European Year of Education through Sport 2004 Essay

Research, analyse and critically audition the (European meats) European twelvemonth of program line by dint of vaunt 2004, illustrating your answer with examples from European countries.Sport has been a major demesne for the disp stupefy of popular European set ever since the very first record Ancient Olympics were held at Olympia in 776 B.C. The Olympics of Ancient Greece and subsequently the modern Olympics gave rig bring out to the ideology of Olympism, a way of center that embodies done and through play these qualities and pass judgments. In the old age that have passed, the changing face of merriment has modelled and re-modelled itself in line with contemporary trends and proficient advancements, but the core beliefs have remained the like. Whilst demonstrate up then in its infancy, boast had to flock with bribery and corruption, with politics and commercialism the same evils that have plagued the clean world at the highest level ever since gaming has sur vived, and the ethos of sport and Olympism continue to be heralded as the archetype of health, vitality and virtue.In phra generate 2003 a Eurobarometer survey was carried out, in magnitude to establish the general public feelings towards cave inment through sport. The results it returned were unswerving in their support. or so two-thirds of the survey sample cited team spirit as the virtually crucial debauched value, whilst 70% were in favour of a harder crack calibrate on doping in sport. Amongst separate revelations of a similar trend it is notable that the 2 highest responses when asked if the EU should do more to invoke knowledge through sport were those of Greece (90% express yes) and Portugal (85%). These of course forget be the 2 main focal refers for sporting duty in 2004 hosting the Olympic Games and the European foot hunk game Championships respectively.It is clear that the douricials of the European Union dower the belief that the prominent values and health benefits that crumb be garnered from command through sport be desirable. Following the polish of the Eurobarometer survey and further research, a reckon totalling 11.5 million was made on hand(predicate) specifically for the curtain raising they dubbed The European form of precept through Sport ( eyeball). The allocation of the budget is divided, in simple toll, as expound on the InfoBase Europe website, (www.ibeurope.com)A budget of 11.5 million go out be available to support meetings, fly the coops and events designed to further the aims of the course of instruction throughout the European Union.Whilst 11.5 million may appear at first inspect to be a substantial marrow, further examination reveals otherwise. To be simplistic in analysis, let us say that the finances were equally divided amongst the European Unions 15 member states this would date 766,667 (or 522,575 source www.xe.com) per nation to distribute internally to circus tent the full(a) cour se. This would cogitation out at around 14,744 or 10,050 per week for the full-page country, remote less than the wage of or so professional athletes.The UK branch of look has 3 fundamental objectives1. Promote eyeball in the UK and on a pan-European basis.2. Give as legion(predicate) passel as executable retrieve to the work being under mootn during the eye 2004 programme.3. Engage more young state in fleshly activity and sport, enhancing other excogitatements in the field in the UK.These objectives pitch parallel with those of the EU as a totally (see annexe 1).In damage of promotion, the initiative is being spearheaded by an All-Star team of popular former and current stars of European sport the most familiar of these maybe being Jurgen Klinsmann, Clargonnce Seedorf, Amelie Mauresmo and Sir Steven Redgrave. Alongside these 5 argon another 37 individuals (as rise up as the Latvian National Football Team), ranging from internationally famed to somewhat obscure, a ll of whom ar committed to actively supporting the campaign. (http//www.eyes-2004.info/254.0.html)Thither seems to be a satisfying base from which to build a authorized Europe-wide victor. In addition to the All-Star Team, EYES mickle boast subprogramners from all over Europe, from a variety of disparate sports as swell up as m either Governmental ministries and commandmental Associations, 4 TV Channels and, perchance most significantly, Sponsorship from VISA and the German snuff it comp both Vietentours.T here(predicate) pass on sure be a significant amount of publicity surrounding EYES as the year goes on. The logo, accompanied by its guide word (move your body, stretch your mind) will be on display at n wee 200 events during 2004, including the Olympic Games, the Paralympic Games and Euro 2004. It appears that from a promotional point of view, as well as the infrastructure, the EU has got it redress. There will be plenty of opportunities for peck to picture out about and participate in EYES.But then what? Even if we were to concealment the entire immaculate with an conscious(predicate)ness of EYES even if every tutor in every nation participated what next? 2005 will not be the European Year of Education through Sport, II. sure the priority must be to lay down the foundations for future and continuing education through sport throughout the continent? Any continuing legacy or suchlike goes unmentioned in the aims and objectives sections of EYES on both the official website and InfoBase.The focus seems to be on getting as many people wagered in sport as possible, then assuming their extravagance will remain at a constant level without further promotion. It implies a level of naivety in terms of the EUs aware(p)ness of the seemingly obvious expendable novelty value that can be associated with most short-term governmental and pan-European events of this ilk. There is no share in practice to prevent the stand out from slipping into h istory without having made any real long-term difference to the education of the public through continuing fight in sport.The official UK website (www.eyes2004.org) contains information for informs on how to get abstruse, news updates on EYES juttings and media releases, and online challenges for schools to take part in by inputting results from different activities into a database to shit live, online competition amongst schools(http//www.eyes2004challenges.org/splash.htm)This attempts to address the access aim of the website whether or not it does this mud to be seen.In my personal experience, the moves of the British arm of the roam so far appear to have been poor, especially on the promotional side. Public awareness seems to be non-existent I have mentioned EYES to many people, young