What is Meant by Market Effciency - Free Essay Example

Sample details Pages: 8 Words: 2283 Downloads: 5 Date added: 2017/06/26 Category Economics Essay Type Essay any type Did you like this example? Market efficiency has been a topic of interest and debate central amongst financial economists for more than five decades. Indeed, two of the recipients of the Nobel Memorial Prize in Economic Sciences in 2013, Eugene Fama and Robert Shiller, have debated about the efficiency of markets since the 1980s. Concerns about market efficiency were catapulted to prominence most recently by the financial crisis of 2007-8. Don’t waste time! Our writers will create an original "What is Meant by Market Effciency?" essay for you Create order Efficient capital markets are foundational to economic theories that posit the allocative efficiency of free markets, which requires informationally efficient capital allocation markets, such as those for equity and fixed income trading. An extended line of research has uncovered evidence of various anomalies which seem to challenge notions of market efficiency, and has also attempted to explain the causes of one such anomaly, the so-called size effect. Though there appears to be substantial evidence that the size effect is real and persistent, violating the efficiency market hypothesis, no substantial evidence supports the size effect as violating market efficiency. Market Efficiency Refers to the efficiency with which markets allocate savings amongst competing investments. In an allocationally efficient market, scarce savings are optimally allocated to productive investments in a way that benefits everyone (Copeland, et al., 2005, p. 353). To provide optimal investment allocation, capital prices must provide market participants with accurate signals, and therefore prices must fully and instantaneously reflect all available relevant information (Copeland, et al., 2005). In advanced economies, secondary stock markets play an indirect role in capital allocation by revealing investment opportunities and information about managers past investment decisions (Dow Gorton, 1997). For secondary stock markets, and other formal capital markets, to efficiently and effectively fulfill these two roles, securities prices must be good indicators of value (Fama, 1976, p. 133). Therefore, allocative market efficiency requires capital market prices to be informational effic ient. Informational efficiency implies no-arbitrage pricing of tradeable securities and entails several defining characteristics that form the basis of the efficiency market hypothesis. Generally, A market is efficient with respect to information set ÃŽËÅ"_t if it is impossible to make economic profits by trading on the basis of information set ÃŽËÅ"_t (Jensen, 1978, p. 98), where economic profits are defined as risk-adjusted returns minus trading and other costs. If security prices reflect all available relevant information, such as P/E ratios and past return variances, then it would be impossible to to use such information to profitably trade these securites. Therefore tests of the possibility of using publicly available information to earn economic profits constitute tests of infomational effiency. Tests of informational market efficiency generally take three forms, and comprise the elements of the efficient market hypothesis. Fama (1969) defined the three forms of ma rket efficiency as the weak, semi-strong and strong form, with each form characterised by the nature of the information central to its application. Weak form efficiency tests are tests of the viability of using past price history of the market to predict future returns (which is a necessary, but not sufficient, condition for trading for economic profits). The semi-strong form of the efficienct market hypothesis tests whether all publicly available information could be used by traders to earn economic profits. And finally, the strong form of market effiency tests the viability of using all information, public as well as private, to generate economic profits. In the literature and amongst practicioners, it is the semi-strong form which represents the accepted paradigm and is what is generally meant by unqualified references in the literature to the Efficient Market Hypothesis' (Jensen, 1978, p. 99). And though some references to market efficiency allude to the allocative efficiency of markets, the term market efficiency usually refers to informational efficiency as operationally defined by Famas efficiency market hypothesis, specifically the semi-strong formulation. Since its formulation in the late 1960s, researchers have conducted thousands of tests of the efficiency market hypothesis and have found various anomalies, such as the size effect, which appear to violate the market efficiency. Banz (1981) examined NYSE-listed common stock returns between 1936 and 1975 and found stocks with the smallest market capitalisaation earned a risk-adjusted return 0.40% per month higher than the remaining firms in his sample, which was the first evidence that the size effect posed a challenge to semi-strong form efficiency. Analysing a sample of 566 NYSE and AMEX stocks over the 1963à ¢Ã¢â€š ¬Ã¢â‚¬Å"1977 period, Reinganum (1981) found that portfolios constructed based on size exhibited predicatability of future returns, with the smallest