Workplace Motivation Essay Example

Work environment Motivation Essay Inspiration in the work environment is the absolute most persuasive factor in accomplishment of higher efficiency and benefit by an organization.â Over the years, therapists have agreed with social examiners and working environment administrators that representatives to be sure go about as the principle springboard to adequately advance objectivity of their associations the executives plans (Weiner, 1985).â It is from this thought inspiration in the greater part of the associations has been absorbed at the top administration levels just, yet at the lower segments to determine authentic natural returns.â Owing to this thought, this paper looks to investigate working environment inspiration methodologies, their related speculations and influences in associations work environment settings.â Deriving this interlink, the paper traces different proposals that could be utilized to impact the vital changes and consequently acclimatize comprehensive profitability and progress.2. Influ ences of inspirational techniques on work productivitya) IntroductionIn my association where I work [XYZ] work environment inspiration has been the characterizing factor for its current success.â As a carrier organization, the administration underscores the need to unequivocally propel the representatives as they are totally free in their tasks naturally of their occupations. In spite of the fact that the idea of giving the most noteworthy conceivable quality to the customers through rousing the staff was at first not successfully comprehended, section of the current Chief Executive official made the thought simple to get a handle on and apply with ease.b) Organizational endeavors to elevate performanceDue to the significant level rivalry in the carrier business, gauges that have the ability to advance returns are consistently welcome.â accordingly, laborers inspiration has been acclimatized as a significant aspect for upgrading more prominent returns.â Therefore, the administ ration has encouraged the development and activity of groups and gatherings at the lower levels of employees.â Use of cooperation and group authority has thusly brought the staff and representatives at the dynamic level as they are endowed with all the significant exercises that happen during flights.â Indeed, this model been hailed and copied by different aircrafts in that the staff is depended to address all the emanant issues to produce the most noteworthy conceivable fulfillment to the consumers.Besides, not at all like other aircraft organizations that continue recruiting and terminating their staff, XYZ watches a high maintenance framework with inside advancements filling in as a significant persuasive consideration.â After the psychological militant assault at world exchange community US, XYZ kept up its whole staff as others emphatically cut back to provide food for the emergency time frame as more individuals floated away from air flights.â Top initiative and the bo ard authorities are recognized and advanced from the teams’ tasks effectiveness. Such rising authority has been a solid inspiring aspect to the level lower representatives as they try to follow a similar pattern to get at the top.Bridging the hole between the top administration and the lower level representatives has maybe been the best propelling idea that the organization utilizes to help the resolve of the laborers in their duties.â Since the beginning of the ebb and flow monetary emergency the administration has tried to break the past progressive method of the board and unite all the staff to cooperate at all times.â By carrying them closer to the administration, it turned out to be a lot more clear their general needs and suppositions along these lines ace effectively comprehending them.â Indeed, conversations and issue investigation between the administration and staff in scan for arrangements and options has become some portion of the XYZ culture.â This draws out the feeling of possession and character which drives the representatives to work in their associations with extraordinary endeavors as they would have accomplished for their own jobs.â It is from the above endeavors that XYZ kept up its gainfulness after the psychological oppressor assault in the year at the world exchange community and the current financial downturn as the workers try to accumulate more endeavors from the consistent inspiration they generate.c)â Employees protection from expanding productivityIt is important that however the administration has throughout the years been emphatically dedicated to upgrade more noteworthy inspiration, solid obstruction has likewise been expanding with time.â Some of the workers see the current activities as a feature to isolate them in that some can't have the option to get the distinctive group pioneers positions or being promoted.â Though the administration has been believing this to be a piece of the counter advancement bunch that for the most part sees any type of improvement from a negative perspective, the organization initiative has frequently been advised to guarantee that it doesn't spread to the remainder of the staff.â This has incited the administration to build up a general basis to be utilized for advancements and grants hence forestalling any feeling of treachery among them.â To add to that, greater part of the significant changes have seen presentation of futuristic profoundly mechanized and robotized frameworks to not just diminish the hour of administration to the shoppers, yet advance the general quality and utility comparability of the payment.â However, this has been deciphered to demonstrate potential dangers to their occupations even with the administration affirmation of all out maintenance for all the staff.â This has additionally been connected with the general safe nature of the people in their work places radiating from their unpredictability examination of the curr ent occasions yet eclipsed by the future uncertainty.d)â Management theory of inspiration and practicesApplication of inspiration frameworks by the organization has been profoundly founded on the comprehension of transaction between the various needs of the representatives and their endeavors to see higher productivity.â thus, the administration outline has been in a twin crease model where the general comes back to the staff goes about as the principle main thrust to their general efforts.â Though this has been refered to be the central point in the organization behind its prosperity, a general move was recorded when the workers recommended their stipends decrease to grapple the general companys cost decrease strategy.â As Hatch underscores in his model of social dynamic, the capacity of the staff to successfully bolster the administration choices relies upon how the administration will fit their perspectives and requirements of the laborers to lessen the general protection from gather the fundamental inspiration for work and development (2000).â In this respectâ XYZ carried looked to carry the administration closer to the staff by conjuring the essential independence in their work, lessening the various leveled the executives framework, and joining the workers in the dynamic process.3. Ramifications of applying other persuasive theoriesa) Vrooms hope theoryThough XYZ use of inspirational hypotheses has been exceptionally integrative of the various speculations because of its inclination, some have not been successfully applied.â To start with, Vrooms hope hypothesis shows that inspiration to the staff and representatives is put together not just with respect to the material prosperity, yet to accomplish the important foreseen result as the general accomplishment and acclimatize the conviction that the applied exertion has been useful in advancing the status of the company.â Application of this hypothesis would be of incredible embodiment to t he organization the executives by acting naturally determined from the beginning, cautiously self assessed, and profoundly mindful to raise efficiency and gainfulness of the company.â However, its application would maybe be exceptionally disputable because of absence of the vital direction as exemplified by the current administration of XYZ. However, it would be an extraordinary pertinence in decreasing the general costs and along these lines put more noteworthy accentuation on profitability and gainfulness of the company.To the workers, this hypothesis would induce blended responses on their observations in that the general absorbed disposition towards the organization could be basic in improving their endeavors towards higher production.â However, it additionally has the ability to be confounded to demonstrate persecution by the administration towards the workers and hence become a significant penning hinder for profitability and progress in the company.â It is in this wa y fundamental that its application be affected promptly to give the right message to the employees.b) Aldefers ERC theoryThen Aldefers ERC hypothesis shows that for all the normal comes back to be absorbed, the staff would be required to achieve distinctive set measures to get the vital advantages joined to them (Bollesm, 1975). Despite the fact that this would deduce further need of grater comes back to the organization, the administration may in reality get the direct opposite.â Motivation as demonstrated in the previous areas in this paper ought to act naturally driving without a feeling of compulsion. Potential norms ought to consistently be built up in conference with the staff to influence the general adequacy of the framework by all.For the workers in the organization, this would be seen as a component of the general activity to render them unworkable.â Indeed, it has the ability to start agitation from the general feeling of inadequacy to accomplish the distinctive set s tandards.â It is basic that such level imprints are set at the potential levels that the staff would have the option to achieve and all the more critically in teams.4. ConclusionIt is from the above conversation that this paper finishes up by supporting proposal proclamation that inspiration in the working environment is the absolute most powerful factor in accomplishment of higher efficiency and benefit by an association. It is significant that staff is deliberately taken care of by the administration to create the important discernment from them for higher productivity.â Motivation ought to be coordinated to the general culture of the organization in a way that all the significant activities task to ace

Facebook Addiction Disorder Free Essays

Article 1 Title : Online Social Networking and Addiction Writer(s) : Daria J. Kuss and Mark D. Griffiths Source : www. We will compose a custom paper test on Facebook Addiction Disorder or on the other hand any comparative theme just for you Request Now mdpi. com/diary/ijerph Social Networking Sites (SNS) or for this situation Facebook has been causing genuine enslavement among people nowadays. This circumstance is no longer observed as an enslavement yet as a genuine emotional well-being issue. Individuals nowadays invest greater part of their energy online by surfing Facebook in their virtual network. Clinicians depict this situation as ‘Facebook Addiction Disorder’ (FAD). This issue is viewed as a habit in light of the fact that the person who is supposed to be dependent on Facebook really faces comparable standards as other addictive exercises. One is supposed to have FAD because of the expansion in time spent on Facebook. Other than that, FAD likewise increments individualistic culture among its clients. In addition, egocentrism is another factor that adds to this issue since it might initiate addictive attributes inside the specific person. This is fundamentally down to fascination which is the key factor to Facebook Addiction Disorder. Moreover, similar to some other habit, this issue has its indications also. The writer has tended to a few indications that can be utilized to order an individual as a Facebook someone who is addicted. Carelessness of individual life, mental distraction, idealism, disposition adjusting encounters, resistance, and disguising the addictive conduct are among the indications that can be found in a Facebook fiend. These indications are adverse to one’s emotional wellness and prosperity on the grounds that the individual invests a lot of time and vitality in a virtual world. The impacts of Facebook enslavement or social related fixation and substance-related habit is recommended to be equivalent to both have negative outcomes on the someone who is addicted as time passes by. (259 words) Article 2 Title : Facebook Addiction Disorder †The 6 Symptoms of F. A. D. Author : Amy Summers Source : www. socialtimes. com This article addresses the issue of Facebook Addiction Disorder, among adolescents and its impact on their environmental factors. This event is the most recent fixation and a virtual object of furor among adolescents. This is fundamentally due to Facebook being the current huge thing wherever that even relatives of the young people till taught experts are going distraught over the informal communication site. These young people will in general go over the edge when they partake in this marvel as it is a pattern that is considered uber-cool and they become fanatical about it. â€Å"Facebook Addiction Disorder† (FAD) is a condition which is characterized by hours spent on Facebook by an individual. The time spent is supposed to be influencing the parity of an individual’s life. There are six key manifestations referenced by the creator for this issue. Initially, an individual with FAD will invest such a great amount of energy in the site which prompts a phase where they need it so as to get fulfillment. In addition, diminishing typical social or recreational exercises, they will likewise design virtual dates as opposed to meeting their accomplice some place, they will request that their accomplice be online at a specific time. Other than that, the companions rundown of a someone who is addicted will for the most part have outsiders instead of the ones they know, all things considered. At last, the indication of complete compulsion is the point at which they acquaint themselves with somebody and guarantee to see them on Facebook. Guardians who attempt to enable their youngsters to out of this issue, end up being more dependent than their adolescent children. (257 words) REFLECTION Facebook. Something that began inside the dividers of Harvard University in 2004 has been administering the world for the past half decade. Infants to approach demise grannies and even creatures nowadays have a profile on this long range interpersonal communication site. This website has been major to such an extent that nowadays the main word that type into the World Wide Web is Facebook. 45 million clients in only 8 years is an a serious record for any long range interpersonal communication site on the planet. It has been so advertised up that to have a Facebook profile has become a fundamental requirement for certain gathering of individuals. An apparatus that should be utilized wisely has been utilized broadly by certain people to such an extent that they have gotten dependent on it. Actually, therapists in the United States of America thought of the term ‘Facebook Addiction Disorder’ (FAD) in 2009 as they anticipated this condition will take the world quicker than it took for the site to get worldwide. Indeed, their forecast has gotten valid. This condition is considered to a genuine psychological maladjustment nowadays, much more dreadful since it’s brought about by enslavement that could be contrasted with any semblance of medications and cigarettes. Who would’ve believed that a long range interpersonal communication site could mean something bad? In view of the two articles, the key point to this issue is because of the measure of time spent on this site. Individuals will in general invest a lot of energy in this site than really take care of their lives. Those occasions when a working man gets his off day, he would be either having a decent rest or invest some quality energy with his family, however these days the working man would prefer to go through his off day by persevering through a restless night just to invest his time in Facebook. This sounds absolutely crazy. With regards to understudies, they would be happy to talk with their companions on the web, transfer pictures and update their status yet they would not try to try and flip through their course books or schoolworks given by the instructor. This demonstrates Facebook is influencing individuals paying little mind as far as possible. The measure of time spent on Facebook shows the degree of enslavement of the individual to the site. In this way, the theory would be that, the more the time taken to utilize Facebook, the higher the fixation level. An individual who is had with this worldwide evil spirit is likewise perilous as it might make you careless in regards to your environmental factors. Facebook addicts couldn't care less about what’s occurring around them. Be that as it may, they would ‘like’ a specific post about Earth Hour during the hour when every electric apparatus ought to be closed down. This shows how an individual can be an earthy person in the virtual world, however an individual with no social mindfulness truly. This implies Facebook addicts have another issue, Multiple Personality Disorder since they have two symbols, each in two distinct universes, Facebook and reality. This issue likewise makes individuals be extremely forceful. They would be dismal if a companion didn't react to their solicitation to be companions on Facebook. Some of them would even contend with one another to expand their rundown of companions. This circumstance couldn't be considered as something that stimulates our clever bones, yet it is something that ought to be thought soundly and genuinely since the issue is deteriorating everyday. What is the purpose of including a thousand people into your profile and visit with them joyfully on the web, when you turn your back towards them in actuality? Other than that, most of gathering that is generally influenced by this wonder are adolescents. Being conceived in this time of online franticness isn't a transgression, yet they are being driven into counterfeit world that is given an extravagant name of globalization! They imagine that being on Facebook is the coolest activity as a young person. What a misguided judgment? Understudies nowadays don't incline toward up close and personal cooperation where as they want to virtual correspondence. Try not to be astonished if later on two individuals, who won’t even grin at one another, could be closest companions on Facebook. On the off chance that the quantity of Facebook addicts increment consistently, at some point or another we would observer the development of an undesirable age of youth with no social aptitudes since this while they never realized how to cause companions, to mingle or even partake in recreational exercises. The main consideration to this emergency is on the grounds that their conceptualization of public activity is Facebook. This supposed long range informal communication site likewise happens to social wrongdoing organizing site of late. On eighteenth April 2012, in Pune, India, a multi year old young lady was abducted by her Facebook companion whom she had known through the site. In the wake of grabbing her, the blamed at first requested a payment for Rs 100,000 from her mom. In any case, later dreading police activity, he got the young lady admitted to a private medical clinic telling the emergency clinic specialists that he discovered her ‘wandering’ out and about after she was tossed out of a van by certain individuals. What could have happened to the young lady if the criminal was an insane person? The outcome would have been unbelievable. This is what befalls certain Facebook addicts who uncover a lot of subtleties on the web. What is the value of a person who is regarded as a private individual in all actuality, where as in the virtual world they uncover everything to everybody? In the working scene, those days’ laborers were chided by their managers for talking during their work time; these days they are sacked for utilizing Facebook at work. In specific situations, the representatives are sacked on the grounds that they update their Facebook status at work, catch pictures while working and furthermore to have the guts to transfer it at work. Where is the control of the working scene going? For what reason would they say they are in effect so flippant? In a book titled ‘Facebook Addiction’, the writer who is a junkie himself says that once when he was attempting to get together his PC, a customer called and requested that he take a shot at a site. The second he opened the web program, the main thing he did was, type in â€Å"www. acebook. com† and signed in, he vowed to himself to go through just five minutes, he couldn’t oppose himself and went through eight hours on the site. What's more, as far as connections, Facebook addicts don't have an appropriate life there either; there have been accounted for cases in America, of youthful wedded couples who seek legal separation

Free Essays on Seperation Of Church And State

Government funded schools exist to instruct, not to advance religion. Kids are an enthralled crowd. Making petition an official piece of the school day isn't right and obtrusive. What five-year-old could see petitions recounted as a feature of class standard as willful? Religion is private, and schools are open, so it is fitting that the two ought not blend. To present religion in our government funded schools manufactures dividers between youngsters who might not have known about strict contrasts previously. Our state funded schools are for all kids, regardless of whether Catholic, Baptist, Quaker, Atheist, Buddhist, Jewish, or Agnostic. The schools are upheld by all citizens, and in this way ought to be liberated from strict observances and mistreatment. It is the sacrosanct obligation of guardians and temples to ingrain strict convictions, liberated from government correspondence. Regulating supplications in state funded schools assumes control over the privileges of guardians. Individuals for school petition botch government separation toward religion as absence of compassion. The record shows that strict convictions have thrived in this nation, not notwithstanding, but since of the established partition of chapel and state (Dye). At the point when religion attacks our state funded educational system, it can single out the solitary Jewish understudy, the class Unitarian, or the segregated Agnostic, the youngsters in the minority. Families who dissent state/church infringement in our government funded schools perpetually experience abuse. It was standard preceding the court ruling against school supplication to put non-strict or non-customary kids in spots of detainment during book of scriptures perusing or petition recitation (Dye). The offspring of Supreme Court offended parties against religion in schools, for example, Vashti McCollum, Ed Schempp and Ishmael Jaffree, were pummeled en route to and from school, their families exposed to network provocation and passing dangers for standing up with regards to an established guideline (Dye). We know from history how unsafe and damaging religio... Free Essays on Seperation Of Church And State Free Essays on Seperation Of Church And State State funded schools exist to instruct, not to advance religion. Youngsters are an enraptured crowd. Making petition an official piece of the school day isn't right and intrusive. What five-year-old could see petitions presented as a major aspect of class normal as willful? Religion is private, and schools are open, so it is suitable that the two ought not blend. To present religion in our state funded schools constructs dividers between kids who might not have known about strict contrasts previously. Our state funded schools are for all kids, regardless of whether Catholic, Baptist, Quaker, Atheist, Buddhist, Jewish, or Agnostic. The schools are upheld by all citizens, and along these lines ought to be liberated from strict observances and persecution. It is the holy obligation of guardians and holy places to impart strict convictions, liberated from government correspondence. Regulating supplications in state funded schools assumes control over the privileges of guardians. Individuals for school supplication botch government separation toward religion as absence of compassion. The record shows that strict convictions have prospered in this nation, not regardless of, but since of the protected partition of chapel and state (Dye). At the point when religion attacks our state funded educational system, it can single out the solitary Jewish understudy, the class Unitarian, or the detached Agnostic, the kids in the minority. Families who dissent state/church infringement in our government funded schools perpetually experience mistreatment. It was normal before the court ruling against school petition to put non-strict or non-universal youngsters in spots of detainment during book of scriptures perusing or supplication recitation (Dye). The offspring of Supreme Court offended parties against religion in schools, for example, Vashti McCollum, Ed Schempp and Ishmael Jaffree, were whipped en route to and from school, their families exposed to network provocation and passing dangers for standing up with regards to an established guideline (Dye). We know from history how unsafe and ruinous religio...

Through the Slots of the Fences - Free Essay Example

Through the Slots of the Fences One of the great American playwriters, August Wilson born in 1945 during iconic socio-economic times in Pittsburgh. He coined his plays after his life growing up in Pittsburgh as one of seven children. During the period he lived in, his plays displays the life of the average African American man and woman. He planned the Pittsburgh Cycle a group of ten plays, each based on a decade but not written in chronological order. Fences, the play about Troy Maxson, an obligated husband, father and provider reveals the struggles of the economy and societal issues for the African American man. Wilson utilizes African American culture in this play and demonstrates the world through the eyes of a black man in America. Wilson titled his play Fences because the physical fence around the yard of Troy and Roses brick house is characteristic of the divides in life that define life for Troy and keep him and his friends out of better opportunities while protectively keeping loved ones in a circle of the known and the watched over. This significance relates to the setting of the play because all the action and dialogue take place behind the fence that almost encircles Troys home. According to Roberts and Zweig, The fence he builds around his house during the play is symbolically a fence of his own suspicion, anger and cynicism, preventing him from glorying in the world where he might have conquered (Roberts and Zweig 1429). The struggle of the black family during the Civil Rights movement incorporated many facets that proved to be unjust. Living day to day was what had to be done to survive the limitations given by society. Wilson uses the title Fences to reveals how people have their own interpretation of what a fence may be needed for or what it may do. There are the obvious literal understandings of a fence, as being a boundary; whether to physically keep people in or out. For Rose, the fence is all about protection and keeping her family safe, as she says, Jesus, be a fence around me every day, Jesus, I want you to protect me as I travel on my way (Wilson 1439). Instead for Troy, it has several meanings, depending on his circumstances at any given time. For Troy, the fence serves more as a barrier than a protective environment and his efforts and reputation for being a big hitter are themselves significant as he is known for sending the ball over the fence but, he is never able to take the actual step of overcoming the imaginary boundary that he has created by distancing himself from friends and family. In an interview, Wilson states he tries to put in all his plays African American culture. He further states that culture to him involves the dynamics of the black man and his discretions. (Rose, August Wilson Charlie Rose). Fences hide many things and they allow people to hide their own emotions, from themselves and others, such as Troy does. Fences, for Troy, mean constantly having to make compromises. Wilson further incorporates the American Dream as an underlying theme in the play. Troy being a former negro league baseball player, gives insight into plight of the black man in society. For Troy, baseball a great American pastime and just like the American Dream seemed just at the edge of his fingertips. Troys inability to enter professional baseball, despite his talent, is not unlike the inability of black men to enter the middle-class jobs they desired in their migration to northern cities. During an interview with Charlie Rose, Wilson narrates those mens disappointment when they confronted the same racism that limited their lives in the South. (Rose, August Wilson Charlie Rose). In Troys job, he wants to be the garbage truck driver and not just the one that lifts the garbage. In this time, racist limitations discouraged the black man to achieve some of the simplest tasks such as a promotion. He wants to be the first African American driver, and he gets his wish. However, rather than making him happy, his new job makes him miserable. He says, Aint got nobody to talk to Feel like you working by yourself (Wilson). Often, Wilson validates the loneliness of the black man within society trying to survive. (Blimpton and Lyons) To further enhance the trials of the black man, Wilson determines the rift between father and son. Troy and Cory have constant conflict that each understand differently. The idea expressed in the struggle between father and son is connected to this difference in perspective, to some degree, and hinges on the twin ideas of accepting others and accepting the past to love a life in the present. Cory finally agrees to attend Troys funeral, singing Troys song about Old Blue with Raynell, his half-sister. In this moment, Cory comes to hold a balanced view of his father, which is to say that he develops the capacity to see the good along with the bad. Cory can rise above the pain of the relationship. He is no longer harmed or haunted by strife with his father. Wilson gives insight in an interview about the black father and his relationship with his son. He states that many times the cycle of anger is passed down from generation to generation until it is broken. (Rose, August Wilson Charlie Rose). This sense of history repeating itself is at the heart of their conflict, but arguably, it is not quite as personal or individualistic as Cory initially believes. The issue of race and racism in post-World War II America is undeniable in Wilsons work. He finds a way to show this in a unique manner. On one hand, the pain of segregation is present. However, segregation allowed a certain level of autonomy for African Americans to emerge. Troys dream of joining a baseball team only exist in terms of joining the Negro Leagues, a reflection of segregation. Unfortunately, two Americas were created as Wilson states in a discussion with Bill Moyer, The social contract that white America has given blacks is if you want to participate in society, you have to deny who you are. You cannot participate in the society as Africans (Rose, August Wilson Charlie Rose). Blacks created their own during and after segregation. The black experience was unable to be viewed as just that an experience. Instead negative connotations surrounded it continuously to the present. In this wilson, shows that the cultural majority belief that once segregation ended, everything turned out to be for the better in the lives of African Americans is not exactly accurate. There was a transition period that ended up causing great damage to many African Americans who had to culturally acclimate themselves to being in the same world as White Americans. In this, one can see that integration was not merely a challenge for White people, but as intense a challenge for people of color, specifically African-Americans, as well. In doing so, Wilson argues that race is not the only factor that contributes to the silencing of African-American voices in American History. He is also demanding a close r examination of the economic conditions in our country that allow such discrimination to exist. (Blimpton and Lyons). Conclusively, the setting, the themes and the social economical struggles are clear in Wilsons play Fences. The play still has relevance in the 21st century. The setting of the play, in 1957, allows Wilson to explore how racial discrimination and oppression at the time impact the main characters. However, racial inequity is still a problem in the United States in the 21st century, even if the context is not the same as the setting of the play. Furthermore, the play investigates universal themes and issues that readers in different time periods and places can relate to. The theme of denied dreams and the difficulties of family dynamics within the black family can be viewed as a commonality for all people. Troys disappointment with his life, namely with his athletic career, causes him to project anger onto his family, especially his son, Cory. Troy feels like he has given up on his dreams to become the provider, he was unfairly dealt a bad hand but this is the way it was for those before him and those after him. Wilson allows the reader to see themselves or an experience through anothers eyes. This play has given an opportunity for the worl d to see a somewhat negative undertone of the black man or black family in a reality that can be regarded by all races throughout the world of literature as a source of greatness. Works Cited Blimpton, George and Bonnie Lyons. August Wilson, The Art of Theater No. 14 1999. Roberts, Edgar V. and Robert Zweig. Literature An Introduction To Reading and Writing. n.d.: Pearson, 2015. Rose, Charlie. August Wilson Charlie Rose 25 March 1996. . Rose, Charlie. August Wilson Charlie Rose 25 February 1998. . Wilson, August. Fences. Zweig, Robert and Edgar V Roberts. Literature: An Introduction to Reading and Writing. Pearson, 2015. 1430-1471.

Primary Concepts Of Motivation Defining And Recognition...

PRIMARY CONCEPTS OF MOTIVATION 3 Primary Concepts of Motivation: Defining and Recognition of Motivational Awareness There have been numerous books, articles and studies regarding the subject of motivation. What motivates and individual? What motivates you? A focus on benefits and rewards has been suggested to motivate as well as setting up rules and guidelines for success. What if that is not what motivates an individual? In his book Drive, Daniel H. Pink (2009) discusses a wide range of concepts and suggests that the real motivation comes from within ourselves, and by developing the individual we become happier, increase our performance and†¦show more content†¦I enjoy the flexibility and freedom to create my own hours, work when my children are in school, and still feel like I am productive and contributing to our home. The creativity level increases because there is not the pressure of a time clock or repercussions for wanting to attend a sporting event for my children. Autonomy is further defined in chapter 4 of Drive (2009) â€Å"autonomous motivation promotes greater conc eptual understanding, better grades, enhanced persistence at school and in sporting activities, high productivity, less burnout and greater levels of psychological well-being.† An effective example of this is the company Zappos. An engaging short video on the company and what they believe is the reason for their success, crediting their core values and company culture is a prime example of autonomy in the workplace. (xander9xx, 2011) Freedom, flexibility, and adding the weirdness all are basis for the success of their company. Mastery is another intrinsic motivating concept. The internal need to set and achieve a goal, to focus on a challenge that will improve you as an individual, and the desire to perform better and more effectively is a compelling part of an individual. Robbins, Judge (2016) â€Å"In general, specific goals produce a higher level of output than the generalized goal ‘do your best’.† (p.112) At the beginning of the season,Show MoreRelate dEffective Use Of Motivation Within The Construction Industry Essay3322 Words   |  14 Pages Major Project Proposal Title: â€Å"The Effective Use Of Motivation within the Construction Industry† 1.0 Background to the study Workers in any institution around the world, just as any other human, work better in environments that are suitable for them. 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Global Warming And Its Effects - 880 Words

Ever since the 1980’s Global Warming has been an intriguing topic among citizens, scientists and government officials. It’s ironic to think that only years earlier in the 1970’s the phenomenon was global cooling, now on a dime it suddenly shifted from intense glaciation to excessive carbon dioxide emissions that raise the temperature of the planet. A large number of influential scientists and engineers do not agree that drastic actions on global warming are necessary. This is simply just another bizarre fad that will soon fade due to wishy washy scientific theorems and emphasized social agendas. With the use of basic science and logic the idea of Global Warming can be dismantled and proven to be illegitimate and a hoax. Now a days global warming is the spook, with its melting glaciers, inundated cities, and the gulf stream reversing course. But one should wonder if even the enviro can keep on fomenting the scare much longer. 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Regulations of Conceptual Framework

Question: Discuss about the Regulations of Conceptual Framework. Answer: Introduction The following report aims to present the evaluation and analysis of annual reports of the two organizations registered in Australia. To present the analysis of conceptual framework and AASB standard based on the recent years annual report two companies Volkswagen and 7- Eleven have been selected. The report covers the discussion on compliance of accounting conceptual framework, prudence level of reporting financial information and necessary disclosures to understand the true and fair view of the financial report. The study also highlights the prudence level by considering the disparity in Corporate Reporting for the selected companies. Identification of relevant accounting disclosures in the financial report have been chalked out by comparing and contrasting for the selected organization. Accordingly, necessary principles of conceptual framework and regulations of Australian Accounting Standards Board (AASB) have been considered to critically analyze the annual reports. Background of the companies Volkswagen is a public company founded in the year 1937 by German Labor Front that is a public company and based in the automotive industry. The company serves its business activities across the globe for automobile products whose key person is Matthias Muller, CEO of the company (Volkswagen 2017). During the current year, the production output of the organization was 10.17 million units while total revenue amounted to $244.98 billion and profitability amounted to $13.39 billion, being the largest automaker group across the world. It has been observed that the company has total assets valued at $424.98 billion with the employed number of employees of around 610,000 (Volkswagen 2017). On the contrary, 7- Eleven based on retailing industry serves several parts of the world as an international chain of convenience stores. At present the company serves and operates in 18 countries having around 56, 600 stores while the company was founded in the year 1927 with its first outlet named Totem Stores (7-eleven.com 2017). The organization conducts the business in trading several products including soft drinks, beverage and other food products having total number of employees around 45,000 as per the current records. As per the current records, net profit of the company reflected equivalent amount of $12.89 million while total revenue during the recent year equivalent amount to $13.22 million (7-eleven.com 2017). Compliance of conceptual framework and AASB standard requirements Conceptual framework is an analytical model involving various variations and regulations to recognize and represent organizational financial information. In case the companies are registered in Australia, the management is required to follow the conceptual framework as per the regulations of AASB to determine the use of financial report in terms of nature, time and extent of financial information (Soltani and Maupetit 2015, pp.259-284). The conceptual framework principle requires the organizations to prepare financial statements based on the prudence and accrual basis for recording incomes and expenditures. It is important to recognize assets and liabilities as per conceptual framework to collect relevant information to obtain true and fair view of the organizational performance and financial position (Iliev et al. 2015, pp.2167-2202). In view of Volkswagens annual report, it has been analyzed that the company complied the requirements on accrual and going concern basis to prepare the financial statements that reflects the increase in earnings. It has been evaluated that the organization reported its sales revenue according to the business group before and after tax resulting in net profit available to the investors. Additionally, the company recorded the revenue income as per the prudence and accrual basis as well as based on the consolidated accounting standards reflecting $224 billion (Volkswagen 2017). Similarly, expenses of the company including other financial charges have been recognized in the income statements as per the payments while outstanding dues have been recognized in the statement of financial position (Volkswagen 2017). For example, financial charges paid have been recognized in the income statement whereas financial and other liabilities have been recorded in the financial position statement as current liabilities (refer appendix 1 and 2). As the key characteristics of the conceptual framework is providing relevance, reliable and prudent understanding on the financial performance on the companys business function, Volkswagen followed such principles. 7- Eleven organization presented all the relevant information and disclosures for the benefit of the stakeholders to provide them useful information along with the reliable and material financial information (7-eleven.com 2017). The organization also followed the principle of prudence while recognizing incomes and expenses as the incomes are not overstated or expenses are not understated to avoid the reflection of unrealistic profitability (refer appendix 3). Apart from that, Volkswagen and 7- Eleven recognized the financial information of the subsidiary companies by translating the foreign exchange transactions into local currency for presenting better understanding to the users (7-eleven.com 2017). It has been observed that the company presented relevant disclosures on m aterial future events as per the estimates along with the segment reporting as per AASB that represents compliance of accounting conceptual framework (refer appendix 4). Prudence level addressing the disparity in Corporate Reporting As mentioned above, prudence level under conceptual framework requires the organization to prepare and present the financial estimates with the reasonable estimates for incomes, expenses, profits and losses (Bushee, Carter and Gerakos 2013, pp.123-149). Besides, corporate reporting requires the organization for recognizing and disclosure of relevant financial information in terms of integrated reporting, corporate governance, financial reporting and corporate responsibility statement. It is essential for the organizational management to record the financial information to reflect transparent and accountable results for the benefit of users following the requirements of GAAP and International Accounting Standards (Barth 2015, pp.499-510). In order to present the corporate governance report, company is required to consider directors contribution, managements effective performance on the business activities and confirmation on compliance of necessary regulations. The corporate governance report discloses the relationship strength with the customers, community and stakeholders of the company (Zhang and Andrew 2014, pp.17-26). Consequently, Volkswagens corporate governance statement presents the number of shareholding information, group management report stating key figures of the companys share, compliance of corporate ethics, confirmation and statement of co-operation of the management board and supervisory board (refer appendix 5). Similarly, corporate governance statement of 7- Eleven presents the board charter, code of ethics followed, compliance of regulations to maintain sustainability, responsibilities and performance of the board and remuneration committee along with the details of composition. The statement of t he organization also represents principles on reinforcing independence, commitment on fostering including details and responsibilities of key personnel and board members of the company (Wang 2014, pp.955-992). 7- Eleven disclosed managing risks, financial reporting integrity and other relevant disclosures stating the responsibility of the organizational board to present the financial results in true and fair view (7-eleven.com 2017). Further, framework on internal control for planning and monitoring on the necessary financial budget, business strategies, safeguarding of assets that were insured against the probable loss from natural calamities, theft or any other substantial loss has been disclosed (refer appendix 6). Moreover, conceptual framework compliance is required to be revised in each reporting year to present the provisional expenses or losses. The statement is required to be prepared stating the consideration of standard rates and limits in recognizing the value of provision on the basis of organizations income benchmark to reduce the corporate reporting disparity (Albu, Albu and Alexander 2013, pp.61-90). In view of the annual report of Volkswagen, reported provisions have been estimated for the benefit of employees, insurance and restricting based on the annual leave and long service leave for 12 months along with the standard discounting rates. Moreover, financial report of 7- Eleven states the estimation of provisions has been done on the basis of service amounts of the employees in terms of cost rate and reporting date (7-eleven.com 2017). On the other hand, lease provisions have been recognized on the basis of future inflation, investment return and administration claim (refer appe ndix 7 and 8). Identification of differences in disclosures of the corporation It has been analyzed that the recognition and presentation of financial information of both the companies i.e. Volkswagen and 7- Eleven are in compliance with the conceptual framework and AASB standards. However, certain distinctions have been identified in the financial report of both the companies with respect to reporting the incomes, expenses, assets and liabilities along with the relevant disclosures. The financial report of Volkswagen provides statement on business risk whereas 7- Eleven has not presented such report in its recent annual report. In addition, financial report of Volkswagen Company, statement of shares and bonds, business operation results and statement of financial position valuing net assets has been presented in details (7-eleven.com 2017). On the contrary, 7- Eleven presents detailed statement on corporate and business structure, financial summary of the business group along with the list of properties and compliance information. The financial report of Volks wagen provides information and understanding on the capital management plans and rollout space. Similarly, the company used the estimates and judgments to value incomes, expenses, liabilities and assets based on the historical records and current economy conditions. However, 7- Eleven measured and recognized financial information based on the future events estimates and judgments to value inventories, fixed assets, provisions and other liabilities (7-eleven.com 2017). It has been identified that Volkswagen presented the annual report by disclosing capital management, funding activities for repayments and borrowing proceeds along with the details on acquisition or discontinued operations (Volkswagen 2017). On the contrary, such information is not present in the financial report of 7- Eleven to provide clear understanding on the companys ability to manage funds and resources required to maximize the business profitability and sustainability. Further, disclosure of segmentation reporti ng of the organizations is different which is based on the operating and geographical segment for Volkswagen whereas 7- Eleven presented financial result based on different store locations (Volkswagen 2017). For presenting the value of dividend, Volkswagen reported financial charges in the income statement based on the franked credit while 7- Eleven reported the same on the basis of interim and final dividend. Recommendation Considering the evaluation and critical analysis on recognition and presentation of financial report of the selected companies Volkswagen and 7- eleven registered in Australia, it is recommended that the management should provide complete and appropriate disclosures. it has been noted that the organizations have complied the regulations of AASB standards and conceptual framework but the companies are suggested to follow reporting format as per the benchmark provided by the Board of Accounting. Certain financial information and business information material to the performance of the company has been presented by Volkswagen but missing in the annual report of 7- Eleven. Hence, management of 7- Eleven is recommended to provide clear and separate information on material business risk, capital management plans, strategic plan and information on borrowing funds. In addition, Volkswagen presented the estimates and judgments based on historical records that may not disclose fair and accurate valuation with respect to inflation or other economic changes. Hence, the company is suggested to consider the estimates based on future events to determine the value of necessary assets and liabilities and provisions. Conclusion In view of the above discussion on compliance of conceptual framework and AASB regulations for presenting the annual report of the companies, it is concluded that both the companies duly complied the requirements. Volkswagen and 7- Eleven represented the financial report mentioning the relevant disclosures and followed appropriate methods to value inventories, fixed assets and other liabilities. It has been noted that both the companies prepared and presented corporate governance and corporate social responsibility statement to ensure the responsibilities and performance of the management and key personnel towards the benefit of stakeholders and community. The companies recognized the financial information stating true and fair view along with the compliance of conceptual framework principles to ensure the going concern and prudence level of the business activities. Even though there are certain differences in presenting and recognizing financial information in the annual report of t he companies, it has been analyzed that there was no material misstatements or non- compliance of GAAP or AASB principles. Moreover, certain changes in the presentation and disclosure of financial information would provide better and clear understanding on organizational performance to the users. Reference List: 7-eleven.com. 2017. [online] Available at: https://www.7-eleven.com [Accessed 4 Jan. 2017]. Albu, C.N., Albu, N. and Alexander, D., 2013. The true and fair view concept in Romania: a case study of concept transferability.Research in Accounting in Emerging Economies,13, pp.61-90. Barth, M.E., 2015. Financial Accounting Research, Practice, and Financial Accountability.Abacus,51(4), pp.499-510. Bauer, K., 2014. Fixed assets valuation in the condition of bankruptcy risk: The role of estimates.Journal of modern accounting and auditing,10(6). Bntrix, A.S., Lane, P.R. and Shambaugh, J.C., 2015. International currency exposures, valuation effects and the global financial crisis.Journal of International Economics,96, pp.S98-S109. Bushee, B.J., Carter, M.E. and Gerakos, J., 2013. Institutional investor preferences for corporate governance mechanisms.Journal of Management Accounting Research,26(2), pp.123-149. Haller, A. and Wehrfritz, M., 2013. The impact of national GAAP and accounting traditions on IFRS policy selection: evidence from Germany and the UK.Journal of International Accounting, Auditing and Taxation,22(1), pp.39-56. Hanson, S.G., Shleifer, A., Stein, J.C. and Vishny, R.W., 2015. Banks as patient fixed-income investors.Journal of Financial economics,117(3), pp.449-469. Haupt, M. and Ismer, R., 2013. The EU Emissions Trading System under IFRSTowards a True and Fair View.Accounting in Europe,10(1), pp.71-97. Iliev, P., Lins, K.V., Miller, D.P. and Roth, L., 2015. Shareholder voting and corporate governance around the world.Review of Financial Studies,28(8), pp.2167-2202. Jones, J.S., Lee, W.Y. and Yeager, T.J., 2013. Valuation and systemic risk consequences of bank opacity.Journal of Banking Finance,37(3), pp.693-706. O'Dwyer, B. and Unerman, J., 2016. Fostering rigour in accounting for social sustainability.Accounting, Organizations and Society,49, pp.32-40. Soltani, B. and Maupetit, C., 2015. Importance of core values of ethics, integrity and accountability in the European corporate governance codes.Journal of Management Governance,19(2), pp.259-284. Volkswagen. 2017. Find the perfect VW with the Find a Match tool.. [online] Available at: https://www.vw.com/ [Accessed 3 Jan. 2017]. Wang, C., 2014. Accounting standards harmonization and financial statement comparability: Evidence from transnational information transfer.Journal of Accounting Research,52(4), pp.955-992. Zhang, Y. and Andrew, J., 2014. Financialisation and the conceptual framework.Critical perspectives on accounting,25(1), pp.17-26.

Review of the methods to enhance efficiencies of solar pvcs Essay Example

Review of the methods to enhance efficiencies of solar pvcs Essay These are the questions that one individual should ask himself if he/she does an research on these organic solar cells. The reason behind their entry is the scarcity of existing crystalline solar cell manufacturing base material, day by day hiking cost. As we all know that the polymers and simple molecules are abundant on earths surface and are cheaper in cost, and having desirable physical properties like light weight, flexibility etc. These are initial parameters those pushed the researchers to step in and take the motive of introducing organic solar cells into semiconductor device industry. Initially silicon based solar cells were in many, but because of cost factor and their respective material properties they were moderately replaced by organic photo voltaic cells. As they are cheap, lightweight and are easy to fabricate they are in lead to crystalline organic photo voltaic cells. Devices made of these are supposed to have a theoretical efficiency of 10%. But, today, the efficiency we have for a small molecule organic photo voltaic cell is in the range of (0. 3-1. 3)%. Hence, efforts for higher efficiencies are under research for many years, and these researchers have even a point to notice that the designing and synthesis of donor acceptor materials is vital for an efficient organic photo voltaic cell. Challenges so far we have are because of their low efficiency, low strength, low stability, and sensitiveness to environment. Factors like band gap, charge carrier density, absorption coefficient for incident solar spectrum in visible and near IR range are important to improve the efficiencies. We will write a custom essay sample on Review of the methods to enhance efficiencies of solar pvcs specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Review of the methods to enhance efficiencies of solar pvcs specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Review of the methods to enhance efficiencies of solar pvcs specifically for you FOR ONLY $16.38 $13.9/page Hire Writer In this report we mainly focus on the organic solar cells based on small molecules. Having said that, we should know, why small molecules? The reason behind that is these small molecules has mostly hydrocarbons with carbon atoms alternatively linked to neighbor carbon atoms with alternate single-double bonding resulting into conjugated systems. In these systems the electrons in the p-z orbitals idealizes to form a idealized bond with orbital and anti-bonding with orbital. Where the orbital is considered as highest occupying molecular orbital (HOMO) and is least occupying molecular orbital(LOOM). Hence the gap between these two is considered to be the band-gap. Hence in small molecules the band-gap angels from 1-4 eve, which is moderately favorable for making a photo voltaic cell. When these systems absorb a photon, exited state is created in which e?ho pair is formed and is found to be bounded by electrostatic interaction. Hence, these conjugated systems are very vital to be maintained inside each small molecule. Slightly introducing the type of materials required. We first of all concerned about the properties like band-gap, high temperature resistant, thickness, charge carrier density, ease of fabrication, and stability. For a material, to be a desired one, it should have moderate band-gap I. . In the semiconductor range with high charge carrier density, high strength and resistance at high temperatures, long life of functioning, moderate if possible low thickness, high absorption cross-section to incident solar spectrum and ease to process and fabricate. As a part of our discussion in this term paper we will see what type of materials are necessary and how they function under applied light and generated electric field. For a small molecule based organic photo voltaic cell we generally choose indium oxide as electrode-I and metals with low work functions electrode-2. Generally we use Aluminum, Magnesium or Calcium. The difference between work functions between two electrodes develops electric field in organic layer. When light is incident on these elements sextons are produced as electrons are exited to LOOM leaving behind holes in HOMO. Potential difference due to difference in work functions separates the electron-hole pair inside the organic layer and pulls them as electrons to positive electrode and holes to the negative electrode. Here, the positive electrode is an electrical conductor used to make contact with a non-metallic part of circuit. Most importantly, for high efficiencies we should have high charge carrier density inside organic layer and controlling the loss of energy as heat from the organic layer surface. Hence we adopt some efficiency improvement methods based on the properties and functioning nature of the materials. Below are some of the methods we have reviewed to improve the efficiencies of organic photo voltaic cell based on small molecules. They are as follows: Methods to improve the efficiencies of organic solar cells based on small molecules: For a PVC (Organic Photo Voltaic Cell) based on copper pathetically-CO introducing beatification between buckminsterfullerene and aluminum cathodes gives the improvement of efficiency up to ;4%. Improving stability and lifetime of layered structure. Minimized charge recombination loss in Poops. Minimizing water and oxygen induced degradation of small molecules in Poops. Improving the efficiency of solution processed small molecule Poops using thermal annealing. By combining two vacuum processed heterogeneous to optimize the absorption power of PVC and controlling the construction parameters thereby making them efficient. Using a unstructured sandwich processing. Controlling parameters like band gap and dissipation of energy in the form of heat. By making molecules face to face by maintaining optimum donor acceptor relative positions. By energy harvesting and improved storage methods. Solution processing of small molecules to improve efficiency by 6. %. We will now further proceed into each method of improving efficiency in-detail. As we have noticed from above methods, we have adopted, most of them are having their vital role during processing of an PVC rather than it is being a product. Hence, in an semiconductor industry the manufacturing processes of elements is given prior rarity. For a PVC (Organic Photo Voltaic Cell) based on copper pathetical ly-CO gives the improvement of efficiency up to ;4% Most efforts are being made from past few decades to improve the efficiency of Poops. One among them is by inserting beatification(BCC) between fulfiller and aluminum cathode, organic thin film POP cells based on Chauncey-CO is observed to have an increased efficiency up to greater than 4%. Reason behind the insertion of this BCC layer is to minimize the exited loss during incident light and electric field. As the BCC inserted, obviously lays a very important roles in these cells by blocking the exited transport and hence named as Exited Blocking Layer. Once the exited transport is blocked, increases the charge carrier density inside the organic layer and minimizes the losses related to them and finally increasing the efficiency grater than 4%. Before the insertion of this BCC layer, the efficiency is around 1-1. 5%. Hence it is considered to be a good move in increasing the efficiency. But, a new problem has arises because of BCC insertion. The Poops lifetime was decreased; now the lifetime is about only few hours. This ay be probably due to the instability of inserted BCC layer, as it is easily crystallized in moist environment. BCC was already used for improving the electroluminescent efficiency in organic Leeds. However their lifetime is also found short because of instability of BCC layer. Hence for improving the stability we dope the BCC with PITCH (3,4,9,10-perpendicularitys-licks-biomedical) Improving stability and lifetime of layered structure. In this section a small molecule PVC with the structure of TIT I Donor electoral I buffer layer I III is studied as a case where we can improve efficiency to some extent. In this experiment the usage of Alas s a buffer layer instead of BCC is seen. Reason for using Alas instead of BCC is to use the effective blockage of waters lozenge to permeate through the acceptor layer. Another role of this new buffer layer is to block the diffusing cathode atoms into active layer during deposition and hence improve the efficiency. Describing the experiment, which is carried at room temperature without encapsulation, starting from deposition to the results in improved efficiency. Three types of buffer layers were used to study the I-V characteristics of the device in both light and dark. The layered structure of the PVC is shown below. As we can see the buffer layer is separating the cathode from CO. The three layers are For device. A with BCC as buffer layer, for device. B with 50% BCC+50% Alas, for device. C with pure Alas as buffer layer. In this experiment the power conversion efficiencies for all the three are measured under the illumination Oriel Solar Simulator producing an AM 1. 56 spectrum. The I-V characteristics are recorded by Keith 2400. The calibrated I-V characteristic is shown below. The experimental results from I-V characteristics ( Voce, Sis, IF) are tabulated below. Device Buffer Layer used Voce (V) Sis (ma/CM) Filling Factor(IF) Efficiency(%) A OHIOÂ ¼BCC. 42 5. 09 0. 49 1. 39 B 0. 49 5. 8 0. 464 1. 75 C 100% AlAlas. 506 6. 03 0. 52 2. 11 The irradiation intensity used is 75mawmCMf A. M 1. 5 simulated solar spectrum. Above values are same for the three devices under investigation. From the tabulated values it is clear that AlAlass most effective than BCBCCnd further experimental results have shown that the lifetime is increased up to 150 time the initial one. Hence by inserting an buffer layer which acts as blocking layer without affecting the life time of evvices also one of the good options of improving the efficiencies. Minimized charge recombination loss in OPPoopsIn this section we discuss about minimizing the recombination losses of CuCupTPatchhotovoltaic cell by employing spin forbidden transition to reduce the recombination loss in OPPoopsWithout the mixing processes like spin-orbit coupling, spin-lattice interaction and hyperfine coupling he spin conversion process between singlet and triplet is not possible. The molecular ground state have a singlet spin symmetry and hence the triplet CT states are forbidden to come and relax into the ground state. We an use this method to reduce the loss of recombination. The open circuit voltage and the fill factor can be improved by minimizing the recombination loss. Once VoVocend Fill factor are improved keeping IsSisonstant the efficiency improvement will take place. Minimizing water and oxygen induced degradation of small molecules in oppoopsThis section aims at complete knowledge of degradation of molecules because of water and oxygen during operation in small molecule based OPPoops Once material degradation takes place, its consequences affect the physical, mechanical and electrical properties of materials, and hence the efficiency of device. The most significant degradation mechanisms for organic solar cells is diffusion of molecular oxygen and water into the device. The organic solar cell we discuss in this section is of the composition ITTITnd A1AYre the two electrodes where ITTITehaves like anode and A1AYs like cathode. In this experiment we have three sets of samples with same coconfigurationThree types of environments are used in dark and light modes. Environments used are nitrogen, oxygen and water. The lifetime or end of lifetime of a solar cell is quoted as T88THr TSTTShich is the time taken by the device to reach 80% or 50% of its ininitialrreferenceWe use these values to record the lifetime of the above species in different environmental conditions. The results are tabulated below: Device name Intensity (W/m2mmTemperature (occoReReelHumidity(%) Atmosphere (1 atATMLife time( T88TH55THN2NOight 330 49 0 N2NO) 405/2700 N2NOark 0 26 0 N2NOlove box) 1802 Light 330 49 0-17AAA3/74 1802 Dark 0 48 0-17AAA H2H2O80 Light 330 39 65 H2H2O80:N2NO. /11 H2H2O80 Dark 048 65 H2H2O80:N2NO As we can see from the tabulated results, the life time is decreasing for water case than in oxygen case. Hence degradation is seen largely in case of water than in xyoxygenFollowing table will provide the knowledge of how the