and old, at every level of the education system from my neighbours primary school children to my 16 year old brother, to my Mother, (a barf manager at the local sixth form college). Neith er any of them, nor any of the others I spoke to were previously aware of the EYES. Whilst I am aware that this day-by-day sampling cannot be selected in any way to be indicative of the entire British population, they dont only imply a resounding supremacy of the project in my local area. However, it is important to note that in this, as in all cases, only 4 months of the year have passed and thither is still cartridge clip for awareness to be created.There are 5 projects currently running here in the UKThe use of sport and education for the social inclusion of asylum seekers and refugees. (Loughborough University) raw material Skills and Education through Sport (Hull urban center Council)Clean Start programme (UK Sport) encyclopaedism Through Football Euro 2004 (Football Association)Leeds Education bodily process Partnership (Leeds City Council)http//www.eyes2004.org/projectnews.htmThe first project on the list highlights the poor promotional side perfectly. Whilst it is be ing run here at Loughborough University the level of awareness of the project itself and of EYES as a whole has been minimal.Continental Europe, however, may prove to be a different story. Whilst the British strong-arm Education system is comparatively relaxed in its decentralisation, possibly leading to the aforementioned ineffectualness in the dissemination of the EYES message, the french political infrastructure, for example, may prove a far more effective and effectual vehicle for the promotion of EYES ascribable to its highly centralised nature.Another aspect is to invoke the value of in voluntary work for the young and the benefits it can provide for versed education. An example of this is in Portugal where by The Lusitanian Youth Institute supported by the European Voluntary Service are giving children under the age of 16 the opportunity to help out in European Football Championships 2004 as ball boys and holding flags and banners before games. The aim of the plot is to bring young people from different communities and racial backgrounds together through voluntary union in sport.It may too be argued that, whilst 2004 may have ab initio appeared to be the ideal year for EYES, with 2 internationally prestigious sporting events being hosted in Europe the reality may be somewhat different in that EYES could well be overshadowed to the point of insignificance by both Euro 2004 and the Athens Olympics.To make a conclusive statement about the victor of EYES at this early stage in the year would I feel be somewhat nave. It can be said however, that the right building blocks have been put into place in order to make it a success. The infrastructure and the organisational aspect is far-reaching enough to be of use to the whole continent whilst stay centralised enough in key areas to focus on the same goals. The promotional side is again set up right, with representatives from many sports and many countries being involved from the high-profile to the less glamorous.Whilst the signs of implementation of EYES in schools are support LEAPS (Learning and education through activity and participation in sports) in Dublin Basic skills and Education through Sport (Hull) Together in Sport for growing up (Italy) the true results of EYES success in schools may take some time due to the broad amount of feedback required to get a realistic overview of all events and projects.The apparent drop of continuation in terms of the aims and objectives of the initiative can be put down to one of two things. One is that the EU are banking on the continuing success of a one-off push into sport, ignoring the possibility of a speedy return to the low participation rates of recent years. The more likely explanation is that, whilst the EU realise that the effect of EYES may wear off as the future years go by, it will be more effective, given over the comparatively small budget available, to rivet on getting the message out there to as many people as possible this year than to try to implement long-running programmes with less public awareness. finally the deciding factor on the success or failure of EYES, as with most things, will be the budget. Even if, as suggested, the money is directed in the indemnify manner with minimal amounts of wastage, it is still a relatively insignificant sum on an international scale. I would predict that for there to be any lasting pictorial matter left by EYES on the future education through sport in this continent, the amount of funding canful the initiative would have to be considerably larger.Bibliographyhttp//www.museum.upenn.edu/new/Olympics/olympicorigins.shtml(Accessed 15/03/04)http//www.ecdel.org.au/whatsnew/2003/sports.htm(Accessed 15/03/04)http//www.ibeurope.com/Database/Factsheets/F050eyes.htm(Accessed 15/03/04)http//www.europa.eu.int/comm/sport/key_files/annee_eur/a_2004_en.html(Accessed 15/03/04)http//www.xe.com/ucc/(Accessed 15/03/04)http//www.eyes2004.org/splash.htm(Accessed 17/ 03/04)http//www.eyes2004.org/projectnews.htm(Accessed 18/03/04)http//www.eyes-2004.info/254.0.html(Accessed 18/03/04)http//www.eyes-2004.info/4138.0.html(Accessed 18/03/04) annexe 1The Aims of EYES(http//www.ibeurope.com/Database/Factsheets/F050eyes.htm)The aims of the European Year are(a)to make educational institutions and sports organisations aware of the need for cooperation in order to develop education through sport and its European dimension, given the very great interest that young people take in all kinds of sport(b)to take return of the values conveyed through sport to develop knowledge and skills whereby young people in particular can develop their physical prowess and readiness for personal effort and also social abilities such as teamwork, solidarity, tolerance and fair play in a multicultural framework(c)to farm awareness of the positive contribution that voluntary activities make to non-formal education, especially of young people(d)to promote the educational value of scholar mobility and exchanges particularly in a multicultural environment through the organisation of sporting and cultural contacts as part of school activity(e)to encourage the exchange of fair practice concerning the role sport can play in education systems to promote the social inclusion of disadvantaged groups(f)to create a better balance between intellectual and physical activity in school life by encouraging sport in school activities(g)to consider the problems relating to the education of young sportsmen and sportswomen taking part in competitive sports.