sized portfolio outperforming the largest decile by 1.77% per month. Keim (1983), testing NYSE and AMEX stocks over the 1963-1979 period, reported a size premium of approximately 2.5% per month. Lamoureux Sanger (1989) found a size premium for NASDAQ stocks (2.0% per month) and for NYSE/AMEX stocks (1.7% per month) over the 1973 to 1985 period. Fama French (1992, p.438) concluded, The size effect (smaller stocks have higher average returns) is robust in the 1963-1990 returns on NYSE, AMEX, and NASDAQ stocks. Though evidence continued to mount of a size effect, which entails that average stock returns of firms with small market capitalisation were significantly higher than the average returns for large capitalisation firms, Fama and Frenchs paper preceded decades of research regarding explanations for the size effect and its possible implications. Over the years researchers have offered a variety of empirical explanations, some of them mutually exclusive, for the size effect. Robert Merton (1987) argued that sm aller firms have smaller investor bases and are less likely than larger firms to enjoy an institutional following amongst investors, making smaller firms less liquid and cheaper, which resulted in greater risk-adjusted returns. Chan Chen (1991) asserted that smaller firms are more likely than large firms to either be distressed or only marginally profitable, and therefore small firms prices are more responsive to changing business conditions, which loaded the size effect. Fama French (1993, p.5) formed 25 portfolios of securities based on size and book-to-market and found that these portfolios constructed to mimic risk factors related to size and BE/ME capture strong common variation in returns, no matter what else is in the time-series regressions. This is evidence that size and book-to-market equity indeed proxy for sensitivity to common risk factors in stock returns. Verifying their argument that the size effect was a proxy for common risk factors, Fama French (1995) found evi dence that firm size loaded profitability risk into the cross-section of stock returns. These, and other, empirical findings shed light on possible reasons for the size effect, but a consensus explanation never developed around a single cause. In contrast to the empirical and economic explanations for the size effect, some researchers questioned whether the size effect existed at all. Shumway Warther (1999) argued that the small firm effect is essentially a statistical illusion, related not to actual share prices but to market microstructure issues which inhibit proper measurement of price movements. They examined prices of NASDAQ-listed firms from 1972 to 1995, a period previous research associated with significant size effect, and found that after considering delisting bias (by accounting for delisted firms final price movements before removal from the sample), the size effect disappeared completely. Wang (2000) argued along similar lines, contending the size effect resulted f rom survivorship bias. He argued that small stocks are relatively more volatile and therefore more likely than large firms to be delisted due to bankruptcy or failing to meet listing requirements. These delisted stocks are often excluded from the samples studied for the size effect, which would bias the returns of small stocks upwards. Wang (2000) used simulation experiments to test for the likelihood of the small firm effect under such circumstances and concluded that the effect was spurious. Examining all of the above explanations and others, Dijk (2011, p. 3272) concludes, The empirical evidence for the size effect is consistent at first sight, but fragile at closer inspection. I believe that more empirical research is needed to establish the validity of the size effect. Though the causes of the size effect are interesting and remain an important topic of debate, more important are the possible implications of the size anomaly for the efficiency market hypothesis. The size ano maly appears to present a violation of efficient markets, especially to those observers who wrongfully presume that market efficiency implies stock prices must follow a random walk; however, no researcher has yet to show that information related to firm size can be leveraged by traders to earn economic profits. Recalling Jensens (1978) definition of informational efficiency, the size effect violates market efficiency only if such information could be used to generate risk-adjusted abnormal returns. Though the size effect may indicate that stock returns are predictable, if transaction costs are very high, predictability is no longer ruled out by arbitrage, since it would be too expensive to take advantage of even a large, predictable component in returns (Timmermann Granger, 2004, p. 19). Therefore return predictability invalidates market efficiency when it produces risk-adjusted returns that subsume transaction costs. According to Stoll and Whaley (1983), who test whether the size anomaly can be exploited to earn risk-adjusted returns greater than transactions costs, find it is not possible for the sample of NYSE-listed firms examined over the 1960 to 1979 period. This is due in part to the relatively insignificance of small firms in relation to the market as a whole. As noted by Fama (1991, p. 1589), the bottom quintile [of