Free Essays on Futurefirst

We’ve chose to utilize the immediate deals course for our item. Direct Selling is the offer of a shopper item or administration, individual to-individual, away from a fixed retail store. These items and administrations are promoted to clients by autonomous sales reps. Contingent upon the organization, the sales reps might be called wholesalers, delegates, specialists or different titles. Items are sold essentially through in-home item shows, gatherings and one-on-one selling. As revealed in 2000, the 55 percent of American grown-ups who have ever bought by direct selling is surpassed uniquely by the level of the individuals who have ever bought by means of retail locations (96%) or through mail request lists (83%). The essential explanation we picked direct deals showcasing is we feel that the purchaser, in this period of web business, will have a superior individual encounter while buying another item however direct deals. What's more, we picked direct deals since we need to focus on a segment that will buy from a confided in retail seller, for example, the significant retail chain. We’ve chose to sell this item at retail chains like Macy’s, Strawbridge’s, J.C. Penney. We’ve likewise chose to sell it everywhere scale rec centers like the YMCA or Gold’s Gym and wearing great stores, for example, Sports Authority and Dick’s.... Free Essays on Futurefirst Free Essays on Futurefirst We’ve chose to utilize the immediate deals course for our item. Direct Selling is the offer of a shopper item or administration, individual to-individual, away from a fixed retail store. These items and administrations are advertised to clients by autonomous salesmen. Contingent upon the organization, the sales reps might be called merchants, delegates, advisors or different titles. Items are sold principally through in-home item shows, gatherings and one-on-one selling. As detailed in 2000, the 55 percent of American grown-ups who have ever bought by direct selling is surpassed uniquely by the level of the individuals who have ever bought by means of retail locations (96%) or through mail request inventories (83%). The essential explanation we picked direct deals promoting is we feel that the customer, in this time of web trade, will have a superior individual encounter while buying another item however direct deals. What's more, we picked direct deals since we need to focus on a segment that will buy from a confided in retail seller, for example, the significant retail chain. We’ve chose to sell this item at retail establishments like Macy’s, Strawbridge’s, J.C. Penney. We’ve likewise chose to sell it everywhere scale exercise centers like the YMCA or Gold’s Gym and brandishing great stores, for example, Sports Authority and Dick’s....

Math essay Free Essays

Archeologists utilize an assortment of techniques to date the materials that they find during their unearthings. These strategies depend on different standards and every technique has its own favorable circumstances and downsides also. This paper endeavors to comprehend the essential standards behind four dating strategies utilized by archeologists most every now and again, specifically archaeomagnetism, obsidian hydration, radiocarbon dating and tree-ring dating. We will compose a custom paper test on Math paper or on the other hand any comparative theme just for you Request Now The technique for archaeomagnetism has been stylish since the most recent thirty years or thereabouts. It depends on the guideline of earth’s attraction and the way that Earth’s attraction alters course with time. At the point when materials like hearths, furnaces or other dirt lined items are warmed to high temperatures, they record the current attractive field of the Earth and its heading. After this account, on the off chance that they are not utilized once more, this heading and quality record in the article will stay unaltered. Numerous years after the fact, when this article is assessed, it will uncover the course and quality of Earth’s attraction that existed when that item was last warmed to a high temperature. This course and quality will clearly be not quite the same as the current quality and bearing as Earth’s attraction is evolving constantly. From the current attractive information and counts, the article can be dated. The technique for obsidian hydration is dependable and exact. Actually, obsidian is a volcanic glass shaped by quick cooling of magma that contains over 70% silicon. This strategy was clarified by geologists Irving Friedman and Robert Smith. It very well may be utilized in two different ways for relative dating (for example discovering which one out of at least two articles is more established or more youthful) or for total dating (just when parameters, for example, soil mugginess and temperature are known). This strategy depends on the rule that during the procedure of hardware fabricating, a new surface is framed on the obsidian. Initially, obsidian contains 0.2% water. At the point when this obsidian surface is cracked, the water from the environment starts to get retained into this obsidian surface. This causes the arrangement of a water-rich layer or hydration skin. The profundity of this hydration skin continues expanding with time and the water content additionally continues expanding until it arrives at the immersion furthest reaches of 3.5% water. Accordingly, the level of hydration in the skin can without much of a stretch be a proportion of the age of the material. The hydration skin shaped can be perceived effectively in light of its particular highlights. At the edge of the hydrating skin, there is a sudden change in the optical properties of the two materials because of distinction in water content. The refractive records of the hydrated and unhydrated material are unique in relation to one another and henceforth the hydration skin can be spotted effectively and dated to uncover the age of the article. The technique for radiocarbon dating depends on the rule of radioactive rot of Carbon - 14. Normally happening carbon has two isotopes-C-12 and C-14. Straightforwardly or in a roundabout way, every living thing trades C-14 with its condition. Plants take up environmental CO2 during photosynthesis and take in C-14 and are additionally a wellspring of C-14 for creatures that eat them. After the living being kicks the bucket, this trade stops and the C-14 staying in the body starts to rot radioactively. After numerous thousand years, the measure of C-14 staying in the fossilized body is a file of its age. The radioactive rot of C-14 is an exponential rot. The differential condition engaged with this rot procedure can be composed as follows â€â where N is the amount and ÃŽ » is a positive steady called rot consistent. This condition can be settled and the arrangement can composed as â€â where C can be taken as the underlying estimation of N. The ‘t’ in the above condition indicates the age of the material. The method of tree ring dating was concocted by A.E. Douglass from the University of Arizona. It was noticed that when dampness is avaiable in bounty, the tree shapes wide rings and when it is scant, tight rings are framed. This dating method depends to a