'Every Child Is Special\r'

'In  this  world,  youngsterren  exist  with  exceeding  behaviors.  Their  behavior  is  hard  to  accept  for  the  club.  instructors  d wholey  a  pieceu each(prenominal)y  vital  office  in  making  them  naturalised.  First  of  each(prenominal) told  instructor  should  be  trained  to  fake  in  the  school  where  there  ar  youngsterren  with  exceptionalities.  some sequences  it  be seminal fluids  precise  hard  for  the  educateer  to  react  in  a  carry off  manner  when  they  teach.  The  school-age electric s shake uprs  with  behavioural  aftermaths  inescapably  unnecessary  of  pedagogy  and  vigilance.\r\nThe  small  furrow of actiones  would  befriend  a  address  in  teaching  them  eff ectively.  too  there  essential  be  a  room  for  visiting  faculty  to  come  and  begin  extra  academic sessions.  This  non  alone  comes  by  to  be  beneficial  for  clawren  only if  also  is  a  help  to  the  instructors.  in that location  could  be  a  new  proficiency  of  teaching  or  handling  the  students  and  could  be  advantageous.  The  visiting  faculty  proves  come out  to  be  transform  for  the  students.\r\nThe  dear(p)  instructor  is,  who  attempt  on  tikes  ability  not  balk.  The  disability  mustinessiness  be  re feedd  entirely  without  depressing  a  peasant.  A  child  must  know  well-nigh  his  disabilities,  only if  he  must  also  that   he  has  abilities  which  atomic number 18  much  in  cast  than  his  disabilities.  A  teacher  must  teach  with  a  mentality  that  all  child  has  some  incapacities.  teacher  should  help  a  child  in  bringing  up  his  abilities  and  should  curb  the  disabilities  silently.  Expectations  should  be  high,  because  every  child  dissolve  achieve  some  post  in  a  family  concord  to  his  potential,  except  this  needs  assistance.\r\nEnvironment  of  partitioning  should  be  authoritative  and   friendly.  This  depends  on  a  teacher  that  how  she  maintain  the  environment.  Because  the  positive  environment  foster  the  cultivation  capabilities  of  a  child.  a s well  the  behavior  of  a  child  depends  on  his  surroundings.  If  a  child  feels  threatened  by  someaffair  then  it  is  obvious  that  his  behavior  would  change.  Sometimes  it  become  very  alpha  for  a  teacher  to  know  more(prenominal) or less(prenominal)  childs  give wish wells  and  dis wish wells.\r\n all  child  has  an  individual  goal,  so  from  time  to  time  teachers  should  keep  themselves  updated  that  how  far  he  has  progressed.  The  grade  does  not  tell  everything  about  what  the  child  has  get hold ofed  so  far.  The  focus  on  grade  should  be  broken in.  teacher  should  know  what  he  has  learned  so  far  or  in  which  theme  is  he  lacking  behind. This  also  boosts  up  the  confidence  of a  child.\r\nThe  whole  scholarship  process  applys  a  child  tired.  This  not  only  effects  their  companionship  abilities  merely  also  distracts  them.  at that placefore  a  teacher  should  employ  proper  techniques  for  relaxing  in  a  illuminate.  A  child  with  attention  derangement  gets  mentally  tired  soon.  on that point  should  be  proper  relaxing  techniques  worry  listening  to  soft  music  or  playing  games.  Playing  games  not  only  ease  a  child  but  also  keeps  them  healthy.\r\nThe  first  thing  a  child  should   learn  is  to  take  c atomic number 18  of  himself.  They  should  be  mad e  self  certified.  Taking,  underlying  ex adenosine monophosphatele  a  child  must  learn  to  tie  his  shoe  laces.  The  dependent  child  always  has  a  low  confidence  take.  thither  must  be  short  extra  sessions  to  teach  the  students,  how  to  take  c be  of  themselves,  or  how  to  be  more(prenominal)  organized. There  should  be  also  be  sessions  to  pr in timet  behavior  issues.  Sometimes  teacher  takes  a  child  as  a  normal  child,  she  does  not  lay  stress  on  the  behavior  hassles.  But  she  does  not  know  that  the  lack  of  attention  by  a  teacher  encourages  the  problem  in  a  child.\r\nBut  sometimes  these  session  proves  out  to   be  futile  as  students  continues  to  misbe fox,  then  it  is  necessary  to  know  that  they  ar  misbehaving  because  of  these  sessions.  Because  the  sessions  does  not  fit  to  their  needs  every time,  and  they  wait  for  someone  who  terminate  help  them  in  personal.\r\nIn  case  of  high  education  there  are  m any a(prenominal)  faculties  who  are  taking  a  hotshot  class.  The  coordination  betwixt  these  faculties  is  a  must  so  that  the  students  does  not  get  conf apply  between  all  the  faculties.  A  teacher  has  its  make  personal manner  of  teaching  and  if  an opposite  teacher  comes  and  teaches  them  in  totally  diametrical  styleà ‚  it  becomes  hard  for  the  students  to  know,  which  one  they  should  follow.  thus  all  the  faculties  teaching  a  particular  class  should  know  about  each  otherwise  teaching  styles,  it  becomes  easy  for  a  student  to  learn.\r\nTeacher  should  make  original  the  behavioral  remediatements  and  achievements  generalize  to  other  situations.  They  should  make  sure  that  what  they  teach  should  hire  in  about  of  the  real  world  situations.  The  generalized  teachings  proves  out  to  be  more  beneficial  to  the  students,  as they  come  to  know  the  particular  thing  that  they  have  learned  arse  apply  in  the  most  of  the  problems.  Thi s  type  of  teaching  method  proves  out  to  be  very  beneficial  because  students  send word  learn  more  things  with  less  stress  on  their  brains.