stocks] is only 1.5% of the combined value of NYSE, AMEX, and NASDAQ stocks. In contrast, the largest quintile has 389 stocks (7.6% of the total), but it is 77.2% of market wealth. So, even if the size effect is granted perfect validity, it does not necessarily negate the efficient market hypothesis. A final set of reasons ameliorating concerns about the size effects threat to market efficiency is related to model specification. Abstracting from the specific arguments related to size effects, consideration of the joint hypothesis problem dampens concerns that size effects could be determined to violate market efficiency. Roll (1976) no ted that the pricing models used to test market efficiency were also necessarily testing the validity of the specification of the market model (specifically, the validity of the market model proxy), which means that researchers models were necessarily underspecified. Violations seemingly attributable to the size effect, or any other apparent anomaly, can always be attributed to mispecification of the market model or mismeasurement of the market proxy, making it impossible to definitively infer anamolous behavior as evidence of market efficiency. Additionally, this time pointed out by Fama (1991, pp. 1588-9), small-stock returnsà ¢Ã¢â€š ¬Ã‚ ¦are sensitive to small changes (imposed by rational trading) in the way small-stock portfolios are defined. This suggests that, until we know more about the pricing (and economic fundamentals) of small stocks, inferences should be cautious for the many anomalies where small stocks play a large roleà ¢Ã¢â€š ¬Ã‚ ¦. Therefore, though there seems t o be robust evidence for a size effect, transaction costs overwhelm risk-adjusted returns and model specification concerns generally blunt notions that size effects can be shown to disprove market efficiency. The global financial crisis of 2007-8 renewed prominent calls for dispensation of the notion of efficient markets, as the allocative efficiency of markets seemed in doubt after so much capital appeared to be wasted on ill-advised investments. But efficient market allocation of investments relies not on ex post views of past downturns, but on ex ante decisions about future investment opportunities. Efficient markets imply that all relevant information is impounded in current asset prices, maximising market participants ability to allocate investment, which necessarily implies that the future is unpredictableà ¢Ã¢â€š ¬Ã¢â‚¬ market efficiency prohibited the ability to forecast the financial crisis, as the model predicts. Alternatively, a long line of research has examined the possibility that anomalies, such as the size effect, disprove market efficiency. The size effect, however, though an interesting puzzle regarding the cross-section of stock returns, does not disprove market efficiency. References Banz, R., 1981. The relationship between return and market value of common stocks. Journal of Financial Economics, 9(1), pp. 3-18. Chan, K. Chen, N., 1991. Structural and Return Characteristics of Small and Large Firms. The Journal of Finance, 46(4), pp. 1467-84. Copeland, T., Watson, J. Shastri, K., 2005. Financial Theory and Corporate Policy. Fourth ed. London: Pearson. Dijk, M. A. v., 2011. Is size dead? A review of the size effect in equity returns. Journal of Banking Finance, 35(12), pp. 3263-74. Dow, J. Gorton, G., 1997. Stock Market Efficiency and Economic Efficiency: Is There a Connection?. The Journal of Finance, 52(3), pp. 1087-1129. Fama, E., 1969. Efficient Capital Markets: A Review of Theory and Empirical Work. The Journal of Finance, 25(2), pp. 383-417. Fama, E., 1976. Foundations of Finance. New York: Basic Books. Fama, E., 1991. Efficient Capital Markets: II. The Journal of Finance, 46(5), pp. 1575-1617. Fama, E. F. French, K. R., 1992. The Cross-Section of Expected Stock Returns. The Journal of Finance, 47(2), pp. 427-465. Fama, E. F. French, K. R., 1993. Common risk factors in the returns on stocks and Bonds. Journal of Financial Economics, 33(1), pp. 3-65. Fama, E. F. French, K. R., 1995. Size and Book-to-Market Factors in Earnings and Returns. The Journal of Finance, 50(1), pp. 131-155. Jensen, M., 1978. Some Anomalous Evidence Regarding Market Efficiency. Journal of Financial Economics, 6(2/3), pp. 95-101. Keim, D. B., 1983. Size-related anomalies and stock return seasonality: Further empirical evidence. Journal of Financial Economics, 12(1), pp. 13-32. Lamoureux, C. G. Sanger, G. C., 1989. Firm Size and Turn-of-the-Year Effects in the OTC/NASDAQ Market. The Journal of Finance, 44(5), pp. 1219-1245. Merton, R., 1987. A Simple Model of Capital Market Equilibrium with Incomplete Information. The Journal of Finance, 42(3), pp. 483-510. Reinganum, M. R., 1981. Misspecification of capital asset pricing: Empirical anomalies based on earnings yields and market values. Journal of Financial Economics, 9(1), pp. 19-46. Shumway, T. Warther, V. A., 1999. The Delisting Bias in CRSPs Nasdaq Data and Its Implications for the Size Effect. The Journal of Finance, 54(6), pp. 2361-79. Timmermann, A. Granger, C. W., 2004. Efficient market hypothesis and forecasting. International Journal of Forecasting, 20 (1), pp. 15-27. Wang, X., 2000. Size effect, book-to-market effect, and survival. Journal of Multinational Financial Management, 10(3-4), pp. 257-73.