great extent on the standard set forward by James Hutton in 1785, called the ‘uniformity in the request for nature’. This rule explains that the varieties in climatic conditions present today are like those that were available in the past for example they finish a similar example time. The climatic changes that happen in different land regions can be concentrated through dating the examples of old trees by this strategy. At the point when the rings of this old tree test are seen as covering or like that of another tree, dating can be stretched out starting there into past. At the point when tests are take from old, dead however standing trees, and the external rings are contrasted and the inward rings of a living tree, the examples of individual rings will be found to cover sooner or later. Starting here of indistinguishable rings, the dating can be conveyed into the past. These strategies are utilized widely and are incredibly helpful in the different excavational and archeological work that is going on everywhere throughout the world. Realizing the past can just improve the future and hence these strategies help us in this burdensome undertaking. Welcome, Would you please add a title to this paper. Would change the thing in red. Attempt to take these thing off and some of should be supplanted in a sentace or something. It doesn't look right. I figure my teacher can tell which is the introuction. The individual in question may think I am ridiculing them or something. Simply please transform it. If it's not too much trouble make these adjustments and send it when possible.â Make the article sound fascinating too for any peruser who read this paper. Most significant would you include an end toward the end please. No work refered to is need. If it's not too much trouble remove the work refered to.       Step by step instructions to refer to Math article, Essay models

The Literacy Narrative, A Discourse Community Analysis, And A Writing Research Essay Example For Students

The Literacy Narrative, A Discourse Community Analysis, And A Writing Research Essay In my English 1010 class, I have figured out how to do various things through composing expositions. I have composed a Literacy Narrative, a Discourse Community Analysis, and a Writing Research article. Right off the bat, I have figured out how to distinguish how an author’s reason, crowd, kind, and setting decide successful composition. The reason for the proficiency story was to assist me with understanding myself better as an author (Jones 1). My instructor was the target group of the story. The class of the story was true to life by reason for it being about my experience as an essayist. The setting of composing made my composing all the more fascinating and progressively powerful. Realizing those components causes you to create composing that is increasingly powerful because of you having to recognize what you have to expound on and who is accepting your composition. I showed these abilities by really expounding on my encounters with perusing and composing through my life. As appeared in the accompanying sentence from my proficiency story I shared how fun and energizing it was the point at which my second-grade class got the chance to compose a book, A Book of Future Astronauts, â€Å"Everyone in the class was genuinely eager to compose our own book,† (Writing is Good). I demonstrated that I achieved the objective of realizing how to find, create, and clarify thoughts through creative cycles that incorporate producing, arranging, reexamining, altering, and editing different drafts of a book in my talk network investigation. We will compose a custom paper on The Literacy Narrative, A Discourse Community Analysis, And A Writing Research explicitly for you for just $16.38 $13.9/page Request now The examination was on my congregation, St. Luke Church of†¦

Essays on Contract Legally Enforceable Law

Question: Depict about the Essays on Contract for Legally Enforceable Law. Answer: 1. The issue that is available for this situation is connected with the reality if the understanding that was finished up among Richard and his dad is lawfully enforceable or not. As indicated by this understanding, Richard's dad consented to pay him $200 every week in he dealt with the family property and cut the gardens. Yet, later on, the dad would not pay this sum and guaranteed that as an individual from the family, this work ought to be finished by Richard for nothing. Under these conditions, an inquiry emerges if Richard can legitimately implement this guarantee. As indicated by the law of agreement, an understanding that hosts been finished up between the gatherings is viewed as enforceable under the law if the basic components required for making a legitimate agreement are available. The arrangement of a legitimate agreement necessitates that components like offer, acknowledgment and thought ought to be available. Simultaneously, it ought to be the expectation of the gatherings that they will enter lawful relations and the gatherings ought to likewise have the ability to do as such. The necessity as per which it ought to be the goal of the gatherings that the interest made by them ought to be enforceable by the law has been presented by the law of agreement so a qualification can be made between the cases in which any activity by the court ought not be taken (Atiyah, 1990). Because of the necessity of previously mentioned fundamental components, all the understandings that are made by the gatherings can't be authorized by the law. Thusly, w hen two companions have chosen to go out for supper, such a guarantee isn't enforceable by the law. In such a case, albeit an ethical commitment is available that the guarantee to be satisfied however this guarantee isn't legitimately enforceable. Because of this explanation, such understandings are not enforceable under the law. The explanation for this situation of law is that in such cases, there is an absence of goal with respect to the gatherings to the interest that the guarantee made by them will be lawfully enforceable. In such manner, the law likewise passes by the desires of the gathering. The outcome is that so as to choose if a specific understanding can be authorized under the law and to check whether the gatherings had the goal of going into lawful relations, the law perceives a qualification between local/social understandings and the understandings closed in setting of exchange or business (Beale, (ed) 2002). The court had talked about the necessity of the goal of making legitimate relations by the gatherings in Balfour v Balfour [1919]. Along these lines while choosing the case, the court was of the assessment that regardless of whether the local game plan made between the gatherings is of a mind boggling nature, still an assumption will be available that it was not the aim of the gatherings to make lawful relations. Similarly, the issue was additionally talked about by the court in Jones v Padavatton (1969). For this situation, Mrs. Jones offered to pay $200 to her little girl whenever left her activity in the US and went to learn at the bar in London. Mrs. Jones needed that her little girl should join her in Trinidad in the wake of finishing