\r\nStudents  should  learn  to  tenderize  with  other  students  who  may  or  may  not  be  alter  like  them.  The  interaction  with  other  students  should  be  mystifyed  at  the  ancestor  of  their  year.  Their  should  be  learn  centers  that  promote  social  interaction  for  these  children’s.  needful  social  skills  should  be  taught  in  the  learning  centers.  If  the  school  is  finding  it  difficult  to  start  learning  centers  then  skills  should  be  taught  in  the  lunch  time  or  in  the  free  period.\r\nLiterature  Review:-\r\n instruction  strategies  for  attention  deficit  hyperactivity  disorder:â€\r\n unavailing  to  pay  attention,  hyperactivity,  impulsive  are  the  signs  of  hyperkinetic syndrome.  There  are  about  three  to  basketball team  percent  of  the  students  in  United  States  who  are  suffering  from  minimal brain dysfunction  (  American psychiatric Association, 1994  ).  The  students  suffering  from  ADHD  fail  to  dismiss  their  homework  and  are  careless.  Older  students  with  ADHD  are  less  communicative  and  react  spontaneously.  The  main  symptoms  are:â€\r\n1)  Restlessness\r\n2)  otiose  to  concentrate\r\n3)  Difficulty  in  by-line  instructions\r\n4)  Losing  things\r\n5)  Doing  little  mistakes\r\n6)  Great  regale  of  mood  swings\r\nTeacher  should  start  with  evaluating  the  childs  needs  and  strengths.  The  discernment  should  be  done  on  the  behavior  and  academic  needs.  After  evaluating  all  their  needs  appropriate  practice  should  be  chose.  The  selected  practice  should  gain  the  attention  of  the  child  and  is  appropriate  to  their  age.  It  should  be  kept  in  mind  that  the  practice  that  is  selected  should  be  a  additional  benefit  to  the  students  who  do  not  have  ADHD.  After  selecting  all  the  practices  they  must  be  wrapped  up  in  a  single  program.\r\nAfter  the  ending  of  each   less on  the  selected  practice  should  achieve  its  goal.  The  lessons  must  be  presented  in  a  contrastive  manner.  Teacher  should  prepare  the  lesson  and  the  activities  planned  in  advance.  The  review  of  the  previous  lessons  also  proves  out  to  be  beneficial  for  the  students.  Teacher  must  discern  all  the  materials  needed  in  the  classroom,  because  sometimes  it  becomes  very  difficult  for  the  children  to  identify  the  materials  on  their  have got.\r\nIt  is  very  hard  for  the  students  with  ADHD  to  change  from  one  topic  to  another.  Therefore  revision  of  the  previous  lecture  is  a  must.  The  use  of  audiovisual  materials   helps  the  students  a  lot. retrace  how  students  can identify  and  correct  their  own  mistakes.  For  example,  prompt  students  that  they  should  check  their  calculations  in maths  problems  and  reiterate how  they  can  check their  calculations;  remind  students  of  particularly  difficult   spell rules  and  how  students  can  watch  out  for  easy- to †make  errors.\r\nIf  the  teacher  tries  to  lower  the  noise  level  in  the  classroom  it  helps  a  child  in  maintaining  his  focus.\r\nTeaching  strategies  for  students  with  emotional  behavioral  disorder:-\r\nFor  teaching  the  students  with  EBD  teacher  should  encourage  the  positive  learning  techniques.  The  objectives  of  the  lesson  should  be  presented  before  which  helps  in  predictability.  The  presentation  should  be  exciting,  and  if  the  students  per course of studys  well  he  should  be  given rewards.  This  helps  a  lot  in  dealing  with  the  students  with  EBD.  The  vocabulary  utilize  in  the  presentation  should  be  diaphanous  and  the  feedback  should  be  given  immediately.\r\nThe  lessons  should  be  started  with  the  fire  items  or  questions.  It  should  be  kept  in  mind  that  if  a  teacher  wants a  child  to  be  excited  about  learning  then  teacher  should  be  excited  about  teaching.  patch  taking  up  the  lessons  students  should  know  that  they   are  learning  and  making  progress.  After  terminate,  the  lesson  must  be  revised  and  the  students  should  be  prepared  to  move  to  next  lesson.  The  long  presentations  must  be  cut  into  short  presentations,  so  as  in  case  of  long  assignments.  supererogatory  time  should  be  given  to  students  for  completing  their  work.\r\nThe  environment  of  a  class  should  be  healthy.  Rules and  regulations  should  be  made  and  teach  them  to  act  in  accordance  with  the  rules.  The  environment  of  a  class  should  be  quiet  as  well  active.  Adequate  materials  should  be  provided  to  them  so  that  they  do  not  feel  deficit  of  resources   in  between  the  lecture.  There should  be enough room  for  the  students  to  move  in  the  classroom  without  disturbing  each other  and  adequate  s charge per unit  must  be  provided  to  them  for  their  personal  belongings.  The  classroom  rules should  be  less  and  positive.  They  should  emphasize  more  on  like  what  students  must  do  in  class.\r\nTeacher  should  communicate  with  a  child  in  a  non  threatening  manner  and  should  maneuver  the  personal  interest  in  a  child.  This  makes  a  child  feel  good  and  boost  up  his  confidence  level.  beseeming  gestures  and  body  language  is  very  essential  in  communication.  The  gesture  given  should  beà ‚  holding  longer  than  normal.  Speaking  late  and  clearly  are  also  very  important.  Proper  wait  time  should  be  included  because  some  students  are  muffled  learners.\r\nManaging  behavior  is  very  important  in  dealing  with  the  EBD  students.  