Essay Is Crime a Biological or Learned Behavior - 1275 Words

There has always been a fascination with trying to determine what causes an individual to become a criminal? Of course a large part of that fascination has to do with the want to reduce crime, and to determine if there is a way to detect and prevent individuals from committing crime. Determining what causes criminality is still not perfectly clear and likewise, there is still debate as to whether crime is caused biologically, environmentally, or socially. Furthermore, the debate is directly correlated to the notion of nurture vs nature. Over time many researchers have presented various theories pertaining to what causes criminal behavior. There are many theories that either support or oppose the concept of crime being biological rather†¦show more content†¦88-89). The conclusion that Lombroso came up with was that there is a born criminal type (Thompson and Bynum, 2010, P. 89). This concept of physical characteristics was used in other fields, like Anthropology to see if peo ple of a certain race were more primitive then others. It is not all that surprising that it was used to try and establish if criminals could be distinguished in the same manner. The concept of individuals being born as a criminal type is still unclear. Of course this concept has been expanded well beyond just looking at physical traits. Researchers have also looked at criminal behavior from a genetic aspect. In fact, behavioral genetic research has show that genes influence individual differences in a wide range of human behaviors -cognition, academic achievement, personality and temperament (including such traits as aggression and hostility), psychopathology, and even vocational interests and social attitudes (Meadows, 2010, P.16). There may in fact be a connection between how an individual is wired and the behavior that results. This does not necessarily mean that some individuals are inevitably going to become a criminal. However, some individuals may simply have a greater tendency to be more aggressive and thus less likely to control emotions absent some type of positive interventions (Meadows, 2010, P. 16). Furthermore, genetic research looks at the heritability of certain disorders and specific genes thatShow MoreRelatedEssay Biological Explanations of Criminal Behaviour1357 Words   |  6 PagesCrime theorie s are still in a development stage; it is an evolutionary process that continues to this day. Crime is still a complex and misunderstood phenomenon with no concrete evidence when it comes to human behavior. Throughout time there have been endless amounts of crime theories, few of which revolve around biological explanations. We have Cesare Lombroso and the Positive School who thought that criminals were genetically different from the rest of the general population, that they were biologicallyRead MoreThe Rational Choice and Biological Trait Theories Essay1748 Words   |  7 PagesCriminals have been committing crimes for centuries, and they are always fooling the police detectives and federal agencies sometimes. If the justice departments would actually look at the persons thought processes and reasoning before a crime is committed, the justice departments will be able to answer the reason for the crime. The different departments could possibly figure out why the criminal did what they did in the first. For instance, they should use a couple of criminology theories to helpRead MoreBrain Dysfunction913 Words   |  4 Pages Brain Dysfunction in Criminal Behavior Jose Luis Abreu CRJ308: Psychology of Criminal Behavior (BLG1319A) Instructor: Cheryl Cabero May 27th, 2013 Brain Dysfunction in Criminal Behavior After viewing the ABC video â€Å"The Brain and Violence: Secrets of Your Mind† I do believe that people are predisposed to violence. I do maintain my position that even if the same Neurological and genetic factors that lead to crime are present in a person the lack of a healthy environment is what will causeRead MoreBiological Theory And Psychological Theory1260 Words   |  6 PagesMurder done by convict (Hashmukhial Mistry) because of depressed mind and family conflicts. This essay explains the application of biological theory in case of Hashmukhial Mistry killed his wife and his father before taking his own life. Biological theory is originated from Social trait theory, deviant trait theory and psychological theory. Biological theory of crime assumes that a person lead to criminal activities just because of their physical attributes. Physical characteristics are generallyRead MoreBehavioral Learning Theory Essay901 Words   |  4 PagesThe Behavioral Learning Theory believes that behavior is learned from either the environment, the people in the individuals life, the media, or society as a whole. This theory contradicts the Biological theory, which states that criminals are born to be bad and that criminal behavior is inherited. The behavioral theory looks at the environment as well as societys impact on how an individual acts which might be the reason for criminal behavior. This theory blames the environment as well as theRead MoreRational Choice vs. Trait Theory Essay1492 Words   |  6 Pageswill start with the history of the two theories and progress toward some of the individual principles in the theories. Next step will be explaining how each theory contributes to criminal behavior. My closing paragraph will conclude the essay as well as give detailed information on how society punishes the crimes committed. I. Compare and Contrast Rational Choice and Trait Theories. A. Rational Choice Theory defined and history noted. B. Trait Theory defined. Read MoreInsight Into Criminal Behavior Essay1735 Words   |  7 Pagescriminal behavior increases the chances that those individuals will also engage in criminal behavior. Research gives us insight to prevent or reduce criminality and rehabilitate violators of the law that engage in criminal behavior. What causes people to commit crimes? Interdisciplinary criminology gives us a better understanding from several fields of study of a better understanding of crime. Influential factors that influence criminal behaviors are psychological, sociological, and biological. How doRead MoreThe Theory Of Crime Causation871 Words   |  4 Pagesof the important goals to criminology is to create valid and accurate theories of crime causation. A theory could be defined as a statement that explains why a certain circumstance does not happen. A valid theory should always have the ability to predict future occurrences of the circumstance in question and also have the ability to be tested (Siegel, 2 013). Even though there was talk on the code of law and how crime should be handled from years ago, according to Siegel, the science of criminologyRead MoreEssay about The Causes of Crime1537 Words   |  7 PagesThe causes of crime seem to be indefinite and ever changing. In the 19th century, slum poverty was blamed; in the 20th century, a childhood without love was blamed (Adams 152). In the era going into the new millennium, most experts and theorists have given up all hope in trying to pinpoint one single aspect that causes crime. Many experts believe some people are natural born criminals who are born with criminal mindsets, and this is unchangeable. However, criminals are not a product of heredity.Read MoreThe Causes of Crime1530 Words   |  7 PagesThe causes of crime seem to be indefinite and ever changing. In the 19th century; slum poverty was blamed, in the 20th century, a childhood without love was blamed (Adams 152). In the era going into the new millennium , most experts and theorists have given up all hope in trying to pinpoint one single aspect that causes crime. Many experts believe some people are natural born criminals who are born with criminal mindsets, and this is unchangeable. However, criminals are not a product of heredity

Linguistic Manipulation in Advertising Essay Example For Students

Linguistic Manipulation in Advertising Essay Rudyard Kipling once said, Words are, of course, the most powerful drug used by mankind. This statement is so very true within all aspects of life especially in the advertising industry. Creators of advertisements use powerful words in unusual combinations, sometimes with visuals, to inhabit and manipulate the readers/viewers minds. Consumers need to be aware of the various linguistic (relating to language) devices used in advertising in order to lessen the suasive effect from the manipulation within advertisements. According to Alan C. Harriss article entitled, Sell! Buy! Semiolinguistic Manipulation in Print Advertising, manipulation of linguistic form means that a small idea or object will undergo some enhancement, change, transformation, mutilation, or mutation that is relatively unexpected on behalf of the reader/viewer. The manipulation usually stands out of the ordinary to grab the attention of potential purchasers which increases the purchasing consideration of the advertised product/service to the exclusion of all other similar products/services. Advertisers use foregrounding to provide the manipulation within their advertisements. In advertising, foregrounding is a linguistic process in which certain components such as words, phrases, intonations (inflections), or symbolic visuals are made more meaningfully significant and prominent. By using linguistic devices in foregrounding, the advertiser marks, stresses, or contrasts in a unique, noteworthy manner which is conveyed to the consume r. We will write a custom essay on Linguistic Manipulation in Advertising specifically for you for only $16.38 $13.9/page Order now One of the more widely acknowledged linguistic devices used in foregrounding is the claim.The claim is the verbal or printed part of an advertisement that makes some claim of superiority by providing an appealing manipulation sometimes with creative visuals. Advertisers use the claim to portray an essential rightness which is conveyed to the reader/viewer. There are ten common claims that Jeffrey Schrank identifies in his essay, The Language of Advertising Claims. As Jeffrey points out, a few of these claims are downright lies, some are honest statements about a truly superior product, but most fit into the manipulation category with carefully chosen linguistic devices. The first claim Jeffrey mentions is the weasel claim which is a modifying device that practically counteracts the claim and is appropriately named after the egg eating practices of the weasel. When consumed, the shell of the egg appears undamaged, but the weasel has actually sucked out the core of the egg. Likewise, the linguistic device initially appears considerable but proves to be meaningless. Some of the pinpointing weasel words are helps; like (used in comparison); virtually; enriched; and many other manipulative enhancers. An advertiser might claim that their dish soap will leave dishes virtually spotless. They want us to think of spotless, but the advertisers slipped their sly, glorified, weasel word virtually into the phrase hoping the reader/viewer will disregard it. The second claim is the unfinished claim which suggests a product is better than something else but is unclear, because the comparison wasnt finished. The car manufacturer could claim, Ford is seven hundred percent quieter. If given this information, the reader/viewer would be under the impression that this fact is part of a comparison to another vehicle. In actuality Ford used this manipulation to promote that their car was seven hundred percent quieter in the interior as opposed to the exterior. The third claim is the We are different and unique claim. This claim is suppose to provide a unique distinction above similar products/services. An example of this claim is Only Zenith has chromacolor. Other manufacturers make similar television sets but can not use the word chromacolor in their ad because of a copyright trade name Zenith holds. The fourth claim is the Water is Wet claim. This type of claim is usually factual but is also true in similar products/services. A billboard sign could say Mobil: the Detergent Gasoline. This is a true statement and tries to show a unique quality, but in actuality, all gasoline acts as a cleaning agent. .u0275a9f1d680eaf9c00244cd0e2c1b2b , .u0275a9f1d680eaf9c00244cd0e2c1b2b .postImageUrl , .u0275a9f1d680eaf9c00244cd0e2c1b2b .centered-text-area { min-height: 80px; position: relative; } .u0275a9f1d680eaf9c00244cd0e2c1b2b , .u0275a9f1d680eaf9c00244cd0e2c1b2b:hover , .u0275a9f1d680eaf9c00244cd0e2c1b2b:visited , .u0275a9f1d680eaf9c00244cd0e2c1b2b:active { border:0!important; } .u0275a9f1d680eaf9c00244cd0e2c1b2b .clearfix:after { content: ""; display: table; clear: both; } .u0275a9f1d680eaf9c00244cd0e2c1b2b { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u0275a9f1d680eaf9c00244cd0e2c1b2b:active , .u0275a9f1d680eaf9c00244cd0e2c1b2b:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u0275a9f1d680eaf9c00244cd0e2c1b2b .centered-text-area { width: 100%; position: relative ; } .u0275a9f1d680eaf9c00244cd0e2c1b2b .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u0275a9f1d680eaf9c00244cd0e2c1b2b .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u0275a9f1d680eaf9c00244cd0e2c1b2b .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u0275a9f1d680eaf9c00244cd0e2c1b2b:hover .ctaButton { background-color: #34495E!important; } .u0275a9f1d680eaf9c00244cd0e2c1b2b .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u0275a9f1d680eaf9c00244cd0e2c1b2b .u0275a9f1d680eaf9c00244cd0e2c1b2b-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u0275a9f1d680eaf9c00244cd0e2c1b2b:after { content: ""; display: block; clear: both; } READ: Different methods to grab our attention EssayThe fifth claim is the so what claim. This claim might have a slight advantage over another product/service but without any relevance for the consumer. An example of the so what claim is Geritol has more than twice the iron of ordinary supplements. Does the consumer really benefit with the increased intake?The sixth claim is the vague claim which overlaps some of the other claims. The vague claim is also unclear and usually contains a weasel word that uses subjective opinions that do not have adequate verification. The claim, Winston tastes good like a cigarette should, uses an appealing personal opinion, tastes good, along with the weasel word, like. The endorsement or testimonial is the seventh claim Jeffrey identifies. The endorsement or testimonial involves the use of a superstar to promote a product/service. Sometimes the celebrity or authority will claim to use the product but quite often they do not. Michael Jordan endorsed Wheaties by using the claim, Breakfast of Champions. The eighth claim is the scientific or statistical claim which uses specific numbers from a scientific experiment or an enhanced mystery element. An example of this claim is Wonder Break helps build strong bodies twelve ways. The number twelve provides an impressive support for the statement, but the claim also uses the weasel word, helps. The ninth claim is the compliment the consumer complaint which flatters the reader/viewer. We think the cigar smoker is someone special, is one illustration. The claim advertises the product and provides a good reassuring feeling for the consumer who smokes cigars. The last claim Jeffrey identifies is the rhetorical question. This technique is used to assert the products/services appealing qualities to the reader/listener by demanding a response. Ford uses many videos and pictures of their vehicles in their advertisements and then asks their audience Have you driven a Ford lately? This claim along with the nine others mentioned by Jeffrey Schrank are some of the more common manipulative devices in advertising. There are also symbolic visuals that are often manipulated or enhanced. In America and many other countries, advertisers often exploit models for their sexual characteristics in order to promote their product/service. Advertisers also use supernatural visuals to market. Mountain Dew is widely known for this endorsement in their Do the Dew campaign. In one of their commercials, an outdoorsman drinks a can of Mountain Dew, challenges a mountain goat, and wins a ramming battle for territorial rights on the mountain. Granted, Mountain Dew doe s have a significant amount of caffeine, but their enhanced triumph isnt realistic. However, the ad does stand out of the ordinary and captures the viewers attention. The various manipulations of advertisement in all of the mentioned devices are constructed to appeal to the reader/viewer by the unique properties of the ad and increase the consideration of the products/services. By recognizing the diverse variations of linguistics devices, the consumer should be able to minimize the chance of falling victim to the manipulation in the advertising industry.

Portia is a mixture of both attractive and less attractive qualities Essay Example For Students

Portia is a mixture of both attractive and less attractive qualities Essay Portia is, in my opinion, the most interesting character in The Merchant of Venice. She has two sides, kind of like a split personality. One minute shes helping people and being nice to them, then next shes back stabbing them and treating them like they are below her in some way. Portia makes us feel different emotions for her throughout the play. At some parts she makes us dislike her, others like her, others feel sorry for and even sometimes feel admiration for her. This makes reading about her very interesting as she never fails to entertain us and make us feel her as a real person. She can seem like an attractive woman, but at other times she makes us see her as the most unattractive person in the whole play. She has in many scenes, a devious side to her character. During the Court scene, she plays by the rules, other to her advantage. She plays devious tricks to win things over on her side. She shows great intelligence which is not something she could show as a woman at that time. This is why it is such a great achievement for her to win the court case as she is in disguise as a man. To her, it is a great personal achievement, especially as she has never studied law, she just played it to how she wanted, without breaking the rules. It is a remarkable stunt to pull, and she did it well with a little help from her maid Nerissa. The court scene is the most interesting scene in the play, and she is involved in a big way. She is disguised as a man, which makes us wonder throughout, will she win? Of course we discover she does, which is a wonder as it would be very difficult to do so without any degrees in law. Portia plays a dangerous game of what seems to be cat and mouse with Shylock in the all important court scene. She knows there is a catch in Shylocks bond all along, and is waiting to catch him out. Tarry a little, there is something else. This bond doth give thee here no jot of blood. The words expressly are a pound of flesh. Take then thy bond, take thou thy pound of flesh, But in the cutting it, if thou dost shed One drop of Christian blood, thy lands and goods Unto the state of Venice. Portia has caught Shylock out. She has revealed he can have the pound of flesh he wants, and he is overjoyed to hear this, but then she reveals that he must not let Bassanio bleed one drop of blood. This is impossible and Shylock knows it, and the penalty is that all his land and possessions go to the Venice state. She has the upper hand at this point, and it looks as though she will win the case. It is a surprise in this scene though, that Portia can be so generous with money, and yet be so mean to Shylock. She is a mixture of good and bad in this instance, which can confuse you a little as to what her motives for being so mean are. Maybe she is just racist against Jews, or maybe she is just trying to fool her husband into thinking she is a good person for lending money but, being mean to the Jew who he hates. Or it could just be because Shylock wants flesh from her husband, this could help us understand why she gives him such a hard time. Whatever her intentions, it keeps us all interested in her attractive and unattractive character throughout the entire scene. There are many factors which makes us dislike Portia, and make her seem like an ugly character. She does trick many people, including her own husband. .ud073102749239ece3b7ac51d85a957ba , .ud073102749239ece3b7ac51d85a957ba .postImageUrl , .ud073102749239ece3b7ac51d85a957ba .centered-text-area { min-height: 80px; position: relative; } .ud073102749239ece3b7ac51d85a957ba , .ud073102749239ece3b7ac51d85a957ba:hover , .ud073102749239ece3b7ac51d85a957ba:visited , .ud073102749239ece3b7ac51d85a957ba:active { border:0!important; } .ud073102749239ece3b7ac51d85a957ba .clearfix:after { content: ""; display: table; clear: both; } .ud073102749239ece3b7ac51d85a957ba { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ud073102749239ece3b7ac51d85a957ba:active , .ud073102749239ece3b7ac51d85a957ba:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ud073102749239ece3b7ac51d85a957ba .centered-text-area { width: 100%; position: relative ; } .ud073102749239ece3b7ac51d85a957ba .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ud073102749239ece3b7ac51d85a957ba .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ud073102749239ece3b7ac51d85a957ba .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ud073102749239ece3b7ac51d85a957ba:hover .ctaButton { background-color: #34495E!important; } .ud073102749239ece3b7ac51d85a957ba .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ud073102749239ece3b7ac51d85a957ba .ud073102749239ece3b7ac51d85a957ba-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ud073102749239ece3b7ac51d85a957ba:after { content: ""; display: block; clear: both; } READ: Fictional fantasy EssayTo test her husbands true love for her, she asks for the ring she gave him as a present, whilst he thinks she is the lawyer. This is a cruel trick, it puts Bassanio in a very difficult situation. If he gives the ring away then it would be betraying his wife, but if he doesnt give the ring to the lawyer, then he wouldnt be being respectful and granting the lawyers wish for a payback for helping him. She puts Bassanio in the most uncomfortable situation, and she watches as he decides what to do. It is a test of love, but an unfair one. She doesnt seem to care that it is a very difficult decision, all she cares about is what Bassanio will do, or rather who he will choose. I would lose all, ay, sacrifice them all Here to this devil, to deliver you. Your wife would give you little thanks for that If she were by to hear you make the offer. Here Bassanio is talking to Portia, but he doesnt know it is she. He is saying he would sacrifice his wife for his friend Antonio, and Gratiano agrees with him. But what they dont know is that they are telling their wives, and we know they are. It is a cruel thing for Portia to stand there and act as if she agrees because Bassanio will never know the truth. We can also feel admiration for Portia though. She had the courage to become a lawyer for the trial, and she played it well. Not one other character suspected she was not sincere, which makes us feel as if she is somebody to be proud of, or to look up to. She is a clever woman, she had to pretend to be a man in front of a whole court room, and she managed to do it, and do it well. What is even more amazing, is that Portia does win the case. It is a feat which not many could do without needing some sort of education in the matter. Instead of studying and reading books for years, she used her intelligence and her integrity, and kept her wits about her. It worked, and she won the case fair and square. She can be seen as a strong character too, she manages to keep her composure when her husband gives the ring away. Whether or not it was her wish for him to choose, it was strong of her to act as if it didnt bother her. She could be seen as a role model in a way, she has an aim, and she works until she gets it. That shows true determination. In some ways, we can also feel sorry for her. She has to live by a strict routine left by her Father. She must obey by his rules, even if she doesnt agree with it. I may neither choose who I would, nor refuse who I dislike, so is the will of a living daughter curbed by the will of a dead father. Her Father left his will of Portia to have to accept who to marry once they had chosen the correct casket. She has no involvement in the choosing, therefore she is unhappy that she could be married to somebody she doesnt love, or worse, not even like. It is a hard situation for Portia as she could end up married to an ugly suitor, or somebody completely the opposite to her. She is worried he will be incompatible, and she could be right. After all of this, she believes that Bassanio loves her, which makes the choosing process even harder to cope with. It is difficult, as she could marry a man when she is in love with another. We can pity her in this scene, but when Bassanio comes to choose a casket, Portia does cheat a little, by giving him hints as to which casket to choose. .u805534bcc9c27b82123ea7da5e7cca71 , .u805534bcc9c27b82123ea7da5e7cca71 .postImageUrl , .u805534bcc9c27b82123ea7da5e7cca71 .centered-text-area { min-height: 80px; position: relative; } .u805534bcc9c27b82123ea7da5e7cca71 , .u805534bcc9c27b82123ea7da5e7cca71:hover , .u805534bcc9c27b82123ea7da5e7cca71:visited , .u805534bcc9c27b82123ea7da5e7cca71:active { border:0!important; } .u805534bcc9c27b82123ea7da5e7cca71 .clearfix:after { content: ""; display: table; clear: both; } .u805534bcc9c27b82123ea7da5e7cca71 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u805534bcc9c27b82123ea7da5e7cca71:active , .u805534bcc9c27b82123ea7da5e7cca71:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u805534bcc9c27b82123ea7da5e7cca71 .centered-text-area { width: 100%; position: relative ; } .u805534bcc9c27b82123ea7da5e7cca71 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u805534bcc9c27b82123ea7da5e7cca71 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u805534bcc9c27b82123ea7da5e7cca71 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u805534bcc9c27b82123ea7da5e7cca71:hover .ctaButton { background-color: #34495E!important; } .u805534bcc9c27b82123ea7da5e7cca71 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u805534bcc9c27b82123ea7da5e7cca71 .u805534bcc9c27b82123ea7da5e7cca71-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u805534bcc9c27b82123ea7da5e7cca71:after { content: ""; display: block; clear: both; } READ: The movies and drama EssayPortia is most of the time a mean person, especially to her suitors and to Shylock during the trial. She makes unkind remarks about her suitors when they arrive to choose a casket. The men have come to try and win her hand in marriage, but she sees the bad side to all of them, and takes them at face value, which is not a good trait to have. Another harmless character who she manages to get her claws out at, is Jessica. She offers her no support when she finds out she has run away from her Jewish Father. As Jessica is Jewish, Portia sees her as a person below her, just like Shylock. Even though Jessica is willing to convert to Christianity for her soon to be husband Lorenzo, Portia ignores this and treats her like any other Jew. She can also be a little rude, sometimes to her own maid, Nerissa. We can see Portia is much more interesting than Nerissa, but maybe that is only because we are not told anything about Nerissas past. She is just a side character. I think Portia expects Nerissa to agree with everything she says, even when she is wrong. The play involves many plots, but I think what much of it comes down to, is racism. Portia lays a huge part in being racist, especially with her suitors. She sees the Prince of Morocco as being black, so she purposely hints for him to choose the wrong casket, without giving him a chance to show his true self. It is unfair of her to assume he is a bad person just from his colour, but she doesnt just do this to him. A gentle riddance! Draw the curtains, go. Let all of his complexion choose me so. This is an unfair comment to make about his colour, especially just after he has chosen the wrong casket. She treats Jews the same. We can see this in the trial of Shylock, and if he wasnt a Jew, she may have treated him slightly better. Her character is the most interesting in the entire story I feel, she has many sides to her, and it makes every scene more interesting as we never know what she will do and how she will react to certain situations. She is a funny character sometimes too. Her collection of suitors amuses us, and amuses her too. She makes every act seem like a different character as she is so different all the time. I like the character of Portia, although sometimes she can be so cruel you can even hate her then like her again, as if by the switch of a button.