efficiency changes with different types of injection. Water injection showing the effect on Short circuit current, open circuit voltage , fill factor, and efficiency. As we can see from above data that the efficiency after injection is gradually decreasing. From the above data it is clear that the efficiency dropping Just after the oxygen injection is not as bad as water injection. Hence a moist free environment during preparing a layered structure, will play a vital role in improving the efficiencies of cells. Improving the efficiency of solution rorecessedmall molecule OPPoopssing thermal annealing. In this section we discuss about the insertion of (beFontainebleauBTBETunction into a ollighthousesackbones should lead to some interesting features for the photovoltaic applications. In addition, to enhance the light absorption properties by thermal annealing of active layers, and increase the hole mobility by inducing the self-organization of conjugated polymers or small molecules thereby increasing the efficiency of OPPoopsAll experimental conditions were carried under argon atmosphere with the use of standard scschlepsechniques. After being made the cell is having an effective area of 4mmomThe thermal annealing is carried out by directly placing the completed devices directly on a digitally controlled hotplate at various temperatures in a argon filled glove-box. The I-V characteristic curves of the photovoltaic cells are obtained by keKeith400 source measure unit. Results of the experiment with improved efficiencies is tabulated below: As we can see from the above three the normalized absorption region is high in particular range of wavelength. We can clearly see the LULUMPnd HOMO with their respective reduction and oxidation potential values. Following table gives the knowledge of effect of annealing on efficiency for different types of devices under different conditions. Hence annealing a device at appropriate temperature and under appropriate conditions will change the PCPACEfEfficiencyup to a significant extent. By combining two vacuum processed hetero Junctions to optimize the absorption power of OPPVCnd controlling the construction parameters thereby making them efficient. In this part of discussion, we have the concept of combining two vacuum processed single hetero junction organic solar cell with complementary absorption are described. The red bsabsorbingetero Junction consists of C6COnd a fluorinated zinc ptpathologicallyF4IFZnZinc thThateads to 0. 1-0. V open circuit voltage than the commonly used ZnZincFrom the manufacturing point of view, tandem concepts offer an advantage, due to serial connection of sub-cells the efficiency is increased by adding up voltages rather than currents. To increase the efficiency, we have to increase the absorption cross-section of the OPPVCFor absorption at longer wavelengths the fluorinated ptpatheticallyeriv ative (F4IFnZincis used as donor instead of ZnZincAs F4IFnZincs efficient in lowering the ionominationotential from 5. 1 eVveto. 46 eVeveue to the electron withdrawing character of the fluorine atoms. Higher fluorinated ptpathologicallytoms can be used as acceptors in organic solar cells. The absorption features of F4IFnZincn mixed layers with C6COre comparable to ZnZincexhibiting strong ababsorbencyn the red part of the spectrum peaking at 630 nmNMnd extending to above 800 nmNMThis is a good quality which is desired, as it increases the absorption coefficient of organic photovoltaic surface and thus increasing the efficiency. Heating the above mixed layer has the same effect that of common one but leads to an improvement in charge arairierensity. This can be seen through the mismatch of I-V characteristics. Hence here above we found out two more concepts of increasing the efficiencies. Now we further look into the dependence of efficiency on factors like light intensity, angle of illumination and temperature. For a OPPVCith a given efficiency, thickness and incident wavelength the most important factors on which we should concern about are the performance of the device under different illumination intensities for varying illumination angles at typical operating temperatures. 343429000449580Fromig. : The nfinfluencef illumination intensity on the device performance from 0. 5mMomcmCMo 310 mWmmmCMThe illumination is provided by halogen lamp kept at constant temperature of 25ICCheHereJsSCs directly proportional to lint over the complete range of illumination intensities. VoVoces increasing continuously with lint but below logarithmic value. FFIFhows weak maximum at lint?70mawmCMfter which it decreases by approximately 4% up to 31mawmCMThis shows the maximum power point to be mostly sub-line ar and the maximum efficiency approximately at 40mawcmCMFrom fig. : The influence of illumination intensity on the device performance roroom. 5mMomcmCMo 310 mWmmmCMThe illumination is provided by halogen lamp kept at constant temperature of 25ICCheHereJsSCs directly proportional to lint over the complete range of illumination intensities. VoVoces increasing continuously with lint but below logarithmic value. FFIFhows weak maximum at lint?70mawmCMfter which it decreases by approximately 4% up to 31mawmCMThis shows the maximum power cmCMGiven below is the calibrated data showing the dependence of illumination intensity on the device performance:leleptonsing a naunstructuredandwich processing. In this section we will see the structural dependence of OPPVCevice layers on efficiency. Researchers found that the efficiency of a device is almost tripled when naunstructuredandwich metal and plastic are used. These type of structures can collects and traps the light more effectively than any other. The nanotechnology is used to overcome the challenges that cause solar cells to lose energy. Challenges like light reflecting from the layered surface and inability of the cell to capture the light fully that enters in. But with the help of this NaAnnaaterial sandwich we can answer both the problems. The sandwich, which is generally called as sub-wavelength plplatonicavity. Have extraordinary characteristics of damping reflection and trapping light. Using this technique research studies have show us that only approximately 4% of the light is reflected and as much as 96% of the light is absorbed accounted for the increase in efficiency up to 52%. Above description is only for the direct sunlight(perpendicular light falling normal to the surface). This efficiency is much more for a solar cell surface upon which the light incident is at large angles i.Ie.EonOnloudy days and when cells not facing the light directly/ erreproductivelyBy capturing these light incident at large angles one can boost up the efficiency up to extra 81%, combining a total of 175% increase in efficiency. Thought the physics behind the innovation is complex the device structure is simple. The window layer(top layer) is extremely fine metal mesh and of the size of 30NMhick with each mesh having diameter of 17Mannnd 25NMpart. This mesh layer can even replace the ITTITayer. A picture of such naAnnaesh layer is shown below: The mesh window layer is placed very close to the bottom layer of the sandwich, the same metal film used in conventional solar cells. In between the two metal sheets is a thin strip of sesemiconductoraterial used in solar panels. It can be any type silicon, plastic or gallium arsenide although ChCohoseam used an 85-nanometer- thick plastic. The solar cells features the spacing of the mesh, the thickness of the sandwich, the diameter of the holes are all smaller than the wavelength of the light being collected. This is critical because light behaves in very unusual ways in sub- wavelength structures. ChCohoseam discovered that using these sub-wavelength structures allowed them to create a trap in which light enters, with almost no effleetingand does not leave, and hence efficiency is drastically can be increased. Here we will see some of the common factors like band gap of semiconductor, electric charge recombination and energy dissipation in the form of heat, which are limiting factors for power conversion efficiency of a solar cell. Light with less than the enenergyf band gap cannot be absorbed and cannot generate electricity inside the organic layer. Let say that the light with higher intensity and higher than the band gap is incident and generated the electricity inside the device and lets say that the charges aveaveeen generated. These generated charges if lost because of recombination; the electric current inside the device will decrease: and so the electric power of the cell will decrease. The relation between the maximum conversion efficiency and optical absorption edge are given in the following pipickHere: The red line represents the conventional theoretical limit of single-junction- inorganic cell; blue line represents the theoretical limit of the single-junction-organic solar cell; the black line represents the theoretical limit of the multi-]unction-organic cell. The theoretically calculated photoelectric conversion efficiency for a single junction- organic photovoltaic cell is about 21%. From the above picture we can see that for an appropriate range of optical absorption edge value only the maximum efficiency can be attained. Right side of pipicks the rough sketch of layered structure. Where, two active organic layers separate both the electrodes. By making molecules face to face by maintaining optimum donor acceptor relative positions. In this section we further precede our methods of improving the efficiency in organic solar cells aseasedn small molecules, and their dependence in structure at molecular levels. Researchers have shown that to transfer maximum energy more effectively inside of complex three dimensional OPPoopss to align the donor molecules face-on, rather than relative to acceptor or edge-on to the acceptors. We know that exexitedn energy particle created when light is incident on the material and got absorbed. This efficiency of a cell depends on this exexitedThis exexiteds found at the donor acceptor interface inside the cell. At interface exexitedreates power by itself converting into haharearriers that travel to the electrodes. Meanwhile inside at molecular level the atoms inside the donor acceptor levels itself mixes, cluster or both leading to the variances inside the domain leading to affect the conversion process and thereby affecting the efficiency. It is difficult for an individual to consider all changes at a time. 2525146001249680Buthen we consider the face-on orientation, which allows the favorable interactions for charge transfer and lessen the recombination loss can be thought of when efficiency is considered. The sample picture of face-on orientation eaeatingo favorable charge interactions is seen in the picture beside. OBBouthen we consider the face-on orientation, which allows the favorable interactions for charge transfer and lessen the recombination loss can be thought of when efficiency is considered. The sample picture of face-on orientation leading to favorable charge interactions is seen in the picture beside. By energy harvesting and improved storage methods. Most significant problem now a day to an organic photovoltaic industry facing is loss of energy. Saving, storing the dissipated energy will improve the efficiency more than nyNYther methods we adopted so far. Most of the dissipated energy is in the form of heat. Loss of energy is because of organic materials lack in properties to hold them up. Energy harvesting is a process by which ambient neenergys captured and converted into electricity. These energy harvesting includes ththermostaticphotovoltaic, piezoelectric materials. More the harvesting and storage material is efficient, more the efficiency of the solar cell. Solution processing of small molecules to improve efficiency by 6. 7% In this section we see that the solution processed small molecule organic solar cells an perform up to efficiencies ranging 6-8%. A combination of polymer design, morphology control, structural insight and device engineering lead us this much of efficiency. However solution processed small molecule BHBBCave their efficiencies below the polymeric ones. 33147005715 Normalized ababsorptionsvs.waWavelengthan be seen from adjacent fgfigures a result of solution processing. Normalized ababsorptionsvs.waWavelengthan be seen from adjacent figure as a result of solution processing. The component DIDIDs added to the solution to enhance the efficiency improving properties. We have a range of 0-1% v/v vixing.

The modern finance theory is based on the capital asset pricing model The WritePass Journal

The modern finance theory is based on the capital asset pricing model Abstract The modern finance theory is based on the capital asset pricing model AbstractIntroductionTheory2.1 Prospect Theory2.1.1Certainty Effect2.1.2 Reflection Effect2.1.3 Isolation Effect2.2 Behavioural Capital Asset Pricing Theory2.3 Behavioral Portfolio TheorySome Models3.1 DSSW Model3.2 BSV Model3.3 DHS Model3.4 HS ModelAnomalies4.1 Closed-end fund puzzle4.2 the equity premium puzzleConclusionReferenceRelated Abstract As some anomalies are hardly explained by the traditional finance, the behaviour finance is introduced. It was first introduced by Kahneman and Tversky (1979), which they presented the prospect theory. In fact, investors’ behaviour often violates the expected utility theory, some of them trade irrrationally. Then Shefrin and Statman (1994) base on the CAPM, and put investor sentiment into the model to make the BAPM. They thought noise traders and information traders would interact and influenced the price setting, including the noise traders’ behaviour in the BAPM let the asset pricing more precise. Another important theory is the behavioral portfolio theory. The theory states that when investors choose portfolios, they on the one hand want to be security, while on the other hand they potentially also want to reach aspiration levels. So it lets BPT investors to choose bonds and lottery tickets together come true. According to these phenomenon which happen to investorsâ €™ portfolio selection, many researchers give their explaination. Generally speaking, bahaviour finance is based on two theories, which is limits of arbitrage and investor sentiment. DSSW model is based on the former theory while BSW model, DHS model and HS model are based on the latter one. There are also some more models in the behaviour finance area. These models can explain some anomalies, such as Closed-end fund puzzle and the equity premium puzzle. In this paper these two anomalies would be treated as examples to explain how behaviour finance explain these anomalies. Introduction The modern finance theory is based on the capital asset pricing model (CAPM), Markowitz’s Portfolio Theory, Arbitrage Pricing Theory (APT). The model CAPM is introduced by Sharpe (1964), Lintner (1965), and Black (1972). It provides the pricing mechanism of capital assets and the decision factor of risk isÃŽ ²(the relationship between firm returns and market returns). These theories are based on the Efficiency market hypothesis (EMH) and the CAPM can be used to test the EMH. While its analysis framework confined within the scope of rational analysis, when more and more anomalies arise in the market, they are hard to be explained by standard finance which is based on the EMH. In this situation, the questioning of modern finance beginned when the prospect theory is introduced by Kahneman and Tversky (1979). And then the behavioural finance is introduced to explain these snomalies. The definition of behavioural finance is that â€Å"Behavioural finance- that is, finance from a broader social science perspective including psychology and sociology- is now one of the most vital research programs, and it stands in sharp contradiction to much of efficient markets theory.† (Shiller, 2003 p83) It is a Marginal subject and opposite to the traditional finance, and it tries to explain the importance of investors’ emotion and mental mistakes, which would influence their decision-making process (Ricciardi and Simon, 2000). At first, behaviour finance is marginalized as â€Å" anomalies literature† (Frankfurter and McGoun, 2000).it has been researched for a long time, and then it has been accepted after more and more journals focusing on the discussion of anomalies. Section 2 of the paper explains three main theories of behaviour finance, which are prospect theory, behavioural capital asset pricing theory and behavioral portfolio theory. Section 3 presents some models which provided by the behaviour finance. Section 4 discusses the application of behaviour finance to explain anomalies. Section 6 concludes. Theory 2.1 Prospect Theory Prospect theory is the one of the most important theory in the behavioural finance. Investors   usually do not perform rationally, and prospect theory handles this issue. Expected Utility Theory is a kind of desceiptive model which is used to make decisions under risks, and the result is a criteria for investors to choose. While a large number of experimental research shows that investors choices are inconsistent with the basic tenets of utility theory. Kahneman and Tversky (1979) classify these differences into some areas, which is certainty effect, reflection effect and isolation effect. 2.1.1Certainty Effect Certainty effect is people often underestimate outcomes which are probable when compare outcomes which are received with certainty (Kahneman and Tversky, 1979). In order to demonstrate this issue, Allais (1953) gives a series of choice problems. On of the problem is that: Option 1: 2,500 with probability   0.33 2,400 with probability   0.66 0 with probability  Ã‚  Ã‚  Ã‚  Ã‚   0.01 Option 2: 2,400 with certainty The question is which option would give you the best chance to maximize your profits? The result shows that 82% people choose the option 2 among 72 people, most of them violated expected utility theory. According to the expected utility theory, the profit in option 1 (2500*0.33+ 2400*0.66+ 0*0.01= 2409) is greater than the option 2 (2400), while people prefer choosing the profit which is certain rather than choosing the profit which is risk. 2.1.2 Reflection Effect While when gains are replaced by loses, the result would be that the risk preference of people is contrary to the positive prospects, it transfers from risk aversion to risk seeking, and this is labeled as the reflection effect. For example, 92% people choose a probobility of 80% to loss 4000 when they are offered another choice which is a certainty loss of 3000. This example also shows that not only the positive domain violate the expected utility theory, but also the negative domain violate it in the same manner. 2.1.3 Isolation Effect When people choose one investment between alternatives, they usually exclude the common factors to consider, and focus on their different components. This division would lead to different reslults, for the same pair of investments can be divided into common and distinctive components in many different ways. This phenomenon is called the isolation effect. For example there is two-stage choice problem, the first stage is that people have a probability of 0.25 to go to the second stage, and in the second stage, you have to have a choice between the winning 3,000 of certainty and winning 4,000 of 0.8 probobility. The result states that 78% of 141 people choose the former one. While in this game, people should have had a choice between 0.25* 0.8= 0.2 possibility to win 4,000, and a 0.25* 1.0= 0.25 possibility to win 3,000, and this choice was demotrated by Allais (1953) that a marjor of people would choose a 0.2 chance to win 4,000. so in this situation, people ignore the first stage and based on the second stage to choose prospect. Prospect theory divides the choice process into two phases, one is editing and the other one is evaluation. Editing phase is used to analyse the options in order to get the simplified result, evaluation is to evaluate the edited prospects and choose one which has highest value. Editing includes four operations which are coding, combination, segregation and cancellation. According to the prospect theory, if a prospect is regular (p + q 1, or x ≠¥ 0 ≠¥ y, or x ≠¤ 0 ≠¤ y ), which also means neither strictly positive nor strictly negative, the equation would be: (1)  Ã‚   V(x, p; y, q) = Ï€(p) v(x) +Ï€(q) v(y) In this equation, the total value of an edited prospect is denoted V, and   it is expressed by two scales. The first scaleÏ€is connected with each possibility p and the decision weight isÏ€(p), the other scale is v, which the outcome is v(x) with a number x. the value of prospect in Equation (1) is the same as the result of expected utility theory. While if the prospects are strictly positive or strictly negative, they must use another rule. When prospects are in the editing phase, they are often divided into two parts, which is the riskless part and the risky part. The evaluation would use the next equation: If p + q = 1 and either x y 0 or x y 0, then (2)  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   V(x, p; y, q) = v(y) +Ï€(p) [v(x) – v(y)] It means that the value of a strictly positive or strictly negative prospect is the same as the sum of the value of the riskless part and the value-difference between the outcomes multipling the weight associated with the more extreme outcome. Investors evaluation base on the value function and weighting function (Kahneman and Tversky, 1979). Prospect theory uses value function to explain the same meaning of utility. There are two arguments in the value function, the first one is the asset position which can be treated as reference point, and the other one is the magnitude of the change from the reference point. Value function normally concave for positive outcome and convex for negative outcome, and the losses is steeper than the gains. When the value approachs to the reference point, the value fuction is steepest, and the whole value fuction is S-shaped. Decision weights are usually different from the probability axioms, investors often overestimate the small probabilities, this situation often happens in gambling and insurance. While for other situations, decision weights are commonly lower than the corresponding probabilities However, there are two drawbacks existing in the prospect theory. Firstly, it uses the value function and weighting function to evaluate theory, while there are no specific functions and instead using examples to explain. It is a kind of experimental process. Secondly, there is no specific standard for reference point, it makes the theory not so pricise. 2.2 Behavioural Capital Asset Pricing Theory The behavioural capital asset pricing theory is based on the capital asset pricing model (CAPM) and the difference is that the behavioural capital asset pricing theory consider the behaviour of traders. It focuses on the market which noise traders and information traders affect each other. Information traders are traders in the condition of CAPM, they obey the Bayesian learning rule to evaluate the returns and most importantly, they never make cognitive errors. However, noise traders are contrary to information traders, they commit cognitive errors and break the Bayesian rules. These two traders interact and determine the asset price. Market is efficient when information traders are dominant in the market, while if dominant traders are noise traders, market is inefficient. What is the difference between markets in which prices are efficient and markets in which prices are not efficient? The main difference is that there is a single driver property existing the market which prices are efficient. As Shefrin and Statman (1994, p345) said, â€Å"This single driver drives the mean-variance efficient frontier, the return distribution of the market portfolio, the premium for risk, the term structure, and the price of options.† It satisfies the minimun information which required to cause the changes to the outcome distribution of the market portfolio. While a second driver is introduced to the market by noise traders, and it let the price far away from the price efficiency. They often creat some abnormal returns to particular securities. The expected return of security is determined by behavioural ÃŽ ², which is the ÃŽ ² of tangent mean variance efficient asset portfolio. Noise traders’ action let the relationship between security returns and bet a weaker. While at the same time, they built a positive relationship between abnormal returns and beta (Chopra, Lakonishok, and Ritter, 1992). When the prices are efficient in the market, price efficiency protects particular noise traders. At that time, the function of noise traders is to rise the trading volume. However, if the prices are not efficient, new information cannot be a sufficient statistic. Yet prices, volatility, the premium for risk, option prices and the term structure are still influenced by old information. Noise traders affect the return of securities through the term structure and they can arouse inefficient inversion which exists in the term structure. The behaviourÃŽ ² is introduced by the behavioural asset pricing model (BAPM), when the noise traders are included in the model, the behaviourÃŽ ² represents a lower risk than the traditionalÃŽ ². The BAPM research a series of issues such as risk premium, the term structure, and option prices in the situation of existing noise traders. The BAPM not only considers the performance characteristics of value, but also includes the characteristics of utility, therefore, on the one hand it has to accept the market efficiency when considering the unbeatable market, on the other hand it must reject the market efficiency when consider the irrational behaviours. This contradiction lead the finance to further research. 2.3 Behavioral Portfolio Theory The behavioural portfolio theory (BPT) is introduced by Shefrin and Statman (2000) and it is based on the SP/A theory (Lopes, 1987) and Safety-First Portfolio theory (Roy, 1952). Roy’s (1952) safety-first theory and Markowitz’s (1952a) mean-variance portfolio theory are introduced at the same year, however their opinion are different to the Friedman-Savage puzzle. The former theory is consistent with the puzzle while the latter one is not. SP/A theory is a psychological theory and it has been a choice framework. Security, potential and aspiration are the meaning of letters SP/A and they also reflect investors’ choice under uncertainty. The efficient frontier of BPT is different from the mean-variance efficient frontier, and the optimal portfolios of BPT and CAPM are not the same. BPT investors think about the expected wealth when they select portfolios. On the one hand, they want portfolios to be security, on the other hand they potentially want to reach aspiration levels. So BPT investors combine bonds and lottery tickets together. The BPT is classified into two versions, a single mental account version (BPT-SA) and a multiple mental account version (BPT-MA). Their differences are that BPT-SA investors use a single mental account to manage their portfolios while BPT-MA investors use several mental accounts to integrate their portfolios. So BPT investors are the same as investors in the Friedman-Savage puzzle, they both present risk averse and risk seeking. They buy risk-free investments for the low aspiration mental account and buy speculative bonds for the high aspiration mental account. BPT-SA investors treat the portfolio as a whole like mean-variance investors, and they also take covariances into consideration. So the framework of choosing portfolio are similar between BPT-SA and mean-variance theory, the difference is that their efficient portfolios are not the same. Portfolios in the BPT-MA is like layered pyramids, and every layer has its own aspiration level. The bottom layer is designed to protect investors from poverty and the top layer let investors have a chance becoming rich. BPT-MA investors are quite different from BPT-SA investors, they ignore covariances and treat portfolios separately in to different mental accounts. Because BPT-MA investors ignore covariance between layers, there is a risk that they may put the same security but with different positions into different layers. The similar evidence is provided by Jorion (1994), he finds that when investors invest globally, they put securities and currencies into different layers of the pyramid, while he thinks the overlay structure is not so useful, because it overlooks covariances between securities and currencies and it leads to 40 basis points loss of efficiency. Some Models 3.1 DSSW Model Behaviour finance is based on two theories, which is limits of arbitrage and investor sentiment. According to the tradition finance, arbitrage plays a key role in achieving the market efficiency. Its basic point is that even irrational investors exist in the market and let prices deviate their value, rational investors would eliminate their influence to prices, and finally prices and the value are consistent. However, behaviour finance thinks arbitrage is not unlimited, one of the reason is that arbitrageurs are risk averse and have resonably short horizons, its posibility to be dominant is small. For example, when arbitrageurs sell assets short, they first must know noise traders are bullish and they must be bullish in the future, And then noise traders would buy back the stock. While it is hard to predict noise traders thought, so arbitrageurs have to bear the risk and this would limit their willingness to take position against noise traders. The model consists of noise traders and sophisticated investors. There are some investors not following economists’ advice to invest, and they only trust their own research. So Black (1986) called these investors who have no private information and irrationally act â€Å"noise traders†. Noise traders obtain lots of information which comes from technical analysts, economic consultants and stockbrokers and they falsely believe this information is useful to predict the future price of risky asset. So noise traders choose portfolios according to such incorrect beliefs Alpert and Raiffa (1982). On the contrary, sophisticated traders make use of noise traders’ irrational misperceptions. They buy stocks when noise traders depress prices, while they sell stocks when noise traders think prices would be bullish. According to the risk of noise traders, the model can explain some financial market anomalies. These anomalies are the excess volatility of and mean reversion in stock market price, the Mehra-Prescott equity premium, the closed-end fund puzzles and some other anomalies. However, there is a drawback existing in the model, which is that it can not explain how investors make decisions. The assumption is that investors base on the behaviour portfolio theory to choose their portfolios, according to the different layers, they make different investment choices even for same assets. 3.2 BSV Model A huge amount of empirical evidence have shown two kinds of pervasive phenomenon, which are underreaction and overreaction of stock prices. Underreaction means that investors predict higher average return than the actual average return when good news are announced. in other words, the stock underreacts to the good news. if the average return comes from a series of announcements of good news and it is lower when compared with the average return coming from a series of bad news announcements, it is defined as overreaction (Barberis, Shleffer, and Vishny, 1998). BSV model is introduced by Barberis, Shleffer, and Vishny (1998). Investors often present two phenomena, which is conservatism and representativeness heuristic. Conservatism can be defined that people often react slowly when people encounter new evidence (Edwards, 1968). When investors face evidence which has high weigh but low strength, they do not care much about the low strenngh and react moderately to the evidence. While if the evidence has high strength but low weight, they overreact it like representativeness. Representativeness heuristic is the second important psychological phenomenon (Tversky and Kahneman, 1974). It means that investors focus on recent patterns in the data while give little weight to the properties of the population which generates the data (Fama, 1998). In the situation of representativeness heuristic, if a company performs well in the past and has a high growth, investor would ignore the truth that this well perform would hardly repeat itself. The result would be that they overestimate the value of the company and be disappointed when the expected growth does not come true. The BSV model bases on the two phenomena, and explain how investors decision-making model leads to the market price deviating the efficient market. The model also deals with the problem why arbitrage is limited, the reason it that investors’ sentiment are hard to forcast. The more extreme of investorsà ¢â‚¬â„¢ sentiment, the more further of price away from the actual value. It is known that earnings are a random walk, while investors falsely classify them into two earnings regimes. They underreact or overreact to a change in earnings, these lead to short-term momentum in stock returns and long-term reversal. The BSV model perform well on the anomalies it was designed to explain, while the forcast of long-term return reversal is not so good. 3.3 DHS Model Daniel et al. (1998) also provide a model which includes investor sentiment to deal with the situation of overreaction and underreaction. They try to use psychological theory to support their framework and classify investors’ sentiment into overconfidence and biased self-attribution. Overconfidence is defined that investors often overestimate their forecast ability when they have more significant information than others, so they often overlook their prediction errors. Biased self-attribution is investors feel confident when they find public information is the same as their information, but the confidence would not decrease proportionately when public information is opposite to their private information. According to the DHS model, it has been known that investors overreact to private information, while on the contrary investors underreact to public information signals. When public information signals eliminate behaviour bias, this would lead to short-term momentum of stock returns while long-run reversal. The model can reconcile this situation, it transfers the wealth from imperfect rational traders (e.g. noise traders) to rational traders and then price setting is dominated by rational traders. While even in this situation, rational traders could not be predominance in the long term. De Long et al. (1991) state that noise traders are risk averse and they prefer investing more money to risky, high expected return assets, if they overconfident about the true information signals, they would obtain more profits than those rrational investors. The forcasts of DHS are similar with BSV, they share the same empirical successes and failures. And this comment can also apply to Hong and Stein (1997). 3.4 HS Model The model is provided by Hong and Stein (1999) in 1999, it also called the unified behaviour model. The model is different from BSV model and DHS model, it classifies agents into newswatchers and momentum traders. Each of them are restricted rational. Newswatchers making investment dicisions base on private information signals of movement of future values. Their drawback is that they do not use the current or past prices to choose portfolios. While on the contrary, momentum traders mainly base on the movement of past prices changes to invest. However, they also have limitations, which their forecasts should be â€Å"simple† function of the history of past prices. In this model, there is one more assumption, which is private information would spread slowly in the newswatcher group. The underreaction and overreaction are based on the private information spread slowly across the newswatcher population. As first, newswatchers underreact to the private information, then momentum tr aders try to make use of it to arbitrage, while it leads to overreaction. Anomalies 4.1 Closed-end fund puzzle There are some anomalies existing in the financial market, one of them is closed-end fund puzzle. The definition of it is that: â€Å"The closed-end fund puzzle is the empirical finding that closed-end fun shares typically sell at prices not equal to the per share market value of assets the fund holds† (Shleifer and Thaler, 1992, p. 75). The puzzle is that closed-end funds are sold with 10 percent premium at first, while after around 120 days, the premium of 10 percent moves to a discount of over 10 percent (Weiss, 1989). And then discounts fluctuate over the period of funds, they would narrow and then disappear until the closed-end funds terminate. This proposition has been researched in the past, they pointed out that the value of securities maybe overstate when compared with their true value of the assets. And they provided three explainations, which are agency costs, tax liabilities and illiquidity of assets. Generally speaking, agency costs are constant, it cannot let prices fluctuate. Moreover, it even cannot explain why rational invettors buy funds at a premium initially and finally sell them at a discount. Restricted stock and block discount hypotheses are two versions of asset illiquidity, they explain the reason to sell stocks at a discount, that is, trading fees are expensive. The tax liabilities’ explaination is that the gain tax has included in the funds, so discounts happen. while these three standard explanations cannot explain the puzzle together or separately. Another explaination is provided by De long, Shleifer, Summers and Waldmann (1990) (DSSW). They develop DSSW model to explain rational investors and noise traders interact in financial markets, and the key point is that noise traders’ sentiment are unpredictable. So the noise traders’ sentiment influence the demand of closed-end fund shares and then influence the changes in discounts. The model makes two hypotheses, they assume rational investors are short horizons, they focus on the interim resale of prices rather than the present values of dividends. The other assumption is that noise traders’ sentiment is stochastic and hard to predicted by rational investors. If investors are optimistic about the return of funds, funds will be sold at premia or only a little discounts. While if noise traders are pessimistic, it will result of a large discounts. There are two kinds of risk when investors hold closed-end funds, which are the risk of holding the fund’s portfolio and the risk of noise traders’ sentiment causing prices changes. If noise traders become continuously pessimistic about closed-end funds, this risk would be systematic. And then its influence will not be restricted in the closed-end funds. According to this aituation, it is easy to find that holding the fund is risker than holding its portfolio, and then prices of closed-end funds wou ld be lower than their true value. There is a fact that closed-end funds are mainly traded by individual investors. And individual investors also invest small stocks. According to the empirical evidence which researched by Shleifer and Thaler (1992), it shows that the performance of small stocks also influence the changes of discounts. If the small stocks do well, the discounts of closed-end funds would be narrow. 4.2 the equity premium puzzle When researchers observed the economy of the United States during 1889 to 1979, they found that the annual return of stocks was seven percent, however, the return of treasury bills was less than 1 percent after 1926. Mehra and Prescott (1985) stated that this huge gap causes from the huge difference of risk aversion. They explained the high equity premium with having excess of 30 risk aversion. While the actual figure observed is only close to 1. so it is a problem that why is the equity premium so large. Benartzi and Thaler (1995) gived two concepts which comes from the psychology of decision-making. The first one is loss aversion, and the other one is mental accounting. Loss aversion is similar with the Kahneman and Tversky’s (1979) descriptive theory. It becomes more sensitive to loss money rather than increase wealth. It is also opposite to the expected utility theory. Mental accounting is defined that â€Å"mental accounting refers to the implicit methods individuals use to code and evaluate financial outcomes: transactions, investments, gambles, etc† (Benartzi and Thaler, 1995, p.74). Investors are loss aversion, so if they invest stocks, they would care about the security of portfolios. While stock prices are fluctuated, frequent performance evaluation would make investors feel loss. So stocks are less attracted by investors. Only when the return of stocks keeps a high level, investors would replace bonds with stocks. Barberis, Huang and Santos (2001) explain this puzzle in another aspect and they introduce a model. The model not only bases on the onsumption but also bases on fluctuations of investors’ loss averse. As it is known to all, investors are sensitive to their decrease of wealth rather than to increase. And The changes of loss aversion depends on investors’ prior investment performance. If investors are profit in the prior period, they would become less loss averse. While if the loss is over the profit, or there existing loss in the prior period, investors would become more loss averse. According to this situation ,it needs a large premium to let investors hold stocks. However, the conclusion is made under some conditions. Firstly, researchers only use a single risky asset to do research for the sake of simplicity. So in the real economy which has lots of risky assets, it is not easy to identify what investors are loss averse about. Another one is that it is not clear to what range the preferences can interpret financial data and risky gambles. Conclusion The behaviour finance as a Marginal subject has been developed quickly during the recent years. It combines the finance, psychology, sociology and anthropology to explain finance. According to the empirical research of the finance market, some anomalies cannot be explained by the traditional finance. While the behaviour finance use a unique aspect to systematically explain these anomalies, such as Closed-end fund puzzle and the equity premium puzzle. compared with the traditional finance, the behaviour finance does not have a complete systematic theory. However, the prospect theory (Kahneman and Tversky, 1979), the behavioural capital asset pricing theory (Shefrin and Statman, 1994) and the behavioral portfolio theory (Shefrin and Statman, 2000) constitute the fundamental systematic behaviour finance theory. They introduce an evidence that investors not always perform as rational traders, there are a part of traders perform irrrationally. Traders do not obey the expected utility theo ry. Then talking about the prices setting, the original CAPM model which is used to set prices of asset is not appropriate, noise traders often commit cognitive errors and their actions would influence the price setting. So the BAPM model which includes the investors influence can make prices more real. The main point of BPT theory is that investors choose portfolios basing their different layers of needs. The bottom layer is designed to protect investors from poverty and the top layer let investors have a chance becoming rich. In order to explain anomalies, some models have been introduced. For example, DSSW, BSV, DHS and HS models. They investigate the influence of investors’ sentiment from two aspects, which are limits of arbitrage and investor sentiment. However, the behaviour finance has its inherent drawbacks. As Fama (1998) states that even the behaviour finance can explain some anomolies existing in the capital market, it does not mean market efficiency should be abandoned. The data shows that the frequency of overreaction of stock prices is the same as underreaction, so it can be seen that anomalies are chance results in the market efficiency hypothesis. Moreover, anomalies existing in the long-term return are fragile, they tend to be a reasonable changes. Behaviour finance is the sum of anomolies which EMH and CAPM cannot explain, And it does not have its own independent evidence. So the development of behaviour finance needs further research. Reference Shiller, R. J. 2003. 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