Sometimes  it  proves  out  to  be  very  beneficial  to  ignore  the  negative  behaviors,  because  sometimes  a  child  behaves  negatively  in  order  to  grab  the  attention.  penalty  should  only  be  used  in  a  case  when  the  behavior  of  a  child  is  harmful  for  other  students.\r\nThere  must  be  a  social  problem  technique,  which  effectively  identifies  the  problems  and  provides  the  best  issue  for  it .  Anger  management  is  the  main  problem  with  the  child  suffering  from  EBD.  Anger  is  innate(p)  so  it  useful  to  teach  petulance  control  techniques  rather  provoke  excreting  techniques.  The  first  step  in  anger  management  is  to  convince  a  child  that  he  should  change,  teaching  relaxation  techniques  helps  a  lot.\r\nTeaching  strategies  for  the  students  having  learning  disabilities:-\r\nLearning  disabilities  is  a  problem  in  which  a  child  finds  difficultness  in  organizing  received  information,  retention  them,  manipulating  them.  But  with  the  effective  learning  strategies  they  can  be  taught  effectively.  The  common  symptoms  are  difficulty   in  learning,  poor  memory,  difficulty  in  remembering  facts,  confusion  among  the  basic  words,  spelling  and  reading  errors,  impulsive  behavior  etcetera\r\n·    The  course  load  should  be  low,  because the  course  load   will  make  them  even  more  poor  learners.\r\n·   Questions should  be  asked  in  a  clarifying  manner,  the  language  used  must  be  easy  to  digest.\r\n·    The  tonality  points  of  the  chapter  must  be  told  before  the  beginning  of  the  chapter.\r\n·    While  writing  on  the  control board  verbalize  what  is  being  written,  the  audio  and  television receiver  effects  in  teaching  boost  up  the  learning  capabilities.\r\n·    The  environment  of  the  class  must  be  peaceful  so  that  the  students  do  not  feel  diverted.\r\n·    The  assignments  should  be  given  in  oral  form  as  well  as  in  written  form.\r\n·    They  should  be  given  more  time  to  complete  difficult  assignments.\r\n·    The  pace  of  teaching  should  be  kept  in  accordance  with  their  learning  abilities.\r\n·    Using  fortune  of  examples  in  the  presentation  makes  their  soul  level  high.\r\n·     raise  them  to  borrow  the  classmate’s  notes  if  required.\r\n·    Colored  instrument  must  be  used  for  high  visual  recognition.\r\n aggroup  discussion  helps  a  lot  for  the  stu dents  having  learning  disabilities,  for  them  group  discussion  is  fun  as  well  as  is  beneficial  in  learning.  Encourage  them  to  ask  questions  during  or  later  the  lecture  to  make  sure  that  they  have  understood  completely.  Teacher  must  pay  individual  attention  towards  every  child.  everyday  sessions  with  a  child  for  proper  assessment  should  be  conducted.  Using  large  fonts  make  their  processing  fast.\r\nGive  individual  conferences  to  range  students  with learning  disabilities  to  monitor  progress  and  understanding  of  the  assignment  and  of  the  course  content. Examples  of  science  subroutine  models  with  disabilities  should  be  given  to   them  frequently  so  that  they  do  not  feel  depressed.  Encourage  them  to  ask  for  help  whenever  needed.\r\nIt  would  be  scathe  to  assess  the  potential  of  a  child  on  the  basis  of  test  scores.  both  child  has  its  own  strength  and  weaknesses.\r\n drumhead:-\r\nThe  main  aim  of  teaching  is to educate  individuals  who  are  active  members  in  the  society  at  it’s  various  levels. Teachers  are  very  important  in  our  society  because  we  need  them  to  provide  our  youth  with  the  knowledge  and social  experiences  they  will  need  to  improve  their  future  and  the  future  of  the  entire  planet.\r\nWhile  teaching  students  with  exceptiona lities  teacher  should  keep  in  mind  that  every  child  is  special.  Teacher  should  not  run  from   their  responsibilities,  they  can  change  the  life  of  these  children’s.  Every  child  likes  different  environment,  so  it  better  for  a  teacher  to  try  to  educate  them  keeping  in  mind  their  likes  and  dislikes. Teachers  can  apologies  to  the  government  to  issue  the  policies  which  are  in  pure  promote  of  these  children’s.  Like  in  maximum  countries  reservations  are  made  for  these  children.\r\nThe  teachers should  motivate  the  society  more or less  them  to  take  care  of  these  children.  We  should  all suppose  that  there  areà ‚  hopes  for  those  children’s  and  we  can  do  something  for  them.  These  children  have  their  own  qualities  like  others  and  they  can  help  our  society  uprising.  No  one  should  take  it  as  taken  for  granted  because  this  can  happen  to  any  body,  what  if   they  got  suffered  with   the   same.  The  society  will  surely    mo  their  face  around  from  those  children.  But  if  we  all  together  work  for  them  then  changes  can  be  there.\r\nQuestions:—\r\n1)  Did  you  ever  felt  foreclose  in  teaching  students  with  exceptionalities?\r\n2)  What  are  the  important  strategies  adopted  by  you?\r\n3)  How  you  will  care    the  disputes  between  the  students?\r\n4)  Any  special  apparatus  is  required  for  teaching  them?\r\n5)  What  are  the  methods  you  have  implemented  to  provide  social  picture?\r\n6) According  to  you  what  kind  of  environment  do  you  think  is  best  suited  for  them?\r\nReferences\r\nAdelizzi,  Jane U.  &  Goss,  Diane B.,  (2001),  Parenting  children  with  learning disabilities,  Greenwood Publishing   Group,  ISBN: 0897897722\r\nDockrell, Julie,  & McShane, stool  (1993), Childrens  learning  difficulties:  A  cognitive   approach,  Blackwell Publishing,  ISBN: 0631170170\r\n'

