Morality of Homosexuality According to Rachels

The ethics and morality of homosexuality and homosexual acts have been debated and questioned by many groups of people using several moral approaches to argue their point. It seems that the group of people who are most against homosexuality are religious groups, specifically Christians. Homosexuality however is not morally wrong and many arguments will be presented to refute the claims by those who do believe that homosexuality is unethical and morally wrong.The approaches that is used the most to argue that homosexuality and the acts that are involved are morally wrong which is used most by Christians is the Theory of Natural Law. Now there are three main points to this theory and the first point is that it is believed that â€Å"everything in nature has a purpose† (Rachels & Rachels, 2012). Aristotle, who is very well known and respected stated that if everyone believes that nature makes objects for a specific purpose, and that this believe is correct, then, nature makes thi ngs for the sake of man.Christians believe that God created things in nature for a specific plan and so if that specific plan can not be carried out, then it should not be done and therefore is morally wrong. To connect this part of the Theory of Natural Law to thoughts about homosexuality, one of the main arguments against homosexual acts is that it is â€Å"unnatural. † Christians believe the act of homosexual sex is immoral because it does not end in the production of life, which according to them are the main purposes of sex, to create life.This argument is easily refuted however. When using the evolutionary sense of the term â€Å"unnatural,† which is how most Christians use it in their arguments, they mean that homosexuality is morally wrong because it involves the unnatural use of body parts. It is believed by some, that because God had created genitals and the act of sex for procreation, and homosexual sex can not end in procreation, that those individuals enga ging in those acts are using their body parts for something it they were not intended for. Therefore, what they are doing is wrong.However, there are many couples that are sterile, who will never have the opportunity to procreate, and yet as long as the sex is heterosexual, Christians do not condemn them. The Roman Catholic church who does not agree with the use of birth control, still allows couples to have sex if they are infertile or during pregnancy (Mappes, Zembaty & DeGrazia, 2012). Therefore the Catholic church can claim that if the body parts are not being used for the purpose of procreation then it is unnatural and immoral otherwise they would be contradicting their own practices.Besides, as pointed out in the book by Mappes, Zembaty & DeGrazia (2012), we have multiple purposes for our organs and body parts. Just because we use our mouths to not only breath, consume nutrients and communicate, but also to chew gum and lick stamps, does not mean that those acts are immoral. E ven though our moths were not originally intended to chew gum or lick stamps, does not mean that those acts are unethical. Besides, it is also recognized by Christians that a second purpose of heterosexual sex is to bond and connect with your partner and to express love.Homosexuals use their genitals during sexual acts for those same reasons as well. So, it stands to show that Homosexuality and Homosexual sex are not immoral and unethical due to the â€Å"unnatural† use of their sex organs. A second part to the Theory of Natural Law is the belief that all things unnatural are bad and that what is and what ought to be should be the same or else it is morally wrong. The example that Rachels & Rachels (2012) gives is that Beneficence is morally right. That we should always act in the best interest of others because we care.If we do not care and therefore are not working in the best interest of others, then were are not being beneficent and that is morally wrong. Those who do not care and do not practice beneficence are often regarded as wrong. For example, these such individuals may be diagnoses with a mental illness called antisocial personality disorder because those who do not care, couldn't possibly be well. It is believed that these individuals ways of thinking are wrong and therefore should be fixed. So, because society believes that people ought to be beneficent and therefore if they are not, then their actions are morally wrong.Rachels & Rachels (2012) then points out that sex produces babies, that is fact. But does it then follow that sex ought to produces babies? Not necessarily. Those who have genetic mutations that could produce offspring with those same genetic mutations or diseases could be said ought not to have babies because it would perpetuate pain and suffering. Should it follow then those individuals ought not to have sex at all? It is not considered morally wrong for those with genetic illness to have sex, but it maybe thought to be mo rally wrong for them to produce a child.So, what is and what ought to be are different. In regards to Homosexuality, some believe that those individuals ought not to have sex because it is not an innate desire and therefore is unnatural. And as stated before that in which is unnatural ought not to occur according to the Theory of Natural Law. It is argued that References Rachels, J. , & Rachels, S. (2012). The elements of moral philosophy. New York, NY: McGraw-Hill. Mappes, T. A. , Zembaty, J. S. , & DeGrazia, D. (2012). Social Ethics: Morality and Social Policy. New York, NY: McGraw-Hill.

Using a quantitative method enables you to draw up conclusions from the statistical results

a) Using a quantitative method enables you to draw up conclusions from the statistical results. One advantage of this is using questionnaires to get generalisable results. You are able to distribute these across England and Wales to all types of people, working class, middle class, male or female etc, which later makes your results more representative of the population that you are studying. You have results from a range of people instead of one particular group, which may have higher rates than others due to material or social factors. Another advantage is quantitative data is a lot faster than qualitative data, so if you didn't have a lot of time to gather your results then a quantitative approach would be best. You don't have to ask informal questions in interviews but instead can gather statistical information via quick survey questions that make your results easier to read. b) One advantage of using two methods to gather your results is you can measure them against each other. If your results are similar then they are more likely to be valid measure of your sample. If however there is a major contrast then you could adopt a different method until you have similar results, to ensure your results were a valid measure of the thing you were studying. Another advantage is the more results you have, the more you can generalise about your sample. You could extract results from each targeted group you were studying which would make them representative and in the end more reliable. You have a wider range of results that you could pick your results from. c) Despite minor fluctuations, Item A demonstrates a steady rise in divorce rates in England and Wales over the past 30 years. It has increased dramatically by over 10%. The main cause according to the item is the introduction of divorce laws in the UK, in particular The Matrimonial Causes Act of 1967. This saw a massive 80 thousand divorce increase peaking after the Matrimonial and Family Proceedings Act of 1985 to 160 thousand divorces in England and Wales in the same year. What we notice from item A is that a bigger number of divorces are filed by women rather than men, particularly in the latter years where there are over twice as many women filing for divorce compared to the mere number of men. The ratio widened dramatically after the Divorce Reform Act of 1971, which allowed couples to divorce on grounds of marital breakdown. This increase did not simply represent a backlog of couples waiting to legally end marriage as the rates continue to rise over the following years. d) In order to start my research I must first operationalise the concept â€Å"stability of family life.† Family life in this case means a married couple with their own children who they still support. Stability will be based on the grounds that the family own a mortgage and are not on the brink of divorce. To get into the field I will interview children and their parents at schools throughout England and Wales. To make my results generalisable, I will use a public and a Comprehensive school from each county. This also makes my result representative as I am using schools from different social backgrounds, which will give me a good representation of the stability of family life from different social classes. Once I am in the field I will use unstructured interviews and focus groups to gather my data. I will interview children to make sure I obtain reliable results – one answer tends to be better than two. When interviewing children I will make sure their parents are present in case anything is said that they disapprove of which would be unethical. To gain access of parents I will use parents' evenings to interview them together. This way I will get one answer from them instead of two, which could be different. It also saves time comparing results. When conducting the interview I will ensure my questions are similar for each and that the family understands what the questions entail so my results are valid. I must make sure I am measuring the stability of family life that I recognize, not what someone else believes is the concept. This will then make my results reliable for use. e) When using qualitative data, the methods used can make results unreliable for a number of reasons. The main concern with my method is, are families likely to confess to a stranger that their family is unstable? The simple answer is no as that could be embarrassing and it's a personal question. If I was using quantitative data for example, questionnaires then people might put a truthful answer down as they are not under scrutiny from the interviewer or their partner. Interviewing children is also difficult especially whilst under the influence of their parents. They are likely to know if their parents are in an unstable relationship for obvious reasons but may not wish to say so because they are being watched by their parents which raises the point of obtaining reliable results. However you can't interview them without their presence due to ethical values. Parents are also under the influence of each other. Even if the marriage is unstable, one may be too afraid to say so due to the reaction of the other, again causing concern for the reliability of my results. My method of collecting data may not work when it comes to interviewing families at parents' evenings. Statistics show that parents from working class backgrounds are less likely to show up. This could be due to work factors such as shift work that most working class people tend to do. This would mean that you would have more parents show up in public schools than you would in your local Comprehensive thus giving you an unrepresentative measure of your sample. Another drawback is generalisability. You need to have a diverse sample to make sure it is representative but this then makes your method time consuming and expensive. You would need to carefully select your destination but either way there is a downfall to this factor.

