the equation 3, the gamma 0 is the excess return on a zero beta portfolio and gamma 1 (the slope of the regression ) is the market portfolios average risk premium. [pic] (3) We perform the OLS cross-sectional test of equation (3) for both two periods. The results have shown in Table 3that gamma1 in time period 1 is positive (0. 55) and it is statistically significant for its p value is 0. 05, which implies that it rejects the null hypothesis of zero slope of the model. The gamma0 is also positive (0. 26) which suggests that the cross-sectional return of 25 sample portfolios during July 1931 to June 2012 outperformed the market level. In time period 2, gamma 0 is positive (1. 13) and gamma1 is negative (-0. 41) as shown in Table 4. In this case, the p value of gamma 1 is 0. 18, which indicates that it cannot reject the null hypothesis of zero gamma 1. Therefore, the model is interpreted as being false. The CAPM is rejected by the fact that the slope in period two is not statistically significant. We plot the values of Rj-Rf’s against betaj’s in both time periods. The Fig. 1 demonstrates the excess return of 25 portfolios in period one and their beta accordingly. These two curves are both wave-like pattern but not exactly follow the same movement. As discussed in previous section, higher stimated beta is not always necessarily correlated to higher excess return. These graphs are more vivid to illustrate this point. Majority portfolios follows the rule that higher beta is linked to bigger excess return. But special cases may be seen as portfolio one, six etc. Similarly, in Fig. 2 which is for period two, most of the 25 portfolios obey the rule that higher risk more return. But portfolio one seems to be an extreme case as well as it has the highest beta among the 25 portfolios with the lowest excess return (discussed in previous beta section). Also in portfolio six, it generates second highest beta (1. 4) but the excess return (-0. 20, portfolio 6) falls behind portfolio five (0. 61), which has much smaller beta (1. 08). 3 The time-series test of the Fama-French three-factor model [pic] (7) Table 5 presents basic statistics of the FF factors. We perform this test is to identify whether alpha is zero in each portfolio in equation 6. It is observed that these alphas ranges from -0. 87(portfolio 1) to 0. 09(portfolio 14). 12 out of 25 alphas are positive, but none of them exceed the value of 0. 1. Seven alphas are statistically significant with their absolute value of t statistics bigger than 1. 96. As a result, in these seven portfolios, it rejects the null hypothesis of zero alpha. Other eighteen ones cannot reject the zero alpha hypothesis. In time period two, the estimated alphas fall inside the limits between -0. 52(portfolio1) and 0. 18(portfolio 21) which seems to have narrower range comparing to period one in Table 6. Twelve out of twenty-five portfolios have negative alpha. Also in seven portfolios, each alpha is statistically significant and the null hypothesis of zero alpha is rejected. Interestingly, the seven portfolios in period one, which reject zero alpha hypothesis, are not the same as in period two (which is a sub period of period one). This result may show that the performance of these portfolios is not stable for the time being between July 1931 and June 2012. Besides, three zero alpha hypotheses of FF models remain rejected in both two periods (and they are portfolio 1, 6 and 21). 4 The OLS cross-sectional test of the Fama-French three-factor model. [pic] (8) The cross-sectional test of the FF three-model parallels the cross-sectional test of the CAPM. We mainly examine whether the intercept and the slope coefficients are equal to zero. In time period one, the results of gamma 0, gamma 1, gamma 2 and gamma 3 are 1. 98(t statistics 6. 04), -1. 25(t statistics-3. 96), 0. 19(t statistics 4. 01) and 0. 41(t statistics 6. 23) respectively. The null hypothesis of zero intercept can be rejected. And all estimated coefficients can be regarded as statistically significant. In the sub period (period two), the gammas are 1. 17, -0. 69, 0. 19 and 0. 41 respectively. The zero intercept is still rejected and this result is consistent with period one. Apart from gamma 1 with t statistics -1. 64, other coefficients are also statistically significant. It cannot reject zero gamma hypothesis. 5 The Fama-MacBeth(FM) month-by-month test of the CAPM in the July 1931 to June 2012 period [pic] (4b) The CAPM states that securities’ expected excess return and betas plot on the same line that passes through the origin. And it is also known that any unit-weight portfolio also plots on this line. It follows that a zero-weight portfolio’s expected return and beta would plot on a certain line too. In equation 4b, the gamma 0t is interpreted as the excess return on a zero-beta portfolio and the gamma 1t is a zero-weight portfolio return on the market in excess of the zero-beta rate. Since beta jt equals to beta j, the average of the gamma 0(0. 26) and gamma 1(0. 55) in our data set are equal to the results estimated from equation 3 in previous part. The estimated gamma 0 ranges from -102. 20 to 44. 08 and 546 out of 972 are positive. Among these 972 portfolios, 415 gamma 0 are shown statistically significant with their absolute values of t statistics larger than 1. 96, which indicates that the hypothesis of zero intercept of the FM model is rejected. That is to say, almost 43% of monthly return in this time series data set rejects the null hypothesis. 47. 5% of the estimated gamma 1 is positive. The minimum estimated gamma 1 is -35. 46 in the 20th month and it produces some what much bigger estimated value (127. 94) in the 23rd month. There are 499 gamma 1 out of 972 months are statistically significant. In these 499 portfolios, it rejects zero gamma hypothesis. Conclusion The CAPM null hypothesis of zero alpha is not always true in our findings. It is also shown that in real financial world, higher estimated beta portfolios are not always associated with higher excess returns. It happens that lower beta would generate higher return. Note that beta is also not stable through periods of time. Besides, in one of our FF model, the CAPM is rejected because the slope is not statistically significant in one sub period(period two) but different result is drawn in a longer time period(period one).