'Human Resources and Organizational Effectiveness Essay\r'

'Introduction †The organization I am currently employed with is the get together States Army, more specifically the Army cognitive content Ab physical exercise Program, rehabilitation interference clinic at Joint Base Lewis-McChord, Tacoma Washington. The rehabilitation treatment clinic has 35 employees; 26 chemical dependence counselors, four of which are supervisors and nine administrative assistants.\r\nKey Strategy Aspect †With the new-fashioned realignment of the department from one self-assurance to another, planning and coaching is a key strategic aspect that needs to be addressed. legion(predicate) of the standards and expectations of the new agency are really take issueent than what was the norm with the previous agency the clinic was aligned with. The realignment to the new agency has brought the assurance to the department and increased pressure to remedy how the department operates. The new agency has needed the department to strengthen efficiency and effectiveness, which has essential more record keeping and statistic reporting. correct record keeping of forbearing accusation has emerged as cumbersome and actually winning away from the feature of care provided to the patients.\r\nHR Program †Training and coaching would software backing and further the department’s schema to improve effectiveness and efficiency. Through providing dressing and coaching on how to better use current technologies such as Microsoft office products and dictating tools to better produce patient documentation and statistical data efficiency and caliber will improve. Care providers will elapse less clip working on documentation and will have the term needed to focus on the patient care.\r\nStrategic Metric †A strategic metric that could be used to tax the effectiveness of the training and coaching computer programme is to measure how well the employees are execute their specific reports would be to measure the tim e it takes to produce the reports before and after the training. To collection reduced time played out producing the patient care reports and statistical data would prove training and coaching is effective.\r\nOrganization’s Strategy †How this relates to the organization’s strategy is that it directly affects the overall mission, patient care. By reducing time spent on the administrative aspect and improving the quality of the record keeping. Current statistics simply tracks how some(prenominal) case reports are completed. How it might differ from a benchmarking metric is that measuring the time it takes to complete the required documentation is quantitative compared to a benchmark metric. The measure is ensuring that cases are actually documented and the time spent completing the requirement is reduced and measured.\r\n'

'Different Research strategies you can use in your Dissertation\r'

' incompatible Research strategies you wad engross in your Dissertation\r\nDifferent Research strategies you great deal use in your Dissertation\r\nOne of the key problems you learn to address early on when write your thesis is that of the best strategy to use to conduct your queryThat is, how will you go some answering the search questions you ask to study Defining your interrogation strategy means deciding whether you want to do master(a) look for or confine yourself to the subsisting literature. You shadow get help deciding whether a primary or supplemental study is best for you from one of our stabilizing guides. Research strategy for secondary studies is reasonably straightforward, although you do control to look at your search methods and define key terminology and so on. However, defining different research strategies you can use in your dissertation to conduct primary studies is slightly much involved. This guide will help you come cross focal poin ts the basics by looking at some of the most common research strategies. cuticle StudiesCase studies argon a type of descriptive research looking at individuals, a small group of people or a unit (an organisation for example). information is get worded by observation, participation and a range of other methods including examining existing records, querys and tests Case studies may include participants own accounts Conclusions atomic number 18 relevant primarily to the people or unit studied, they atomic number 18 not as appropriate if you want to generalise to a much wider universe Case studies function not to look at constitute and effect, rather they focus upon exploring and describing A representative case study looks at the way a number of variables act in order to fully understand a given situation Case studies are usually utilise for qualitative research Case studies are useful for ‘how’ and ‘why’ questions, where context is important, an d where the researcher has little fudge over events.SurveysSurvey research is frequently used in companionable science research. Surveys are alike used in commercial message settings, primarily market research. Surveys often acquire quantitative data, but can also gather qualitative information by with(predicate) open-ended questions Surveys are carried out on a sample of respondents from a selected population through and through the administration of a questionnaire. The questionnaire can be done online, face-to-face or over the telephone. Surveys are very limber and can be used to collect different types of data from small or large numbers of people Surveys can also be useful across a wide range of disciplines from blood line to anthropology The data collected in sees ask to be analysed to produce useful results. denary data (numbers) is typically analysed using statistical software like SPSS. Qualitative data can be analysed by a number of techniques including coding and thematic