Stability of Beta over Market Phases

International Research Journal of Finance and Economics ISSN 1450-2887 Issue 50 (2010)  © EuroJournals Publishing, Inc. 2010 http://www. eurojournals. com/finance. htm Stability of Beta over Market Phases: An Empirical Study on Indian Stock Market Koustubh Kanti Ray Assistant Professor, Financial Management at Indian Institute of Forest Management (IIFM), Bhopal, India. E-mail: [email  protected] ac. in Abstract The significant role played by beta in diverse aspects of financial decision making has forced people from small investors to investment bankers to rethink on beta in the era of globalization.In the present changing market condition, it is imperative to understand the stability of beta which augments an efficient investment decisions with additional information on beta. This study examined the stability of beta for India market for a ten year period from 1999 to 2009. The monthly return data of 30 selected stocks are considered for examining the stability of beta in diffe rent market phases. This stability of beta is tested using three econometric models i. e. using time as a variable, using dummy variables and the Chow test. The results obtained from the three models are mixed and inconclusive.However there are 9 stocks where all the three models reported similar signal of beta instability over the market phases. Keywords: Stability of Beta, Phase wise beta, Indian Market Beta, Dummy Variable, Chow Test 1. Introduction The Capital Asset Pricing Model (CAPM) developed by Sharpe (1964), Lintner (1965) and Mossin (1966) has been the dominating capital market equilibrium model since its initiation. It continues to be extensively used in practical portfolio management and in academic research. Its essential implication is that the contribution of an asset to the variance of the market portfolio – he asset’s systematic risk, or beta risk – is the proper measure of the asset’s risk and the only systematic determinant of the asse t’s return. Risk is the assessable uncertainty (Knight, 1921) in predicting the future events that are affected by external and internal factors. Sharpe (1963) had classified risks as systematic risk and unsystematic risk. The elements of systematic risk are external to the firm. The external factors are changes in economic environment, interest rate changes, inflation, etc. On the other hand, internal factors are the sources of unsystematic risk.Unsystematic risks are categorized as business risk or financial risk specific to the firm. The systematic risk related with the general market movement cannot be totally eradicated through diversification. The unsystematic risk, which is confine to a firm, can be eliminated or reduced to a considerable extent by choosing an appropriate portfolio of securities. Some of the sources of unsystematic risk are consumer preferences, worker strikes and management competitiveness. These factors are independent of the factors effecting stock market.Hence, systematic risk will influence all the securities in the market, whereas unsystematic risk is security specific. International Research Journal of Finance and Economics – Issue 50 (2010) 175 Theoretically defined, beta is the systematic relationship between the return on the portfolio and the return on the market (Rosenberg and Marathe, 1979). It refers to the slope in a linear relationship fitted to data on the rate of return on an investment and the rate of return of the market (or market index). Beta is a technique of telling how volatile a stock is compared with the rest of the market.When the return on the portfolio is more than the return on the market, beta is greater than one and those portfolios are referred to as aggressive portfolios. That means, in a booming market condition, aggressive portfolio will achieve much better than the market performance. While in a bearish market environment the fall of aggressive portfolios will also be much prominent. O n the other hand, when the return on portfolio is less than the market return, beta measure is less than one and those portfolios are treated as defensive.In case of defensive portfolios, when the market is rising, the performances associated with it will be less than the market portfolio. However, when the market moves down, the fall in the defensive portfolios would also be less than the market portfolio. In those situations where, the return of the portfolio accurately matches the return of the market, beta is equal to one that rarely happens in real life situations. Beta estimation is central to many financial decisions such as those relating to stock selection, capital budgeting, and performance evaluation. It is significant for both practitioners and academics.Practitioners use beta in financial decision making to estimate cost of capital. Beta is also a key variable in the academic research; for example it is used for testing asset pricing models and market efficiency. Given the importance of this variable a pertinent question for both practitioners and academics is how to obtain an efficient estimation. This study is aimed at testing the beta stability for India. Further the stability of beta is of great concern as it is a vital tool for almost all investment decisions and plays a significant role in the modern portfolio theory.The estimation of beta for individual securities using a simple market model has been widely evaluated as well as criticized in the finance literature. One important aspect of this simple market model is the assumption of symmetry that propounds the estimated beta is valid for all the market conditions. Many studies questioned this assumption and examined the relationship between beta and market return in different market conditions, but the results are mixed and inconclusive. In this paper, an attempt is made to investigate the stability of beta in the Indian stock market during the last 10 years i. . from August 1999 to August , 2009. With this objective, the paper is divided into five sections including the present section. Section 2 reviews the existing literature and discusses the findings of major empirical researches conducted in India and other countries. Section 3 describes the data sources and methodology. Section 4 outlines the results of tests for investigating the stability of beta and its findings. Section 5 is dedicated to summary, conclusion and scope for further research in the area. 2. Literature reviewSeveral studies are carried out to study the nature and the behavior of beta. Baesel (1974) studied the impact of the length of the estimation interval on beta stability. Using monthly data, betas were estimated using estimation intervals of one year, two years, four years, six years and nine years. He concluded that the stability of beta increases significantly as the length of the estimation interval increases. Levy (1971) and Levitz (1974) have shown that portfolio betas are very stable w hereas individual security betas are highly unstable.Likewise Blume (1971) used monthly prices data and successive seven-year periods and shown that the portfolio betas are very stable where as individual security betas are highly unstable in nature. He shows that, the stability of individual beta increases with increase in the time of estimation period. Similar results were also obtained by Altman et al (1974). In both the cases, initial and succeeding estimation periods are of the same length. Allen et al. (1994) have considered the subject of comparative stability of beta coefficients for individual securities and portfolios.The usual perception is that the portfolio betas are more stable than those for individual securities. They argue that if the portfolio betas are more stable than those for individual securities, the 176 International Research Journal of Finance and Economics – Issue 50 (2010) larger confidence can be placed in portfolio beta estimates over longer peri ods of time. But, their study concludes that larger confidence in portfolio betas is not justified. Alexander and Chervany (1980) show empirically that extreme betas are less stable compared to interior beta.They proved it by using mean absolute deviation as a measure of stability. According to them, best estimation interval is generally four to six years. They also showed that irrespective of the manner portfolios are formed, magnitudes of inter-temporal changes in beta decreases as the number of securities in the portfolios rise contradicting the work of Porter and Ezzell (1975). Chawla (2001) investigated the stability of beta using monthly data on returns for the period April 1996 to March 2000. The tability of beta was tested using two alternative econometric methods, including time variable in the regression and dummy variables for the slope coefficient. Both the methods reject the stability of beta in majority of cases. Many studies focused on the time varying beta using cond itional CAPM (Jagannathan and Wang (1996) Lewellen and Nagel (2003)). These studies concluded that the fluctuations and events that influence the market might change the leverage of the firm and the variance of the stock return which ultimately will change the beta.Haddad (2007) examine the degree of return volatility persistence and time-varying nature of systematic risk of two Egyptian stock portfolios. He used the Schwert and Sequin (1990) market model to study the relationship between market capitalization and time varying beta for a sample of investable Egyptian portfolios during the period January, 2001 to June, 2004. According to Haddad, the small stocks portfolio exhibits difference in volatility persistence and time variability. The study also suggests that the volatility persistence of each portfolio and its systematic risk are significantly positively related.Because of that, the systematic risks of different portfolios tend to move in a different direction during the per iods of increasing market volatility. The stability of beta is also examined with reference to security market conditions. For example, Fabozzi and Francis (1977) in their seminal paper considered the differential effect of bull and bear market conditions for 700 individual securities listed in NYSE. Using a Dual Beta Market Model (DBM), they established that estimated betas of most of the securities are stable in both the market conditions.They experienced it with three different set of bull and bear market definitions and concluded with the same results for all these definitions. Fama and French (1992, 1996), Jegadeesh (1992) and others revealed that betas are not statistically related to returns. McNulty et al (2002) highlight the problems with historical beta when computing the cost of capital, and suggest as an alternative- the forward-looking market-derived capital pricing model (MCPM), which uses option data to evaluate equity risk. In the similar line, French et al. (1983) m erge forward-looking volatility with istorical correlation to improve the measurement of betas. Siegel (1995) notes the improvement of a beta based on forward-looking option data, and proceeds to propose the creation of a new derivative, called an exchange option, which would allow for the calculation of what he refers to as â€Å"implicit† betas. Unfortunately the exchange options discussed by Siegel (1995) are not yet traded, and therefore his method cannot be applied in practice to compute forward-looking betas. A few studies are carried out to explore the reason for instability of beta.For example, Scott & Brown (1980) show that when returns of the market are subjected to measurement errors, the concurrent autocorrelated residuals and inter-temporal correlation between market returns and residual results in biased and unstable estimates of betas. This is so even when true values of betas are stable over time. They also derived an expression for the instability in the esti mated beta between two periods. Chen (1981) investigates the connection between variability of beta coefficient and portfolio residual risk. If beta coefficient changes over time, OLS method is not suitable to estimate portfolio residual risk.It will lead to inaccurate conclusion that larger portfolio residual risk is associated with higher variability in beta. A Bayesian approach is proposed to estimate the time varying beta so as to provide a precise estimate of portfolio residual risk. Bildersee and Roberts (1981) show that during the periods interest rates fluctuate, betas would fluctuate systematically. The change would be in tune with their value relative to the market and the pattern of changes in interest rate. International Research Journal of Finance and Economics – Issue 50 (2010) 177Few research studies are available in the Indian context to examine the factors influencing systematic risk. For example, Vipul (1999) examines the effect of company size, industry gro up and liquidity of the scrip on beta. He considered equity shares of 114 companies listed at Bombay Stock Exchange from July 1986 to June 1993 for his study. He found that size of the company affects the value of betas and the beta of medium sized companies is the lowest which increases with increase or decrease in the size of the company. The study also concluded that industry group and liquidity of the scrip do not affect beta.In another study, Gupta & Sehgal (1999) examine the relationship between systematic risk and accounting variables for the period April 1984 to March 1993. There is a confirmation of relationship in the expected direction between systematic risk and variables such as debt-equity ratio, current ratio and net sales. The association between systematic risk and variables like profitability, payout ratio, earning growth and earnings volatility measures is not in accordance with expected sign. The relationship was investigated using correlation analysis in the stu dy. 3. Data Type and Research MethodologyThe data related to the study is taken for 30 stocks from BSE-100 index. The top 30 stocks are chosen on the basis of their market capitalization in BSE-100 index. These 30 stocks are selected from BSE100 stocks in such a way that the continuous price data is available for the study period. The adjusted closing prices of these 30 stocks were collected for the last 10 years period i. e. from August 1999 to August 2009. The stock and market (BSE-100) data has been collected from prowess (CMIE) for the above period. BSE-100 index is a broad-based index and follows globally accepted free-float methodology.Scrip selection in the index is generally taken into account a balanced sectoral representation of the listed companies in the universe of Bombay Stock Exchange (BSE). As per the stock market guideline, the stocks inducted in the index are on the basis of their final ranking. Where the final rank is arrived at by assigning 75 percent weightage t o the rank on the basis of three-month average full market capitalization and 25 percent weightage to the liquidity rank based on three-month average daily turnover & three-month average impact cost.The average closing price for each month of 30 socks is computed for the period August 1999 to August 2009. Therefore we have 120 average monthly prices for each of the 30 stocks included in the research. The following method has been used to compute the monthly return on each of the stock. P i,t – P i,t-1 ri,t = –––––––––– P i, t-1 Where: P i,t = Average price of stock â€Å"i† in the month t Pi,t-1 = Average price of stock â€Å"i† in the month t-1 r i,t= Return of ith stock in the month t. The monthly market return is computed in the following way: Bt – Bt-1 mt = –––––––––– B t-1Where: Bt = BSE-100 Index at time period t Bt-1 = BSE-100 Index at time period t-1 mt = Market return at time period t. After the monthly stock and market returns are calculated as per the above formula, we identified the different market phases to compute beta separately. The market phases are identified, by creating a cumulative wealth index from the market returns. The cumulative wealth index data is presented in annexure-1. As per the cumulative wealth index, we identified five different market 178 International Research Journal of Finance and Economics – Issue 50 (2010) hases in BSE-100 index. We recognized that there are three bullish phases (Jan-1999 to Feb-2000, Oct-2001 to Dec-2007 and Dec-2008 to August 2009) and two bearish phases (Mar-2000 to Sept2001, Jan-2008 to Nov-2008). The summary of different market phases is depicted in Table -1& figure-1 below. Table-1: Different Market Phases Market Phases Phase I Phase II Phase III Phase IV Phase V Market Phase Timing Start End Jan-1999 Feb-2000 Mar-2000 Sep-2 001 Oct-2001 Dec-07 Jan-2008 Nov-08 Dec-2008 Aug-09 Market Type Bullish Bearish Bullish Bearish Bullish Figure-1: Different Market PhasesAfter these five market phases are identified, the beta value has been computed for each stock for each market phases following the below mentioned regression equation. ri,t = ? + ? mt + e (1) ri,t = Return on scrip i at time period t mt = Market rate of return at time period t e = Random error ? & = Parameters to be estimated The above regression equation is applied to calculate beta coefficient of each stocks for each market phases separately and taking the entire ten years period. As the objective of the paper is to test the stability of beta in different market phases, the hypothesis has been set accordingly.The null hypothesis (H0) being the beta is stable over the market phases, whereas the alternative hypothesis (H1) is that the beta values are not stable and varies according to phases in the market. The hypothesis has been tested with the help of three econometric models- using time as a variable, using dummy variables to measure the change of slope over the period and through Chow test. International Research Journal of Finance and Economics – Issue 50 (2010) 179 3. 1. Testing the Stability of Beta using time as a variableIn case of measuring stability of beta using time as a variable, in the above regression model (1) another variable i. e. † t mt† is used as a separate explanatory variable. Where the time variable t takes a value of t=1 for the first market phase, t=2 for the second market phase and so on for all other market phases identified. In this method the objective is to see whether the beta values are stable over time or not. After including the tmt variable, the above regression model (1) can be written as: ri,t = ? + ? 1mt + ? 2( t*mt) + e (2) The above regression equation can be re-framed as below: ri,t = ? + (? + ? 2*t )*mt + e (2) To test the stability of beta, we basically have to see whether the expression ? 2 is significant or not. If it is significant, we need to reject the null hypothesis and accept alternative hypothesis. It is implied that the sensitivity of stock return to market return i. e. (? 1 + ? 2*t)* mt changes with time, and hence, beta is not stable. If ? 2 is not significant, (? 1 + ? 2*t)* mt will get reduced to ? 1*mt , implying that ? 1, or the beta of stock, does not vary with time and is thus stable over time. The statistical significance of ? 2 is tested using the respective p-values. . 2. Testing the Stability of Beta using dummy variable In case of the second method of testing the beta stability, dummy variables are used in above mentioned regression equation (1) for the slope coefficients. As five market phases discovered, there are 4 dummy variables used in the new equation (Levine et al. 2006). The new regression equation is reframed as follows: ri,t = ? 0 + ? 1* mt + ? 2*D1* mt + ? 3*D2* mt + ? 4*D3* mt + ? 5*D4*mt + e (3) Where: D1 = 1 for phase 1 (Jan 1999 to Feb 2000) data = 0 otherwise. D2 = 1 for phase II (May 2000 to Sept 2001) data = 0 otherwise D3 1 for phase III (Oct 2001 to Dec 2007) data = 0 otherwise D4 = 1 for phase IV (Jan 2008 to Nov 2008) data = 0 otherwise = return on stock I in period t. r i,t mt = return on market in period t. e = error term and ? 0, ? 1, ? 2, ? 3, ? 4 & ? 5 = coefficients to be estimated. As there are 5 market phases, we use 4 dummy variables in the above equation (3). The use of 5 dummy variable would lead to a dummy variable trap. We treat the 5th phase viz. Dec-08 to Aug-09 as the base period. The significance of ? 2, ? 3, ? 4 and ? 5 will tell us whether the beta is stable over the time periods or not.For the beta to be truly stable over the entire period, all coefficients like, ? 2, ? 3, ? 4 and ? 5 should be statistically insignificant and where we need to accept the null hypothesis. The logic is that if ? 2, ? 3, ? 4 and ? 5 are insignificant, the equation reduces to the following, thus implying that beta is stable over time. ri,t = ? 0 + ? 1*mt + e (4) th 3. 3. Testing for Structural or Parameter Stability of Regression Model: The Chow Test In the third method, for structural or parameter stability of regression models, the Chow test has been conducted (Gujarati, 2004).When we use a regression model involving time series data, it may happen 180 International Research Journal of Finance and Economics – Issue 50 (2010) that there is a structural change in the relationship between the regress and the regressors. By structural change, we mean that the values of the parameters of the model do not remain the same through the entire time period. We divide our sample data into five time periods according to the different market phases identified earlier.We have six possible regressions for each stock (five regressions for each market phases and one for the whole ten year period). The regression equations are mentioned below. ri,t = ? 1 + ? 2 mt + ut (5) (6) r i, t = ? 1 + ? 2mt + ut Equation (5) is for each market phases and equation (6) is for the whole period. There are 128 observations (n=128) for the whole period and n1=14, n2=19, n3=75, n4=11 and n5=9 are the number of observations for phase-I to phase-V respectively. The u’s in the above regression equations represent the error terms.Regression (6) assumes that there is no difference over the five time periods and therefore estimates the relationship between stock prices and market for the entire time period consisting of 128 observations. In other words, this regression assumes that the intercept as well as the slope coefficient remains the same over the entire period; that is, there is no structural change. Now the possible differences, that is, structural changes, may be caused by differences in the intercept or the slope coefficient or both. This is examined with a formal test called Chow test (Chow, 1960). The mechanics of the Chow test are as follows: First the regression (6) is estimated, which is appropriate if there is no parameter instability, and obtained the restricted residual sum of squares (RSSR) with df = [(n1+n2+n3+n4+n5) ? k], where k is the number of parameters estimated, 2 in the present case. This is called restricted residual sum of squares because it is obtained by imposing the restrictions that the sub-period regressions are not different. Secondly estimated the phase wise other regression equations and obtain its residual sum of squares, RSS1 to RSS8 with degrees of freedom, df = (no of observations in each phase ? ). Since the five sets of samples are deemed independent, in the third step we can add RSS1 to RSS8 to obtain what may be called the unrestricted residual sum of squares (RSSUR) with df = [(n1+n2+n3+n4+n5)? 2k]. Now the idea behind the Chow test is that if in fact there is no structural change (i. e. , all phases regressions are essentially the same), then the RSSR and RSSUR should not be statistical ly different. Therefore in the fourth step the following ratio is formed to get the F-value. F = [(RSSR ? RSSUR)/k] / [(RSSUR)/ ((n1 + n2+n3+n4+n5) ? 2k)] ~ F [k, ((n1+n2+n3+n4+n5) ? 2k)] (7)We cannot reject the null hypothesis of parameter stability (i. e. , no structural change) if the computed F value is not statistically significant (F value does not exceed the critical F value obtained from the F table at the chosen level of significance or the p value). Contrarily, if the computed F value is statistically significant (F value exceeds the critical F value), we reject the null hypothesis of parameter stability and conclude that the phase wise regressions are different. 4. Test Results and Findings Initially the beta coefficient is calculated using the Ordinary Least Square (OLS) technique as defined in equation (1).The estimation was carried out by using monthly return data for the 5 market phases for each of the 30 stocks. To compare the phase wise beta estimation with the enti re 10 year period, the same estimation also carried out taking the whole 10 years for each stock separately. Stock wise beta values over 5 market phases and the entire period is reported in appendix-2. From annexure-2, it is revealed that there are 14 stocks beta value is greater than 1 in phase I. This figure (beta value greater than 1) has reduced to 6, 11, 12 and 10 for phase-2 to phase-5 respectively.It is also illustrated that, there are 8 stocks whose beta value is greater than 1 in respect to overall between Jan-99 to Aug-09 and highest being for Wipro of 1. 47. The stocks having beta value International Research Journal of Finance and Economics – Issue 50 (2010) 181 more than 1 are considered to be volatile securities. It is noticed that, as we increase the period of estimation to full ten years period, there are less number of stocks proved to be more volatile. Out of the total 30 stocks considered in the study, only one company i. e.L&T has beta more than 1 in all p hases including the overall period. But none of the company’s overall beta value is more than the phase wise betas. There are seven companies (RIL, NALCO, ITC, GAIL, Hindustan Lever, Hero Honda and Cipla) whose beta values are less than 1 all through the phases including overall period. These stocks are considered to be less volatile than the market. There are 3 companies (Cipla, ITC and Hindustan Lever) recent beta value (Dec 2008 to August 2009) is negative, where Cipla’s phase I beta value is also negative along with other two stocks like SAIL and NALCO.It is observed from annexure-2 that there are only two companies’ from the software sector (Infosys and Wipro) whose beta values are consistently declining over time. However there are 7 stocks viz. Cipla, Sunpharma, Wipro, Grasim, Hindustan Lever, Infosys and ITC whose beta values are showing a decreasing trend from phase 3 onwards, while Tata steel is the only stock whose beta values are showing an increasin g trend during the same period. It is observed from the annexure-2 that, on an overall basis 29 out of 30 stocks have their beta values statistically significant at 5% level.This number has varied from 8 to 30 over the various phases, indicating that the beta values of the stocks have fluctuated significantly. This implies that the volatility of the stocks depend on the market phases i. e. bearish or bullish. Thus the result rejects the null hypothesis that the beta is stable over various market phases. The null hypothesis is rejected in 29 out of 30 cases in case of overall period, while 30 out of 30 cases in respect to phase-3. Since the period of estimation of beta is more in case of overall period and in phase-3, the obtained results are similar in both the cases.But the remaining phase wise results do not follow any pattern. In respect of period of estimating the value of beat the results are comparable to the finding of Baesel (1974) and Altman et al (1974). It is mentioned ea rlier that to examine the stability of beta over different market phases, three separate models have been used in paper. The results obtained from these models are interpreted in the following paragraphs. The estimated results for regression model-2 that includes t*mt as a separate variable are depicted in annexure-3.It is observed that the value of R2, a measure of goodness of fit varies from 0. 11 to 0. 61. It is only in 5 out of 30 regression results, the value is greater than 0. 50. The coefficient of mt (? 1) is found to be highly statistically significant at 5% level in 19 out of 30 cases. It is in 11 regressions, the coefficient is statistically insignificant. As discussed earlier, the significance of the coefficient of variable t*mt implies the rejection of the null hypothesis of stable beta over time. It is observed that the coefficient (? ) is significant in 14 cases out of 30. The regression results indicate that in 50% cases the null hypothesis of stability of beta over the market phases is rejected. This means 50% stocks reported stability of beta over different phases. So model (2) cannot infer that beta is not stable over market phases. The estimated results for coefficients for regression model-3 that incorporates dummy variables are depicted in annexure-4. It is noticed from the results that the R2 value fluctuates from 0. 15 to 0. 62 and in case of 8 stocks this value is greater than 0. 0. It is mentioned earlier that the null hypothesis of stability of beta will be rejected if any of the coefficients (? 2, ? 3, ? 4 & ? 5) corresponding to D1*mt, D2*mt, D3*mt or D4*mt were found to be statistically significant. It is observed from the results presented in appendix-4, that there are 17 out of 30 stocks represented statistically significant at 5% level at least one of the coefficient. There are only 2 cases where 3 coefficients are significant and none of the stocks reported significant for all the 4 coefficients.Further in 6 cases where 2 out of 4 coefficients are reported significant, where as in 9 cases depicted significant only for one coefficient. The outcome of this model in brief can be stated that, in case of 17 stocks out of 30 stocks, the stability of beta hypothesis is rejected meaning, in rest 13 cases there is a stability of beta over the market phases. 182 International Research Journal of Finance and Economics – Issue 50 (2010) The estimated results of Chow test are depicted in annexure-5. The results show that, 12 out of 30 cases the F-value is statistically significant and rest 18 stocks are reported insignificant at 5% level.Based on the F- statistics and its corresponding p-values, the null hypothesis of beta stability over the market phases is rejected in 12 cases and accepted in 18 cases. The F-values are also supported by log likelihood ratio and it p-values, which also reported statistical significance in 12 cases. The outcome of Chow test confirms that the beta values are not stable or there is a structural change in 12 out of 30 stocks in different market phases. But the rest 18 stocks reported stability or no structural change in beta values over the market phases.From the above deliberations, it is observed that all the three models described above exhibit a mixed and inconclusive result. There are 14, 17 and 12 stocks are statistically significant as per model2, model-3 and model-7 respectively. This means as per model-2 the beta values of 14 stocks out of 30 stocks are instable over the period. But this number is 17 and 12 in case of model3 and 7 respectively. However, on the basis of results obtained from different models, it is not possible to conclude that the beta values of the stocks are stable or instable over the market phases.But if we closely glance at the results obtained from three models, it is very apparent that in case of 9 stocks where all the three models represented similar results and rejected the null hypothesis. These stocks include Sun pharmac eutical, Wipro, Tata motors, Tata Steel, Hindalco, Hindustan Unilever, HDFC, Infosys and Zee Entertainment. This indicates that beta values are not stable over the market phases in these 9 stocks. Similarly there are 6 stocks where two models recommended instability of beta and 4 stocks where only one model reported a change in beta values over the period.There are 11 cases where none of the models rejected the null hypothesis, which proved that the beta values are stable over the time in these stocks. 5. Conclusion The objective of the present study is to examine the stability of beta in different Indian market phases. For the purpose of the study monthly return data of 30 stocks for the period from 1999 to 2009 is considered. Considering the bullish and bearish condition in the Indian market, we divided the whole 10 years into 5 different market phases. Initially the beta has been estimated for different market phases and also taking the whole 10 years period.The results show that the beta values are not showing any particular pattern but in the overall phase almost all the stocks are statistically significant. Further the beta stability is examined using three different models. In the first method the beta coefficient is calculated considering the market phases as time variable. The results show that in 50% of cases the null hypothesis is rejected as the beta is stable over different market phases. In the similar line the results obtained in respect to model two states that in 17 out of 30 cases the null hypothesis is rejected.This confirms that in 17 cases the stability of beta is not there over the market phases but in rest 13 cases it stable over the market phases. In the third method of investigating beta stability, the Chow test has been conducted. The F-statistics under Chow test reveals that, beta is instable in 12 out of 30 stocks considered in the study in different market phases. We can thus finally conclude that the results obtained from differen t models are mixed and inconclusive in nature, where it is less ground to conclude that the beta values are stable or instable over the market phases.But there are 9 stocks which gives a strong indication that their beta values are not stable over the market phases. In these 9 cases, all the three models reported similar signal of beta instability over the market phases. The instability of beta has its implications in taking sound corporate financial decisions. Financial decisions should not be based on the overall beta of the company. Rather, the company’s periodical beta should be relied upon for taking certain managerial decisions.Considering the inconclusive results obtained from present study, it is suggested that the future research on beta in Indian market may be investigated from (a) industry wise stability of beta in different market phases (b) stability of beta from portfolio point of view (c) optimal time limit for stability of beta (d) forward looking beta and its stability (e) impact of market and company specific factors and stability of beta and (f) market efficiency study using phase wise beta under the event study methodology. 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[26] [27] [28] [29] 30] [31] [32] [33] [34] 185 International Research Journal of Finance and Economics – Issue 50 (2010) Annexure-1: Month December 1998 January 1999 February 1999 March 1999 April 1999 May 1999 June 1999 July 1999 August 1999 September 1999 October 1999 November 1999 December 1999 January 2000 February 2000 March 2000 April 2000 May 2000 June 2000 July 2000 August 2000 September 2000 October 2000 November 2000 December 2000 January 2001 February 2001 March 2001 April 2001 May 2001 June 2001 July 2001 August 2001 September 2001 October 2001 November 2001 Dece mber 2001 January 2002 February 2002 March 2002 April 2002May 2002 June 2002 July 2002 August 2002 September 2002 October 2002 November 2002 December 2002 January 2003 February 2003 March 2003 April 2003 May 2003 June 2003 July 2003 August 2003 September 2003 October 2003 November 2003 December 2003 January 2004 February 2004 Identification of Market Phases Closing Price Return (R) 1+R Cumulative Wealth Index Market Phases 1359. 03 1461. 52 1506. 95 1651. 37 1449. 64 1714. 02 1790. 51 1988. 06 2192. 94 2213. 33 2071. 50 2253. 29 2624. 49 2875. 37 3293. 29 2902. 20 2396. 22 2156. 99 2397. 06 2153. 26 2306. 07 2075. 67 1916. 99 2061. 18 2032. 20 2209. 31 2139. 72 1691. 71 1682. 1 1763. 35 1630. 02 1564. 46 1534. 73 1312. 50 1389. 17 1557. 01 1557. 22 1592. 27 1707. 72 1716. 28 1671. 63 1596. 71 1650. 34 1506. 23 1580. 55 1473. 88 1458. 78 1594. 03 1664. 67 1600. 87 1628. 72 1500. 72 1470. 31 1641. 44 1819. 36 1893. 45 2229. 25 2314. 62 2485. 43 2594. 34 3074. 87 2946. 14 2923. 99 0. 0 8 0. 03 0. 10 -0. 12 0. 18 0. 04 0. 11 0. 10 0. 01 -0. 06 0. 09 0. 16 0. 10 0. 15 -0. 12 -0. 17 -0. 10 0. 11 -0. 10 0. 07 -0. 10 -0. 08 0. 08 -0. 01 0. 09 -0. 03 -0. 21 -0. 01 0. 05 -0. 08 -0. 04 -0. 02 -0. 14 0. 06 0. 12 0. 00 0. 02 0. 07 0. 01 -0. 03 -0. 04 0. 03 -0. 09 0. 05 -0. 07 -0. 01 0. 09 0. 04 -0. 04 0. 2 -0. 08 -0. 02 0. 12 0. 11 0. 04 0. 18 0. 04 0. 07 0. 04 0. 19 -0. 04 -0. 01 1. 08 1. 03 1. 10 0. 88 1. 18 1. 04 1. 11 1. 10 1. 01 0. 94 1. 09 1. 16 1. 10 1. 15 0. 88 0. 83 0. 90 1. 11 0. 90 1. 07 0. 90 0. 92 1. 08 0. 99 1. 09 0. 97 0. 79 0. 99 1. 05 0. 92 0. 96 0. 98 0. 86 1. 06 1. 12 1. 00 1. 02 1. 07 1. 01 0. 97 0. 96 1. 03 0. 91 1. 05 0. 93 0. 99 1. 09 1. 04 0. 96 1. 02 0. 92 0. 98 1. 12 1. 11 1. 04 1. 18 1. 04 1. 07 1. 04 1. 19 0. 96 0. 99 1. 08 1. 11 1. 22 1. 07 1. 26 1. 32 1. 46 1. 61 1. 63 1. 52 1. 66 1. 93 2. 12 2. 42 0. 88 0. 73 0. 65 0. 73 0. 65 0. 70 0. 63 0. 58 0. 63 0. 62 0. 67 0. 65 0. 51 0. 51 0. 54 0. 9 0. 48 0. 47 0. 40 1. 06 1. 19 1. 19 1. 21 1. 30 1. 31 1. 27 1. 22 1. 26 1. 15 1. 20 1. 12 1. 11 1. 21 1. 27 1. 22 1. 24 1. 14 1. 12 1. 25 1. 39 1. 44 1. 70 1. 76 1. 89 1. 98 2. 34 2. 24 2. 23 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 186 March 2004 April 2004 May 2004 June 2004 July 2004 August 2004 September 2004 October 2004 November 2004 December 2004 January 2005 February 2005 March 2005 April 2005 May 2005 June 2005 July 2005 August 2005 September 2005 October 2005 November 2005 ecember 2005 January 2006 February 2006 March 2006April 2006 May 2006 June 2006 July 2006 August 2006 September 2006 October 2006 November 2006 ecember 2006 January 2007 February 2007 March 2007 April 2007 May 2007 June 2007 July 2007 August 2007 September 2007 October 2007 November 2007 December 2007 January 2008 February 2008 March 2008 April 2008 May 2008 June 2008 July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 Mar ch 2009 April 2009 May 2009 June 2009 July 2009 August 2009 International Research Journal of Finance and Economics – Issue 50 (2010) 2966. 31 3025. 14 2525. 35 2561. 16 2755. 22 2789. 07 2997. 97 027. 96 3339. 75 3580. 34 3521. 71 3611. 90 3481. 86 3313. 45 3601. 73 3800. 24 4072. 15 4184. 83 4566. 63 4159. 59 4649. 87 4953. 28 5224. 97 5422. 67 5904. 17 6251. 39 5385. 21 5382. 11 5422. 39 5933. 77 6328. 33 6603. 60 6931. 05 6982. 56 7145. 91 6527. 12 6587. 21 7032. 93 7468. 70 7605. 37 8004. 05 7857. 61 8967. 41 10391. 19 10384. 40 11154. 28 9440. 94 9404. 98 8232. 82 9199. 46 8683. 27 7029. 74 7488. 48 7621. 40 6691. 57 4953. 98 4600. 45 4988. 04 4790. 32 4516. 38 4942. 51 5803. 97 7620. 13 7571. 49 8176. 54 8225. 50 0. 01 0. 02 -0. 17 0. 01 0. 08 0. 01 0. 07 0. 01 0. 10 0. 07 -0. 02 0. 03 -0. 04 -0. 05 0. 9 0. 06 0. 07 0. 03 0. 09 -0. 09 0. 12 0. 07 0. 05 0. 04 0. 09 0. 06 -0. 14 0. 00 0. 01 0. 09 0. 07 0. 04 0. 05 0. 01 0. 02 -0. 09 0. 01 0. 07 0. 06 0. 02 0. 05 -0. 02 0 . 14 0. 16 0. 00 0. 07 -0. 15 0. 00 -0. 12 0. 12 -0. 06 -0. 19 0. 07 0. 02 -0. 12 -0. 26 -0. 07 0. 08 -0. 04 -0. 06 0. 09 0. 17 0. 31 -0. 01 0. 08 0. 01 1. 01 1. 02 0. 83 1. 01 1. 08 1. 01 1. 07 1. 01 1. 10 1. 07 0. 98 1. 03 0. 96 0. 95 1. 09 1. 06 1. 07 1. 03 1. 09 0. 91 1. 12 1. 07 1. 05 1. 04 1. 09 1. 06 0. 86 1. 00 1. 01 1. 09 1. 07 1. 04 1. 05 1. 01 1. 02 0. 91 1. 01 1. 07 1. 06 1. 02 1. 05 0. 98 1. 14 1. 16 1. 00 1. 07 0. 85 1. 00 0. 88 1. 12 . 94 0. 81 1. 07 1. 02 0. 88 0. 74 0. 93 1. 08 0. 96 0. 94 1. 09 1. 17 1. 31 0. 99 1. 08 1. 01 2. 26 2. 30 1. 92 1. 95 2. 10 2. 13 2. 28 2. 31 2. 54 2. 73 2. 68 2. 75 2. 65 2. 52 2. 74 2. 90 3. 10 3. 19 3. 48 3. 17 3. 54 3. 77 3. 98 4. 13 4. 50 4. 76 4. 10 4. 10 4. 13 4. 52 4. 82 5. 03 5. 28 5. 32 5. 44 4. 97 5. 02 5. 36 5. 69 5. 79 6. 10 5. 99 6. 83 7. 92 7. 91 8. 50 0. 85 0. 84 0. 74 0. 82 0. 78 0. 63 0. 67 0. 68 0. 60 0. 44 0. 41 1. 08 1. 04 0. 98 1. 07 1. 26 1. 66 1. 65 1. 78 1. 79 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5International Research Journal of Finance and Economics – Issue 50 (2010) Annexure-2: Beta values of individual securities over all the five phases Overall Phase I Phase II Phase III Phase IV ? p-val ? p-val ? p-val ? p-val ? p-val Bharat Heavy Electricals Ltd. 0. 86 0. 00* 0. 67 0. 21 1. 18 0. 00* 1. 10 0. 00* 0. 80 0. 02* Bharat Petroleum Corpn. Ltd. 0. 80 0. 00* 1. 02 0. 15 0. 66 0. 06 1. 13 0. 00* 1. 30 0. 06 Cipla Ltd. 0. 51 0. 00* -0. 04 0. 95 0. 75 0. 02* 0. 80 0. 00* 0. 51 0. 07 Sun Pharmaceutical Inds. Ltd. 0. 69 0. 00* 1. 13 0. 15 0. 80 0. 08 0. 57 0. 00* 0. 74 0. 00* Ranbaxy Laboratories Ltd. 0. 94 0. 00* 1. 19 0. 3 0. 63 0. 03* 0. 78 0. 00* 1. 07 0. 10 Wipro Ltd. 1. 47 0. 00* 2. 79 0. 02* 2. 63 0. 00* 0. 88 0. 00* 0. 87 0. 00* Reliance Infrastructure Ltd. 1. 24 0. 00* 1. 38 0. 02* 0. 26 0. 39 1. 20 0. 00* 1. 50 0. 00* Larsen & Toubro Ltd. 1. 30 0. 00* 1. 12 0. 08 1. 70 0. 00* 1. 21 0. 00 * 1. 07 0. 00* State Bank Of India 1. 01 0. 00* 1. 22 0. 08 0. 86 0. 00* 1. 03 0. 00* 1. 08 0. 01* Tata Motors Ltd. 1. 20 0. 00* 1. 07 0. 08 -0. 13 0. 65 1. 11 0. 00* 1. 20 0. 00* Oil & Natural Gas Corpn. Ltd. 0. 79 0. 00* 0. 43 0. 47 0. 59 0. 03* 1. 06 0. 00* 1. 03 0. 01* Steel Authority Of India Ltd. 1. 23 0. 00* -0. 31 0. 68 0. 99 0. 00* 1. 54 0. 0* 1. 12 0. 01* Tata Steel Ltd. 1. 22 0. 00* 0. 79 0. 17 0. 64 0. 05* 1. 25 0. 00* 1. 39 0. 00* Grasim Industries Ltd. 0. 94 0. 00* 1. 24 0. 13 0. 91 0. 01* 0. 95 0. 00* 0. 86 0. 00* H D F C Bank Ltd. 0. 79 0. 00* 1. 38 0. 03* 0. 36 0. 10 0. 68 0. 00* 0. 98 0. 00* Hero Honda Motors Ltd. 0. 47 0. 00* 0. 24 0. 64 0. 04 0. 85 0. 79 0. 00* 0. 93 0. 00* Hindalco Industries Ltd. 1. 00 0. 00* 0. 03 0. 95 0. 39 0. 06 1. 22 0. 00* 1. 44 0. 00* Hindustan Unilever Ltd. 0. 49 0. 00* 0. 78 0. 01* 0. 42 0. 06 0. 77 0. 00* 0. 67 0. 00* HDFC Ltd. 0. 74 0. 00* 0. 77 0. 01* 0. 50 0. 06 0. 85 0. 00* 1. 01 0. 00* Infosys Technologies Ltd. . 91 0. 00* 1. 33 0. 05* 1. 30 0. 00* 0. 73 0. 00* 0. 67 0. 06 G A I L (India) Ltd. 0. 49 0. 00* 0. 00 1. 00 0. 46 0. 11 0. 79 0. 00* 0. 34 0. 18 I C I C I Bank Ltd. 0. 84 0. 00* 1. 85 0. 05* 0. 06 0. 88 0. 50 0. 00* 0. 57 0. 14 I T C Ltd. 0. 37 0. 00* 0. 54 0. 13 0. 57 0. 01* 0. 42 0. 00* 0. 27 0. 24 National Aluminium Co. Ltd. 0. 49 0. 00* -0. 31 0. 75 0. 24 0. 37 0. 73 0. 00* 0. 21 0. 69 Indian Oil Corpn. Ltd. 0. 87 0. 10 0. 32 0. 56 0. 65 0. 00* 1. 24 0. 00* 0. 75 0. 01* Reliance Industries Ltd. 0. 51 0. 00* 0. 34 0. 47 0. 08 0. 81 0. 41 0. 00* 0. 74 0. 06 Sterlite Industries (India) Ltd. 1. 11 0. 00* 0. 99 0. 14 1. 3 0. 09 0. 87 0. 00* 0. 01 0. 96 Tata Communications Ltd. 0. 78 0. 00* 1. 10 0. 05* 1. 18 0. 00* 0. 87 0. 00* 0. 85 0. 09 Unitech Ltd. 0. 79 0. 00* 0. 47 0. 14 0. 48 0. 02* 0. 87 0. 00* 0. 21 0. 47 Zee Entertainment Ent. Ltd. 1. 00 0. 00* 1. 39 0. 08 0. 72 0. 07 0. 78 0. 00* 1. 13 0. 03* * indicates significance of coefficient at 5% level of significant Name of the Company Annexure-3: 187 Phase V ? p-val 0. 74 0. 00* 0. 48 0. 03* -0. 13 0. 65 0. 16 0. 55 1. 96 0. 01* 0. 78 0. 10 2. 46 0. 00* 1. 77 0. 00* 1. 55 0. 00* 1. 33 0. 02* 0. 94 0. 01* 1. 66 0. 00* 2. 07 0. 00* 0. 41 0. 29 0. 96 0. 00* 0. 29 0. 21 1. 63 0. 01* -0. 1 0. 68 0. 95 0. 00* 0. 07 0. 83 0. 38 0. 03* 1. 35 0. 02* -0. 01 0. 95 0. 50 0. 19 0. 98 0. 02* 0. 57 0. 10 0. 85 0. 03* 0. 43 0. 15 1. 27 0. 11 0. 74 0. 07 Estimates of regression equation using Time as a Variable Name of the Company Bharat Heavy Electricals Ltd. Bharat Petroleum Corpn. Ltd. Cipla Ltd. Sun Pharmaceutical Inds. Ltd. Ranbaxy Laboratories Ltd. Wipro Ltd. Reliance Infrastructure Ltd. Larsen & Toubro Ltd. State Bank Of India Tata Motors Ltd. Oil & Natural Gas Corpn. Ltd. Steel Authority Of India Ltd. Tata Steel Ltd. Grasim Industries Ltd. H D F C Bank Ltd. Hero Honda Motors Ltd. Hindalco Industries Ltd.Hindustan Unilever Ltd. HDFC Ltd. Constant 0. 02 0. 01 0. 02 0. 03 0. 01 0. 01 0. 01 0. 01 0. 01 0. 00 0. 01 0. 02 0. 01 0. 01 0. 0 2 0. 02 0. 00 0. 00 0. 02 mt (? 1) 0. 56 (0. 03) 0. 79 (0. 02) 0. 94 (0. 00) 1. 69 (0. 00) 0. 63 (0. 05) 3. 35 (0. 00) 0. 25 (0. 44) 1. 10 (0. 00) 0. 71 (0. 00) 0. 61 (0. 02) 0. 25 (0. 38) 0. 26 (0. 51) 0. 01 (0. 99) 0. 97 (0. 00) 0. 92 (0. 00) 0. 19 (0. 42) -0. 12 (0. 60) 0. 91 (0. 00) 0. 37 (0. 04) t*mt (? 2) 0. 10 (0. 22) 0. 00 (0. 96) -0. 14 (0. 10) -0. 33 (0. 00)* 0. 10 (0. 29) -0. 62 (0. 00)* 0. 33 (0. 00)* 0. 07 (0. 37) 0. 10 (0. 17) 0. 20 (0. 02)* 0. 18 (0. 03)* 0. 32 (0. 01)*

Personal Peflection Paper Assignment Example | Topics and Well Written Essays - 500 words

Personal Peflection Paper - Assignment Example They carry out interviews to select the most competent persons with integrity. This process should be fair to have the right persons employed. It determines whether the candidates possess the health skills and knowledge needed to execute health duties with quality performance. Disciplinary terminations are also carried out by the HR staff. The health sector is demanding, and competent people are needed to provide proper services. Healthcare industry has a significant difference from other enterprises and thus requires the personnel to have sufficient knowledge and skills in performing their duties. Due to the changes in the health care systems technology has been introduced and much of the work computerized thus frequent training and workshops needed for employers. The HR staff is consistently providing training for its employees hence equipping them with the right skills and making them more competent. The process of training is working out well for the health organization and has highly contributed to the success of the health care by enhancing its credibility. The HR staff has a significant role in motivating the health care employees on their performance. The staff does various things to ensure that the workers’ performance will lead to attaining organizations goal and also give recommendable services as required. HR staff has provided benefits to employees such as promotions for the best performing workers. It has great an impact on the health care center since the employees get devoted to providing quality work that contributed the well-being of its clients since they get proper attention. The HR has initiated employee empowerment programs and also gives incentive to employees to motivate them. The HR has a responsibility to plan for the organization. In the health care enterprises, planning is essential and demanding than other firms. Management of risk relies on planning.

Race and Racism Essay Example | Topics and Well Written Essays - 2250 words

Race and Racism - Essay Example Thesis statement: An investigation by exploring the factors, historical evolution, and ways that changed the meaning of race to racism. I. The factors that change the meaning of race throughout history The factors that change the meaning of race mainly include phenotypic /geographic features, cultural characteristics, ethnic characteristics, and socio-economic status. A. Phenotypic /geographic features: One can easily identify that the phenotypic characteristics of human race is closely related to its physiological properties which deeply influence behaviour traits and genetic characteristics. To be specific, the phenotypic characteristics of a race differentiate the same from other races. But the phenotypic features that can be seen among different races are not based upon scientific foundation (Rattansi, 2007, p.75). Still, the physical features that can be seen among the members of different human groups are different. From a different angle of view, the phenotypic characteristics of a specific race are forwarded to the next generation by the means of inheritance. Besides, this continuation of genetic peculiarities undergoes modification and deeply influenced hereditary and environmental factors in general. The geographic features that can be seen among different races are closely related to their surroundings. These geographic features are helpful to differentiate and identify the similarities and differences among different races with innumerable numbers of genetic features. B. Cultural characteristics: The cultural characteristics acquired by different races are indebted to its origin, growth and development. Besides, the term/concept of culture was originated in Europe (18th and 19th Centuries) and is related to the sphere of improvement in different fields of human development. The concept of cultural characteristics within the evolution of different races can be defined as the development through education, by means of folklore culture or literature. E thnic groups can be defined on the basis of specific cultural characteristics (Ritzer, 2009, p.439). To be specific, the people who share certain genetic and cultural characteristics can be termed under a specific ethnic group. Within this scenario, cultural characteristics of the evolution of race transformed itself into national aspirations. Later in 20th century, the term culture acquired importance in the field of anthropology. The importance of cultural characteristics of a specific race can be evaluated as the human capacity to encompass almost all the experiences and to act according basic instincts and to transfer it into imagination and creativity. In addition, the cultural characteristics are closely related to the living condition of different races. After the World War II, the term cultural characteristics acquired a different meaning and importance by connecting it with the development of human race as a whole. C. Ethnic characteristics: The ethnic feature of different races within human race is an important factor that did change the meaning of race throughout history. For instance, one’s ethnic feature helps one to differentiate oneself from other races or to find similarities within one’s own race. Besides, the ethnic feature helps different races to create cohesiveness within a specific ethnic

Land Power Versus Sea Power Essay Example | Topics and Well Written Essays - 750 words

Land Power Versus Sea Power - Essay Example This dichotomy has not been limited to the perspectives of the Anglo-Americans on hegemonic power. Alexander Dugin, the geopolitical theorist from Russia, argued that this was core to international conflict, contending that these positions are the basis of cultural differences that will be in conflict all the time. This paper aims to discuss the two concepts and show whether they are relevant or obsolete in international relations. Mahan’s idea contends that the potency of a nation is dependent on unobstructed access to the sea in order to conduct trade. His interpretation of sea power was the total of factors and forces, geographical circumstances and tools, operated to attain sea command and secure it from enemies (Gray, 2009). In Mahan’s formulation, sea power included colonies, shipping, and domestic production. America, he said, had to build and maintain a massive combat navy to be fuelled by coal stations in the colonies. His argument was on the basis that the Uni ted States should become internationally competitive for the protection of itself. Mahan articulated ideas on sea power importance and the desire to see an expansionist philosophy for the American nation. Mackinder, on the other hand, extended his land power theory. He said the land surface could be subdivided into various parts. One was the world island that included Africa, Asia, and Europe interlinked together. This combination was the richest, most populous, and largest of them all (Kennedy, 2004). Another part was the offshore islands which included the Japanese and British Islands. Finally, he identified the outlying islands such as Australia, South America, and North America. It was the heartland which he saw as lying at the centre of the island of the world, extending from the arctic to the Himalayas and from the Yangtze to the Volga. During his era, the heartland was that controlled by the empire of Russia, later by the Soviets without the Vladivostok and the area around it . Mackinder predicted that the rimlands, as he called them, would become less relevant as industrialization caught on in the heartlands and as the inland became more accessible by the railway system. This would make land an asset rather than a barrier to communication. Eventually, Russia would tap the massive natural resources and manpower it had and overshadow its fellow powers in the west. Mahan’s theory remains relevant to date especially as far as its logic goes. America’s power in the sea has now turned on the ability of the navy to preserve access to the Eastern part of Asia, as well as the Middle East, which are the theatres of American maritime operations. The strategic gaze of the Americans now lies on Asia as its maritime target. However, costs for such projects are increasing while budget acquisition becomes stagnant. This, in turn, has led to downward pressure on the fleet size of the American Navy. The ability of the Sea Services to carry out the maritime strategy of 2007 is now becoming a doubt. The Chinese Navy, on the other hand, is on a quite different trajectory (Gilboy & Higginbotham, 2012). It now has new aircraft, submarines, and new ships. While these assets may not be equal to the American assets, their fleet is more focused on Asia. With the US placing more focus on a global scale, they could not apply adequate force at a theatre. An ASBM under construction

Art history Making study guides for a quiz Essay

Art history Making study guides for a quiz - Essay Example Unique Forms of Continuity is an embodiment of his futuristic ideas. The figure is in a powerful stride indicating the constant progress and advancement. The contours of the muscular body flutter and flow in the surrounding space indicating the figure's great velocity and vitality as it pushes forward. The body has been deformed embodying its urge towards progress. This is a symbol of what is called as the Futurist World where developments are unprecedented. 28.63, Fountain Macel Duchamp is a French Dadaist who became the leading force in propagating Dada to the US. He believed that art should appeal to intellect rather than senses. This principle is embody through his ready mades which are ordinary manufactured objects transformed into artworks. Fountain is a porcelain urinal which is turned 90 degrees with signed with the pseudonym R Mutt ( from manufacturer J. L. Mott). This artwork has stirred debates due to its alleged immorality. However, it still embodies Duchamp's idea of readymade where the ordinary object is being used for another purpose which the artist imagines it to. This influences 20th century artists like Jeff Koons. 28.67, The Persistence of Memory This painting is an example of surrealism contributed by Salvador Dali. This painter is influenced by Miro and the latter also introduced Dali to Surrealists. Surrealism is a style in which fantastic visual imagery from the subconscious mind is used with no intention of making the artwork logically comprehensible. Paranoiac-critical method is his contribution to the surrealist theory where the sane person cultivates the ability of the paranoiac to misread ordinary appearances and become... Unique Forms of Continuity is an embodiment of his futuristic ideas. The figure is in a powerful stride indicating the constant progress and advancement. The contours of the muscular body flutter and flow in the surrounding space indicating the figure's great velocity and vitality as it pushes forward. The body has been deformed embodying its urge towards progress. However, it still embodies Duchamp's idea of readymade where the ordinary object is being used for another purpose which the artist imagines it to. This influences 20th century artists like Jeff Koons. Paranoiac-critical method is his contribution to the surrealist theory where the sane person cultivates the ability of the paranoiac to misread ordinary appearances and become liberated from the shackles of conventional thought. The head, which Dali identified as a self-portrait, first appeared in a 1929 painting entitled The great Masturbator. It may symbolize the artist's lifelong obsession with masturbation which has been the obsession which caused him considerable anxiety. This painting questions Kooning's real feelings toward women. He states though that he likes beautiful women but women also irritate him sometimes. This mixed emotion specifically his irritation toward women might have caused the result of his paintings.

What are the key characteristics of a social movement Use examples to Essay

What are the key characteristics of a social movement Use examples to explain any theoretical concepts you use - Essay Example Various social movements have different motivation for their actions, depending on their surrounding social, economic, and political environments. However, there are some key features that are common or at least applicable to most of them. My essay seeks to identify these key features as well as cite a few examples to explain the various theoretical concepts within the dynamics of a social movement. There are different types of social movements which have been identified by sociologists all over the world. These types are categorized depending on their scope; the type of change they advocate for or bring; their target groups; and how they operate. Considering scope, we can classify social movement as a reform or radical. A radical social movement aims to change certain value systems in a fundamental way. A good example of such a movement is the American Civil Rights Movement whose main aim was to fight for maximum civil rights for all Americans irrespective of the race they belonged to. There is also South Africa’s Shack Dwellers Movement, popularly known as ‘Abahali baseMjondolo,’ which fights for shack dwellers’ place in the city life. Reform social movement, on the other hand, works to change some norms and laws. Trade unions and green belt movements fall under this category (Ballard, et al., 2005, p622, Kendall, 2011, p. 540). A social movement may also be categorized depending on the type of change it intends to make. Under this we have innovation movement which aims to introduce or amend a given value. For instance, we have singularitarianism movement which fights for safety of technological singularity. We also have the conservative movement concerned with the preservation of current values and norms. A good example is the current movement against the introduction of genetically modified organisms. In addition, social movement may

Social Performance of National Football League(NFL) Research Paper

Social Performance of National Football League(NFL) - Research Paper Example Finally, in the end, a single elimination game is organized between the group winners of AFC and NFC. This culmination of the two group champions is known as the Super Bowl. The ultimate winner from the Super Bowl is awarded the Vince Lombardi Trophy. Other awards and accolades are given to the coaches and individual players for their exceptional performance that help a team to win. Most of the games are scheduled on the Sunday afternoons to attract more viewers. During the normal season, some games are planned on other week days like Thursdays and Mondays. The corporate structure of NFL is interesting to study. The league office of NFL is not constrained by income tax, as this unincorporated association earns no profit. However, the individual teams are subject to income tax because individually the teams generate profit. So NFL is like a trade association that is financed by its member teams. The league is mainly operated by the commissioner, treasurer and secretary. The conference s are headed by the president. An election is conducted to elect the commissioner and the president (August, n.d.). The prevailing weather condition is one of the key factors that affect the league externally. Sometimes the temperature can go below the normal expected temperature. This may negatively affect the league. Matches may get cancelled due to bad weather conditions, as in an extremely chilly weather it becomes difficult for the players to perform. It is also imperative to enhance the game experience for the fans. Initiatives should be taken by the league committee to conduct the games in indoor stadiums in case of adverse weather conditions. There has to be uniformity in the games so that unfair advantage is not given to any of the teams i.e. indoor facilities should be ensured for every match and not for particular matches as the external environment is vital for the team’s performance. Bad weather

Medical Ethics Essay Example for Free

Medical Ethics Essay Medical interventions always possess two possible outcomes in every situation or case. The principle of double effect is the actual ethics that governs the conditions of alternatives. The main concept that it utilizes is the thought that persons are faced with decision that cannot be avoided and, in the circumstances, the decision will cause both desirable and undesirable effects. Considering the value ethics involved in every intervention implemented, the risk factors should always be considered. Essentially speaking, the principle of double effect involves the critical assessment of the situation considering the fact that the choices being made greatly impact a life of an individual. In an ethical controversy of maternal-fetal conditions wherein the mother is suffering from a case of complications that lead to the severe necessity of evacuating the conception product. The case possesses no other alternatives, and has greatly compromised both life conditions of the mother and the fetus. Moreover, if medical intervention is not implemented as soon as possible both lives shall be endangered severely. In some part of logical implication, some might categorize such action as direct attempt of killing; essentially since, either of the mother’s life or the fetal life needs to be sacrificed in order to save one. In such case of saving life through resuscitation, if the significant relatives or others imposed the negation of such life saving treatment for the patient provided with the considerations of higher good than evil, it is not considered anymore as actions of euthanasia nor direct killing. The medical provider is not anymore liable if incase the patient suffered from any untoward conditions that requires resuscitation, however in the end resulted to death, as it is already a directed will of the patient and the support groups. The principle of total effect protects no singular parts or single levels of life. In fact, it does even consider the whole or total person as a whole. The whole or total person is what is sacred and has rights. To promote parts or lower levels independently of the person’s totality would violate just the quality of life considerations. The medical provider should consider the treatment interventions not only for the benefit of a single part, but rather every aspect of the whole body, such as the effect of the therapy or medical intervention on other parts of the body. Psychotherapy involves the utmost obligation to facilitate the psychological health and well-being of the society. As far as medico-ethics is concerned, psychiatrists possess such responsibility of conjuring psychological health to the people. Such principle involves the concept of the divine as well as the societal requirement of psychological health linked together with the guidelines of psychotherapeutical interventions. Such principle considers man as a psychic unit and total aspect of a person as a whole. Considering the fact that man functions as a whole, psychiatric therapy should revolve in every aspect of a person not only on particularities of disease, disorder, or signs and symptoms but rather as a whole unified being. However, still in response to this perspective, the concept of the individual should still deal in the specifics and objective details of an individual. The guide protocols of this principle are the fact that man is a unified unit of the community that requires social interactions, and morality considerations over the psychological interventions. Rights to Health Care The general principle of health care greatly considers that every individual possesses the right to have unconditional, indiscriminate, and with no considerations on an individual’s society. The rights of health care, by law, divine protocols and natural necessities, should be ethically available for every individual. As for the ever conjuring issues in terms of impairment of the delivery of health care, it is both the responsibility of the patient and the health care provider to facilitate maximum health care potential. The health seeking behavior is expected for the patients requiring health care needs as their responsibility, while health care information dissemination, motivation and encouragement are the ethical duties of the health care providers. With the advent of managerial, profit-oriented and progressive modernization, the principle of the health care basic right is arguably being violated in some sense. As the fact states, at least 35 million Americans cannot afford proper health care delivery system for them due to either expensive medical insurance requirements or poverty. As for the both interacting requirement, most of the public, especially those living in or below poverty line, undeniably obtains their medical care from governmental provisions, which are not always sufficient to consider every individual’s health care needs. In fact, Medicaid insurance, which is a public insurance firm that caters mostly for the financially incapacitated individuals, is extensively and progressively increasing. However, the worst case of such Medicaid provision is that sickness status possesses a marginal requirement to consider a person a candidate for health care treatment. In such case, the health care status of these individuals worsens before they can even attain their due medical interventions. Another controversy is the rising patients of Medicare insurance, which is a public governmental firm that caters to elderly health care welfare. Due to the increasing number of those that cannot afford geriatric care necessities, the last option for these elders is to obtain the care that the government hospitals provide. However, there are cases wherein these elderly incapacitated individuals are being eagerly discharged by the hospital. Adding on to the situation is the increasing profit-oriented hospital firms, which perceives delivery of care as business-money-earning sources. Such condition is beginning to coincide and dominate the health care market, which if not regulated, may even caused further decline of health care obtainment by the public due to financial incongruencies. Considering that the incidence of poverty in the public is increasing, incapabilities of health care insurance to support the appropriate and adequate requirements of their beneficiaries, and the increasing incidence of profit oriented hospitals, greatly contributes to the health care scarcity and health care status of the society. Essentially speaking, such condition possesses the possibility of aggravating the morbidity and mortality ratings in the society. Such case is considered indeed as violations of the ethical principle of right of health care. On the contrary, such protocols are necessary in order to keep the hospital and medical insurance organizations surviving. Although, the evident consequence of such scenario is the increasing individuals suffering from health care impairments. As far as the ethical principle, rights of health care, is concerned, such occurring scenario violates the fundamental ethics of health care. Suffering Even with subjective evidences or manifestations, the concept of suffering seems central for the most fundamental concerns of bioethics. Suffering is in part constituted by the experience of a profound evil, as the Old Testament denotes, or threat to our sense of self and identity that we are unable to control. IT is the experience of the inexplicably arbitrary and typically destructive. Suffering is not of course an end of religious experience but a problem demanding interpretation. Religions traditions have historically tried to give meaning to suffering by placing the experience in a context of broader questions about ultimate purpose in life, and even human destiny beyond life. Suffering is knowledge of evil but is not evil in itself. Frequently its existence serves as a helpful spiritual or physical warning that something is amiss. Physical pain is often first sign of a serious illness; it informs us that something has gone wrong and that we need medical assistance. Of course, sometimes we become aware of evil but are unable to do anything about the situation. The evil is not in our knowledge of a certain state of affairs but in the state of affairs themselves. While we experience our knowledge of these evils as suffering, the knowledge itself remains a basic good. As salvation denotes liberation from evil, Christ liberates man from sin by means of His cross, that is, by means of suffering. The work of salvation is a labor of suffering. Every person is called to participate personally in that suffering through which our redemption has been accomplished and through which all suffering was redeemed. Suffering, symbolizes by the Cross, is the one universal door through which all must pass to enter the kingdom of God. While on the human level suffering is an â€Å"emptying,† on the divine level it is a glorifying or a â€Å"filling up† and an invitation to manifest the moral greatness of man. The glory of suffering cannot be seen in the martyrs, but also in those who, while not believing in Christ, suffer and give their lives for the truth. As for a Christian perspective, suffering is an opportunity for everyone to experience the power of God and share in the work of redemption. In the midst of each individual’s suffering, Christ is present to share that person’s suffering-just as He invites each of us to share His sufferings. This inter-participation of suffering unites our sufferings and Christ’s sufferings, as well as uniting us with Christ personally. In terms of the medical ethics application, suffering is for both patient and the health care provider to share; however, one must not join each one and extend the same negative feelings but rather, facilitate as the motivator and alleviator of sufferings. The greatest part of relieving the patient from the occurring suffering is on the part of the health care provider, as they are the ones who are responsible for the alleviation of such condition. The suffering of undergoing the case of alleviation and the suffering of alleviating the patient itself are the two considered faces of suffering, which has to be considered in every ethical case action. In is indeed necessary to think that the difficulties imposed by the situation is carried by both interacting parties and not one alone.

Social Pedagogy in Child Development

Social Pedagogy in Child Development The education success of both children and young people cannot be comprehended, not in education terms, but must also align with social and economic circumstances that afflict them. Community education can be perceived as grounded in three key pillars, namely: the nature of man; the prevailing social conditions and social challenges; and, pedagogy. The idea of social pedagogy avails a fascinating collection of paradigms in facilitating education for sociality. The social education plus the social group manifests some overlapping concerns as pedagogue has tended to strip away its democratic and communal significance minimizing it to pedagogy for case management. Until the end of the last century, in UK, the local and national policy remained grounded in concise boundaries between the disciplines of education, social care, and childcare. The distinct divisions were evident at diverse levels whether conceptual, organizational, professional, and in relation to training and education. Nevertheless, the UK has witnessed significant changes in administrative reorganization of the responsibility for childrens services and a change in the manner in which individuals envision provision for both children and young people. Social pedagogy delineates education in the expansive sense of the word or a perspective entailing social action that aims at facilitating human welfare via child-rearing and education practices; to safeguard or ease social problems by availing individuals with the means to manage their own lives, and effect changes within their circumstances. The fundamental notion of social pedagogy centres on facilitating social functioning, inclusion, involvement, social identity and competence as fully functional members of the society. Social pedagogy in practice incorporates an all encompassing and personal approach to child care in all its facets that connects education and care, and support for families. In addition, social pedagogy avails a prospective approach to training at diverse levels that integrates education, psychology, and philosophy with the spheres of child care, family support, and the advancement of childrens rights. Social pedagogy can be viewed as an activity and a collection of ideas that, while mirroring the broader concerns for the welfare of children, is organic and adjustable to the attributes of the society, and mirrors humanistic values grounded in a representation of children as active agents in society. As such, social pedagogy operates in the here and now and employs the moment as a launch pad for pedagogical practice. Social pedagogues have been implemented across Europe in a broad range of service such as early years, schools, residential care, youth work and family support, disability services, and in some instances support for the senior citizens. Public policy within England has started to acknowledge that social, pedagogic training is a significant way to enhance practice within social care. This stems from the realization that this bears the potential to underpin a more collaborative approach, and aid to establish a shared language for working with children that could be adopted by diverse professionals operating within their own practice contexts. Social pedagogy bears a critical focus on constructing relationships via practical engagement with children, the youth, and families. It avails the basis for training entities working with children and young people and presents a certain expertise in working with groups and utilizing the group as a support. Social pedagogy can be employed as a foundation for workforce reform within UK since it can avail a strong basis for an approach to children, young people, and families that exemplify ideals of active citizenship, rights, and participation. The positive aspects that can be derived from social, pedagogic practice entail: it avails a holistic view to engaging children and youth by exploring on the whole child/young person and availing support to their overall development. Social pedagogy underlines relationship building with children and young people, especially in the development of practical skills to assist in the relationship building. Similarly, social pedagogy highlights child ren and young peoples development, especially on their emotional wellbeing. Social pedagogy demonstrates the significance of reflection, and the capability to herald both theoretical understanding and self knowledge to the process of working with young people, besides it facilitates childrens rights, participation, and empowerment. Effectiveness of social pedagogy in working with children, young people, and families Drawing from several case studies on successful approaches to enhancing the wellbeing of looked after children within other countries such as Denmark, Germany, and France, British stakeholders working within childcare settings and with young people can draw immense and promising lessons from social, pedagogic models with the primary social, pedagogic objective being fostering healthy cognitive, and social development within everyday settings. Bringing social pedagogy to England is likely to better childrens services and herald greater coherence with several services becoming largely social pedagogic provisions. The holistic notion of social pedagogy combines two dimensions: the social (caring) and the pedagogic (cognitive). This prompts some elementary alterations in the way in which the government should engage children and young people. The adoption of social pedagogy will aid to deliver a stronger workforce manifesting better communication professionals engaged with both children and young people, thus highlighting elevated focus on every aspect of the childs life. According to the UNICEF report (2007), UK ranks low in terms of child wellbeing assessment in which factors such as health and safety, material wellbeing, childrens relationships, education wellbeing, young peoples behaviours and risks. Thus, is essential that action undertaken by UK at the national level matches its European counterparts. The incorporation of social pedagogy in the work of children and young people will work towards elevating UK standards, and enhancing childrens and young peoples overall wellbeing. The adoption of social pedagogy can avail a number of benefits to social policy. As an overarching concept, social pedagogy could bring enhanced coherence to childrens and young peoples services as demonstrated by the adoption of Childrens Plan. In addition, pedagogy could also avail a platform for discussing aspirations of children and young people within the society. Social pedagogy also manifests the capability to establish the family support network and reinforce childrens overall development. Social pedagogy can serve several aspects of government policy towards both children and young people. Pedagogy manifests the possibility for an inclusive approach. The normalizing approach inherent in social pedagogy aligns with governments aims for children with exceptional needs. Pedagogic approaches are mainly child-focused, instead of procedure-focused. Although attention to procedures is a significant part of work, it should not necessary shape it basis. Overall the adoption of social pedagogy will deliver immense support to reinforcing professionalism of the worker and enhancing the transparency of practice, which avail best guarantee to child safety. Social pedagogy plays a role in working with young people via the provision of personal advisor services. Fundamental to the concept of social pedagogy is the pursuit to enhance current welfare practice by facilitating creativity. Creativity depicts an active process whereby the social pedagogue works with the individual employing their service in the manner in which they maximize their potential, their capability t arrive at decisions and enhance their life chances. The inventive and all-encompassing approach to social pedagogy can deliver beneficial effects with regard to enhancing self belief and self confidence of individuals within a range of varying situations. A critical feature of social pedagogy is the recreation of relationships depicted by an attempt to enhance social assimilation and a commitment to guaranteeing that the people pedagogues work with, connect and/or re-engage with the communities in which they reside. According to Eischesteller and Rapey (2007), social pedagogy could play a critical function in reclaiming the nucleus values of the youth work within the UK. The adoption of social pedagogy can empower the participants and reinforce their self esteem, their acting, skill and individual development of productive new life. As such, young people will be able to turn a problem into something that they can be able to work with as mirrored by the close and compassionate character of the social pedagogues rapport with the young people. The social pedagogues can aid young people to exercise significant steps with regard to developing essential life skills. Social pedagogy is likely to benefit children and young people within the UK, as is avails support and direction to young people who might feel dislodged and cut off from the society by aiding them to gain support and direction. Social pedagogy highlights excellence in youth work and social work practice and facilitates children and young people to be proficient fully functional members of the society. Social pedagogy is beneficial in constructing positive informal relationships that enable professionals to view individuals in a holistic way. Problems and/or Barriers to the adoption of Social Pedagogy It is apparent that the implementation of social pedagogy is reliant on its social context; therefore, the implementation of social pedagogy within the UK will differ from that of the European counterparts and must be assembled in dialogue with professionals, building on the present practice, motivating them with diverse ideas, and underlying their practice with pedagogic thinking, concepts, and theories. There may be barriers to introducing the term social pedagogy to the children, and youth workforce n England owing to deficiency in familiarity with the language of social pedagogy, diverse interpretations on the connotation of social, pedagogic policy, and absence of a tradition of social pedagogy policy, training, theory, and practice. One of the outstanding problems that manifests in the adoption of social pedagogy is the perceived competition with social work, plus other professions. The greatest divergence social work and social pedagogy centres on the degree to which social pedagogues remained trained for work within group settings, in which they share the daily lives and activities of both children and young people. This is less factual for social work within UK since in the rest Europe, social work and social pedagogy do not appear to be in competition as they manifest diverse complementary facets of work. Another barrier to the introduction of social pedagogy into the UK entail the possibility that it will be perceived as being too idealistic; not adequately appropriate; not adequately well understood or valuable within a UK context; not essentially appropriate for all professionals working with young people or children; and, a discrepancy in its education and training. There may also be concerns centring on the challenges of funding and the potential dilution of individual specialisms, and the possibility of resistance of the workforce in the event that appropriate account was not considered of the cultural variations between the UK and the European countries. Another barrier stems from the observation that devoid of publicly funded training opportunities that match the duration and depth of those found in the rest of Europe a profession comparative to that of the pedagogue cannot be effectively established. Youth work within UK stands to be re-energized by the incorporation of social pedagogy framework within the activities of youth workers. The adopted perspective should move beyond an individual focus to one that employs an approach that appreciates structural perspectives. Nevertheless, in adopting a social pedagogy for work with children, young people, and families, it is critical to consider the difficulties of integrating social pedagogy into a diverse cultural, political, and social context. The practice and cultural shift apparent in the adoption of social pedagogy may not be always welcome. For instance, social pedagogy perceives risk taking as an educational goal that conflicts with the considerable priority awarded to health and safety within childrens homes. Whereas the values and the general approach of social pedagogy appeals to practitioners, there remain embedded difficulties within the organization of services for children within residential care when it comes to initiating social pedagogy. This implies a need to respond to social pedagogy not only as a training issue, but also a sector development issue. Conclusion UK should integrate social pedagogy for work with children, young people, and families in a constructive and beneficial way. The adoption of social pedagogy in the work with children and young people is likely to create an environment that cultivates relationships between young people and staff, and fashions a sense of positivity and wellbeing. The social, pedagogic model should be grounded in nurturing relationships, creativity, and individuality. Social pedagogy spotlights positive youth development that highlights young peoples assets rather than their deficits. This perspective can be broadened by identifying young people as agents of change. Social pedagogy would promote the children and young peoples workforce as it: persuade professionals not to compartmentalize certain facets of children or young peoples lives; delivers more person driven approach; persuade professionals to highlight the views of the children or young people; and, persuade professionals to consider all facets of a childs life.