her lawful examinations. Under these conditions, the little girl of Mrs. Padavatton went to concentrate in London anyway the acting made between the gatherings was not working easily. While the little girl accepted that Mrs. Jones will be going to pay US$200, then again Mrs. Jones had expected to pay $220 Trinidad dollars which half in esteem when contrasted with the US dollars. The outcome was that Mrs. Padavatton needed to live in a solitary live with her child. Thusly, Mrs. Jones chose to buy an enormous house for her girl so she can lease the remainder of the rooms and this cash was to be utilized by Mrs. Padavatton as her upkeep. Later on, the little girl couldn't finish their investigations and she additionally wedded. Under these conditions, Mrs. Jones needed the ownership of the house. In the court, the issue was if the gatherings had the aim of making lawful relations request or in the event that it was just a family course of action and the gatherings didn't have any such expectation. In its choice, the court expressed that the course of action between the gatherings was a family understanding. Therefore, it tends to be assumed that gatherings did not have the aim of going into legitimate relations. In such manner, the court called attention to towards the way that no proof was introduced to refute this assumption in regards to the absence of aim. At the point when the realities of the previously mentioned case are applied to the current issue, it tends to be said that Richard's dad had made a guarantee to pay $200 if Richard cut the yards however this was simply a local course of action. It was not the aim of the gatherings that the guarantee made by them can be authorized under the law. Before giving this assignment to Richard, a similar errand was being finished by a nursery contractual worker and he was charging $350 for the equivalent. Anyway Richard's dad guaranteed to pay $200 to him in the event that he dealt with the family property and cut the yards. Anyway after at some point, Richard's dad said that this work ought to be finished by Richard for nothing since he was likewise an individual from the family and additionally, he was getting free boarding and housing from him. Subsequently, presently Richard needs to know whether the guarantee made by his dad to pay $200 every week can be implemented under the law. Nonetheless, the guidelines of agreement law that have been referenced above, clarify that if there is an absence of goal with respect to the gatherings to end the legitimate relations, such an understanding isn't considered as a substantial agreement and in this way it can't be implemented in a courtroom. Along these lines in the current case likewis e, the understanding among Richard and his dad was a residential course of action. Subsequently, an assumption is available that they didn't have the expectation of making lawful relations. Simultaneously, there is no proof to invalidate this assumption. Subsequently, Richard can't uphold the guarantee as per which his dad would have been $200 every week. 2. On the grounds of the realities that have been given in this inquiry, the issue emerges if any cures are accessible to Frre Bros when Joe had penetrated the agreement. For this situation, the agreement between the gatherings gave that Joe won't act in movies of different organizations for the time of the agreement. The agreement was for a long time yet in the primary year itself, Joe chose to act in a film of Pretty Pictures. In this manner, the issue in this inquiry is connected with the cures that might be accessible to Frre Bros. As indicated by the law of agreement, when involved with the agreement has neglected to satisfy its commitments under the agreement or couldn't keep up the guarantee made by it, it is said that such gathering has penetrated the agreement. The break of agreement submitted by such gathering can be entire or to some extent (Benson, (ed) 2001). At the point when it is set up that the agreement hosts been penetrated by a get-together, there are sure cures that are accessible to the next gathering. A portion of the principle cures that are accessible to the honest party in such a case are harms, order and the cure of explicit execution. By and large, the cure of harms is allowed by the courts at whatever point there is a break of agreement. In such manner, the law of agreement depicts harms as the misfortune or cost that must be brought about by the blameless party because of the illegitimate demonstrations of the other party (Addis v Gramophone, 1909). Along these lines, harms can be portrayed as the installment that should be made under the customary law when there is a penetrate of agreement. The reason behind the cure of harms is to give money related remuneration to the honest party for the misfortune that hosts been endured by such a gathering because of the penetrate of agreement (Burrows, Finn and Todd, 2002). Subsequently it tends to be said that harms are accommodated ensuring the desire interests of the promisee. Essentially, the court may likewise grant authoritative harms for break of agreement. In this manner when a break of agreement has occurred, the other by the may endure a misfortune. In such a ca se, the court may grant legally binding harms not so as to rebuff the blameworthy party. Similarly, when harms are granted by the court, the court doesn't think about the paying capacity of the respondent. Because of this explanation, the harms granted by the court can be the distinction present between the legally binding rights and the cost paid by the honest party for the exhibition of the agreement. The following cure that might be allowed by the courts at whatever point there is a break of agreement is that of explicit execution. As per the law of agreement, the cure of explicit execution is a request made by the court as indicated by which the respondent needed to play out a specific demonstration and the litigant is as of now bound under the agreement to perform such a demonstration. It has been seen that typically the courts award the cure of explicit execution when they need that something ought to be finished by involved with the agreement or when sent by the must be limited from accomplishing something (Nutbrown v Thornton, 1805). It is likewise worth referencing now that as a legally binding cure, explicit execution can be utilized to set up a previous set up exchange. The cure of explicit execution can be best when such a request has been made so as to secure the desire interests of the honest party if there should be an occurrence of a break of agreement. In any case, while making a request for explicit execution, the court needs to check whether sufficient alleviation can be given to the honest party through another of harms. Consequently, when such an alleviation can be given by an honor of harms, for the most part the court won't make a request for explicit execution. Similarly, the courts can likewise decline to arrange explicit execution if the legally binding terms are not notice obviously by the gatherings. Another cure that can be allowed by the courts for the break of agreement by involved with the agreement is inte

Online education can be good supplement to regular school education Research Paper

Online training can be acceptable enhancement to customary school instruction - Research Paper Example As indicated by Doan, Kim and Bloomfield (65), this sort of training is encouraged by virtual schools which are electronic projects providing food for separation instruction students’ needs. Virtual schools give help to online training by giving the vital learning condition comprising of programming and equipment fundamental for web based learning (Means 9). In the rundown of what virtual schools give are digital schools, electronic schools, digital graphs and e-schools. The web has been seen to contain data over-burden (Greenblatt and Washington, DC: Congressional Quarterly 788). This data is significant in giving extension of information that is accomplished in normal school training. In this way, internet learning fills this need of adding to the learning accomplished through standard school instruction programs. The mix of both, normal school learning and web based learning, naturally contain what is alluded to as mixed learning. This has significant advantages to an individual’s information advancement. The conveyance just as getting of online courses includes moderately easy to use fundamental programming and equipment. The product framework used for the bundling the specialized devices, grade book, course content among other basic components of the course is the learning the executives framework (LMS) (Doan, Kim and Bloomfield 63). The second fundamental programming for web based learning is the understudy data framework (SIS) which essentially deals with the students’ information (Ibid 63). Online educators and understudies use sound and video modules: to share course substance. Essential profitability programming, for example, internet browsers, Microsoft Word, Adobe Acrobat Reader and Microsoft PowerPoint are significant for an assortment of exercises expected of the educators and understudies for data sharing (Ibid 64). Equipment prerequisites are moreover

Closer Calls

Closer Calls Emab Plaza is a busy shopping mall located in the heart of Nigeria’s capital. I frequent it often for my electronic needsâ€"to replace printer ink or buy new paper sheets, to upgrade my iPad’s internet plan and most recently, to get a small phone to use while in Nigeria. It always pulses with its own life. There’s always a crawl of congested traffic at its entrance and exit gates. Within the plaza itself, paint-peeled buildings stand side-by-side, each one holding three or four floors. Each floor is made up of shops that look onto the streets, small shops always abuzz with the vibe and chatter of people searching for anything from clothes to phones to mobile network recharge cards. Wednesday is usually an unremarkable day. It’s the middle of the school week. Adults are adrift at work. And this past Wednesday should have been no different. I spent it at home, teaching a close friend taking a gap year SAT Math. My siblings would be back from school anytime soon, unloading stories about their funny teachers and weird classes. I would have made all the right absent-minded noises in response while working on a short story that looked funnily absurd. Night would have rolled along, with its familiar, familial pattern. But people elsewhere, a small, nefarious group, had other plans. Less than a mile away from home, a bomb went off in Emab Plaza, killing 21 and injuring 17. The news spread fast, wildfire chased by the wind. I was talking with my mom when my dad, who had recently traveled, called, wanting to make sure we were okay. We were stunned on two levels, first by the news, and second by the distance. We worked ourselves into a frenzy trying to verify it. But tweets about the bomb were popping up. Facebook and BBM Status Updates were alive with pictures, dark smoke cuddling a gray sky, blood in patches on the floor. Phone calls kept coming in, friends and relatives asking if we were okay, if we were anywhere near the site. The day grew so small. I walked in circles and circles, sick to my stomach. Later, on the news, we saw the sight, charred buildings standing like sinister demons, wrecked gates and lines of burnt cars. We saw the hospital victims, bandaged, sedated, comatose, in tears. The calls of concern continued into the next day, and a blanket of deep unease fell over the city. Rumors floated aboutâ€"schools would be next, kids were in danger. And the feeling of wariness that always sat deep inside me felt much bigger. A microscope over the things my mind constantly grapples with will reveal a list of dreams and worriesâ€"stories to write, classes to pass, codes to debug, friends with whom to catch up. But in the face of this blast, I seemed to float over these concerns, and they seemed so small, so trivial. What felt worse was the deep-seated unease, the discomfort I suddenly felt in public places. I would be stuck in a traffic jam, and my mind would imagine a buried IED suddenly detonating. Malls bore this air of imminenceâ€"in the cacophony of noises and people, it felt like we were occasionally looking around, certain that death was about to rear its ugly head. Whenever I was just outside home, within the city, I went about my business, but some constantly alert, constantly uncomfortable part of me was searching, roving, waiting, frightened. It sometimes feels like there’s something inherently judgmental about trivializing worries about what to make of your life, how to pass classes and figure out your dreams, in the face of greater fears about simply survivingâ€"living and avoiding an early death, a terrible injury. It’s probably because for some, the uncertainty of fulfilling a passion is the height of worryâ€"thankfully soâ€"and for others, the uncertainty of making it to the end of the day alive is the mere surface of worry. We all worry about these things anyway, on some level or other, and we’re all at risk of dying at any point, from disease, from an electrical shock, from a plane crash, and there’s no point psychoanalyzing these fears if there are more fruitful fears to psychoanalyze. But I think, in the end, it boils down to gratitude. There’s always someone that has it worse. Whether it’s the self-doubting Wall Street intern or the surviving car-crash victim, there always seems to be a lower layer to which life can kick us. So the drabber, grimmer, more fruitless thing to do is talk about how bad things can be, especially in the face of darkness. No, when the lights go off, what we need is a shimmer, a glow, not a black hole. And the light exists in the things we have, the things we are proud of. I think there’s something fulfilling in staring at the light. So the point of this blog post is twofold: first, that you keep me, and my country, in your thoughts or wishes or prayers or goodwill. And second, that you hold on to the light, to the dreams you’re proud to have, and the family you’re proud to cling to. The blur between life and death, between happiness and disaster, between “meh” and utter horror is thin, no thinner than the moment it takes to flip a coin. Heads turning to tails, families turning to rubble. So, even if it’s for a moment, look at the light, and smile.

The connection between macroeconomic variables and stock price - Free Essay Example

Over the past few decades, the connection between macroeconomic variables and the movement of stock prices has been a subject of interest among academics and researchers. It is often argued that stock prices are determined by some fundamental macroeconomic variables such as interest rate (Base Lending Rate, BRL), exchange rate, inflation (Consumer Price Index, CPI), industrial production index and money supply (M2). In fact, investors generally believe that macroeconomic events have a large influence on the volatility of the stock prices, which in turn motivates researchers to explore the relationship between macroeconomic variables and stock prices. 1.1 Research Background The relationship between stock prices and macroeconomic variables has been widely investigated in scientific literature. Sohail and Hussain (2009) claimed that the stock market plays an important role as it mobilizes domestic resources and channels them to productive investment, which leads to economic growth in a country. It acts as a mechanism that facilitates flow of funds from saver to borrower. A well-organized stock market makes an attractive feature of issuing and investing in stocks. From the corporations perspective, the stock market allows it to raise funds by selling additional shares of ownership. On the other hand, it also provides liquidity to investors. In other words, investors are able to quickly and easily convert their securities to cash. A companys stock price is determined by the perception of investors on true value of the stock. Stock prices are also affected by all forms of company and market news. According to Asmy, Rohilina, Hassama, and Fouad (2009) as well as Maysami, Lee, and Hamzah (2004), the efficient market hypothesis suggests that efficient market is where new information about changes in macroeconomic variable is quickly incorporated into the price so that the current market price reflects all available information. Therefore, no one can outperform the market or earn abnormal profit consistently in the market. However, some evidences are against this theory and shown that abnormally higher return can be earned. The stock price is the primary indicator of a countrys economic strength and development (Shahbaz, Ahmed, and Ali, 2008). This means that when stock prices move up or down, due to demand and supply of stock prices, it can be used to predict the economic condition in the future. A rise in stock prices always associate with increased business investment which improves the economy of a country and vice versa. Stock prices have some impacts on economy as revealed by Enisan and Olufisayo (2009). Firstly, stocks ar e one of the types of people assets, thus changes in stock prices will affect the wealth of investors. A fall in the stock price, for instance, will lead to loss of money on stocks that investors are holding. They become more hesitant to spend money and this contributes to a fall in consumer spending which then prohibit the economic growth. Other than this, stock prices can affect the investor confidence. As known that stock prices movement always reflect the condition of the economy, a fall in stock prices, for instance, discourage investors from investing in stock market which can lead to stagnant of economy. Moreover, stock prices are also play an important role in affecting the investment in a country. A fall in the stock prices, for instance, makes the ability to raise funds become more difficult. Thus, this discourages those firms from expanding their businesses and making investment. As a consequent, economy of a country will not be improved. Most countries in Asia were si gnificantly affected by the Asian Financial Crisis during year 1997, and Malaysia has been no exception. The crisis which originated from Thailand had great impact on Asia countries especially in aspect of currency value. Before the crisis, Malaysian currency was pegged to U.S. dollar. At that time, as U.S. dollar was operating under floating exchange rate, therefore, the pegged currency of Malaysian was floating as well. Thus, the currency of Malaysia was greatly affected by the crisis (Daniel, n.d.). At the beginning of 1997, the Malaysian currency is trading at 2.49 and KLSE composite index was 1216. After the emergence of the crisis, KLSE composite index continuously dropping around 75% and this phenomenon last until August 1998 which reached 303. While for currency, the Malaysian currency kept depreciating and reached its peak of 4.545 in January 1998. Besides, for industrial production index, was also declining in the beginning of 1998 due to fall of production in various d ivision including electricity and electronic, manufacturing and wood products. On the other hand, using year 1999 as the base year, the inflation rate increased from the initial 92.68 in the end of year 1997 to 97.59 in the end of year 1998. In response to the crisis, various defensive measures were introduced. One of them was fixing of the ringgit peg to the US dollar at 3.80 that imposed by the premier, Dr. Mahathir Mohammad (Dori, 1998). In order to fight against the depreciation of currency and rising of inflation, Malaysian government decided to temporarily raise interest rates. Therefore, the interest rate increased from initial 9.58% in July 1997 to 12.07% in July 1998. This led to higher return on Malaysian investment and attracted more foreign capital as a strategy to inflate the effect of depreciation. For inflation, rises in the interest rate encouraged people to save instead of spend that helped to reduce inflation. In this globalized era, the financial systems in different countries around the world are integrated. Again, Malaysia is suffering due to the global financial crisis that was originated from United States in year 2007. However, Malaysia may not witness sharp downturn as compared to Asian Financial Crisis in 1998 (Asmy et al., 2009). This might due to Malaysia stock market has little linkage with the subprime loan in United States. The negative shock from United States was transmitted to Malaysia in the fourth quarter of 2008. Malaysian government de-pegging of the Ringgit from the US dollar in 2005, the Malaysian currency had depreciated from initial 3.4575 in September 2008 to 3.6085 in January 2009. On the other hand, the industrial production index declined as well started from the end of year 2008. Among those divisions that were significantly affected were electrical and electronic, textiles wearing apparel and footwear, rubber, wood as well as paper products. 1.1.1 Malaysian Stock Market Bursa Malaysia is an exchange holding company approved under Section 15 of the Capital Markets and Services Act 2007. It operates a fully-integrated exchange, offering the complete range of exchange-related services including trading, clearing, settlement and depository services. The wholly-owned subsidiaries of Bursa Malaysia own and operate the various businesses. Today, Bursa Malaysia is one of the largest bourses in Asia with just under 1,000 listed companies providing a wide range of investment choices to the world (Bursa Malaysia, 2010). In 1930, the first formal securities business organisation introduced in Malaysia was the Singapore Stockbrokers Association. It was later re-registered as the Malayan Stockbrokers Association in 1937. The Malayan Stock Exchange was established in 1960 and the public trading of shares commenced in the clearing house of Bank Negara Malaysia. Due to the termination of currency interchange ability between Malaysia and Singapore, the Stock Exc hange of Malaysia and Singapore was divided into the Kuala Lumpur Stock Exchange Berhad (KLSE) and the Stock Exchange of Singapore (SES) in 1973 (Bursa Malaysia, 2010). On 14 April 2004, Kuala Lumpur Stock Exchange Berhad changed their name to Bursa Malaysia Berhad. Besides, they employ demutualization in order to enhance the competitive position and to respond to global trends in the exchange sector, leading to become more customer-driven and market-oriented. On 18 March 2005, Bursa Malaysia was listed on the Main Board of Bursa Malaysia Securities Berhad. In Dec 2008, Bursa Malaysia launched a new trading platform called Bursa Trade Securities, enabling faster processing and execution of orders and providing wider trading functions and features (Bursa Malaysia, 2010). As part of Bursa Malaysias strategic initiative, the Kuala Lumpur Composite Index (KLCI) was enhanced to ensure that it remains robust in measuring the national economy with growing linkage to the global econom y. Bursa Malaysia together with FTSE, its index partner, had integrated the KLCI with internationally accepted index calculation methodology to provide a more investable, tradable and transparently managed index. The enhanced KLCI, whilst remaining representative of the Malaysian stock market, provided a platform for a wider range of investable and appealing opportunities. The KLCI is now known as the FTSE Bursa Malaysia KLCI and the enhancements were implemented on 6 July 2009 (Bursa Malaysia, 2010). There are six main advantages for implementing FTSE Bursa Malaysia KLCI, which are the followings (Bursa Malaysia, 2010): The KLCI is known as FTSE Bursa Malaysia KLCI to provide global relevance, recognition and reach. The new index complies with the international accepted calculation method, enabling a comparison among other countries stock index that makes it more relevant with the global financial condition. A market barometer made up of primary market movers will more apt ly define market activities while remaining representative of the Malaysian stock market. Stocks that are not marketable or without a good rating should be eliminated out of the index because it will only drag the value of the average market index. Thus, the new index only consists of 30 most rated and marketable stocks from various sectors. The FTSE Bursa Malaysia index calculation methodology emphasises free float and liquidity screens for a clearer representation of the market. Unlike previous KLCI index which consists of 100 companies, the new index only focus on the 30 stocks which are always liquid and marketable in order to give a true picture of the market. A smaller basket of 30 stocks makes it easier to manage and more appealing for the creation of Index Linked products to promote market liquidity. The greater the stocks contained in the index, the higher of difficulties in calculating the index. Smaller basket of stocks therefore can make the calculations of index t o be easier and save efforts on monitoring and managing all these stocks. Besides, unsystematic risks can also be reduced because fewer companies are involved into the index. Increasing the frequency of index calculation from every 60 seconds to every 15 seconds tracks the market pulse closely and more efficiently. The new index provides a better accuracy of market values because it monitors the share price more frequently. Hence, it can reduce price misleading with the faster reflection of overall market share prices of index. The continuity of the KLCI index value preserves the historical movements of the Malaysian stock market. Rather than to start with a new value, the new index continues with the previous value to pertain the trends of the Malaysia market for market survey and statistical researches. On 3 August 2009, Bursa Malaysia effectively implemented a merging procedure where main board and second board merged into a single main market while Mesdaq revamped into ACE market. When the second board was established in November 1988, it was to complement the main board by providing smaller companies with firm growth potential, particularly small and medium enterprises (SMEs), with an avenue to raise funds in the equity market. The following year, only two companies were floated on the second board. The population grew to 14 in 1990 and to 160 five years later. Owing to the stock market boom over the next several years, the lightweight listings surged, keeping the ratio of main board companies to second board companies at about 5:3. The number of second board counters peaked in 2000 with 297 companies. The board began the decade with 292 companies but now has 219. The steady decline was partly the result of delisting by the exchange because the companies had failed to rescue themselves from financial woes. To create a well-defined board structure that caters efficiently to the different risk appetites of investors was the prime objective of the unification and the transformation of the Mesdaq Market into the ACE Market. The ACE Market is designed to offer emerging companies early access to equity funding. The Main Market will be for established companies, and will have uniform listing requirements and comprehensive market-based regulation. Another benefit of the merger is that it eliminates the problem of poor sentiment on Mesdaq and second board counters spilling into the main board (Second Board, 2009). Furthermore, this new framework for listings and equity fund-raisings is aimed at allowing efficient access to capital and investments, as well as making Bursa Malaysia a more attractive platform for Malaysian and foreign companies. There is a significant shift in the regulatory approach with regards to listings and equity fund-raisings. This shift to a more market-based regulatory approach is to ensure greater efficiency and competitiveness without compromising on investor protection. Enabling blocks have been pu t in place to enhance the standards of due diligence, disclosures and corporate governance. 1.2 Problem Statement Some of the fundamental macroeconomic variables such as inflation rate, interest rate, exchange rate, money supply and industrial production are generally believed that they are the determinants of the stock price. In general, a number of studies have been issued on the relationship between macroeconomic variables and stock prices in other countries such as the US, Singapore, and Japan. Different studies have provided different results. The result of previous studies have changed according to the macroeconomic variable used and the research methodology employed. This paper extends the literature by examining the effect on stock price due to the different macroeconomic variables by using different methodology approaches including descriptive statistics, unit root test, cointegration test, vector error correction model (VECM) . Besides, in this study, we tend to examine on the relationship between the macroeconomic variable and stock prices in Malaysia. This is due to the previous studies (Gan, Lee, Au Yong Zhang, 2006; Maysami et al., 2004) focus mainly on developed countries such as New Zealand and Singapore. However, developing countries such as Malaysia are less explored by the researcher because most of the people lack of knowledge in this field of study. Therefore, in this paper, we tend to focus this study in our developing country, Malaysia. In previous paper, there is no research investigating those five variables simultaneously with the stock prices in Malaysia. Therefore, we have chosen five macroeconomic variables including inflation rate, interest rate, exchange rate, money supply and industrial production index to examine the variables with the stock prices. Indeed, there are other variables that affect stock prices but we limit our discussion on these variables because of efficiency in modeling as incorporating many variables result in loss of degree of freedom. In our paper, five of the macroeconomic variables are assumed to be signifi cant to the stock prices. For example, we assume that exchange rate has a significant relationship with the stock prices. However, Ahmed and Mustafa (n.d.), Gan et al. (2006), Fama (1981) and Humpe and Macmillan (2009) do not include exchange rate in their research because it seems to be insignificant variable to them. Nevertheless, exchange rate is assumed to be extremely significant variable to the stock price because nowadays is global village where the linkage between local stock market and global stock market becomes tightened. It is due to the fact that fluctuation in exchange rate will affect the foreign investor decision in investing in our country. Home currency depreciation relative to the host country will intensify the demand for the domestic assets because it is relatively cheaper for them to hold. Hence, foreign investors will purchase domestic assets when the home currency is depreciate and sell when the home currency is appreciate in order the gain from the currency differences. For some macroeconomic variables, findings of prior studies are found to differ from our hypotheses since they examine using annually data, instead of monthly or daily data which could provide a better view of fluctuation in macroeconomic activities. Against this background, we reinvestigate the impact of the macroeconomic variable on stock prices based on monthly data. This is because monthly data can reflect a better vision of the fluctuation in the macroeconomic activities compare to the annually data (Rahman, Sidek Tafri, 2009). Therefore, for our research, we used up-to-date time series monthly data from year 1999 to year 2008 to explore the relationship between macroeconomic variables and the stock prices in Malaysia. Using obsolete data to derive the relationship between macroeconomic variables and stock price, it may mislead the current situation in the economy, which in turn brings the information futile. In contrast, using up-to-date data may reflect the current situation in the economy which guides the policy makers to propose an appropriate policy based on our economy situation. We hope this paper can help to shed some useful light for government in stabilizing the stock price in Malaysia. 1.3 Research Objectives 1.3.1 General Objective The objective of this study is to gather information and examine the relationship between macroeconomic variable and the stock prices in Malaysia by using time series data from year 1999 to year 2008. 1.3.2 Specific Objectives To examine the relationship between interest rate and stock prices. To investigate the effect on exchange rate with the stock prices. To explore the interaction between the inflation rate and stock prices. To estimate the result of the relationship between money supply and stock prices. To identify the effect of industrial production on the stock prices. To estimate which macroeconomic variables are better policy instrument in order to stabilize the stock prices. 1.4 Research Questions Two research questions are central to this study: Examine the relationship between macroeconomic variables and stock prices in Malaysia. Determine the macroeconomic variables that can be used to predict stock prices in Malaysia. 1.5 Hypotheses of the Study In order to achieve the objectives of the study, we will hypothesize certain relationships between exchange rate, industrial production index, inflation rate, interest rate and money supply with the Kuala Lumpur Composite Index (KLCI). The following hypotheses are developed. Interest Rate A reduction in interest rates reduces the costs of borrowing and consequently serves as an incentive for expansion, as companies often finance their capital equipment and inventories through borrowings. This will have a positive effect on future expected returns for the firm. Thus, stock prices react negatively to the interest rate and consistent with the findings of Menike (2006), Maysami et al. (2004) as well as Pilinkus and Boguslauskas (2009). We hypothesize the same, saying that an inverse relationship between interest rate and stock prices. H0: Interest rate is negatively related to KLCI H1: Interest rate is positively related to KLCI Our null hypothesis describes that interest rate is negatively related to KLCI, while alternative hypothesis states that interest rate is positively related to KLCI. We assume our null hypothesis is true, in which we do not reject it. Inflation Rate A rise in inflation generates a level of uncertainty, which in turn decreases the economic activity and lowers the expected output in future that finally results a decline on the stock prices. Hence, it is concluded that inflation rate is inversely related to stock prices. The suggestion is consistent with Chatrath, Ramchander and Song (1997) study which provided an evidence of a negative relationship between market returns and inflationary trends in India. We hypothesize similarly, signifying that there is a negative relationship between inflation rate and KLCI. H0: Inflation rate is negatively related to KLCI H1: Inflation rate is positively related to KLCI Our null hypothesis is that inflation rate is negatively related to KLCI, and alternative hypothesis defines the opposite if null hypothesis is not true. We do believe that our results will not allow us to reject the null hypothesis. Exchange Rate Parallel to the empirical studies, we expect that exchange rate is directly correlated to KLCI. This is because assuming that Malaysia is an import-depending country, a depreciation of the ringgit Malaysia will lead to a rise in the cost of imports and consequently reduces the firms profits (Asmy et al., 2009). This decline in firms profits will be reflected in the value of stocks, suggesting a positive relationship between exchange rate and stock prices. The finding is consistent with Menike (2006) as well as Mohammad, Hussain and Ali (2009), who established positive relationship between the exchange rate and stock prices in Sri Lanka and Pakistan respectively. H0: Exchange rate is positively related to KLCI H1: Exchange rate is negatively related to KLCI Our null hypothesis states that exchange rate is positively related to KLCI, while the alternative hypothesis describes that the exchange rate is negatively related to KLCI. Parallel to the empirical studies, we expect t hat we do not reject H0, indicating that exchange rate is positively correlated to the stock prices. Money Supply Theoretically, the money supply has a negative impact on stock prices because, as money growth rate increases, the inflation rate is also expected to increase, and consequently the stock price should decrease. On the other hand, an increase in money supply growth would also indicate excess liquidity available for buying securities, resulting in higher security prices as well as stimulating the economy. So we have found ambiguous effects. Assuming that effects of a rise in inflation rate are minor, we hypothesize a direct relationship between money supply and stock prices, supported by Bilson, Brailsford and Hooper (2001), Menike (2006) and Gan et al. (2006). H0: Money supply is positively related to KLCI H1: Money supply is negatively related to KLCI Our null hypothesis is that money supply is positively correlated to KLCI, while alternative hypothesis demonstrates that money supply is negatively correlated to KLCI. We expect that we do not reject the null hypothesis. Industrial Production Index Industrial production is typically used as a proxy for the level of real economic activity, that is, a rise in industrial production index would signal economic growth. Maysami et al. (2004) hypothesized a similar positive relationship through the effects of industrial production index on expected future cash flows. We hypothesize likewise, saying that industrial production index is positively related to the stock prices in Malaysia. In other words, an increase in industrial production index would lead to a rise in stock exchange prices. Rahman et al. (2009), who found a positive relationship between industrial production index and stock prices in Malaysia, further support this hypothesis. H0: Industrial production is positively related to KLCI H1: Industrial production is negatively related to KLCI Null hypothesis demonstrates that industrial production index is positively associated to KLCI, while alternative hypothesis is that industrial production index is negatively a ssociated to KLCI. We expect that we do not reject the null hypothesis. 1.6 Significance of the Study It is important to know the relationship between macroeconomic variables and the stock prices in Malaysia. This study aims to observe how the determinants will affect the stock prices in Malaysia. It is believed that government fiscal and monetary policies have large influence on the economy including the stock market. Thus, this motivates financial economists, policy makers and investors to have long attempted to understand the dynamic interactions among macroeconomic variables such as exchange rate, interest rate, inflation rate, industrial production index and money supply towards the stock prices in Malaysia (Mansor and Sulaiman, 2001). This study aims to provide a better understanding or meaningful insight for the financial economists, policy makers or governments and investors. It is helpful for them to have a better intuition of the stock market behavior (Rahman et al., 2009). Thus, they will be able to make the adjustments accordingly and eventually move towards achievin g the desired goals. For instance, inflation is a sustained deterioration in the purchasing power of money (EconomyWatch, 2008). Inflation is resulted from various shocks to the economy and will cause changes in the stock prices. Thus, the governments can know when is the need to control high level of unpredictable inflation since it can severely disrupt the economy, and cause uncertainty in financial decisions. By using the monetary policy (increase or decrease the money supply) or fiscal policy (change the amount of taxes and government spending) to control the economic growth in the market, this can prevent fluctuation in the stock prices (GetObject, 2004). On the other hand, the financial economists are interested to know whether the changes in stock prices may influence variations in economic activities and act as a channel of monetary transmission mechanisms. The monetary transmission mechanism requires monetary authorities to take caution in implementing monetary policies especially if they are used to affect movements in the stock prices. This is because the monetary policies can move the stock prices as desired such as implementing expansionary monetary policy to support stock prices (Mansor and Sulaiman, 2001). If the financial economists find that the supply of money is lowered, implying that the government has tightened the monetary policy, which in turn causing interest rate to rise (The Financial Pipeline, n.d.). Thus, they will be cautious about the changes of money supply in order to make proper and adequate adjustments to their policy making process. In addition, by knowing which macroeconomic variables will affect stock prices the most, both the individual and corporate investors would be able to manage their investment decision making wisely according to the changes of the monetary policy (Rahman et al., 2009). Therefore, they will do some research or a study on the economic situation or financial anomalies before they enhance the inve stment decisions. Besides, if they know that the domestic stock prices is increasing which means that the domestic financial assets have become more attractive, the individual or corporate investors will adjust their domestic and foreign portfolios by demanding more domestic assets. As a result, this will lead to an appreciation of the domestic currency. Other macroeconomic variables may also be affected due to these adjustments (Mansor and Sulaiman, 2001). In the nutshells, investors will concern the investment decisions based on the economic condition such as inflation. When there is inflation in Malaysia, individual and corporate investors will attempt to preserve the value of their money by opting for investments that generate yields higher than the rate of inflation (EconomyWatch, 2008). From this scenario, they can have an idea when is the suitable time for them to make investment in order to acquire the opportunity of gaining higher profit. For example, if the investors ex pect there is a rise in inflation in the future, they are likely to invest in the stock market today. Therefore, investors will make the investment decisions wisely. For the academic perspectives, students will likely to know more about which macroeconomic variables might have the strongest effect on the stock prices in developing countries like Malaysia (Rahman et al., 2009). This study can provide them about the linkage of academic theories with the macroeconomic variables, where students will have a better understanding of the usages of the theories learnt. Generally, students are restricted in the paper theory rather than practices because they just study and learn from whatever from the books. Through this study, they can understand the real example on how the macroeconomic variables influence the movement of stock prices in Malaysia, giving a firm evidence to prove the validity of all those theories studied from the books. Besides that, they can know if the financial crisis occurs, what will be the effects to the stock prices, macroeconomic variables as well as economy. 1.7 Chapter Layout The remaining of the paper proceeds as follows. Chapter 2 reviews previous literature and elaborates on the theoretical frameworks. Chapter 3 discusses data used and empirical model to be estimated. Chapter 4 presents the findings and econometric results. Lastly, Chapter 5 provides a summary and concludes the study. 1.8 Conclusion This study aims at examining the role of macroeconomic variables in explaining Malaysian stock prices in order to derive an appropriate policy instrument. By covering time period spans from January 1999 to December 2008, this study employs some fundamental macroeconomic variables including exchange rate, industrial production index, inflation rate, interest rate and money supply. Based on the hypotheses developed, we assume that industrial production index, exchange rate and money supply are positively correlated to KLCI, while inflation rate and interest rate are inversely associated to KLCI. Empirical findings suggest that all of the independent variables appear to significantly influence the stock prices in Malaysia.