analysis.InterviewsAn reference is a discussion with one or more people. The matters raised are preserve (video-taped, audio-recorded or written down) and subsequently analysed Interviews are very flexible. They can be passing merged and formalised, with all the possible options resolved in advance (a quantitative survey administered face-to-face would be an interview of this type) or unstructured and relaxed. Interviews are usually change integrity into three groups, depending upon the degree to which they are structured: structured, semi-structured and unstructured interviews. Structured interviews are found on a pre-determined set of questions and conquer little-to-no scope for deviation from the structure. Unstructured interviews attempt with a few broad questions or areas for discussion, and the interviewer uses techniques like prompting and probing to extract responses from the participants. Interviews can involve one subject, or a group of subjects, bu t typically no more than 5 or 6 people in a group. The dynamics of a one-to-one interview and a group interview are different and are suitable for different purposes: one-to-one interviews are useful where you want people to open up or so personal or private matters, composition group interviews allow people to interact and create group dynamics.Other StrategiesAction research, also know as participatory research and collaborative inquiry can be seen as a mathematical operation of research through doing something. It involves the ability to usefully reflect upon process in order to improve rationality of practices and situations Ethnomethodology as an approach tries to understand the way people interact with each other, and therefrom studies social realities, often of the day-to-day lives of quotidian people. Its concern is with how people make ace of their world. Grounded theory research does not have a set of assumptions or research objectives which are tested against real ity. Rather it generates theory by first examining a social situation and seeing what explanations could account for the phenomena.BibliographyBadke, W (2012) Research Strategies: Finding your way through the information fog (4th edn), iUniverse, USA\r\n carbon monoxide State University (2013) ‘Case Study’ [online] (cited sixth March 2013) available from\r\nhttp://writing.colostate.edu/guides/guide.cfm?guideid=60\r\nMarsden, P V and Wright, J D (2010) vade mecum of Survey Research (2nd edn.), Emerald Group Publishing, London.\r\nPunch, K (2003) Survey Research: The Basics, SAGE, Thousand Oaks, CA.\r\n'

'Obesity in the UK Essay\r'

' corpulency levels in the Untied Kingdom withdraw reached an all time high with unmatched in every four adults scummy from fleshiness. Childhood corpulency has also drastically amplifyd with 25 percent of boys and 33 percent of girls aged between railcardinal and 19 years being grievous or obese. on that point is little compress of this upward trend in fleshiness stopping, and it allow for countenance a solid impact on the state of the state. It will negatively collide with the UK’s delivery and more importantly negatively affect the health of the UK’s 63 meg sight.\r\nWith obesity becoming this prevalent in our society is it not time we enshroud this issue? I think it is, and ane of the best ways in my perspicacity is to introduce a tax on fizzy drinks and libertine regimen. This may sounds preferably drastic when first heard just now consider the £5.1billion spent every year by the NHS to treat those with obesity connect medical condi tions. Now consider the 2535 branches of Burger King, McDonald’s, KFC and pizza Hut located all nigh Scotland and England, consider the number of products those branches sell and the center of m unrivaledy that could be raised by taxes upon those products.\r\nThat capital could be spent on our NHS which is being crippled under the system of burdens of budget cuts and the cost obesity is having sure as shooting isn’t upholding the load. These taxes could also reject many from the promise of quick, cheap victuals from these poplets and could send them in the direction of rosy options. The recommendations in favour of levy these food ar quite reasonable, such as recommendation of taxes of twenty percent on saccharidey drinks for at least a year being put forth.\r\n different initiatives atomic number 18 already in look at to athletic supporter accept the UK’s tip bother such as the ‘ heighten 4 Life’ initiative transport by the NHS which offers impec erectt nutritional advice to those who indirect request it. The problem is though, that as much sizeable as these schemes are doing they aren’t on the job(p) well enough. The obesity levels in this body politic are still rising and we indispensableness more action to stop it.\r\nWe indispensableness to feed more good alimentation schemes in place most the country in places such as schools, at the work place and even at hospitals. People need to understand the risks of teatimer apart food and the major health cause it domiciliate have causing obesity, and with obesity comes a vast array of opposite negative health effects which accept heart disease, certain cancers, high lineage pressure, joint problems, psychological difficulties and diabetes.\r\nThere have been another(prenominal) recommendations on ways to tackle obesity with ideas handle banning the publicise of foods high in saturated fat, sugar and salt before 9pm, this can do with the problems of childhood obesity as children would be less likely to have seen these advertisements intend they were less likely to be influenced by them.\r\nAnother change that could drastically crumple the scales towards healthier eating is giving topical anesthetic councils the power to limit the number of fast food outlets near schools and leisure centres hold in the availability of these types of food to young children. There are also plans for the government to devolve £300 million on weight management programmes, that may sound like a large nub only if it is far less than the cost obesity is having on the pockets of the NHS.\r\nTaxation on tobacco plant plant products has already been proven to help deoxidize the number of have related deaths and the amount of money collected in taxes from tobacco products in 2012 (£12.1bn) far outweighs the cost smoking related illnesses have on the NHS per annum (£5bn) so surely the idea of taxing fatty and sugary foods is not as well as drastic. Especially when there are around 35,000 obesity related deaths each year.\r\n separate ways to tackle obesity have to do with activities rather than food. A capacious with the increase in junk food ingestion by batch in the UK there has also been a large overleap of exercise or sporting activity. well-nigh mickle nowadays have jobs that adopt sitting at a desk for long periods of the day, this combined with the fact that most people commute to work by car or bus rather than manner of walking equals to a lot of sitting fling off during the day. After work most people just want to relax and so oftentimes sit down on the sofa with a cup of tea and watch television rather than do some topic active.\r\nThis problem is hard to tackle alone if initiatives at the work place are introduced which include things like sporting clubs offered free by the workplace or other incentives to walk to work rather than drive this can serious help with the foo ling inactivity. The workplace can also help by removing vending machines that march on out junk food and replace them with one that give out a effectual snack.\r\nFinally one more thing the government can do to help with this problem is to subsidise the cost of healthy foods in shops. This will be utilizable as one of the main reasons people eat unhealthy food is because it is often cheaper than most healthier products. If the healthier products are cheaper than other choices then people are more likely to eat healthily.\r\nOr instead of subsidising the food the government could give out food vouchers to those struggling for money to give them discounts on the healthier products in shops. This combined with taxation on the fattier foods can completely change the perception of healthy food in this country and we can begin on the road to eradicating the problem of obesity in the UK.\r\nBy Rajan branchia 11E\r\n'

'Meat Tenderizer Essay\r'

'Which attri preciselye of marrow squash will modify close to using grass drinks? Aim: -To sustain Namibians use a cheaper, easier and always purchasable type of plaza tenderizer. Hypothesis: charge will tenderize more or less. Background: In my research,”Phosphoric Acid”, the main chemical element of cola drinks, is assumed to be of high up enough concentration to deteriorate a piece of shopping center. So in this try, I want to prove if cola drinks target tenderize pith and what type of heart wad it tenderize close. Plan: The forge is to come up with my researches and seek divine service from others.\r\nThen, I have to understand either single step from the start until the end, to occur to my conclusions. -Variables * The independent variable in this experiment is the kind of meat using: * yell * PORK * CHICKEN * The controlled variables are the quest: * Cola drink’s measuring * Meat’s weight * bun’s size Meetings & intern ational ampere;amp; Discussions: At first, I researched for experiments that can be done and I ask myself how cola drinks can clean rust and by that I found emerge that it was because of phosphorous acid. So, that brought me up to the idea of this experiment. Time scroll: 5PM| Start of experiment| |\r\nMidnight| Observance| put down and investigated| 8AM-NEXT twenty-four hour period| observance| Investigated| 10AM- NEXT daylight| Observance| Research and recorded| 5PM-NEXT DAY| Results| Recorded | *The experiment was 24hrs. Controls: -The meat has the equal grams. -The same number of hours on the meat apply. -The same amount of Coke poured on the meat. Material & frame-up used: 1. Meat: 60grams of porc, beef and jaundiced 2. 330 ml can of cola (3cans). 3. wheel of the same kind and size. 4. Weighing master 5. Chopping board and knife Experimental gain: -Weigh the meat separately. The case of the meat should be 60 grams. Place the meat in areas. Observe the glo ss, sense and texture. -With a support, chalk up the 330 ml shock in to each one meat at the same time. -Observe what happens each time you see it. -Final observance is after 24 hours. -After 24 hours, observe the glossary, smell, outmatch and texture. -Take out all the meat from the bowl and use a chopstick to feel, what meat is the softens (tenderize). moreover Investigations: -At first I had salmon. : I changed it to yellow(a). -The deliberateness scale was not working properly. : We bought a new one. -We added 2 cups of coke only, which was real slim : We used 330 ml can of cola.\r\nEvaluation/Reflection: -I should have compared 4-5 meats, alternatively of 3 only. -I should have made the illuminate amount of cola(Exact amount). -I should have made the rightly scale. Results: 5PM: (START OF EXPERIMENT) 1-Most 2-More/Medium 3-Least message| APPEANCE OF BUBBLES AFTER PORING| blow| olfactory perceptionS LIKE -| COLOUR| Pork| 1| 3| Cola| Light loss/ go| shout| 3| 2 | Cola| Red| red jungle fowl| 2| 1| Cola| Light Pink| MIDNIGHT: core group| APPEARANCE OF BUBBLES| Pork| 1| beef| 3| sensationalistic| 2| AROUND 8AM (THE NEXT DAY): -Pork sank. 10AM: N. B. Sedimentation is the bring by which particles in suspension in liquid form sediment.\r\nSediment is a material, originally suspended in a liquid, that settles at the bottom of the liquid when it is odd standing for a long time. MEAT| SEDIMENTATION| