Original Writing Of The Classroom - 1156 Words

Sitting quietly in the corner of the classroom one day, and bouncing off the walls in the gym the next, four year old Garrett was the little boy who I observed all three times at the Early Education Center. Garrett was always an extremely welcomed person while also being very welcoming to other people. Including his teacher, college workers, and his peers in and out of the classroom. He seemed to be the kid who everyone else naturally gravitated to. He never once had to ask to play with a group of kids when I was observing him. Instead, Garrett was being asked by other kids if he could come over and play with them. I spent a total of an hour and a half observing. Once it was over lunch, and the others were in the afternoon during circle†¦show more content†¦He ran around the outside circle of the gym with a few of his classmates while shouting and exclaiming with joy. In the classroom, Garrett showed his motor skills in numerous ways. Using finger grip and hand strength, whi ch are both fine motor skills, he spooned food onto his plate for lunch and carefully poured his milk into his bowl during snack. On the flip side, Garrett showed his gross motor skills just as well as he dribbled a ball, ran around in the gym, and climbed on the playground equipment. The cognitive domain deals with a child’s intellectual abilities, which Garrett had many examples of as well. Garrett was able to use information processing to think through the process of washing his hand and taking his outside clothing off and hanging it in his cubbie without needing any assistance. He was given instruction on a certain task and was able to complete it without needing to go back and ask questions, which signifies his memory capability. The term â€Å"self talk† was something that Garrett showed during my observations as well. Self talk refers to when a person is struggling with a certain subject matter or idea and they need to talk themselves through it in order to gain a better understanding. And it’s not just young children who use this as a learning technique. Teenagers and adults use this same mechanism just maybe slightly modified to fit their age level. He talked himself

Luxury Consumption Motives of Chinese Female Consumers Research Proposal

Essays on Luxury Consumption Motives of Chinese Female Consumers Research Proposal The paper â€Å"Luxury Consumption Motives of Chinese Female Consumers† is an exciting example of a research proposal on marketing. Traditionally it has been found that Chinese men are the consumers of luxury goods, chiefly because of the tradition in the country to gift in the corporate and government sectors (Joy 2001). However, due to the growing financial and social independence of the Chinese women, they are also forming a major share in the luxury brands market in China (Fish 2010). Various studies have been conducted to project the increase in the number of Chinese women consumers for luxury products, however, not many studies have been done to understand the luxury consumption motives of the women consumers in China. There are various motivating factors that may impact the luxury consumption among women consumers in China (Doctoroff 2005). These factors may include individual taste, social and personal motivations, quality motivations, etc. Thus, through the proposed p aper, the researcher would attempt to understand the motivations of the Chinese women consumers behind buying luxury goods.The main purpose of the paper is to understand the underlying motivations of Chinese women consumers for purchasing luxury goods. The paper would seek to identify the trends among the Chinese women consumers regarding buying of luxury goods. It would also focus on certain luxury brands and how these brands are being perceived by women consumers in China.The researcher expects that the paper would provide a considerable outlook on the women luxury goods consumers in China, especially focusing on the motivations behind buying such goods. The results would help various luxury brands planning to set shop or already have established their retail stores in the country to understand the mindset of the women consumers and cater to them as per their preferences. Further, these companies can also mold their advertising and marketing campaigns as per the requirements of th e women consumers. For instance, if the report finds that the women consumers are more inclined to buy luxury products due to social motivations, the brands may decide to promote their products as social aspiration products and attract more consumers.The women Chinese consumers buying luxury products are growing steadily in the country and therefore, it is essential to understand their mindset related to their buying preferences for luxury goods. Thus, the proposed paper would focus on finding out the motivations for Chinese women consumers to buy luxury products.The proposed paper would seek to find out the underlying motivations of Chinese women consumers for buying luxury products. As the segment of a luxury product is growing steadily in China, it is imperative to understand how women are contributing to this sector and what is driving them towards such luxury products. The idea behind this proposed subject matter came from the basic background research that is being explained b elow. The chief among them is the changes in the characteristics of the Chinese women consumers and luxury brands' buying a pattern in Chinese women. The study of various previous surveys and researches indicated that Chinese women consumers are constantly becoming independent socially as well as financially. Further, they are the dominant member of the family to make decisions regarding household expenses. The greater number of women workers has also given rise to independent, single women. All these factors have given rise to an increase in the number of Chinese women consumers buying luxury products (Movius 2006; McKinsey Quarterly 2006).

Kenny Raskin gambling on Everyman Essay Example For Students

Kenny Raskin gambling on Everyman Essay The world was spared another lawyer and got a world-class clown instead when Kenny Raskins mother suggested he take an acting course while waiting to go to law school. Now the only U.S. performer in Cirque du Soleils Nouvelle Experience, hes nightly charming vacationing families, lone-wolf gamblers and the occasional Hollywood superstar who wanders into the Montreal-based companys distinctive blue-and-gold tent, attached by umbilical passageways to the Mirage Hotel in Las Vegas. Playing a mute Everyman who stumbles into the pastel world of contortionists, jugglers, trapeze swingers, et al., Raskin calls his part the throughline of the show. Hes the guy in the baggy suit who, by shows end, is absorbed by the troupe and reborn as a youngster. Raskin says, Its a very precious themethe child in all of us. (For those who feel a retch coming on, be reassured that the Euro-flavored circus handles the potentially cloying subject with remarkable grace.) Raskins caping routine is a recital on musical bells playing them himself first, then recruiting audience members to ring out the tune while he conducts. I try not to assault them, the 40-year-old Atlantan says of working with the audience, but get them to enjoy the process of playing with me. I wanted to be noticed   A Savannah native bornappropriately enough on April 1, he cant explain where he got his comic savvy. His mother is an antiquarian book dealer and his father is yes a lawyer. Where did it creep into my genes? Raskin wonders. I have no idea. One clue might be his height (56): I was the shortest of all my friends, and I was always trying to keep up, he says. I wanted to be noticed, so my humor was ingratiatingly funny. Still, performing never entered his mind. After high school, he majored in American studies (which he calls a nice, generic, pre-law dilettantes major) at Brandeis University. Following graduation, he was working in Atlanta as an intern for the Department of Natural Resources when, feeling socially out of touch in his new city, he took his mothers advice and enrolled in a class at the Academy Theatre. It was a good fit: At the Academy there was a real emphasis on transformational, physical, improvisational theatre, where if you didnt have a prop you created it out of your own body or somebody elses. Like others in the field, hes had to deal with plenty of misconceptions. When most people think mime they think Marcel Marceau, he says. But Ive gone to mime conferences for the last six years, and almost no mimes perform in white face, and almost no mimes do illusionary mime. With clowning its the same thing. People think Ringling Bros. What they dont realize is that Lucille Ball was a clown, Jonathan Winters is a clown, Dick Van Dyke is a clown. To this day, every time Dick Van Dyke flips over that divan when he walks into the living room, its still the funniest thing Ive ever seen. Raskins own definition of a clown: Somebody who looks for solutions more through his or her sensations rather than through his or her intellect. I dont want to talk about the clown as a child because I dont believe that. A clown has childlike qualities, but mainly a clown is a problem-solvera pretty lousy problem solver, actually, who goes from A to B but never on a straight line. Last fall, Raskin dealt with one of the more poignant problem-solvers in childrens literature, adapting and directing The Little Prince at Theater Emory, the professional theatre of Atlantas Emory University. I tried to stay as faithful to the book as possible, he says about his production, which featured a mix of professional and student actors with a female student as the Prince. The hardest thing was keeping the Little Prince honest and direct. You dont want the audience to go, Oh this kid is too sweet.' Atlanta theatregoers know Raskin less as a clown than as an ingratiating comic actor. At Theatrical Outfit he was the romantic pickle-vendor in Crossing Delancey, the loquacious old man of Im Not Rappaport and a ukulele-strumming, Yiddish-yammering Polonius in HamletThe Musical. As an administrator, he created two nights of new vaudeville for the Arts Festival of Atlanta, then served for four years as the festivals associate producing director of performance. It was in that capacity that he made contact with Cirque du Soleil. When the company pegged Atlanta for a visit last December, Raskin offered to help find a location for their tent. All I was really doing was trying to get a couple of free tickets, he admits. Instead, he was encouraged to send a tape of his clowning work to the Montreal office. What he assumed was a bit of professional courtesy led him to where he is now: $20 or so in debt to the blackjack tables, performing two 90-minute shows a night, six nights a week. .uf85728458cb6637e61dd32789fa03cbf , .uf85728458cb6637e61dd32789fa03cbf .postImageUrl , .uf85728458cb6637e61dd32789fa03cbf .centered-text-area { min-height: 80px; position: relative; } .uf85728458cb6637e61dd32789fa03cbf , .uf85728458cb6637e61dd32789fa03cbf:hover , .uf85728458cb6637e61dd32789fa03cbf:visited , .uf85728458cb6637e61dd32789fa03cbf:active { border:0!important; } .uf85728458cb6637e61dd32789fa03cbf .clearfix:after { content: ""; display: table; clear: both; } .uf85728458cb6637e61dd32789fa03cbf { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .uf85728458cb6637e61dd32789fa03cbf:active , .uf85728458cb6637e61dd32789fa03cbf:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .uf85728458cb6637e61dd32789fa03cbf .centered-text-area { width: 100%; position: relative ; } .uf85728458cb6637e61dd32789fa03cbf .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .uf85728458cb6637e61dd32789fa03cbf .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .uf85728458cb6637e61dd32789fa03cbf .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .uf85728458cb6637e61dd32789fa03cbf:hover .ctaButton { background-color: #34495E!important; } .uf85728458cb6637e61dd32789fa03cbf .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .uf85728458cb6637e61dd32789fa03cbf .uf85728458cb6637e61dd32789fa03cbf-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .uf85728458cb6637e61dd32789fa03cbf:after { content: ""; display: block; clear: both; } READ: Last-chance dance Essay Too romantic for Las Vegas   The Cirque troupe is mainly French-Canadian (with a smattering of English, Russian and Polish performers), so Raskin spends time pumping up his schoolboy grasp of French. The biggest surprise hes had so far is how out of shape I was, he says. I didnt expect it to be so physically demanding. I had to spend three weeks letting my body go through a checklist of pains, but now everythings fine. We have a masseuse on staff. And Ive lost about 12 pounds in all the places I needed to lose it. In a Las Vegas show already brimming with the fanciful, Raskins signature routine, which hes worked on for 12 years, was deemed too romantic by Cirques artistic director. In the routine, Raskin plays a down-on-his-luck fellow who sits on a bench, propping his hat and coat on his crutch. When he sticks one arm through a sleeve of the coat looking for matches, this makeshift hat stand becomes a second character, a fantasy friend who slaps the cigarette out of Raskins hand, teases him and ultimately gives him the strength to carry on. The six-minute piece is a metaphor for my life, Raskin says. For me its about reconciling the artist with the workthe artist with the more straight side of me. Its about getting to like all aspects of yourself.

A sonnet of Sonnets Essay Example For Students

A sonnet of Sonnets Essay Poets have always created an enticing central concern within each of their poems. Its purpose is to provide the reader with the poets attitude towards an existing conflict. Nevertheless, poets face the challenge of effectively portraying the conflict in order to develop and emphasize the ambience of the central concern. Furthermore, in order to understand the attitude of two different poets who face similar conflicts, the methods of developing the central concern are to be investigated. For instance, Sylvia Plath and Christina Rossetti face comparable conflicts in their poems but their attitude towards the conflict are dissimilar. Thus, their different attitudes are revealed by comparing and contrasting the means by which Sylvia Plath develops her central concern in The Collosus to Christina Rossettis methods in her twelfth sonnet from A Sonnet of Sonnets. In brief, the means involved in developing the central concern of a poem reveal the conflict and its ambience, the concern and the poets true attitude towards the conflict. Sylvia Plath and Christina Rossetti both deal with conflicts involving a man. In The Colossus, Plath copes with her emotions and blurred, broken images after her fathers death. In Rossettis twelfth sonnet, she deals with the fact that an insurmountable obstacle is directing her true love for another man towards a different path of love. The obstacle being the realization of her love for God gives her no choice but to painfully neglect the years of true love with her lover. In both cases, they are victims dealing with conflicts of overpowering emotions neither could choose to reject or overcome. Also, the feeling of these conflicts is enhanced in similar ways. Looking at the poem as a whole, it is clear that Plath has made a metaphor of the broken images of the father to a massive, colossal statue that has been destroyed by lightning. This shows the extent to which Plath valued the image of her father. However, she claims the force of lightning to be weak and simple, in comparison to the force that holds together her deep and solid emotions for her father. She states that It would take more than a lightning-stroke, to create such a ruin implying that her emotions are almost unbreakable. In consequence, the indestructible feelings for a living man that conflict, with the fact that he is now dead, amplifies the sorrow Plath has felt. Similarly exposed in Rossettis twelfth sonnet, the power of emotion is portrayed by he dictating Love, who speaks within my mind. The power of the conflict exists in the fact that her true love dictates her, but to whom the love is directed has now changed towards God. By exposing strong feelings that are conflicting with superior conflicts, both poets amplify the ambience of harshness. Consequently, the poets continue to the intent and state of mind of each character due to these severe conflicts. When one is subject to a trouble, simply accepting it is difficult. Therefore, resolutions and worries, or concern, come along with the consequences of the problem. In Rossettis twelfth sonnet, the realization of impossibility of overcoming the emotions for God is clear. And with this, comes her quick acceptance of these new emotions, but simultaneously, comes the concern of compensating her lovers loss. As a result, to ensure her own thoughts, her tone is very soft yet commanding. The ambience of her concern reveals a strong feeling of certainty as there is no question that the concern lies in commanding her lover to find new love, rather than questioning whether or not her love may reunite with that man. By commanding him to Think not that I can grudge it Plath encourages him that there will be no costs for his actions and that she commend you to that nobler grace. .ue7778a6d5430d469bb6ce34415010b95 , .ue7778a6d5430d469bb6ce34415010b95 .postImageUrl , .ue7778a6d5430d469bb6ce34415010b95 .centered-text-area { min-height: 80px; position: relative; } .ue7778a6d5430d469bb6ce34415010b95 , .ue7778a6d5430d469bb6ce34415010b95:hover , .ue7778a6d5430d469bb6ce34415010b95:visited , .ue7778a6d5430d469bb6ce34415010b95:active { border:0!important; } .ue7778a6d5430d469bb6ce34415010b95 .clearfix:after { content: ""; display: table; clear: both; } .ue7778a6d5430d469bb6ce34415010b95 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ue7778a6d5430d469bb6ce34415010b95:active , .ue7778a6d5430d469bb6ce34415010b95:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ue7778a6d5430d469bb6ce34415010b95 .centered-text-area { width: 100%; position: relative ; } .ue7778a6d5430d469bb6ce34415010b95 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ue7778a6d5430d469bb6ce34415010b95 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ue7778a6d5430d469bb6ce34415010b95 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ue7778a6d5430d469bb6ce34415010b95:hover .ctaButton { background-color: #34495E!important; } .ue7778a6d5430d469bb6ce34415010b95 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ue7778a6d5430d469bb6ce34415010b95 .ue7778a6d5430d469bb6ce34415010b95-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ue7778a6d5430d469bb6ce34415010b95:after { content: ""; display: block; clear: both; } READ: The Poetical Works of John Milton EssayShe proves to understand the reality of this problem and makes the most out of it by reasoning that Since your riches makes me rich, conceive I am too crowned, implying that if they cannot be together, they shall at least fulfil each others love. Everything considered, her attitude towards this conflict exposes a sense of acceptance and reality of this conflict. However, her ensured concern of the man finding a new lover diminishes the overall feeling of threat from the conflict which leads to a feeling of liberation and resolution. In contrast, Plath leaves a definite attitude of hopelessness towards the conflict. From the first stanza, her central concern of whether or not she can revive the father through piecing together the broken images is clear. Unfortunately, it is also obvious that she has a strong stance in finding only failure in any attempt. Believing I shall never get you put together entirely, makes it difficult for any change during the development of the concern. Therefore, the tone of complete doom, isolation and hopelessness gives no sense of resolution. Hence, as Plath brings the reader through the despair of this conflict and stripping all hope from the poem, she shows her and certainty of failure. Moreover, giving up her efforts in piecing together the broken images sets closure in continuing her life with emotions of guilt, despair and failure. Clearly, the similar feeling of certainty to the answer of the central concern protrudes in each poem. Also, the similar conflicts and their ambience of severity relate to one another. However, the difference which is vital to distinguishing one poets mind from anothers is in what way the belief of certainty lies; revealing the poets attitude towards the conflict. Plaths certainty lies in failure which results in no resolution whatsoever, whereas Rossetti concludes her poem with certainty of success, resolution and rejoice. Ultimately, this vital dissimilarity of the poems is one aspect of the poet which is exposed through the comparison of the methods of developing the poets central concern.

Human Resource Management (HRM) refers to a strate Essays

Human Resource Management (HRM) refers to a strategic and coherent approach which involves the management of manpower, the main asset, in an organization. It involves the maximization of the organizational effectiveness through the management of the human potential such as their capabilities, talents and time. The major functions of the human resources management are human resource planning, recruitment and selection; human resource development; compensation and benefits; and employee and labor relations among others. Staffing (Human Resource Planning, Recruitment and Selection) HRM planning involves the assessment of both the present and future needs of the organization in comparison with the present resources and the predicted future resources to avoid overstaffing or understaffing. This brings demand and supply into equilibrium. As a human resource manager, I should first conduct a job analysis to determine the skills, activities, and knowledge requirements for an employee in a given job. We usually conduct the job analysis when organization starts; when a job changes due to introduction of new methods and procedures and changes in technology; and when there is a new job creation ( Cherrington 1995). In human resource, we regard the use of job description as a crucial tool during the staffing process. We attract qualified applicants in the advertisements, screen the applicants' resumes and interview those with proper qualifications. After the selection, there is the appointment of the new employees to respective jobs in the organization. Compensation and Benefits The term compensation refers to the payment that employees receive after working for an organization. On the other hand, benefits include things like insurance for the employees, pensions, vacation, stock options and sick days ( Cherrington 1995). The compensation and the benefits that employees receive profoundly influence their performance. Ideally, employees should feel that the pay is worth the work they do . We, human resource management, are responsible for the allocation of proper compensation, rewarding the employees with adequate benefits and ensuring they receive intrinsic satisfaction through our provision of stimulating work and enjoyable working conditions. Human Resource Development As a human resource manager, I am responsible for the development of the already existing employees by instrumentally identifying ways of helping their present responsibilities and preparing them for probable opportunities that may arise in the organization. Usually, the structure of the organization keeps on changing as a result of expansion and changes in technology hence the necessity of offering programs that focus on the employees' self development in order to obtain new skills and develop on the old ones. This broadens the employees' horizons in performing challenging tasks that may arise in due course. Examples on such human resource development include our teaching programs for the employees on the use latest technologies in production, how to handle devices correctly in order to reduce the number or the cost of accidents, and how to improve on the quantity and quality of productivity. Other forms of resource development that we offer are career counseling and mentor ing services. Safety and Health Our organization ensures that there is no violation of the employee's rights and also we are able to provide a healthy and safe working environment. According to Mondy and Noe (1996), safety is "protecting employees from injuries caused by work-related accidents" while health is "ensuring that employees are free from physical or emotional illness." It is our role in an organization to prevent our employees from any health hazards that may arise during work. We therefore carry out occupational health and safety measures to decrease the accidents that may lead to increased operating costs and decreased productivity. The recognized healthy problems that usually arise in place of work include effects of alcohol and drug/substance abuse, smoking, stress and AIDS. We thus provide assistance programs to the employees suffering from emotional problems and physical illnesses. Conclusion The functions of human resource management system in an organization are ideally aimed to ensure there is recruitment of employees, compensation for their services, helping them perform their tasks and solving different problems that arise during work in order to optimize business profitability through their performance. As a human resource management team, we should ensure that the employees meet the goals and objectives of an organization through the above discussed functions.

How to Trace Your U.S. Military Ancestors

How to Trace Your U.S. Military Ancestors Nearly every generation of Americans has known war. From the early colonists, to the men and women currently serving in Americas armed forces, most of us can claim at least one relative or ancestor who has served our country in the military. Even if you have never heard of military veterans in your family tree, try a bit of research and you might be surprised! Determine if your ancestor served in the military The first step in searching for the military records of an ancestor is to determine when and where the soldier served, as well as their military branch, rank and/or unit. Clues to an ancestors military service may be found in the following records: Family storiesPhotographsCensus recordsNewspaper clippingsJournals, diaries correspondenceDeath records obituariesLocal historiesGrave markers Look for military records Military records often provide an abundance of genealogical material about our ancestors. Once you have determined that an individual served in the military, there are a variety of military records which can help to document their service, and provide useful information about your military ancestors such as birthplace, age at enlistment, occupation, and names of immediate family members. The primary types of military records include: Military service records Enlisted men who served in the regular Army throughout our countrys history, as well as discharged and deceased veterans of all services during the 20th century, can be researched through military service records. These records are primarily available through the National Archives and the National Personnel Records Center (NPRC). Unfortunately, a disastrous fire at the NPRC on July 12, 1973, about 80 percent of the records of veterans discharged from the Army between November, 1912 and January, 1960, and about 75 percent for individuals discharged from the Air Force between September, 1947 and January, 1964, alphabetically through Hubbard, James E. These destroyed records were one of a kind and had not been duplicated or microfilmed prior to the fire. Compiled military service records Most of the records of the American Army and Navy in the custody of the War Department were destroyed by fire in 1800 and 1814. In an effort to reconstruct these lost records, a project was begun in 1894 to collect military documents from a variety of sources. The Compiled Military Service Record, as these collected records have come to be called, is an envelope (sometimes referred to as a jacket) containing abstracts of an individuals service records including such items as muster rolls, rank rolls, hospital records, prison records, enlistment and discharge documents, and payrolls. These compiled military service records are primarily available for veterans of the American Revolution, War of 1812, and the Civil War. Pension records or veterans claims The National Archives has pension applications and records of pension payments for veterans, their widows, and other heirs. The pension records  are based on service in the armed forces of the United States between 1775 and 1916. Application files often contain supporting documents such as discharge papers, affidavits, depositions of witnesses, narratives of events during service, marriage certificates, birth records, death certificates, pages from family bibles, and other supporting papers. Pension files usually provide the most genealogical information for researchers.More: Where to Find Union Pension Records | Confederate Pension Records Draft registration records More than twenty-four million men born between 1873 and 1900 registered in one of three World War I drafts. These draft registrations cards may contain such information as name, birth date and place, occupation, dependents, nearest relative, physical description, and country of allegiance of an alien. The original WWI draft registration cards are at the National Archives, Southeast Region, in East Point, Georgia. A mandatory draft registration was also conducted for WWII, but the majority of WWII draft registration records are still protected by privacy laws. The fourth registration (often called the old mans registration), for men born between April 28, 1877 and February 16, 1897, is currently available to the public. Other selected WWII draft records may also be available.More: Where to Find WWI Draft Registration Records | WWII Draft Registration Records Bounty land records A land bounty is a grant of land from a government as a reward to citizens for the risks and hardships they endured in the service of their country, usually in a military related capacity. At the national level, these bounty land claims are based on wartime service between 1775 and 3 March 1855. If your ancestor served in the Revolutionary War, War of 1812, early Indian Wars, or the Mexican War, a search of bounty land warrant application files may be worthwhile. Documents found in these records are similar to those in pension files.More: Where to Find Bounty Land Warrants The two main repositories for records relating to military service are the National Archives and the National Personnel Records Center (NPRC), with the earliest records dating from the Revolutionary War. Some military records may also be found in state or regional archives and libraries. The National Archives Building, Washington, D.C., holds records relating to: Volunteer enlisted men and officers whose military service was performed during an emergency and whose service was considered to be in the federal interest, 1775 to 1902Regular Army enlisted personnel, 1789–October 31, 1912Regular Army officers, 1789–June 30, 1917 li]U.S. Navy enlisted personnel, 1798–1885US Navy officers, 1798–1902US Marine Corps enlisted personnel, 1798–1904Some US Marine Corps officers, 1798–1895Those who served in predecessor agencies to the US Coast Guard (i.e., the Revenue Cutter Service [Revenue Marine], the Life-Saving Service, and the Lighthouse Service, 1791–1919) The National Personnel Records Center, St. Louis, Missouri, holds military personnel files of US Army officers separated after June 30, 1917, and enlisted personnel separated after October 31, 1912US Air Force officers and enlisted personnel separated after September 1947US Navy officers separated after 1902 and enlisted personnel separated after 1885US Marine Corps officers separated after 1895 and enlisted personnel separated after 1904US Coast Guard officers separated after 1928 and enlisted personnel separated after 1914; civilian employees of Coast Guard predecessor agencies such as Revenue Cutter Service, Lifesaving Service, and Lighthouse Service, 1864–1919 The National Archives - Southeast Region, Atlanta, Georgia, holds draft registration records for World War I To have the National Archives staff search these records for you, get a World War I Registration Card Request form by sending an email to archivesatlanta.nara.gov, or contacting: National Archives - Southeast Region5780 Jonesboro RoadMorrow, Georgia 30260(770) 968-2100archives.gov/atlanta/

Manifest Destiny Essay Example | Topics and Well Written Essays - 1000 words

Manifest Destiny - Essay Example In 1845, America considered that it was ordained to its increase democratic institutions beyond its own borders and into North America, and Manifest Destiny was given as the support for this belief. It was considered that this expansion would give the United States a strong moral right to govern throughout North America, where the belief was not respected. One way of describing the concept is that set forth by William E. Weeks. He proposed that there were three themes within Manifest Destiny. The first was the virtue of Americans and their institutions, the second was that these institutions had a mission to aid America in restructuring the entire world and finally the third was that this was inevitable and a matter of destiny. One area where the concept of Manifest Destiny played a major role was during the time in which Texas announced independence from Mexico and planned to join as a new state in United States of America. According to O'Sullivan, this was the crucial time in the p rocess of expansion for the United States, as new policy had been created which meant that any state that was independent could request entry into the Union. This legislation worked in favor of those who believed in Manifest Destiny. However, the concept was not widely accepted. For example, not all American’s believed that the country should expand in such a way. In addition, the expansion of the Americans within the United States had a significantly negative impact on the Native Americans, as their land was being encroached on.

Texas Is the First State To Approve Modified Test Essay

Texas Is the First State To Approve Modified Test - Essay Example According to Zyskowski and O’Malley (2009), TAKS vertical scale allows scores to be compared across grade levels for a subject.   In this manner, it is very much useful for tracking a student's progress in performance across years, at the same time, its performance standards (i.e. Met Standard and Commended) can be numerically compared across grade levels (Zyskowski and O'Malley, 2009). Texas created the so-called vertical scale per Section 39.036 of Senate Bill 1031, which required TEA to develop a vertical scale for assessing student performance on the TAKS assessments (Zyskowski and O'Malley, 2009; TEA, 2009). On the other hand, the Texas projection measure (TPM) is a multi-level regression-based projection model that is applied to TAKS, TAKS (Accommodated), and linguistically accommodated versions of TAKS. Furthermore, it projects student performance separately for each subject in the next high-stakes grade (defined by the Texas legislation as grades 5, 8, and 11) (Zyskowski and O'Malley, 2009, p. 25). The figure below illustrates the TPM: (taken from Zyskowski and O'Malley, 2009, p. 26. According to the stipulations in the Texas Education Agency's Accountability System for 2009 and Beyond - Standard Procedures (Commissioner of Education Final Decisions April 2009), the following quotations revealed the determination of the accountability rating for 2009: Standards for 2009 were published in the 2008 Accountability Manual and adopted as commissioner rule to provide districts and campuses with advance notice before the 2008-09 school year began.The 2009 Academically Acceptable standards are 70% for reading/ ELA, writing, and social studies; 55% for mathematics; and 50% for science. These standards represent increases of five percentage points to the Academically Acceptable standards for four of the five subjects (writing, social studies, mathematics, and science.)The 2009 Recognized standard of 75%, which applies to all subjects, is unchanged from the prior year. (p. 2) Still according to the Texas Education Agency's Accountability System for 2009 and Beyond - Standard Procedures, the following are quoted statements regarding the changes in accountability rating for 2010: Standards for 2010 will be published in the 2009 Accountability Manual and adopted as commissioner rule before the 2009-10 school year begins.The 2010 Recognized standard will increase by five percentage points to 80% as previously planned.The 2010 Academically Acceptable standards will increase by five percentage points for both mathematics and science to 60% and 55%, respectively.The reading/ELA, writing, and social studies standards will remain

Media Reaction Paper Essay Example | Topics and Well Written Essays - 1000 words

Media Reaction Paper - Essay Example The article begins by citing the incident of the attempted robbery of a local video store, and how two of the children had been retained in police custody, while the third, the nine years old, was returned to his parents. Additionally, the article quoted the City of Charleston Councilman’s reaction to a string of robberies which occurred during the month of September in an upscale neighborhood east of Charleston. The article was so inflammatory until it was imperative that the author draws parallels. The underlying thrust of the piece had very strong negative overtones, there was no explicit mention of race. Nonetheless, as the locations were mentioned, it was obvious that race was being put on trial. In mentioning the residential locations of both groups, the city councilman was implying that he had a zero tolerance for juvenile crime. However, in my mind's eye, it was calculated positioning, to avoid admonishment or being labeled as a racist. While he made value judgments an d cast aspersions upon the character of American parents, he did not follow in kind with the parents from east of Charleston. This article was minus a reasonable base and exhibited a lack of respect for diversity. The City Councilman was expressing his outrage concerning the recent crime wave and he felt the most appropriate manner to address these types of negative behavior would be to sterilize the parents. Obviously his response borders on genocide. He would prefer to eliminate a race of people and forever remove this aspect of diversity. ... Additionally, the article quoted the City of Charleston Councilman's reaction to a string of robberies which occurred during the month of September in an up-scale neighborhood east of Charleston. The article was so inflammatory until it was imperative that the author draw parallels. Albeit, the underlying thrust of the piece had very strong negative overtones, there was no explicit mention of race. Nonetheless, as the locations were mentioned, it was obvious that race was being put on trial. In mentioning the residential locations of both groups, the city councilman was implying that he had a zero tolerance for juvenile crime. However, in my minds eye, it was calculated positioning, to avoid admonishment or being labeled as a racist. While he made value judgments and cast aspersions upon the character of African American parents, he did not follow in kind with the parents from east of Charleston. This article was minus a reasonable base and exhibited a lack of respect for diversity. The City Councilman was expressing his outrage concerning the recent crime wave and he felt the most appropriate manner to address these types of negative behavior would be to sterilize the parents.. Obviously his response borders on genocide. He would prefer to eliminate a race of people and forever remove this aspect of diversity from the American landscape. The article exhibits a wanton disregard and an absence of sensitivity towards human nature in general and diversity in particular. To what extent do the media rely on stereotypes when depicting a certain group The media ostensibly exists to serve a public good; to present an unbiased and accurate

Relationship Between Developed and Emerging Stock Markets

Relationship Between Developed and Emerging Stock Markets Introduction Due to inclination towards liberalization and deregulation in the capital and money markets, global markets have tended to become highly integrated in recent times in case of developed as well as developing countries. There are many reasons as to why the linkages among the different stock markets should be studied some of the reasons are emerging markets have attracted a great number of foreign investors, removal of statutory controls over their capital market and foreign exchange, stock prices interconnection due to the global capital movements, regional policy and the presence of economic ties. Specialists of finance have given substantial attention to the linkages and the relationships between different stock markets, to explore and examine the potential benefits from international portfolio diversification. Most of the studies are done taking into account developing and emerging Asian markets. Interest of foreign investors have resulted in several fund management centres concentrating on Asian developing markets not only for the growth and development but also to diversify their risk. The aim of this paper is to study the relationship of developed and emerging stock markets. Literatures on the different prospects of stock market have been studied. Many researchers have focused on the integration among the stock market. While studying the literatures it has been seen that different areas are being covered and focused which includes dynamic linkages among stock market during pre and post Asian financial crisis and Russian financial crisis, effect of linkages on the portfolio diversification, effects of linkages on the daily stock prices and domination of developed markets over the developing markets. Further, examining of the empirical question in the literature on capital market integration between different economies is done. For the empirical analysis, data of twenty year for everyday closing stock prices of six indices have been taken from 3 January 1989 to 8 June 2009. Six indices are New York Stock Exchange (USA), London Stock Exchange (UK), Tokyo Stock Exchange (Japan), Bombay Stock Exchange (India), The Stock Exchange of Thailand (Thailand), Bursa Malaysia (Malaysia). In the econometrics literature, there exist a number of alternative methods to estimate cointegration. Econometrics techniques which are being used in this study are Augmented Dickey-Fuller test, Johansen’s cointegration test and Error Correction test. E-views software is used for the calculating the results. Empirical results obtained from the three test, it was found that time series are non stationary and null hypothesis is not rejected which suggest that they are highly cointegrated and to test whether any variations in one stock exchange can lead to fluctuations in other stock indices. Johansen cointegration test is conduct ed which shows that there is no evidence of cointegration between Indian stock index and other stock indices. Further, Error Correction test is conducted which shows that there is poor cointegration between Indian stock exchange index with other stock indices. Indian stock market appear to be least integrated with Malaysia, where as Malaysia stock market is integrated with all the other stock markets. Thailand stock market is seems to be more dependent on Japanese and Indian stock market than other stock markets. Little integration is seen between Japanese stock exchange and USA stock exchange. It is found that UK and USA are highly integrated. To conclude, stock exchanges of the developed economies are better cointegrated as compared to those of developing economies. Background What is stock market? In simple words stock refers to a supply. But in financial market terms, stock refers to the money which a company has raised. And the supply of the money comes from the people who invest in the company in hope that the company will make their money grow. Stocks exist because it enables the company to â€Å"sell† pieces of the business called as stocks (equity securities) in need of long term financing. When stocks are issued by corporations are owned by the public at large which includes both private investors and institution are said to be publicly held. A public place where things are bought and sold is called as Market. And the term stock market refers to a business where stock is bought and sold. Stock market can be splitted into two main sectors; the primary market and the secondary market. The primary market is the one where new issues are offered for the first time and primary market is the one where subsequent trading goes on. There are basically two types of stock namely common stock and preferred stock. A security which represents ownership in a corporation is known as common stock. Holder of the common stock has the power to vote and elect board members. If the company goes bankrupt, the common stockholder will not be paid until unless creditors, bondholders and preferred stockholders are paid their share of the leftover assets of the company. Where as, preferred stock is a stock which is issued when all the common stock has been issued. Preferred stock olders are given dividends. They have a preference that is why they are paid dividend before any dividends are paid to common stock holders. The stock market is not a specific place but still some people use the term â€Å"Wall Street† which is the main street in New York City’s financial district and it is referred to the US stock market. Why companies issue stock market and why people buy it? As every company wants to grow, so some owners build more factories and some develop new product which needs money. A company can actually get loan from the financial institution like banks but companies without going into debt by taking loans issues stock which raise money for the growth of a company. Only Business Corporation can issue the stock which has special legal rights and responsibility. A proprietorship or ownership cannot issue stock. A shareholder invests in a hope that company will grow and so will their money grow because if a company earns money, the shareholders will share the profits. There are different types of gains from the stock such as dividends, capital gains, short selling, risk and rewards for investing. Over the long term bases, investments in stocks have proven to be an excellent way to more than keep pace with erosive effects of inflation. Stock Exchange Stock market is an organised market for trading of stocks and bonds. These markets were originally open to all but now a days only members of the association can buy and sell directly and these members or stock broker can buy and sell for themselves or others by charging the commission for their provided service. A stock can only be bought and sold if it is listed on an exchange. There are stock exchange in all the financial centres of the world. Some of them are stated below; the New York stock exchange since 1792 which had the largest trading in the world of $7.3 trillion in 1998, Tokyo stock exchange, London stock exchange, Bombay stock exchange and NASDAQ. NASDAQ was the first exchange which recognised the role of electronics in stock market. History of the Stock Exchanges Japan In the decade of 1870s, introduction of a securities system initiated the public bond negotiation in Japan which resulted in the need of a public institution for trading and hence in May 1878, the â€Å"Stock Exchange Ordinance† was in enacted followed by establishment of Tokyo Stock Exchange Co. Ltd. On May 15, 1879 and trading began on June 1st. On June 30, 1943, establishment of a quasi-public corporation named the â€Å"Japan Securities Exchange† took place by uniting all 11 stock exchanges throughout Japan. During the Second World War, the trading sessions were suspended on August 10, 1945 but the trading restarted under the management of unofficial group transactions in December 1945. Japan Securities Exchange was dissolved on April 16, 1947. Three stock exchanges in Tokyo, Osaka and Nagoya were founded on April 1, 1949 and trading began on May 16 followed by formation of five additional stock exchanges in July in Kobe (dissolved, October 1967), Hiroshima, Kyoto (merged into Tokyo Stock Exchange, March 2001), Fukuoka and Niigata. In the beginning of the next decade of 1950s, margin transactions were introduced and bond trading started on April 2, 1956. October 1, 1966 observed the first listings of government bonds after the Second World War and in the following year, a new process of auction was put into action and â€Å"Baikai† trades (off-exchange trades) were eliminated. In April 1968, registration system was replaced by licensing system for securities companies and on July 1, 1969, Tokyo Stock Price Index (TOPIX) was launched. Joining the International Federation of Stock Exchanges (FIBV) along with starting of convertible bonds trading and Book Entry Clearing system were the major developments by TSE before listing of Yen-based foreign bonds and opening of Foreign Stock Section in 1973. The next 10 years observed major developments in technical fields such as introduction of Market Information System (MIS) and Computer-assisted Order Routing and Execution System (CORES). From February 1, 1986 to May 23, 1988, a total of 32 securities companies joined the TSE membership out of which 22 were foreign companies. Trading in TOPIX futures, TOPIX options, U.S. T-Bond futures and Japanese government bond futures began by May 1990. Other 10 securities companies including 3 foreign ones joined the TSE membership followed by introduction of Floor Order Routing and Execution System (FORES) by the end of that year. Major happenings in the next decade were: Starting of Central Depository and Clearing System on Oct 9, 1991; Listing of Nikkei 300 Stock Index Listed Fund on May 29, 1995; Initiation of 5-year Japanese government bond futures trading on Feb 16, 1996; Trading in equity options on July 18, 1997; Calculation of new stock price index series on Apr 2, 1998; introduction of ToSTNet and TDnet (Timely Disclosure Network) in 1998; restriction on off-exchange trading for listed securities abolished on Dec 1, 1998; 50th Anniversary celebrations on Apr 2, 1999; introduction of Target (TSE wide area network) on June 1; brokerage commission liberalized in October; establishment of MOTHERS market for emerging companies and growth on Nov 11, 1999; and merging of Hiroshima and Niigata stock exchanges into TSE along with introduction of TSE ARROWS in 2000. Demutualization of TSE resulted in the formation of Tokyo Stock Exchange Inc. in 2001 and later on August 1, 2007, Tokyo Stock Exchange Group, Inc. was established. Tokyo Stock Exchange Regulation was established on October 17th with its commencement on November 1, 2007. Thailand The present Thai market’s origin starts from the early years of 1960s when a private group established a stock exchange in July 1962 as a limited partnership which later turned into a limited company under the name of Bangkok Stock Exchange Co. Ltd. (BSE) in 1963. But BSE was relatively inactive irrespective of its good foundation as its annual turnover values reduced from being 160 million baht in 1968 to an all time low of 26 million baht in 1972, even when turnover in debentures were 87 million baht. So finally, BSE stopped operating in early 1970s and the major reasons behind its failure were limited understanding of equity market among the investors and no government support officially. But, BSE’s concept was able to attract enough attention to form an organized securities market with official support. Hence, a plan to establish a market having apt facilities and regulations for securities trading was proposed by the Second National Economic and Social Development Plan (1967-1971). On recommendation of the World Bank in 1969, the government gained the works of Professor Sidney M. Robbins from Columbia University who studied different methods for the development of Thai capital market. And in the same year, the Bank of Thailand also created a working group for the development of capital market which was given the job of establishing the stock market. After a year of intensive study, Professor Robbins generated an all-inclusive report named â€Å"A Capital Market in Thailand† and this report turned out to be the master plan required for the Thai capital market development in future. In 1972, the government brought some changes to the â€Å"Announcement of the Executive Council No. 58 on the Control of Commercial Undertakings Affecting Public Safety and Welfare† according to which the government now controlled and regulated the operations related to finance and securities companies. â€Å"The Securities Exchange of Thailand† also known as SET was passed in May 1974 after the amendments were made followed by the amending of the Revenue Code by the year-end. By 1975, the legislative framework was put into action and official trading at SET started on April 30, 1975. January 1, 1991 saw the changing of name from â€Å"The Securities Exchange of Thailand† to â€Å"The Stock Exchange of Thailand†. Malaysia In 1930, Singapore Stockbrokers Association was Malaysia’s first formal securities business organisation establishment and in 1937 was re-registered by the name of Malayan Stockbrokers Association. The public shares trading began after the establishment of The Malayan Stock Exchange in 1960 and the board system was having its trading rooms in Kuala Lumpur as well as Singapore, connected by usage of direct telephone line. The year 1964 saw the foundation of the Stock Exchange of Malaysia but in 1965, the withdrawal of Singapore from Malaysia forced the Stock Exchange of Malaysia to become the Stock Exchange of Malaysia and Singapore. In 1973, the Stock Exchange of Malaysia and Singapore was divided into two separate markets namely the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore due to ceasing of interchangeability of currency between Malaysia and Singapore. The Kuala Lumpur Stock Exchange integrated on December 14, 1976 as a company limited by guarantee took over the operations and management of the Kuala Lumpur Stock Exchange Berhad. On April 14, 2004, the demutualization exercise made the name to be changed to Bursa Malaysia Berhad. The main aim of this exercise was to boost competitive position and to act in response to trends in the exchange sector globally by becoming more market-oriented and customer-driven. The listing of Bursa Malaysia on the Main Board of Bursa Malaysia Securities Berhad took place on 18 March 2005. The certifications for conformance to the ISO 9001:2000 Quality Management System and ISO 14001:2004 Environmental Management System standards were received by the exchange on 5 October 2007. Faster processing and execution of orders and providing wider trading functions and features were done by introduction of Bursa Trade Securities as a new trading platform in Dec 2008. United States The New York stock exchange trace back to 172, when twenty four New York City stock brokers and merchants signed the Buttonwood Agreement. At that time five securities were traded in New York City out of which three were government bonds and two were bank stocks. It was agreed that securities will be traded on commission basis on signing the Buttonwood agreement by the brokers. After the war in 1815 securities market in New York began to grow. The New York stock and exchange board was formed on March 8, 1817. The name was shortened The New York Stock Exchange (NYSE) in 1863. More than 2800 companies are listed in NYSE which are having value exceeding $15 trillion. During the period 1824 to 1830 annual trading reached a peak of 380,000 shares. Average volume reached to 8500 shares which show that it increased a 50-fold in seven years. During 1836-1853 NYSEB prohibited trading in the street and in 1837 average daily volume fell down from 7393 in January to 1534 by June. Due to invention of telegraph, brokers and investors broaden the market participation outside New York City. It was a panic period during 1857 when Ohio Life Insurance Trust company collapsed, prices dropped eight to ten percent in the single trading session and there was 45% decline in market value in the beginning of the year. During 1860s first stock ticker came into existence, membership in NYSE became a â€Å"property right†, prohibition of issue of shares in secret known as watering stock and at the end on 24th September 1869, gold speculation resulted in â€Å"Black Friday†. In 1890s NYSE established clearing house, it also recommended that all listed companies will send their shareholder the annual report and in 1896. The Dow Jones Industrial Average was published by the Wall Street journal for the first time, with an initial value of 40.74. During that period DJIA topped 100 for the first time. Federal Reserve System Wall Street became world financial leader. Centralized stock clearing system was established and fraud bureau was established during the period. In the mid of 1929 Black Thursday came when market crashed on volume of over 16 million shares which was the beginning of the Great depression and the Dow finally reached bottom in July 1932. During 1960-1979, International Federation of stock Exchange and daily volume on the NYSE exceeded 4 million shares nearly triple the level immediately following the war. On February 03, 1977 foreign broker were permitted membership on the floor. The Inter market Trading system (ITS) was inaugurated. Taking about 20th century, first Global index was launched in 2000, DJIA experienced its largest one day point gain and new trading room at 30 Broad street was opened. In 2001, NYSE volume topped 2 billion shares. The NYSE is now a for-profit business. It is formed out of the merger of the NYSE and Archipelago Holding, Inc. And the merger is the largest ever among securities up to this time. United Kingdom The London Stock Exchange is one of the world’s oldest stock exchanges and traces its history back more than 300 years. It started in the 17th century in London coffee houses. Exchange grew quickly and became the city’s most important financial institution. John casting began in back 1698 to organise the market in Jonathan’s coffee house through a simple list of stock and commodity prices. The wave of speculative fever known as the south sea bubble burst in 1720. In 1761 a group of stock broker form a club at Jonathan’s to buy and sell shares and then in 1773 they put up their own building in Sweeting’s Alley with dealing room and members named it â€Å"The Stock Exchange†. On 3 March 1801, first regulated exchange comes into existence in London and the business reopens under a formal membership basis and the modern stock exchange was born. First codified rule book was created in 1812 and first regional exchange were opened in Manchester and Liverpool in 1836 and it was rebuilt in 1854. A new deed settlement came to existence in 1876. In 1914 after Great War, the exchange market was closed from the end of July till the New Year. During 1986, there was deregulation of market which is known as ‘Big Bang’. Ownership of member firms by an outside corporation was allowed. Brokers were able to operate in a dual capacity and minimum scales of commission were abolished. Trading was moved to computers and telephones from separate dealing rooms. The exchange became private limited company under the Companies Act 1985. The trading name became â€Å"The London Stock Exchange† in 1991. In 1997, SETS (Stock exchange Electronic Trading System) was launched. In 2003, EDX London was created, a new international equity in partnership with OM Group and later in 2004, LSE moved to new headquarters Paternoster Square. Latest in 2007, LSE merged with Borsa Italiana, creating London Stock Exchange Group. India The Bombay Stock Exchange (BSE) is located in Dalal Street, Mumbai. It was established in 1875 and is one of the oldest stock exchanges in Asia. Around 3600 companies in the country are listed on this stock exchange and have a substantial trading volume. The market capitalization of the BSE is about Rs.20 trillion (US$ 466 billion). The ‘Sensex’ is commonly used market index for the BSE and it is among the five big exchanges in the world in terms of number of transactions. Its history traces back to the time in mid 1850s, when an informal group of 22 shareholders used to trade under banyan tree in the Town Hall of Bombay. The association the native sharebrokers was formally organized as The Bombay Stock Exchange in 1875. The BSE is the oldest stock exchange in Asia and Premchand Roychand used to be the leading sharebroker in that time. He was the one who assisted in setting out procedures and conventions for the trading of stock at BSE. James M. Maclean inaugurated the Brokers Hall in 1899. in 1928, it was shifted to an old building in Town Hall, Bombay and later on the building was constructed on Dalal Street in 1930 where the BSE building now stands. The BSE follows the system of eTrading, which came into use in 1995. In 2000, BSE Sensex was used to open its derivatives market for trading Sensex future contracts, followed by development of equity derivatives in 2001 and 2002 which expanded its trading platform. Stock exchanges by providing a centralized and ready market, facilitates the business for financing through flotation of bonds and stocks. Sometimes speculation in stock can put stress on the instability of an economy. The reality of the Great depression was emphasised by the stock market crash in 1929. Financial Crisis Stock market crash of 1929 After the First World War, there was a growth in industrialisation and new technologies. During 1920s was the time of peace and prosperity because the economy was benefited greatly from the new life changing technologies. Many investors quickly purchased the shares on seeing Dow Jones industrial average surged. Due to the powerful economic boom the stocks were seen very safe to most of the economists. Stocks were purchased by the investors on margin. From 1921 to 1929, the Dow Jones rocketed from 60 to 400 and for every dollar invested; a margin user would borrow 9 dollars worth of stock. But on Thursday October 24, 1929 the Dow Jones Industrial Average fell 38 points to 260, which was a drop of 12.8 percent and across the two days its average fell 23 percent and finally at the end of the period on November 11, there was a cumulative drop of 40 percent. Overvalued stocks, low margin requirements, interest rate hikes and poor banking structure were the few causes of the crash. In total, 14 billion dollars of wealth were lost during this market crash. Stock market crash of 1987 Dow hit a record 2722.44 points on 25 August, 1987 but then the Dow started to head down. And valuation in the United States dropped around 36 percent from the days between October 14 to October 19, 1987. On black Monday October 19, 1987 the Dow Jones Industrial Average plummeted 508 points losing approx 22.6 percent of its total value and SP 500 dropped to 20.4 percent. Reasons for the crash were no liquidity, overvalued stock, program trading and the use of derivative securities software. During the crash half trillion dollars wealth were lost. Stock market crash of 2008 The failures of financial organizations in the USA due to exposure of credit default swaps and subprime loans resulted in a global crisis as banks all over the world failed and the values of shares and commodities fell drastically. The Indonesian Stock Market stopped operating on seeing a 10% drop in a day on October 8. Comparisons were made of this crisis with the one in 1987 but that lasted for just one day whereas the present one lingered on for the whole week. Dow Jones saw its worst ever decline of 18% during the week commenced on October 6. The failure of banks in Iceland devalued the Icelandic Krona and forced the country to the verge of bankruptcy which was saved by an emergency loan from International Monetary Fund (IMF). The main index of Iceland had a 77% decrement. October 24 saw the worst downfalls for many countries whereas Dow Jones industrial average was somewhat better at 3.6%. The value of United States Dollar and Japanese Yen increased whereas that of British Pound and Canadian Dollar was among the major losers. Literature review 1.1 Introduction The competition among different industrial countries markets was witnessed by their respective national stock exchange markets during the late 1980s and the economists observed that linkage or interrelation between the global markets existed. Due to the less restrictive climate towards capital movements, economists actually started thinking that the major financial markets of the world are systematically interrelated. Growth can be seen in reaction towards external developments in macro-economic policies and the world financial environment due to this interrelation. Technological developments in communications, trading system and the innovations of financial products have created global international investment opportunities. Linkages among stock market have important implication and significance for security pricing, trading strategies, hedging and financial market regulations. And also the presence of short term and long term relationship may be used to attain financial gains from international portfolio diversification and to also reduce systematic risk. International Market linkages have been widely investigated. Several studies have been conducted explaining the empirical and theoretical issues on linkages amongst stock market and mainly focused on the co-movement between developed and emerging markets. There is a wealth of literature on stock market interdependence and integration. However, depending on the data, methodology, and theoretical models used there is no clear resolution of the issue yet. Some previous work has have found that international stock markets are integrated and some found that stock markets are not interlinked. Most of the studies on stock market interdependence in emerging markets have been done on geographical groups of markets, such as markets in Central and Eastern Europe  and America  and in Asian countries. Further, I summarize some of the most recent findings. 1.2 Interdependence of Stock Markets A number of studies have examined stock market linkages among emerging stock market and the developed stock markets like Arshanapalli, Doukas and Lang 1995 and Chen, Firth and Rui, 2002. Arshanapalli, Doukas  and Lang (1995) report that after the 1987 crash international market linkages have strengthened in terms of increased number of co-integrating vectors in the post crash period. They investigated in their paper that presence of a common random variable trend between the US and Asian stock market movements during the post October 1987 period. They showed that the cointergating structure which actually ties the stock market together has significantly increased since October 1987. US stock market influence on the other markets was considerably found greater in the post crisis period. Their results indicate that the Asian equity market is more integrated with US equity market than Japan equity market. Where as, Masih and Masih (1997) and Masih and Masih (1999) found cointegration relationship among the equity markets of Malaysia, Thailand, US, UK, Japan, Singapore and Hong-Kong during pre-financial crises period 1987. Number of papers investigates the short term and long term linkages among Central and Eastern Europe (CEE) stock exchanges. Talking about long term relationship, Gilmore and McManus (2002) and Gilmore and McManus (2003) analysed that no long term relationship can be established among the CEE stock markets with the US and Germany stock markets, where as Voronkova (2004) shows the existence of long term linkages among the Central European markets and CEE. Hamao and Masulis (1990), King and Wadhwani (1990), Kasa (1992) and Arshanapalli and Doukas (1993) have found that the equity markets of developed markets are integrated and US equity market leads the other developed market like Japanese equity market, UK equity market and few other European equity markets. Yang, Hsiao, Li and Wang (2005) also examined the long run price relationship and the dynamic price transmission among USA, Germany and four Eastern European emerging stock markets. They paid particular attention to Russian crisis in their study. VAR analysis was conducted. It was concluded that both long run relationship and the dynamic transmission were strengthen among these markets after the crisis and Germany became dominant and noticeable only after the Russian crisis amongst all the Eastern European markets. Syllignakis and Kouretas also examined the short and long term relationship between ten central Eastern European stock markets and two developed stock market i.e US and Germany, they used Gowzalo and Granger method and indicated weak partial integration among these markets. They also indicated that the four big stock exchange market like Republic, Hungary, Poland and Slovenia together with Germany and the US stock market have substantial permanent factor which drives the system of stock market exchange in the long run. Egert and Kocenda (2006) analyse the co-movement and interdependence among three stock markets in Western, Central and Eastern Europe and found no robust cointegration relationship for any of the stock index pairs. Data from 2003 to 2005 for stock indices have been taken and applied wide range of econometric techniques like unit root and stationary tests, cointergration tests, Granger causality test, VAR estimation have been used. Results show that there are signs of short term spillover effects both in terms of stock price and stock return volatility. Granger causality test show the existence of bidirectional causality for both returns and volatility series and limited number of short term relationships using VAR framework. Limited interaction has been found among the market in case of Poland and Hungary by Li and Majerowska (2007) and also showed that emerging markets are weekly linked to the developed markets by using GARCH approach .In this paper linkages between the emerging markets of Warsaw and Budapest with the established market in Frankfurt and US were studied by using four-variable asymmetric GARCH-BEKK model. At the end it was implied that by adding the stock in the emerging markets to their investment portfolio they may benefit from reducing the risk. Further, looking at some more European counties Lucey andVoronkova (2008) examined relationship Russia and other equity markets over the period of 1995-2004 by using number of co-integration approach like Gregory-Hansen test, a stochastic cointegration framework, the non-parametric test for unit root and cointegration and found Russian market does not show strong evidence of increased long run convergence either with regional or developed markets, so therefore correlation is low. They also stated that Russian equity market in the long run was isolated from the influence of international markets and structural break in August 1998 did not alter the long term relationship nature. Ozdemir, Olgun and Saracoglu (2008) examined dynamic linkages between the equity market of US representing the center and emerging market using the Granger causality test as a result showed significant causal relation to all emerging markets and conclude that there is no evidence in the literature suggesting an effect of an emerging stock exchange market to that of large markets like US, Japan and UK. Where as Chinzara, examined to what extent South Africa equity market is integrated into world equity market using cointegration, VECM and VAR model and taking data for period 1995-2007. He fi Relationship Between Developed and Emerging Stock Markets Relationship Between Developed and Emerging Stock Markets Introduction Due to inclination towards liberalization and deregulation in the capital and money markets, global markets have tended to become highly integrated in recent times in case of developed as well as developing countries. There are many reasons as to why the linkages among the different stock markets should be studied some of the reasons are emerging markets have attracted a great number of foreign investors, removal of statutory controls over their capital market and foreign exchange, stock prices interconnection due to the global capital movements, regional policy and the presence of economic ties. Specialists of finance have given substantial attention to the linkages and the relationships between different stock markets, to explore and examine the potential benefits from international portfolio diversification. Most of the studies are done taking into account developing and emerging Asian markets. Interest of foreign investors have resulted in several fund management centres concentrating on Asian developing markets not only for the growth and development but also to diversify their risk. The aim of this paper is to study the relationship of developed and emerging stock markets. Literatures on the different prospects of stock market have been studied. Many researchers have focused on the integration among the stock market. While studying the literatures it has been seen that different areas are being covered and focused which includes dynamic linkages among stock market during pre and post Asian financial crisis and Russian financial crisis, effect of linkages on the portfolio diversification, effects of linkages on the daily stock prices and domination of developed markets over the developing markets. Further, examining of the empirical question in the literature on capital market integration between different economies is done. For the empirical analysis, data of twenty year for everyday closing stock prices of six indices have been taken from 3 January 1989 to 8 June 2009. Six indices are New York Stock Exchange (USA), London Stock Exchange (UK), Tokyo Stock Exchange (Japan), Bombay Stock Exchange (India), The Stock Exchange of Thailand (Thailand), Bursa Malaysia (Malaysia). In the econometrics literature, there exist a number of alternative methods to estimate cointegration. Econometrics techniques which are being used in this study are Augmented Dickey-Fuller test, Johansen’s cointegration test and Error Correction test. E-views software is used for the calculating the results. Empirical results obtained from the three test, it was found that time series are non stationary and null hypothesis is not rejected which suggest that they are highly cointegrated and to test whether any variations in one stock exchange can lead to fluctuations in other stock indices. Johansen cointegration test is conduct ed which shows that there is no evidence of cointegration between Indian stock index and other stock indices. Further, Error Correction test is conducted which shows that there is poor cointegration between Indian stock exchange index with other stock indices. Indian stock market appear to be least integrated with Malaysia, where as Malaysia stock market is integrated with all the other stock markets. Thailand stock market is seems to be more dependent on Japanese and Indian stock market than other stock markets. Little integration is seen between Japanese stock exchange and USA stock exchange. It is found that UK and USA are highly integrated. To conclude, stock exchanges of the developed economies are better cointegrated as compared to those of developing economies. Background What is stock market? In simple words stock refers to a supply. But in financial market terms, stock refers to the money which a company has raised. And the supply of the money comes from the people who invest in the company in hope that the company will make their money grow. Stocks exist because it enables the company to â€Å"sell† pieces of the business called as stocks (equity securities) in need of long term financing. When stocks are issued by corporations are owned by the public at large which includes both private investors and institution are said to be publicly held. A public place where things are bought and sold is called as Market. And the term stock market refers to a business where stock is bought and sold. Stock market can be splitted into two main sectors; the primary market and the secondary market. The primary market is the one where new issues are offered for the first time and primary market is the one where subsequent trading goes on. There are basically two types of stock namely common stock and preferred stock. A security which represents ownership in a corporation is known as common stock. Holder of the common stock has the power to vote and elect board members. If the company goes bankrupt, the common stockholder will not be paid until unless creditors, bondholders and preferred stockholders are paid their share of the leftover assets of the company. Where as, preferred stock is a stock which is issued when all the common stock has been issued. Preferred stock olders are given dividends. They have a preference that is why they are paid dividend before any dividends are paid to common stock holders. The stock market is not a specific place but still some people use the term â€Å"Wall Street† which is the main street in New York City’s financial district and it is referred to the US stock market. Why companies issue stock market and why people buy it? As every company wants to grow, so some owners build more factories and some develop new product which needs money. A company can actually get loan from the financial institution like banks but companies without going into debt by taking loans issues stock which raise money for the growth of a company. Only Business Corporation can issue the stock which has special legal rights and responsibility. A proprietorship or ownership cannot issue stock. A shareholder invests in a hope that company will grow and so will their money grow because if a company earns money, the shareholders will share the profits. There are different types of gains from the stock such as dividends, capital gains, short selling, risk and rewards for investing. Over the long term bases, investments in stocks have proven to be an excellent way to more than keep pace with erosive effects of inflation. Stock Exchange Stock market is an organised market for trading of stocks and bonds. These markets were originally open to all but now a days only members of the association can buy and sell directly and these members or stock broker can buy and sell for themselves or others by charging the commission for their provided service. A stock can only be bought and sold if it is listed on an exchange. There are stock exchange in all the financial centres of the world. Some of them are stated below; the New York stock exchange since 1792 which had the largest trading in the world of $7.3 trillion in 1998, Tokyo stock exchange, London stock exchange, Bombay stock exchange and NASDAQ. NASDAQ was the first exchange which recognised the role of electronics in stock market. History of the Stock Exchanges Japan In the decade of 1870s, introduction of a securities system initiated the public bond negotiation in Japan which resulted in the need of a public institution for trading and hence in May 1878, the â€Å"Stock Exchange Ordinance† was in enacted followed by establishment of Tokyo Stock Exchange Co. Ltd. On May 15, 1879 and trading began on June 1st. On June 30, 1943, establishment of a quasi-public corporation named the â€Å"Japan Securities Exchange† took place by uniting all 11 stock exchanges throughout Japan. During the Second World War, the trading sessions were suspended on August 10, 1945 but the trading restarted under the management of unofficial group transactions in December 1945. Japan Securities Exchange was dissolved on April 16, 1947. Three stock exchanges in Tokyo, Osaka and Nagoya were founded on April 1, 1949 and trading began on May 16 followed by formation of five additional stock exchanges in July in Kobe (dissolved, October 1967), Hiroshima, Kyoto (merged into Tokyo Stock Exchange, March 2001), Fukuoka and Niigata. In the beginning of the next decade of 1950s, margin transactions were introduced and bond trading started on April 2, 1956. October 1, 1966 observed the first listings of government bonds after the Second World War and in the following year, a new process of auction was put into action and â€Å"Baikai† trades (off-exchange trades) were eliminated. In April 1968, registration system was replaced by licensing system for securities companies and on July 1, 1969, Tokyo Stock Price Index (TOPIX) was launched. Joining the International Federation of Stock Exchanges (FIBV) along with starting of convertible bonds trading and Book Entry Clearing system were the major developments by TSE before listing of Yen-based foreign bonds and opening of Foreign Stock Section in 1973. The next 10 years observed major developments in technical fields such as introduction of Market Information System (MIS) and Computer-assisted Order Routing and Execution System (CORES). From February 1, 1986 to May 23, 1988, a total of 32 securities companies joined the TSE membership out of which 22 were foreign companies. Trading in TOPIX futures, TOPIX options, U.S. T-Bond futures and Japanese government bond futures began by May 1990. Other 10 securities companies including 3 foreign ones joined the TSE membership followed by introduction of Floor Order Routing and Execution System (FORES) by the end of that year. Major happenings in the next decade were: Starting of Central Depository and Clearing System on Oct 9, 1991; Listing of Nikkei 300 Stock Index Listed Fund on May 29, 1995; Initiation of 5-year Japanese government bond futures trading on Feb 16, 1996; Trading in equity options on July 18, 1997; Calculation of new stock price index series on Apr 2, 1998; introduction of ToSTNet and TDnet (Timely Disclosure Network) in 1998; restriction on off-exchange trading for listed securities abolished on Dec 1, 1998; 50th Anniversary celebrations on Apr 2, 1999; introduction of Target (TSE wide area network) on June 1; brokerage commission liberalized in October; establishment of MOTHERS market for emerging companies and growth on Nov 11, 1999; and merging of Hiroshima and Niigata stock exchanges into TSE along with introduction of TSE ARROWS in 2000. Demutualization of TSE resulted in the formation of Tokyo Stock Exchange Inc. in 2001 and later on August 1, 2007, Tokyo Stock Exchange Group, Inc. was established. Tokyo Stock Exchange Regulation was established on October 17th with its commencement on November 1, 2007. Thailand The present Thai market’s origin starts from the early years of 1960s when a private group established a stock exchange in July 1962 as a limited partnership which later turned into a limited company under the name of Bangkok Stock Exchange Co. Ltd. (BSE) in 1963. But BSE was relatively inactive irrespective of its good foundation as its annual turnover values reduced from being 160 million baht in 1968 to an all time low of 26 million baht in 1972, even when turnover in debentures were 87 million baht. So finally, BSE stopped operating in early 1970s and the major reasons behind its failure were limited understanding of equity market among the investors and no government support officially. But, BSE’s concept was able to attract enough attention to form an organized securities market with official support. Hence, a plan to establish a market having apt facilities and regulations for securities trading was proposed by the Second National Economic and Social Development Plan (1967-1971). On recommendation of the World Bank in 1969, the government gained the works of Professor Sidney M. Robbins from Columbia University who studied different methods for the development of Thai capital market. And in the same year, the Bank of Thailand also created a working group for the development of capital market which was given the job of establishing the stock market. After a year of intensive study, Professor Robbins generated an all-inclusive report named â€Å"A Capital Market in Thailand† and this report turned out to be the master plan required for the Thai capital market development in future. In 1972, the government brought some changes to the â€Å"Announcement of the Executive Council No. 58 on the Control of Commercial Undertakings Affecting Public Safety and Welfare† according to which the government now controlled and regulated the operations related to finance and securities companies. â€Å"The Securities Exchange of Thailand† also known as SET was passed in May 1974 after the amendments were made followed by the amending of the Revenue Code by the year-end. By 1975, the legislative framework was put into action and official trading at SET started on April 30, 1975. January 1, 1991 saw the changing of name from â€Å"The Securities Exchange of Thailand† to â€Å"The Stock Exchange of Thailand†. Malaysia In 1930, Singapore Stockbrokers Association was Malaysia’s first formal securities business organisation establishment and in 1937 was re-registered by the name of Malayan Stockbrokers Association. The public shares trading began after the establishment of The Malayan Stock Exchange in 1960 and the board system was having its trading rooms in Kuala Lumpur as well as Singapore, connected by usage of direct telephone line. The year 1964 saw the foundation of the Stock Exchange of Malaysia but in 1965, the withdrawal of Singapore from Malaysia forced the Stock Exchange of Malaysia to become the Stock Exchange of Malaysia and Singapore. In 1973, the Stock Exchange of Malaysia and Singapore was divided into two separate markets namely the Kuala Lumpur Stock Exchange Berhad and the Stock Exchange of Singapore due to ceasing of interchangeability of currency between Malaysia and Singapore. The Kuala Lumpur Stock Exchange integrated on December 14, 1976 as a company limited by guarantee took over the operations and management of the Kuala Lumpur Stock Exchange Berhad. On April 14, 2004, the demutualization exercise made the name to be changed to Bursa Malaysia Berhad. The main aim of this exercise was to boost competitive position and to act in response to trends in the exchange sector globally by becoming more market-oriented and customer-driven. The listing of Bursa Malaysia on the Main Board of Bursa Malaysia Securities Berhad took place on 18 March 2005. The certifications for conformance to the ISO 9001:2000 Quality Management System and ISO 14001:2004 Environmental Management System standards were received by the exchange on 5 October 2007. Faster processing and execution of orders and providing wider trading functions and features were done by introduction of Bursa Trade Securities as a new trading platform in Dec 2008. United States The New York stock exchange trace back to 172, when twenty four New York City stock brokers and merchants signed the Buttonwood Agreement. At that time five securities were traded in New York City out of which three were government bonds and two were bank stocks. It was agreed that securities will be traded on commission basis on signing the Buttonwood agreement by the brokers. After the war in 1815 securities market in New York began to grow. The New York stock and exchange board was formed on March 8, 1817. The name was shortened The New York Stock Exchange (NYSE) in 1863. More than 2800 companies are listed in NYSE which are having value exceeding $15 trillion. During the period 1824 to 1830 annual trading reached a peak of 380,000 shares. Average volume reached to 8500 shares which show that it increased a 50-fold in seven years. During 1836-1853 NYSEB prohibited trading in the street and in 1837 average daily volume fell down from 7393 in January to 1534 by June. Due to invention of telegraph, brokers and investors broaden the market participation outside New York City. It was a panic period during 1857 when Ohio Life Insurance Trust company collapsed, prices dropped eight to ten percent in the single trading session and there was 45% decline in market value in the beginning of the year. During 1860s first stock ticker came into existence, membership in NYSE became a â€Å"property right†, prohibition of issue of shares in secret known as watering stock and at the end on 24th September 1869, gold speculation resulted in â€Å"Black Friday†. In 1890s NYSE established clearing house, it also recommended that all listed companies will send their shareholder the annual report and in 1896. The Dow Jones Industrial Average was published by the Wall Street journal for the first time, with an initial value of 40.74. During that period DJIA topped 100 for the first time. Federal Reserve System Wall Street became world financial leader. Centralized stock clearing system was established and fraud bureau was established during the period. In the mid of 1929 Black Thursday came when market crashed on volume of over 16 million shares which was the beginning of the Great depression and the Dow finally reached bottom in July 1932. During 1960-1979, International Federation of stock Exchange and daily volume on the NYSE exceeded 4 million shares nearly triple the level immediately following the war. On February 03, 1977 foreign broker were permitted membership on the floor. The Inter market Trading system (ITS) was inaugurated. Taking about 20th century, first Global index was launched in 2000, DJIA experienced its largest one day point gain and new trading room at 30 Broad street was opened. In 2001, NYSE volume topped 2 billion shares. The NYSE is now a for-profit business. It is formed out of the merger of the NYSE and Archipelago Holding, Inc. And the merger is the largest ever among securities up to this time. United Kingdom The London Stock Exchange is one of the world’s oldest stock exchanges and traces its history back more than 300 years. It started in the 17th century in London coffee houses. Exchange grew quickly and became the city’s most important financial institution. John casting began in back 1698 to organise the market in Jonathan’s coffee house through a simple list of stock and commodity prices. The wave of speculative fever known as the south sea bubble burst in 1720. In 1761 a group of stock broker form a club at Jonathan’s to buy and sell shares and then in 1773 they put up their own building in Sweeting’s Alley with dealing room and members named it â€Å"The Stock Exchange†. On 3 March 1801, first regulated exchange comes into existence in London and the business reopens under a formal membership basis and the modern stock exchange was born. First codified rule book was created in 1812 and first regional exchange were opened in Manchester and Liverpool in 1836 and it was rebuilt in 1854. A new deed settlement came to existence in 1876. In 1914 after Great War, the exchange market was closed from the end of July till the New Year. During 1986, there was deregulation of market which is known as ‘Big Bang’. Ownership of member firms by an outside corporation was allowed. Brokers were able to operate in a dual capacity and minimum scales of commission were abolished. Trading was moved to computers and telephones from separate dealing rooms. The exchange became private limited company under the Companies Act 1985. The trading name became â€Å"The London Stock Exchange† in 1991. In 1997, SETS (Stock exchange Electronic Trading System) was launched. In 2003, EDX London was created, a new international equity in partnership with OM Group and later in 2004, LSE moved to new headquarters Paternoster Square. Latest in 2007, LSE merged with Borsa Italiana, creating London Stock Exchange Group. India The Bombay Stock Exchange (BSE) is located in Dalal Street, Mumbai. It was established in 1875 and is one of the oldest stock exchanges in Asia. Around 3600 companies in the country are listed on this stock exchange and have a substantial trading volume. The market capitalization of the BSE is about Rs.20 trillion (US$ 466 billion). The ‘Sensex’ is commonly used market index for the BSE and it is among the five big exchanges in the world in terms of number of transactions. Its history traces back to the time in mid 1850s, when an informal group of 22 shareholders used to trade under banyan tree in the Town Hall of Bombay. The association the native sharebrokers was formally organized as The Bombay Stock Exchange in 1875. The BSE is the oldest stock exchange in Asia and Premchand Roychand used to be the leading sharebroker in that time. He was the one who assisted in setting out procedures and conventions for the trading of stock at BSE. James M. Maclean inaugurated the Brokers Hall in 1899. in 1928, it was shifted to an old building in Town Hall, Bombay and later on the building was constructed on Dalal Street in 1930 where the BSE building now stands. The BSE follows the system of eTrading, which came into use in 1995. In 2000, BSE Sensex was used to open its derivatives market for trading Sensex future contracts, followed by development of equity derivatives in 2001 and 2002 which expanded its trading platform. Stock exchanges by providing a centralized and ready market, facilitates the business for financing through flotation of bonds and stocks. Sometimes speculation in stock can put stress on the instability of an economy. The reality of the Great depression was emphasised by the stock market crash in 1929. Financial Crisis Stock market crash of 1929 After the First World War, there was a growth in industrialisation and new technologies. During 1920s was the time of peace and prosperity because the economy was benefited greatly from the new life changing technologies. Many investors quickly purchased the shares on seeing Dow Jones industrial average surged. Due to the powerful economic boom the stocks were seen very safe to most of the economists. Stocks were purchased by the investors on margin. From 1921 to 1929, the Dow Jones rocketed from 60 to 400 and for every dollar invested; a margin user would borrow 9 dollars worth of stock. But on Thursday October 24, 1929 the Dow Jones Industrial Average fell 38 points to 260, which was a drop of 12.8 percent and across the two days its average fell 23 percent and finally at the end of the period on November 11, there was a cumulative drop of 40 percent. Overvalued stocks, low margin requirements, interest rate hikes and poor banking structure were the few causes of the crash. In total, 14 billion dollars of wealth were lost during this market crash. Stock market crash of 1987 Dow hit a record 2722.44 points on 25 August, 1987 but then the Dow started to head down. And valuation in the United States dropped around 36 percent from the days between October 14 to October 19, 1987. On black Monday October 19, 1987 the Dow Jones Industrial Average plummeted 508 points losing approx 22.6 percent of its total value and SP 500 dropped to 20.4 percent. Reasons for the crash were no liquidity, overvalued stock, program trading and the use of derivative securities software. During the crash half trillion dollars wealth were lost. Stock market crash of 2008 The failures of financial organizations in the USA due to exposure of credit default swaps and subprime loans resulted in a global crisis as banks all over the world failed and the values of shares and commodities fell drastically. The Indonesian Stock Market stopped operating on seeing a 10% drop in a day on October 8. Comparisons were made of this crisis with the one in 1987 but that lasted for just one day whereas the present one lingered on for the whole week. Dow Jones saw its worst ever decline of 18% during the week commenced on October 6. The failure of banks in Iceland devalued the Icelandic Krona and forced the country to the verge of bankruptcy which was saved by an emergency loan from International Monetary Fund (IMF). The main index of Iceland had a 77% decrement. October 24 saw the worst downfalls for many countries whereas Dow Jones industrial average was somewhat better at 3.6%. The value of United States Dollar and Japanese Yen increased whereas that of British Pound and Canadian Dollar was among the major losers. Literature review 1.1 Introduction The competition among different industrial countries markets was witnessed by their respective national stock exchange markets during the late 1980s and the economists observed that linkage or interrelation between the global markets existed. Due to the less restrictive climate towards capital movements, economists actually started thinking that the major financial markets of the world are systematically interrelated. Growth can be seen in reaction towards external developments in macro-economic policies and the world financial environment due to this interrelation. Technological developments in communications, trading system and the innovations of financial products have created global international investment opportunities. Linkages among stock market have important implication and significance for security pricing, trading strategies, hedging and financial market regulations. And also the presence of short term and long term relationship may be used to attain financial gains from international portfolio diversification and to also reduce systematic risk. International Market linkages have been widely investigated. Several studies have been conducted explaining the empirical and theoretical issues on linkages amongst stock market and mainly focused on the co-movement between developed and emerging markets. There is a wealth of literature on stock market interdependence and integration. However, depending on the data, methodology, and theoretical models used there is no clear resolution of the issue yet. Some previous work has have found that international stock markets are integrated and some found that stock markets are not interlinked. Most of the studies on stock market interdependence in emerging markets have been done on geographical groups of markets, such as markets in Central and Eastern Europe  and America  and in Asian countries. Further, I summarize some of the most recent findings. 1.2 Interdependence of Stock Markets A number of studies have examined stock market linkages among emerging stock market and the developed stock markets like Arshanapalli, Doukas and Lang 1995 and Chen, Firth and Rui, 2002. Arshanapalli, Doukas  and Lang (1995) report that after the 1987 crash international market linkages have strengthened in terms of increased number of co-integrating vectors in the post crash period. They investigated in their paper that presence of a common random variable trend between the US and Asian stock market movements during the post October 1987 period. They showed that the cointergating structure which actually ties the stock market together has significantly increased since October 1987. US stock market influence on the other markets was considerably found greater in the post crisis period. Their results indicate that the Asian equity market is more integrated with US equity market than Japan equity market. Where as, Masih and Masih (1997) and Masih and Masih (1999) found cointegration relationship among the equity markets of Malaysia, Thailand, US, UK, Japan, Singapore and Hong-Kong during pre-financial crises period 1987. Number of papers investigates the short term and long term linkages among Central and Eastern Europe (CEE) stock exchanges. Talking about long term relationship, Gilmore and McManus (2002) and Gilmore and McManus (2003) analysed that no long term relationship can be established among the CEE stock markets with the US and Germany stock markets, where as Voronkova (2004) shows the existence of long term linkages among the Central European markets and CEE. Hamao and Masulis (1990), King and Wadhwani (1990), Kasa (1992) and Arshanapalli and Doukas (1993) have found that the equity markets of developed markets are integrated and US equity market leads the other developed market like Japanese equity market, UK equity market and few other European equity markets. Yang, Hsiao, Li and Wang (2005) also examined the long run price relationship and the dynamic price transmission among USA, Germany and four Eastern European emerging stock markets. They paid particular attention to Russian crisis in their study. VAR analysis was conducted. It was concluded that both long run relationship and the dynamic transmission were strengthen among these markets after the crisis and Germany became dominant and noticeable only after the Russian crisis amongst all the Eastern European markets. Syllignakis and Kouretas also examined the short and long term relationship between ten central Eastern European stock markets and two developed stock market i.e US and Germany, they used Gowzalo and Granger method and indicated weak partial integration among these markets. They also indicated that the four big stock exchange market like Republic, Hungary, Poland and Slovenia together with Germany and the US stock market have substantial permanent factor which drives the system of stock market exchange in the long run. Egert and Kocenda (2006) analyse the co-movement and interdependence among three stock markets in Western, Central and Eastern Europe and found no robust cointegration relationship for any of the stock index pairs. Data from 2003 to 2005 for stock indices have been taken and applied wide range of econometric techniques like unit root and stationary tests, cointergration tests, Granger causality test, VAR estimation have been used. Results show that there are signs of short term spillover effects both in terms of stock price and stock return volatility. Granger causality test show the existence of bidirectional causality for both returns and volatility series and limited number of short term relationships using VAR framework. Limited interaction has been found among the market in case of Poland and Hungary by Li and Majerowska (2007) and also showed that emerging markets are weekly linked to the developed markets by using GARCH approach .In this paper linkages between the emerging markets of Warsaw and Budapest with the established market in Frankfurt and US were studied by using four-variable asymmetric GARCH-BEKK model. At the end it was implied that by adding the stock in the emerging markets to their investment portfolio they may benefit from reducing the risk. Further, looking at some more European counties Lucey andVoronkova (2008) examined relationship Russia and other equity markets over the period of 1995-2004 by using number of co-integration approach like Gregory-Hansen test, a stochastic cointegration framework, the non-parametric test for unit root and cointegration and found Russian market does not show strong evidence of increased long run convergence either with regional or developed markets, so therefore correlation is low. They also stated that Russian equity market in the long run was isolated from the influence of international markets and structural break in August 1998 did not alter the long term relationship nature. Ozdemir, Olgun and Saracoglu (2008) examined dynamic linkages between the equity market of US representing the center and emerging market using the Granger causality test as a result showed significant causal relation to all emerging markets and conclude that there is no evidence in the literature suggesting an effect of an emerging stock exchange market to that of large markets like US, Japan and UK. Where as Chinzara, examined to what extent South Africa equity market is integrated into world equity market using cointegration, VECM and VAR model and taking data for period 1995-2007. He fi