The Virtuous Character of Desdemona Free Essays

Excellence is entirely subjective, as is righteousness. Such is the situation of the righteousness of the character Desdemona, from the play The Tragedy of Othello, by William Shakespeare. Desdemona was appeared as a low good, ideals less female in the article The Character of Desdemona by John Quincy Adams. We will compose a custom paper test on The Virtuous Character of Desdemona or on the other hand any comparable point just for you Request Now As opposed to this, the cutting edge peruser can see that Shakespeare really demonstrated her to be a righteous and adoring individual, whose own guiltlessness lead to her end. Is Desdemona an idealistic character? Is there any individual who can be so generous? Shakespeare is mindful so as to give her a couple of minor imperfections her treatment of Brabantio, her difficult steadiness about Cassio, her lie about the tissue to make her sensible. In any case, the general character of Desdemona is of high height, it is her very honesty that makes her a casualty of situation. As a youthful Venetian lady, Desdemona has carried on with a shielded life in her father’s home. This shielding gave her a natural energy for all the things that she was denied. She was denied everything that a cutting edge ladies would be permitted to do, remembering the option to succumb to cherish with somebody liberated from societal position, age or race. She at that point begins to look all starry eyed, most likely just because, with a man quite a while more seasoned than herself, from a faraway land, and of an alternate race. She is spellbound by the man’s stories and wishes she were a man so she may likewise have an energizing life, the very life she was precluded on the grounds that from claiming her being a ladies. Realizing that her dad would object to her union with such a man, she steals away with Othello. Desdemona is depicted as a stunning, brave, delicate lady, profoundly infatuated with her better half. Be that as it may, she is certainly not an ideal character yet her ethics, and her temperances are still there. In the play Desdemona says to her dad Brabantio, â€Å"(I,iii;180) My honorable dad, I do see here an isolated obligation: To you I am destined forever and training; My life and instruction both do learn me How to regard you; you are the ruler of duty†. Regardless of what the conditions might be, she respected constantly her dad. Despite the fact that still she needed to follow her heart. Her sweetheart Othello says of her, â€Å"She gave me for my torments a universe of sighs† (I,iii;168) However one individual in time may see an occasion or character, someone else in some other time can see the equivalent to be of totally various implications. John Quincy Adams says that Desdemona needs temperances and everything she does is prompt her dad distress to his withering bed. He says that â€Å"the enthusiasm of Desdemona for Othello is unnatural, exclusively and only in view of his shading. † Which whenever took a gander at by today†s principles would hold of no centrality what the people skin shading is. Second he says that her elopement to him, and mystery marriage with him, show an individual character insufficient in delicacy, however absolutely paying little mind to obedient obligation, of female unobtrusiveness, and of open disgrace. Third he states, â€Å"her lack in delicacy is noticeable in her lead and talk all through the play. † Altogether he feels that she has never really wrong when she fled for her affection, and that she has low ethics and no excellencies since she has wronged her dad. Rather than what John Quincy Adams said of the character of Desdemona, confirmation from the play itself states in any case. â€Å"If righteousness no enchanted excellence come up short on, Your child in-law is unmistakably more reasonable than black†, John Quincy Adams utilizes that statement to outline how the skin shading relationship had demonstrated Desdemona to be of low ethics, and that she had submitted an unnatural thing. When as observed by today†s measures it is entirely OK for two individuals of various races, ages, genders, nationality and religions to be infatuated and to marry. Another statement from the play utilized by John Q. Adams is, â€Å"With the Moor, say’st thou? â€Who would be a dad? † that statement assists with showing how the dad was harmed by the activities of his little girl. When in truth Desdemona intended no damage to her dad, she basically needed to do what†s directly as is said by Iago, â€Å"She that was ever reasonable and never pleased, Had tongue voluntarily but was never loud†¦ (II,i;158). Additionally appeared to us by Desdemona herself is the means by which she felt towards her dad from the start, again refuting the depiction of her by John Q. Adams, â€Å"(I,iii;180) My honorable dad, I do see here a separated obligation: To you I am destined forever and training; My life and instruction both do learn me How to regard you; you are the master of duty†. Desdemona was cherished by many, including Othello, and which is all well and good, â€Å"But that I love the delicate Desdemona† (I,ii;24). Indeed, even John Q. Adams is cited saying himself in his exposition, â€Å"Desdemona, †¦ is affable and lovely,† towards the highest point of his last section. Indeed, even he at long last admitted to the way that Desdemona’s character is affable, beautiful, righteous, and still holds its ethics. Numerous individuals from isolated timespans can take a gander at Desdemona in various manners. The advanced peruser will apply the cutting edge parts of life to the story and take a gander at it from that viewpoint, while somebody like John Quincy Adams takes a gander at it from the vision of the timeframe he lived in. The most effective method to refer to The Virtuous Character of Desdemona, Papers

Papas Legacy free essay sample

Life is a valuable blessing; mine has been honored by my folks, relatives, and dear companions whose life model and impact have molded my qualities and advanced my life. In any case, it is my maternal grandfather’s model and impact that is highest in my psyche and heart. Three years back my Grandpa, or â€Å"Papa† as we call him, started his long, distressing fight with malignancy. My family and I were in every case truly near him and saw him essentially regular, so it was hard for us when we were educated that he had malignant growth. After he was analyzed, Papa and Nanny, my grandma, chose to move in with us and manufacture onto our home. Seeing him and investing energy with him consistently was awesome, however as we perceived how the sickness and its treatment attacked his body, the time we imparted to them got mixed. The days when he died were probably the most testing days of my life. We will compose a custom paper test on Dads Legacy or on the other hand any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Dad was one of my preferred individuals. I could actually reveal to him anything. Truly and genuinely he was consistently there for me. I adored, regarded, and respected him; he showed me so much life and how to live it. He was my saint. Since he was not one to gloat about his achievements and accomplishments, I truly wasn’t mindful he was perceived as a legend by the Air Force. He was granted the Airman’s Medal, which is the most noteworthy decoration given by the Air Force for valor out of battle. The going with reference peruses: Airman First Class William A. Hand separated himself by bravery including intentional danger of life at Titan II Missile Complex 373-4, Little Rock Air Force Base, Arkansas, on 9 August 1965. On that date, Airman Hand went into a region where fire had caught 53 men, trying to protect any survivors. In spite of perceivability of short of what one foot in smoke and poisonous vapor and the threat of further blast and fire, Airman Hand continued in his endeavors to look out survivors until it was demonstrated that there were none, indicating exceptional authority and a total dismissal for his own wellbeing while at the same time making these attempts†¦ This is an ideal outline of how Papa carried on with his life, doing everything he could to serve others paying little mind to how it influenced him. In spite of the fact that I didn't hear this story from him actually, I took in numerous things from Papa’s activities at the Missile Complex. I presently take a gander at the master plan more than I did before Papa passed on. In that appalling mishap at the Missile Complex, the â€Å"big picture† could have influenced a lot more lives. His unprecedented demonstrations of benevolence have inspired me to be everything I can be for myself just as others. I am currently increasingly mindful that all that I do in life influences others somehow or another. Disregarding the extreme person picture Papa jumped at the chance to depict to different grown-ups, with messes with it was an entirely unexpected story. He became like a grandpa to each child he met, particularly the children who rode the unique needs transport he drove for the Cheney School District. To them, he was â€Å"Papa Bill† or â€Å"Mr. Bill† and he generally had a high-five for each understudy who jumped on and off his transport. Dad tuned in to them, he was delicate to their requirements, and approached them with deference. By his model with individuals everything being equal, I discovered that a bit of caring goes far and it’s not what’s outwardly that matters; it’s what’s within that issues. Watching Papa work was an encounter. In any event, when he worked at home, he generally needed to ensure everything was composed, prepared, and done effectively without avoiding any means. While Papa was in the Air Force, there was nothing of the sort as a multi day, forty-hour week. He buckled d own until the activity was finished and invested heavily in each and every undertaking he attempted. Perhaps Papa is the explanation I take a stab at flawlessness. Like him, I like to have a set arrangement for any assignment in which I’m included and I need it to be done effectively without compromising. Papa’s hard working attitude encouraged me about persistence and offering 100% to each attempt so as to accomplish my objectives. In each activity he held, Papa was a cooperative person. From the get-go in my adolescence, he helped show me the estimation of cooperation and urged me to be simply as well as could be expected be and my partners. As a relative, understudy competitor, and representative, I endeavor to be a contributing individual from the group. Daddy instructed me that everyone is significant; in any event, when one individual exceeds expectations, it is the collaboration that empowers that individual to sparkle. I have additionally discovered that the ca pacity to work with assorted gatherings of individuals is a benefit in each everyday issue. I miss Papa and feel his misfortune profoundly. Life is a valuable blessing; I never acknowledged how valuable it is or how rapidly it can end until Papa passed on. There isn't a day that passes by when I don’t consider him. I am so appreciative he was my Grandfather and had such a functioning influence in my life. Some of the time I wish he was still here to offer me guidance, give me enthusiastic help, or just to give me an embrace and state â€Å"I love you.† I decide to respect him and myself by striving to accomplish my objectives, via sufficiently caring to be a cooperative person, and by having an unselfish way to deal with life. That is Papa’s heritage.

Organisations for information technology professionals

Official Summary:Whether we like it or non we are completely affected by marking, from the attire we wear to what we eat, push and devour. Despite the fact that we know about corporate vilification and selling, individual defamation is where you focus on the achievements and qualities that make you stand apart from the rest of your equivalents. In his book â€Å" 7 Habits of incredibly solid individuals † , Stephen R Covey utilizes an amazing visual picture working out, where perusers are approached to envision themselves at the memorial service of a companion simply to distinguish that it is their ain burial service. He gets some information about what they would want their family unit, companions, colleagues and network to state about them at their memorial service ( Covey, 1999 ) . I accept that by focusing on the properties found through this practicing I will hold a more prominent worry of my ain individual exchange name what's more recognize the qualities at the core of my ain sense of self. In my task I have checked on writing and articles to put the stairss which could be followed to better close to home defamation and have so applied these to my ain individual spot. I other than coursed a poll to gauge awareness of exchange names and to quantify my equivalent ‘s perceptual experience of the exchange name â€Å" Paul Delaney † . By focusing on the perceptual encounters of others, I will put any premises I have about my ain individual exchange name and help happen nations requiring advancement. As an executive taking a crew of nine representatives, I should build up an alternate achievement set to achieve achievement. This task will help to put achievements, individual properties and highlights that can be created to increase my notoriety and remaining among my equals.Table of ContentssIntroduction 1 What is close to home criticism? 1 What is Brand Equity? 2 What are the 4 kinds of capital and how would they partner to me? 3 How might I better my ain individual exchange name? 5 Make a Personal Brand Statement 5 Make a Personal Mission Statement 5 Update my sketch 6 Utilize the â€Å" 5 twelvemonth sketch † method 6 Join organizations for Information Technology experts 10 Build up my trap of contacts 10 Proceed with Charity Work 11 Pick a suitable Leadership Style 12 Build up the 7 wonts of very strong individuals 14 Individual Branding Survey 17 Presentation 17 Section 1 †Brand Recognition 18 Section 2 †Brand Reputation 19 Section 3 †Appraisal of exchange name â€Å" Paul Delaney † 20 Choice 26 List of sources 31 Index 1: Survey on Personal Branding and perceptual encounters of the essayist 32 Index 2: My Current Resume 43 Index 3: My 5 Year Resume 45 Index 4: Agenda for the coming hebdomad 47IntroductionWhat is close to home stigmatization?Ad and selling importantly affects our own picks from the array we wear to the supplement that we expend. We are constantly having messages from advertizements to convey us to buy their product over that of an adversary. To make this, selling organizations endeavor to tie in their exchange name with the qualities which they accept their customer base is keen on ( for example doing a product all the more earth well disposed and so forth ) . Individual derision is a little unique in that you are the product being publicized. In any case, it has numerous likenesses to corporate trashing †you need to be related with the qualities that you accept do your exchange name particular ( for example solid systematic achievements and so forth ) . Orchestrating to William Arruda, individual vilification is â€Å" cognizing what ‘s solid to you, recognizing from your equivalents and important and obliging to your imprint crowd, and using that to make your closures † ( Martin, 2009 ) . By focusing on what separates you from your equivalents, you can better your exchange name equity.What is Brand Equity?In his article â€Å" Developing your Personal Brand Equity † , Alan Vitberg ( Vitberg, 2010 ) said that individual exchange name value comprises of ; The elusive worth people have in footings of capacity to follow up on others by utilizing their experience, expertness and notoriety. The connections they have manufactured and kept up. The touchable worth they acquire footings of part to their boss. To better your own exchange name, Vitberg suggests that every individual ought to get somewhere around answering one request â€Å" What makes you extraordinary and for what reason should individuals care? † and use this to build an individual exchange name statement.What are the 4 kinds of capital and how would they partner to me?In her book â€Å" Pierre Bordieu and Cultural Theory † , Bridget Fowler alludes to 4 sorts of capital ( Fowler, 1997 ) ;Social CapitalSocial capital identifies with the entirety of impact and the figure of connections I have inside the snare of individuals I know either socially or expertly. The recommendation is that by expanding the figure of individuals in my web that I can trust on them to back up me in the midst of issue ( for example for example, helping to happen me an occupation in the event that I am made repetitive ) . In twist, I can use my web to back up others from my web ( for example I discovered occupation chances for my sibli ng when he was made repetitive ) . To expand my web, I have joined the online expert web â€Å" LinkedIn † . I currently have more than 50 associations with different experts with whom I have come into contact. I have other than joined the famous cultural systems administration â€Å" Facebook † to build my cultural web.Symbolic CapitalSymbolic capital identifies with the evaluation of notoriety and respect that I have inside my expert and individual life. Respondents in the examination finished as part of this task evaluated me very in footings of honestness and trustiness. This is extremely positive affirmation from my equivalents and one that I am extremely pleased to distinguish. The second regularly distinguished property that respondents gave in the examination was that I was solid and trustworthy. Once more, this is certain in that it very well may be contended that holding a notoriety for being solid and reliable results in higher representative capital.Cultural CapitalCultural capital is difficult to mensurate, in spite of the fact that I have made progress in the nation of instructive makings. I was granted a first classification respect in my undergrad grade which recognizes me from the others in my twelvemonth as only a sprinkling of alumnuss accomplished this level of making. Furthermore, in take separating in the MSc in Business Management in NUI Maynooth I am separating myself from my equivalents in that solitary 3 of different executives in EBS IT have accomplished/are looking to achieve a Masters certificate making.Economic CapitalThis feature of Bourdieu ‘s hypothesis identifies with responsibility for, partitions and all things considered any financial wagess. I do non have any stocks or segments, however late purchased my ain spot. I other than have a figure of humble investings.How would i be able to better my ain individual exchange name?Make a Personal Brand StatementBased on an article by Alan Vitberg ( Vitberg, 2010 ) , I have made an individual exchange name articulation. Having an individual exchange name explanation will help me to focus on the properties and highlights that characterize how I need to be seen. â€Å" I am a tenacious and trusty endeavor executive with a notoriety for going to thing and holding solid employment work excursion achievements. I have in excess of 5 mature ages involvement with taking a crew of IT experts from numerous subjects, in introducing fruitful endeavors for a monetary administrations organization on cut and inside financial plan † .Make a Personal Mission StatementIn his book â€Å" 7 Habits of Highly Effective Peoples † ( Covey, 1999 ) , Covey proposes that should focus on what you need to be ( character ) and to make ( parts and achievements ) and on the qualities or rule whereupon being and making are based. I have other than drawn from the investigation in Appendix 1, to recognize the properties and achievements which I connected with to help develop this statement of purpose. By all the time rethinking this statement of purpose, I trust that it will help me to keep up concentrated on the character and qualities that I esteem to be of import. I need to be fruitful at place chief, so in my calling, I need to be known for being straightforward and reliable, I need to be known as a fair and understanding foreman who can impel workers, I need to be known for introducing excellent endeavors †on cut and inside spending plan, I need to be viewed as even more a daring person, I need to be additionally cordial and run into more people.Update my sketchLike numerous individuals, it has been some clasp since I have refreshed my sketch. Frankly, the last clasp I refreshed my sketch was in 1998 when searching for my momentum occupation. I will make my ain sketch ( allude to Appendix 2 ) with a point of convergence on what I have accomplished in my calling.Use the â€Å" 5 twelvemonth sketch † techniqueI have followed the â€Å" 5 twelvemonth sketch † stairss as illustrated in an article by Dennis and Ruth Laker in the Journal of Management Education ( Laker and Laker, 2007 ) . In this article they propose that mapping out where you are currently against where you need to be in 5 mature ages will prevent calling driving force. As cited in Laker and A ; Laker, Jack Welsh, CEO of General Electric said â€Å" Manage your destiny, or individual else will † . I accept this quote implies that every one of us ought to be proactive and pull off our ain calling to ensure we accomplish what we need to achieve, be this exposure, work life equalization or self betterment.Measure 1 †Make a Current SketchThis measure is finished ; charm notice to Appendix 2 †My Current Resume.Measure 2 †Make a Resume for 5 mature ages in the hereafterIn this measure I concentrated on what I would wish my sketch to look like in 5 mature ages cut

The College Research Paper Services Chronicles

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Relationship Between Klse Composite Index As Dependent Variables - Free Essay Example

Sample details Pages: 23 Words: 6754 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Capital market is a financial market which is for long term investment funds with the maturities greater than one year. In USA, capital market was controlled by security exchange and it was established in 1934. While in Malaysia, Bank Negara Malaysia (BNM) capital market has been developed since 1980s. Don’t waste time! Our writers will create an original "Relationship Between Klse Composite Index As Dependent Variables" essay for you Create order It is a market where securities such as common stock, preferred stock and bonds are issued or traded. Companies, government and other organizations use capital market in order to raise funds for their operations. In other words, capital market helps organizations or institutions whether in public and private sector to gain capital. Besides that, capital market also traded an investment funds like debt, equity and mortgage loan. The central bank, Bank Negara Malaysia (BNM) also played a very important role in develop and care of this market. Kuala Lumpur Stock Exchange or more popular known as KLSE is the only one stock market in this country. All the listed securities in Malaysia are done by KLSE since the KLSE is a self-regulatory. Based on this study, KLSE Composite Index are represented by the stock market, money supply represented by M3, consumer price index represented the inflation rates and exchange rates represented by the Malaysian Ringgit (RM) against the US Dollar. In K LSE it has their own rules where buyers and sellers trade their transaction with each other. Since KLSE was established, there were ups and down movement of KLSE causes by many variables. To measure the performance of stock market, stock index is used. Besides, it can be used by all investors as a benchmark for them to evaluate the performance of holding shares. KLSE Composite Index is comprised of 100 companies listed on the exchange. The movement of stock prices can be triggered by the movement in financial sector in particular, that is the money supply. From this situation, there might be a relationship between KLSE Composite Index with money supply. A negative relationship between stock market and inflation in India and by previous study that also comes out with the same result might support the relationship between KLSE Composite Index with inflation rates. The motivation of this study is to find out whether there is a relationship between KLSE Composite Index with the level of money supply, inflation rates and exchange rates. Thus, if the Malaysian economic are facing with inflation, the stock price will be low and vice versa. 1.2 BACKGROUND OF THE STUDY Kuala Lumpur Stock Exchange (KLSE) is a formal stock market and it is widely constructed such as the composite index, EMAS index, and the various sector indices of tin, plantation, hotel, services, automobile, industrial and properties. KLSE is a self-regulatory organization and has emerged as one of the top performing bourses in developing countries in 1992. Based on the previous study, stock index is used to measure the performance of all stock market. KLSE calculate the index for each main sector traded however, mostly it will use the KLSE Composite Index because it will comprise the stocks traded on the KLSE. Since it is the only stock market in Malaysia, the monitoring and supervising do by Minister of Finance (MOF) and by Securities Commission (SC). KLSE Composite Index has been introduced on 1986 where one stock index was needed which can act to stock market performance and Malaysia economy. All the data that has been calculated electronically by KLSE can be taken by b rokers companies and other customers at any time since the index is base on minute to minute. KLSE are really a well known stock market in the world. In 1970s and 1980s, KLSE had major development until it had become one of the largest market capitalization bourses in South-East Asia. However, when Singapore out from Malaysia in 1965, the Stock Exchange of Malaysia then, known as the Stock Exchange of Malaysia and Singapore. In spite of, in 1973 when the currency exchange between Malaysia and Singapore drop, again it changes the name and become Kuala Lumpur Stock Exchange and Stock Exchange of Singapore. In 2004, KLSE has changed it name and now it is known as Bursa Malaysia Berhad. This Bursa Malaysia focused to improve the products and services that they conduct. While in year 2005, Bursa Malaysia was listed on the Main Board of Bursa Malaysia Security Berhad. While in KLSE Composite Index, it has been accepted as a local stock market barometer when it was introduced i n 1986. From the investor side, the major factors that determine the stock market are the climate of economic. This study investigates the impact of inflation rates, exchange rates and money supply towards stock market. Based on the previous study, there are several researches that have been handled to investigate this dependent variable and independent variables. 1.3 PROBLEM STATEMENT This study is to analyze whether there are significant relationship between KLSE Composite Index as a dependent variables with the money supply (M3), inflation rate and exchange rate as an independent variables. Malaysia stock market performance nowadays has staged at an encouraging recovery and gain in selected blue chips and this can be proved when in 2007, Malaysias economy placed the third largest economy in Southeast Asia. Malaysian stock market is able to provide profitability investment since strong domestic spending give benefit sector trading in Kuala Lumpur Stock Exchange (KLSE). The movement of KLSE Composite Index Inflation depends on many economic factors. For this study, researcher tries to figure out whether the economic factors could affect the performance of KLSE Composite Index. The economic factors for this study refer to money supply, inflation rates and exchange rates. Researcher also tries to figure out, whether the economic factors could be major elemen ts of stock investments. Inflation is happen when a country has printed too much money which will increase the rate of consumer price and also will affect the cost of living. Good news for inflation is, the last report of inflation rate in Malaysia is about only two percent which is in November 2010. There was a negative relationship between inflation rate and stock price. This is because during inflation, cost of living and cost of production will increase and investor will not invest as before inflation happen. Exchange rate refers as a payment or change for person that want to do exchange in currency from one country to currency of other country. While for the study in relationship with exchange rate, it also showed a negative relationship. When there is an increment in level of currency, the charges for each exchange also will be affected. This means they have to change the currency in a large amount and it might affect their money. Therefore, the rational of doing this re search is to find out, whether KLSE Composite Index are linked to economic condition in level of money supply, inflation rate and exchange rate? 1.4 OBJECTIVES OF THE STUDY This study is to figure out the relationship, movement and performance of dependent variable and independent variables. It has divided into two types of objectives. The objectives of this study are: 1.4.1 GENERAL OBJECTIVES The major objective of this study is to identify the relationship between dependent variable (KLSE-CI) and independent variables which are money supply, inflation rates and exchange rates in order to know whether there is any positive or negative relationship. 1.4.2 SPECIFIC OBJECTIVES To determine the relationship between inflation rates and KLSE Composite Index To determine the relationship between exchange rates and KLSE Composite Index To identify whether changes in variables are significant in affecting the movement of KLSE Composite Index 1.4.3 NULL HYPOTHESES (H0) There is no significant relationship between KLSE Composite Index (dependent variables) with money supply, inflation rates and exchange rates (independent variables). 1.5 SCOPE OF THE STUDY This research paper is to examine the relationship between Kuala Lumpur Stock Exchange Composite Index with level of money supply (M3), inflation rates (CPI) and exchange rates (Ringgit against US Dollar). The data for this study are gathered a period for 60 months (5 years) from 2006 to 2010. As been stated, the multiple regression analysis is used to measure the relationship between dependent variable and independent variables with monthly basis issued by Bank Negara Malaysia (Central Bank of Malaysia). 1.6 LIMITATION OF THE STUDY There are some limitations in conducting this research. The limitations that have been highlighted are as follow: Limited variables chosen make it difficult to interpret the relationship of dependent variable and independent variables and it been conclude as not really efficient. The data collected are mostly from internet, journals, newspapers and economic reports. Unreliable collected data will lead to unreliable results. The data for this study is gathered for monthly collective data which taken from Bank Negara Malaysia. Only three independent variables (money supply, inflation rates and exchange rates) have been chosen since there are too many internal factors that can classify the relationship and can affect KLSE Composite Index. This study cover period for 60 months (5 years) 2005 to 2010, are considered quite a short period compare to other research. The finding might not be perfectly accurate. For this research, only one country is focused which is Malays ia in order to limit the scope of research. The limitation for this research can be more reliable if the data taken based on weekly basis. Since best research comes with accurate data from weekly or daily basis data. 1.7 SIGNIFICANCE OF THE STUDY This study provides some useful information about the relationship between KLSE Composite Index with levels of inflation rates, exchange rates and money supply. The significant of this study is to build better understanding for readers and useful information to investors in making good investment decision. In addition, this study provides two important aspects in Malaysia economy (exchange rates and inflation rates) which can help companies in Malaysia to make decisions to issue their shares during the period of good economic and during the economic when it face with high inflation. Studies examining the relationship between money supply, inflation rates and exchange rates under Malaysian experiences are very limited, and it is hope from the available findings from this study, it can be use as a direction or reference for further research. CHAPTER 2 2.1 LITERATURE REVIEW According to Ooi Beng Hooi (2011), entitled The Relationship between KLCI and Ringgit Malaysia against US Dollar, he would like to explain the relationship between stock price and currency exchange rate. Researcher had done his research in four years starting from July 2005 until July 2009. Last, he comes out with the conclusion that state that a significance and strong relationship are explained in both KLCI and Ringgit Malaysia against US Dollar. The results of this research are really useful and in can be us as references for future study. According to Noor Azlinna Azizan and Hasyaliny Sulong (2011), entitled The Preparation Towards Asean Exchange Link between Malaysia Stock Market and Asia Countries Macroeconomics Variables Interdependency, they investigated the interaction between stock prices and macroeconomic variables in Asia countries include Malaysia, Indonesia, Singapore, Thailand, India, China, South Korea, Japan and Taiwan to view the interdependency of our stock ma rket to other Asia countries macroeconomics variables. As a result, the researcher found out that only stock price and exchange rates have the most impact to our stock market. According to Oguzhan Aydamer (2009), with the topic of The Relationship Between Stock Prices and Exchange Rates Evidence From Turkey, he disclose the relationship between macroeconomics variables such as money supply, inflation rates, exchange rates, interest rates and stock price. This research is done for 8 years from February 2001 to January 2008 which focuses in one country that is Turkey. After all the research has been made, he then concludes that there is a negative relationship between exchange rates and all stock market indices. Besides, he also stated that other variables are also having negative relationship. According to Aisyah Abdul Rahman, Noor Zahirah Mohd Sidek and Fauziah Hanim Tafri (2009), a research on Macroeconomic Determinants of Malaysian Stock Market, are investigates the relation s between selected macroeconomic variables and stock prices for the case of Malaysia. In addition, this research highlights that Malaysian stock market has weak interaction with money supply, exchange rates and interest rates as compared to the industrial production index. Sara Alataqi and Shokoofeh Fazel (2008), with topic Can Money Supply Predict Stock Price said that, when they refer to other previous researcher, most of them come with the same result which a positive casual relationship between money supply and stock prices is frequently hypothesized by some financial analysis. While for both of these researchers, Sara Alataqi and Shokoofeh Fazel theier belive are against with that statement. From the research they have made, the results that they get are totally different with the previous study. They have proved the reason and all the calculated data in their research. As a result, they strongly explained that there is a negative relationship from money supply to stock pric e and also a negative relationship from interest rate to stock price. Paritosh Kumar (2008), Is Indian Stock Market Related with Exchange Rate and Inflation, said that short-term foreign assets are fully exposed to exchange risk and exchange rates movement might affect the domestic companies. He also strongly believes that, a relationship between exchange rates and stock prices do exists but it just does not rule out any relationship between them. The end result for this research is he admit that there is a significance relationship even though it shows a negative sign which means to a negative relationship. According to Shamail Arzu (2008), Relationship Between Exchange Rates and Stock Prices comes to the conclusion which changes immediately in currency can absolutely affect ups and down in the stock index. Besides, he found that fluctuation in currency rates and movement in stock exchange is negatively will affect imports and exports in a country as well. Koffie Nassar (2 005), Money Demand and Inflation said that by doing an analyzing data on the relationship between money supply, prices, inflation and income in Madagascar, it comes to the result which state that a negative correlation do exist and inflation expectations are largely determined by every past events. By controlling inflation in the short run, most of the broad money growth can be effective. It concludes that the variables are not strongly significance with the dependent variable. Ramin Cooper Maysami, Lee Chuin Howe and MohamadAtkin Hamzah (2004), Co-integration Evidence From Stock Exchange of Singapores All-S Stock Indices said that the objective of their research is to examine the relationship between selected macroeconomic variables with Singapore Exchange Stock Indices. The result highlighted that the majority of the macroeconomic variables includes broad money, exchange rates and other factors are much more seriously have strong casual relationship with Singapore Exchange Stoc k Indices. According to Chandran V.G.R and Norazman Shah Abd Rahman (2004), entitled Causality between Money Supply and Stock Prices: A Preliminary Investigation on Malaysian Stock Market, help the researchers in order to observed the relationship between money supply and stock prices. However, based on this study, researchers are using a simple bivariate Granger causality to test the Malaysian stock market. It shows that by predicting the changes in money supply, thus it may afford for better understanding in stock prices. Ming-Yu Cheng and Hui-Boon Tan (2002), entitled Inflation in Malaysia, sait that the objective of this study is to identify either it contribute to the significance relationship or not. Both researchers come to the same conclusion where based on the variables that they have been discussed, it still significance but it cannot be calssified as strong significance. According to Professor J.P.Gupta, Professor Alian Chevalier and Fran Sayekt (2000), entitled The Casuality between Interest Rate, Exchange Rate and Stock Price in Emerging Markets: The Case of the Jakarta Stock Exchange highlighted that stock market are very complex and it can be very sensitive to exchange rates and interest rates. Any movement in stock market will totally affect the economy. When interest rate and exchange rates are fluctuating, it will cause a bad effect. Other than that, they agreed that interest rate and stock prices are independent series for most of the time and it a same result found in exchange rates which have strong relationship with stock price. Both variables are significance relationship towards stock price. CHAPTER THREE RESEARCH METHODOLOGY To find the result on this research, there are certain methods that can be used in order to determine the information data of relationship between the given variables. In this study, to determine the relationship between dependent variables (KLSE Composite Index) with independent variables (Inflation Rates, Money Supply and Exchange Rates), an analysis named the Multiple Regression Analysis and Statistical Package of Social Science (SPSS) is applied in order to analyze data and enhance better understanding for the result. This study covers the period from 2005 to 2010. These methods are the most applicable because it will evaluate the relationship between the variables. SPSS is used to interpret a result in research while Multiple Regression Analysis is used to measure the linear association between dependent variable and independent variables 3.2 DATA SOURCES Most of the data for this study are come from the secondary data. The closing prices of KLSE Composite Index at the end of each period were gathered and the data were achieved from Quarterly closing prices KLSE Composite Index over the period 2005 to 2010. Data for the independent variables, which are money supply (M3), inflation rate (CPI) and exchange rate were achieved from Monthly Statistical Bulletin issued by Central Bank of Malaysia (Bank Negara Malaysia) from 2005 until 2010. 3.3 THE DATA Based on this study, all the relevant data are the secondary data. There are: KLSE COMPOSITE INDEX Kuala Lumpur Stock Exchange (KLSE), which now known as Bursa Malaysia Berhad is a place for traders to do trading. It contains many counters where each of the counters is for different companies. Besides, it is a self regulatory organization that administers the conduct of its members and also members of stock broking companies. The data for KLSE were gathered from KLSE Yahoo Finance. MONEY SUPPLY Money supply is a total supply of money circulation use in economy. There are several types of measurement in money supply which known as M1, M2 and M3. In this study, researcher focuses more on M3. M3 which refer to broad money are consists of foreign currency deposits, saving deposits, fixed deposits, negotiable certificate deposit (NIDS) and repurchase agreement (Repos). The foreign currency deposits refer to deposit of foreign currencies hold by commercial banks, merchant bank and non-bank Malaysian residents. In this research, the data were taken from Monthly Statistical Bulletin of Bank Negara Malaysia. INFLATION RATES In economics, the inflation rate is a measure of inflation. In this study, the data were obtained from Monthly Statistical Bulletin of Bank Negara Malaysia. EXCHANGE RATES Exchange rate or also known as foreign exchange rate shows the relationship of currency between one country with others. In this research, researcher focuses on Malaysian (MYR) currency with US currency (USD). Increase in Malaysia ringgit means a decrease in the cost of exchange of Malaysian currency with other currency. The data for exchange rate were taken from Monthly Statistical Bulletin of Bank Negara Malaysia. THEORETICAL FRAMEWORK In this study, KLSE Composite Index is chosen as dependent variable and money supply, inflation and exchange rates are classified as the independent variables. This means that the changes in KLSE Composite Index actually depend on the changes in money supply, inflation rates and exchange rates. The diagram of the relationship between both dependent variable and independent variables are being showed below: Money Supply Inflation Rates Kuala Lumpur Stock Exchange Composite Index (KLSE-CI) Exchange Rates Dependent Variable Independent Variable HYPOTHESES This study consists of Null Hypotheses (H0) and Alternative Hypotheses (H1). The hypotheses are as showed below: Hypotheses 1 H0: There is no relationship between money supply and KLSE Composite Index. H1: There is a relationship between money supply and KLSE Composite Index. Hypotheses 2 H0: There is no relationship between inflation rate and KLSE Composite Index. H1: There is a relationship between inflation rate and KLSE Composite Index. Hypotheses 3 H0: There is no relationship between exchange rate and KLSE Composite Index. H1: There is a between exchange rate and KLSE Composite Index. MULTIPLE REGRESSION ANALYSIS Data for this study were being analyzed by using the Statistical Package of Social Science (SPSS) Software. Hypotheses are used to determine the relationship between dependent variables (KLSE Composite Index) and independent variables (money supply-M3, inflation rate, exchange rate). In order to determine the influential of money supply, interest rate and exchange rate towards KLSE Composite Index, a Multiple Regression Analysis is applied. This multiple regression analysis used the independent variables to predict the dependent variables. The Estimated Regression Model as follows: Y = c + ÃŽÂ ²M + ÃŽÂ ²F + ÃŽÂ ²X + ÃŽÂ µ Where: Y = Dependent Variable (KLSE Composite Index) c = Constant Term ÃŽÂ ² = Regression Coefficient (Beta Measurement) M = Independent Variable (Money Supply-M3) F = Independent Variable (Inflation Rate) X = Independent Variable (Exchange Rate) ÃŽÂ µ = Error Term COEFFICIENT RELATIONSHIP Researcher used R2, T-Statistic and F-Statistic to determine the relationship between money supply, inflation rate and exchange rate towards KLSE Composite Index. COEFFICIENT OF DETERMINATION (R2) Coefficient of Determination or known as R2 is the most usually used in linear regression. R2 present how well the regression model describes changes in the value of dependent variable (Y) that can be explained by the independent variables. It shows how the line fits the data. The value of R2 is range from zero to one. The range indicates whether the correlation is strong or not. If R2 is zero, the equation explains that there is no relationship between the dependent variable and independent variables. While if the R2 is 1, the equation explains the relationship between dependent variable and independent variables are do exist. The higher the value of R2, the better the regression equation will be. When value of R2 is higher, the exploratory power will increase and be more accurate for forecasting purposes. An equation of R2: Total VariationR2 = Total Explain Variation This equation are used when researcher decide to calculate by manual. However, in this study, resea rcher has chosen Statistical Package of Social Science (SPSS) in order to calculate all the data that are gathered from Bank Negara Malaysia for the 60 months periods. The result of this R2 will be shows and explains in analysis and findings. It also will conclude whether all independent variables will explain the dependent variable or it will not. T à ¢Ã¢â€š ¬Ã¢â‚¬Å" STATISTICS ( T-STAT) T- Statistic is used to decide whether to accept or reject the null hypotheses and also to analyze the significant relationship between dependent variable and independent variables. The value in t-table will be compared with the calculated t-value. T is critical value at certain significant T = (n à ¢Ã¢â€š ¬Ã¢â‚¬Å" k à ¢Ã¢â€š ¬Ã¢â‚¬Å" 1) n = number of observations / years k = number of independent variables If the computed t-statistic is greater than t-critical value at certain significant levels, thus reject H0. If the computed t-statistic is lower than t-critical value at certain significant levels, thus accept H0. T-Computed T Critical Value, accept H1 and reject H0 T-Computed T Critical Value, accept H0 and reject H1 F à ¢Ã¢â€š ¬Ã¢â‚¬Å" STATISTICS (F-STAT) Researcher is also using F-Statistic in order to know the consistency of overall regression equation. F-Statistic will evaluate the significant of each individual component of entire regression model. Equation of F-Statistic is as follows: F = Explained Variation / (k-1) Unexplained Variation / (n-k) Where: F = critical value k = number of independent variable n = number of observation If the computed F-Statistic is greater than F-Statistic value at certain significant level, then reject H0. It is a vice versa when the computed F-Statistic is lower than F-Statistic value at certain significant level, then accept H0. F-Computed F-Critical Value, accept H1 F-Computed F-Critical Value, reject H1 DURBIN WATSON STATISTIC Durbin Watson is used to test the presence of auto correlation. It is appears when time series data are used. Auto correlation gives a downward bias to the standard error of the estimated coefficient (t-value are exaggerated) and hence the estimated coefficient is concluded to be significant when in reality they are not. There are three possibilities where the auto correlation problem might arise: When the independent variables are duplicated When some of the independent variables are miss specified When some important variables are found missing in the model When successive residuals are positively auto correlated, the value of D will be approach zero. If the residual are not correlated, the value of D will be closed to zero. If there is a negative auto correlated, the value of D will be greater than two and could even approach its minimum value of four. Equation of Durbin Watson Statistic (D) is defining as: D = PEARSON CORRELATION ANALYSIS Pearson correlation analysis is a statistical analysis to see the direction and to describe the strength and significance of the relationships between the dependent variables and the independent variables. According to Pearson correlation analysis, the result can be ranked as follows: Less than 0.30 = Week Relationship 0.30 to 0.49 = Moderate Relationship 0.50 to 0.69 = Strong Relationship 0.70 to 0.99 = Very Strong Relationship 1.0 = Perfect Relationship CHAPTER FOUR ANALYSIS AND FINDINGS This chapter provides the findings which are obtained from the Statistical Package for Social Science (SPSS). Through SPSS, the relationship between Money Supply (M3), Inflation Rate and Exchange Rate with KLSE Composite Index can be identified. The researcher used regression in order to measure the linear relationship between dependent variable and independent variables. Coefficient of determinations (R2), T- statistic and F- statistic are the methodologies that being used by researcher to interpret the multiple regressions. All the data were calculated on monthly basis for 60 months period (5-year), which are from January 2006 to December 2010. Table1: Data gathered from monthly statistical bulletin BNM YEAR KLSE M3 INFLATION EXCHANGE Jan-06 914.0100 679276.3000 3.2500 3.7510 Feb-06 928.9400 686040.7000 3.2400 3.7135 Mar-06 926.6300 690830.2000 4.7600 3.6860 Apr-06 949.2300 697329.4000 4.5500 3.6255 May-06 927.7800 699037.4000 3.9100 3.6290 Jun-06 914.6900 700537.8000 3.9000 3.6750 Jul-06 935.8500 705585.5000 4.1100 3.6535 Aug-06 958.1200 717140.9000 3.2800 3.6770 Sep-06 967.5500 716265.6000 3.2700 3.6845 Oct-06 988.3000 725351.2000 3.0700 3.6480 Nov-06 1080.6600 737229.6000 2.9600 3.6180 Dec-06 1096.2400 760301.6000 3.0500 3.5315 Jan-07 1189.3500 776100.8000 3.2400 3.5015 Feb-07 1196.4500 789147.0000 3.1400 3.5060 Mar-07 1246.8700 789222.5000 1.5500 3.4560 Apr-07 1322.2500 796487.8000 1.5500 3.4230 May-07 1346.8900 799238.9000 1.4500 3.4045 Jun-07 1354.3800 788610.8000 1.4400 3.4545 Jul-07 1373.7100 799902.2000 1.6300 3.4540 Aug-07 1273.9300 801630.3000 1.9200 3.5035 Sep-07 1336.3000 804248.7000 1.8300 3.4170 Oct-07 1413 .6500 807425.8000 1.9200 3.3418 Nov-07 1396.9800 808446.5000 2.3000 3.3585 Dec-07 1445.0300 832737.8000 2.3900 3.3065 Jan-08 1393.2500 867682.2000 2.2800 3.2360 Feb-08 1357.4000 876225.7000 2.6600 3.1890 Mar-08 1247.5200 884372.9000 2.7600 3.1875 Apr-08 1279.8600 893619.3000 3.0500 3.1580 May-08 1276.1000 898652.6000 3.8100 3.2435 Jun-08 1186.5700 899120.0000 7.6900 3.2665 Jul-08 1163.0900 912693.3000 8.5100 3.2630 Aug-08 1100.5000 904562.2000 8.5000 3.3895 Sep-08 1018.6800 912780.0000 8.2100 3.4575 Oct-08 863.6100 900442.6000 7.6300 3.5625 Nov-08 866.1400 909230.6000 5.7100 3.6175 Dec-08 876.7500 931864.7000 4.3900 3.4640 YEAR KLSE M3 INFLATION EXCHANGE Jan-09 884.4500 946005.1000 3.9100 3.6085 Feb-09 890.6700 944320.5000 3.7 100 3.6925 Mar-09 872.5500 949445.1000 3.5200 3.6470 Apr-09 990.7400 948276.2000 3.0500 3.5610 May-09 1044.1100 943193.7000 2.3800 3.5075 Jun-09 1075.2400 950848.9000 -1.4100 3.5225 Jul-09 1174.9000 961049.5000 -2.4400 3.5200 Aug-09 1174.2700 973080.6000 -2.4400 3.5260 Sep-09 1202.0800 975786.8000 -2.0000 3.4745 Oct-09 1243.2300 983314.9000 -1.4900 3.4075 Nov-09 1259.1100 1000513.5000 -0.0900 3.3875 Dec-09 1272.7800 1017303.2000 1.0700 3.4245 Jan-10 1259.1600 1021076.7000 1.3400 3.4130 Feb-10 1270.7800 1021628.5000 1.1600 3.4090 Mar-10 1320.5700 1031923.0000 1.3400 3.2730 Apr-10 1346.3800 1025310.0000 1.5200 3.1905 May-10 1285.0100 1030891.5000 1.5500 3.2530 Jun-10 1314.0200 1034522.0000 1.5600 3.2575 Jul-10 1360.9200 1039009.2000 1 .7700 3.1875 Aug-10 1422.4900 1052520.2000 1.9000 3.1375 Sep-10 1463.5000 1058471.4000 1.7200 3.0875 Oct-10 1505.6600 1065712.1000 1.8400 3.1095 Nov-10 1485.2300 1082174.4000 1.7700 3.1575 Dec-10 1518.9100 1088969.3000 1.9900 3.0835 The table above shows the figure of each variable, money supply (M3), inflation rates, exchange rates and composite index as the dependent variable and independent variables in a monthly basis for 60 months periods (5-year) from January 2006 to December 2010. INTERPRETATION OF TREND ANALYSIS DV = KLSE COMPOPSITE INDEX M3 = MONEY SUPPLY INF = INFLATION RATES EXC = EXCHANGE RATES Based on this study, this trend analysis used to observe the movement of KLSE Composite Index and it is based on 60 months period (5-years) from January 2006 to December 2010. Data above shows the interpretation of words that are use in this study. TREND ANALYSIS ON KLSE COMPOSITE INDEX (DEPENDENT VARIABLE) Figure 1: Trend of KLSE Composite Index from January 2006 to December 2010 The figure above shows the movement of KLSE Composite Index calculated in monthly basis for 60 months which are from January 2006 to December 2010. This data gathered from Monthly Statistical Bulletin Bank Negara Malaysia. From the graph, it shows that the movements of KLSE Composite Index for 60 months from January 2006 to December 2010 are fluctuated. It means the upwards and downwards momentum was affected by economy of Malaysia. The KLSE Composite Index starts to decline in year 2009 when at this year, Malaysia faced with economic recession. This shows a positive relationship between KLSE Composite Index and economic of Malaysia, where KLSE Composite Index will decrease whenever Malaysia faced an economic recession. Besides, it strongly affected investors. Their level of confidence to do invest will decrease according to recession. They prefer not to invest in order to avoid high risk and they n ot have extra money to spend on stock investment. However, at the end of 2009 the movement of KLSE Composite Index starts to recover as it showed an increasing movement in the graph. At this stage it can be conclude that, recovery from recession has increase the investors confident to spend on investment and next, it increase in the stock index performance in the KLSE. MULTIPLE REGRESSION ANALYSIS Table 2: Regression result Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 16.082 1.345 11.955 .000 logM3 -.372 .085 -.304 -4.406 .000 .531 INFLATION -.029 .004 -.398 -7.577 .000 .916 1.092 logEXCHANGE -3.126 .214 -.978 -14.610 .000 .566 1.768 a. Dependent Variable: logKLSE R Squared = 0.858 F Statistics = 112.949 Durbin Watson = 0.633 The table above shows the result of regression which is gathered from Statistical Package for Social Science (SPSS) that includes all the dependent variable and independent variables. REGRESSION MODEL The specific form of equation: Y = c + ÃŽÂ ²M + ÃŽÂ ²F + ÃŽÂ ²X + ÃŽÂ µ The specific form of equation based on SPSS output: Y = 16.082 0.372M à ¢Ã¢â€š ¬Ã¢â‚¬Å" 0.029F à ¢Ã¢â€š ¬Ã¢â‚¬Å" 3.126X (1.345) (0.085) (0.004) (0.214) All the dependent variable and independent variables data were calculated using SPSS. The figure above are obtained from SPSS were put in the equation of regression. Note: Figures are in parentheses shows standard error of coefficient. Where: KLSE = Kuala Lumpur Stock Exchange M = Money Supply (M3) F = Inflation Rates X = Exchange EXPLANATION OF REGRESSION COEFFICIENT MODEL MONEY SUPPLY (M3) From the table 2, the result shows that there is a negative relationship between money supply and the KLSE Composite Index. It means that when the money supply decrease by 1 unit, the changes in KLSE Composite Index also decrease by 0.372 units. INFLATION RATES From the table 2, it indicates that there is a negative relationship between inflation rates and KLSE Composite Index. This shows that when inflation rates decrease by 1 unit, the changes in KLSE Composite Index also decrease by 0.029 units. EXCHANGE RATES From the table 2, the result shows that there is a negative relationship between exchange rates and KLSE Composite Index. This state that when exchange rates decrease by 1 unit, the changes in KLSE Composite Index also will decrease by 3.126 units. COEFFICIENT OF DEERMINATION (R2) Table 3: Mode summary of coefficient of determination Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate 1 .926a .858 .851 .06650 a. Predictors: (Constant), logEXCHANGE, INFLATION, logM3 b. Dependent Variable: logKLSE Model R à ¢Ã¢â€š ¬Ã¢â‚¬Å" Square 1 0.858 Based on the table above, the result shows that R à ¢Ã¢â€š ¬Ã¢â‚¬Å" Squared (R2) is 0.858. It can be measured as a high explanatory power of estimated equation. This indicate that 0.858 stand as 85.8 % of changes in dependent variable. This dependent variable was explained by those independent variables that are listed in the equation like money supply (M3), inflation rates and exchange rates. Another 14.2 % of changes in dependent variable can be explained by other factors such as gross domestic product, interest rate and other macroeconomic variables which are not included in this model. The regression above is still can be accepted. ANOVA Table 4.1: Anova ANOVAb Model Sum of Squares df Mean Square F 1 Regression 1.498 3 .499 112.949 Residual .248 56 .004 Total 1.746 59 a. Predictors: (Constant), logEXCHANGE, INFLATION, logM3 b. Dependent Variable: logKLSE Sig. F Model .000a 112.949 1 Regression Residual Total The above table shows the result of ANOVAs. It is a test of significance for the overall regression model and was measured from the significance of F-Value in above tables. Table 4.2: F-Statistic Result Critical F-Statistic Calculated F-Statistic Model 112.949 3.15 Regression Where: The numerator is: = k à ¢Ã¢â€š ¬Ã¢â‚¬Å" 1 = 3 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 1 = 2 The denominator is: = n à ¢Ã¢â€š ¬Ã¢â‚¬Å" k = 60 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 3 = 57 The calculated value of the F-statistic is 112.949. Based on the above data, it also shows the degree of freedom for the numerator (k-1) and denominator (n-k). The result gathered fro m that model, the numerator value is 2 and the denominator value is 57. By using both numerator and denominator, critical F-value is 3.15. Since the calculated F-statistic is greater than F-distribution table, (112.949 3.15) it explains there is a significant relationship between KLSE Composite Index as dependent variable with money supply, inflation rates and exchange rates as independent variables. Therefore, the overall model appears as a useful model in predicting KLSE Composite Index. T à ¢Ã¢â€š ¬Ã¢â‚¬Å" STATISTICS Another statistical test that been using in this study is the concept of T à ¢Ã¢â€š ¬Ã¢â‚¬Å" Statistic. This T-Statistics is used to determine if there is a significant relationship between the dependent variable (KLSE Composite Index) with each of the independent variables (money supply, inflation rates and exchange rates). Researcher has set up two hypotheses before. T à ¢Ã¢â€š ¬Ã¢â‚¬Å" Statistic will help researcher to choose which hypotheses can be true. The two possibilities are: H0 = null hypotheses; there is no significance relationship H1 = alternate hypotheses; there is a significance relationship Table 5: Coefficients highlighting T-Statistics and significance level Coefficientsa Model Unstandardized Coefficients Standardized Coefficients t Sig. Collinearity Statistics B Std. Error Beta Tolerance VIF 1 (Constant) 16.082 1.345 11.955 .000 logM3 -.372 .085 -.304 -4.406 .000 .531 INFLATION -.029 .004 -.398 -7.577 .000 .916 1.092 logEXCHANGE -3.126 .214 -.978 -14.610 .000 .566 1.768 a. Dependent Variable: logKLSE ANALYSIS USING SIGNIFICANCE LEVEL If the t à ¢Ã¢â€š ¬Ã¢â‚¬Å"statistic value is greater than the significance level, failed to reject H0. If the t- statistic value is lower that the significance level, reject H0 and conclude H1 Based on this study, the sample size is 60, and to get the number of degree of freedom, there is an equation that has to follow. The degree of freedom is equal of sample size minus number of independent variables minus one. The regression is: Degree of Freedom = n à ¢Ã¢â€š ¬Ã¢â‚¬Å" k 1 From this study: Degree of freedom = 60 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 3 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 1 = 56 Since the degree of freedom is 56, thus the t distribution table is 2.660 Table 6: T à ¢Ã¢â€š ¬Ã¢â‚¬Å" Statistical result of dependent variable and independent variables Remark Critical T-Statistic Observe T Statistic Sig. Variables 0.0000.000 0.000 Significance 11.955 -4.406 Constant logM3 Significance à ¢Ã¢â‚¬ °Ã‚ ¥ 2.660 à ¢Ã¢â‚¬ °Ã‚ ¥ 2.660 0. 000 0.000 Inflation -7.577 Significance à ¢Ã¢â‚¬ °Ã‚ ¥ 2.660 0.000 -14.610 logExchange ANALYSIS USING T à ¢Ã¢â€š ¬Ã¢â‚¬Å" STATISTICS MONEY SUPPLY (M3) From the above table, the calculated T-statistics is -4.406. Since the degree of freedom is 56, the calculated T-value is 2.660. Therefore at 95% confident interval, the calculated T-value is greater than critical T-value (4.406 2.660). This shows a negative relationship between M3 with KLSE Composite Index movement and the M3 is statistically significance in explaining the KLSE Composite Index. As a decision, H0 will be rejected and H1 will be accepted. It means that money supply does influence the KLSE Composite Index. INFLATION RATES Based on the table 6, the calculated T-statistics is -7.577. It shows that the calculated T-value is more than the critical T-value at the 95% confidence interval (7.577 2.660). It explains a negative relationship and significance relationship between inflation rates with KLSE Composite Index. As a decision, H0 will be rejected and H1 will be accepted. It means that inflation rates do influence the KLSE Composite Index. EXCHANGE RATES From the table, the calculated T-statistic is 14.610. Since the critical T-value is 2.660, it results in less value compared to the calculated T-statistics at the 95% confidence interval (14.610 2.660). This show a negative relationship and the exchange rates is statistically significance in explaining the KLSE Composite Index. As a decision, H0 will be rejected and H1 will be accepted. It means the exchange rates do influence the KLSE Composite Index. DURBIN WATSON STATISTIC Table 7: Result of Durbin-Watson Model Summaryb Model R R Square Adjusted R Square Std. Error of the Estimate 1 .926a .858 .851 .06650 a. Predictors: (Constant), logEXCHANGE, INFLATION, logM3 b. Dependent Variable: logKLSE NO DECISION NO DECISION -VE CORRELATION NO AUTOCORRELATION +VE CORRELATION 4-dL 4-dU dU 2 dL 2.52 2.31 1.69 1.48 0.633 Figure 2: Durbin-Watson result Based on the table above, the computed Durbin Watson is 0.633. While the number of observation is 60 and the independent variables are 3. DURBIN WATSON RESULT Model Durbin-Watson 1 0.633 By looking at the Durbin-Watson table, the Durbin-Watson statistic is 0.633. Since the sample size is 60 and the independent variables are 3, result gathered from Durbin-Watson table for dL is 1.48, while for dU is 1.69. This result explained that there are auto correlation problem exist in this study. All the independent variables chosen for this study, which are money supply, inflation rates and exchange rates, are not duplicated. From what have been interpreted above, the calculated Durbin-Watson 0.633 does not rely between 1.69 and 2.31. It comes to the conclusion that there is an auto correlations exist among these variables. PEARSON CORRELATION The correlation is used to access the strength of the relationship between two variables. It is a statistical analysis to see the direction and to describe the significance of the relationship between dependent variable and independent variables. The sign of positive (+ve) explains that the independent variables have positive correlation with the dependent variable. While the sign of negative (-ve) explains that the independent variables have negative correlation with the dependent variable. PEARSON CORRELATION RESULT Table 8: Result of Pearson Correlation Correlations logKLSE logM3 INFLATION LogKLSE Pearson Correlation 1 .451** -.451** Sig. (2-tailed) .000 .000 N 60 60 60 logM3 Pearson Correlation .451** 1 -.284* Sig. (2-tailed) .000 .028 N 60 60 60 INFLATION Pearson Correlation -.451** -.284* 1 Sig. (2-tailed) .000 .028 N 60 60 60 logEXCHANGE Pearson Correlation -.834** -.658** .143 Sig. (2-tailed) .000 .000 .277 N 60 60 60 **. Correlation is significant at the 0.01 level (2-tailed). *. Correlation is significant at the 0.05 level (2-tailed). The table above shows the result of the dependent variable and independent variables that describe all of these correlations. It explained which variable are significant and at what level do it state. PEARSON CORRELATION EXPLANATION Money Supply (M3) From the result, there is 45.1% of the variation in money supply that can explain the variation in KLSE Composite Index. This positively relationship can be classified as a strong relationship. It also shows that money supply and KLSE Composite Index have a positive sign which refer to the positive correlation. As a conclusion, it shows a significance result for money supply at the level of 0.01 or at 1%. Inflation Rates Based on the result table, there is negative relationship between inflation rates and KLSE Composite Index. There is 45.1% of the variation in inflation rates that can explain the variation in KLSE Composite Index. As a conclusion, inflation rates also shows a significance result at 1% which refer to 2-tailed. Exchange Rates Based on the result, it explains the relationship between exchange rates and KLSE Composite Index is the strongest compare to other relationship. There is 83.4% of the variations in KLSE Composite Index that explained by the exchange rates. It can be interpreted as a strong relationship. The result shows a negative correlation which means the changes in one variable is affected by the changes in other variables. As a conclusion, this variable also shows a significance result which state at level 0.01. 5.1 CONCLUSION In the beginning of this research, researcher would like to determine whether the macroeconomics variables which are Money Supply (M3), Inflation Rates and Exchange Rates as the independent variables, that has a relationship with Kuala Lumpur Stock Exchange Composite Index in Malaysia economy. In realistic, there are many variables that can affect the movement and performance on stock index in the stock market. As a result, all the independent variables which are money supply, inflation rates and exchange rates do influence the effect of this KLSE performance. From the problem statement in this research that have been issued before, the problem statement want to discover the movement of KLSE Composite Index on many economic factors, whether the economic factors could affect the performance of KLSE Composite Index . The economic factors refer to money supply, inflation rates and exchange rates as independent variables and KLSE Composite Index as the dependent variables. Researche r tries to figure out the whether relationship between dependent variable and independent variables are suitable between each other or not, since there are other independent variables that are more suitable to used in this research. From the analysis and findings, the result shows a significant relationship between money supply and KLSE Composite Index. However, it result an inconsistent with the previous study that shows a positive relationship which might due to the different value of money, rules and regulation made by different countries. While, the result for inflation rates and exchange rates also shows a significance relationship with KLSE Composite Index. The result shows a consistent with the previous studies that are also state that there are a negative relationship and it shows a significance relationship between inflation rates, exchange rates with KLSE Composite Index. This situation might be attributing to the unique structure of the Malaysian and it may also derive from different perception among the investors. In conclusion, from the result that were obtained from the SPSS it shows all the independent variables which are the money supply, inflation rates and exchange rates have very strong significance relationship with the Kuala Lumpur Stock Exchange Composite Index. In other words, the performance of dependent variable which is, KLSE Composite Index is influenced by these three variables. RECOMMENDATIONS Based on this study, researcher has find out several recommendations which can be use for further research. It is recommended, in order to get an exact effect between money supply (M3), inflation rates and exchange rates with the KLSE composite index, the length of observation period should be more than 60 months (5 years) or a daily data can be taken. The more length of observation being analyze, the more accurate the result will be. Researcher would like to recommend, more than three independent variables such as gross domestic product, interest rate, balance of payment and others to be used in future research. Hence, the result could be more significant and accurate. It is also recommended to use various types of index such as Emas index, industrial index and others that could result more accurate movement in KLSE composite index.

The Reign Of Queen Elizabeth I And The Elizabethan Era

The Elizabethan Era also known as the golden age in English history is associated with the reign of Queen Elizabeth I and the Elizabethan Theater. Although life was not easy during the Elizabethan era it was one of the most progressive times in history and marked the beginning of the Elizabethan theatre which still to this day influences theatre and the way theatre is presented . The Elizabethan Era began in 1588 and ended in 1603 during Queen Elizabeth I reign England s capital and largest city, London grew to about two hundred thousand people. London s population was divided into three main sections a small but powerful population of wealthy nobles, a prospering middle class, and a large and impoverished lower class living in†¦show more content†¦Only about one-fifth of the population could sign their own names at the beginning of the era but by Elizabeth s death about one-third of the population was literate. Majority of the Elizabethan population were very poor roughly 3 percent of the population consisted of wealthy nobles. Nobles were the elite men and women of society much like the upper class in today’s society. Elizabethan Women were obedient to men and dependent on their male relatives to support them and since there were no school for women they were tutored at home and weren’t allowed to enter university. Women also couldn’t be heirs to their fathers titles, vote , join the military ,or become doctors and lawyers .Along with all this woman had to preserve there virginity until marriage or they would be looked down upon or belittled however if they were raped they were punished instead of the rapist because during this time men could do whatever they desired to do in life. The Elizabethan Era is known for the intricate outfits that men and women wore to court and elite social functions. 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During the reign of Queen Elizabeth I, nationalismRead MoreEssay The Elizabethan Monarchy1138 Words   |  5 PagesThe Elizabethan Era was from 1533 (the birth of Queen Elizabeth 1) till 1603 (her death). Queen Elizabeth was the one who was responsible for what happened to the country during this era. For Queen Elizabeth, being part of the Elizabethan Royalty was a tough and challenging task. She played an important role within the religious conflicts for power between England and its neighboring countries, had the constant pressure to produce a successor, and had to endure sexual discrimination for being aRead MoreThe During The Elizabethan Era Essay1080 Words   |  5 PagesThe Elizabethan theater became a central part of social life in Shakespeare’s time and was a form of entertainment that took people’s minds off the daily hardships during the Elizabethan era. The Elizabethan era is known for its English nationalism and advancements of arts during the English Renaissance. 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Assimilation Of Culture Essay Research Paper Here free essay sample

Assimilation Of Culture Essay, Research Paper Here # 8217 ; s a inquiry that I # 8217 ; ve puzzled over for some clip: how longwill it take different contemporary races and ethnicities to blendand/or absorb to the full? Reading through the Old Testament, forexample, we see reference of tonss of ethnicities which no longer existtoday: Babylonians, Assyrians, etc. Of class their descendants liveon, but the Babylonian people no longer exists qua people. In the modern universe there is in many instances an increasinginter-marriage rate, every bit good as a dislocation of racial bias at historically impressive velocities. Taking all this together, how longshould we expect it will take the undermentioned ethnicities and racesto more-or-less be to the full intermingled and no longer distinguishable? 1. Jews and gentiles. I predict that the Judaic people will bedisappear about wholly qua people in the following 200 old ages. A handfulof rigorous Jews may prevail, but for the most portion it seems that therate of exogamy is sufficientl y high in assorted states ( about50 % in the U. We will write a custom essay sample on Assimilation Of Culture Essay Research Paper Here or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page S. ) and the degree of bias is sufficiently low that the Jew qua ethnicity is improbable to go on for excessively much longer. Of class, Jews have persisted as an independent civilization for severalthousand old ages, but it is merely in the last 1-2 centuries thatintermarriage has become so widespread. In a sense, it seems thatanti-Semitism is the suffering of Jews but an of import refinisher ofJudaism as a distinguishable cultural individuality. 2. Asians and Caucasians. I would foretell about 500 more old ages. Again, in assorted states the inter-marriage rate is high and ( I think ) still turning. The consequence will be more of a blending than anabsorption. I would anticipate that it will take longer both becauseof the big initial population, and because of the grade of geographicisolation. Still, national boundary lines will go less and less im portant and travel easier; combined with the increase in inter-marriage and the decline of Caucasian-Asian prejudice, my projection is quite reasonable. 3. Causasians and Hispanics. This one is harder to predict — Iwould say 500-1000 years for full intermingling. Intermarriage isstill on the rise, but the level of prejudice between the two groupsis not clearly falling. As with Asians, I would think that advancesin transportation and the declining importance of national borders willbreak down racial distiction faster than many would expect. 4. Caucasians and Africans. This one will probably take the longestfor full breakdown — I give it 1000-2000 years. I believe thatinter-marriage, though rising, remains at low levels; and again,the trend of prejudice between the two groups is unclear. But the decline of national borders and the advance of transportation aregoing to ultimately eliminate the distinction, perhaps to the surpriseof many alive today. There are many other combinations to consider — theseare merely meant to be illustrative.A final question one might ask is: Is this â€Å"abolition of race† a goodthing? It seems clearly so to me. I don’t expect war and hatred andprejudice to disappear when identifiable races and ethnicities nolonger exist, but ONE important factor contributing to these problemswill disappear. It would be unfortunate if valuable cultural traitsdisappeared, but there is no reason why a deracinated humanity couldnot pick and choose the best elements of each of the cultures of thepresent time. I suppose that many find the prospect of humanity withoutethnic identity to be frightening and alienating, but I see it asan exhilirating opportunity for individuals to define themselves asthey think best, freed from the dead hand of the past. It will nolonger be possible to inherit one’s identity; it will have to be chosenfor oneself.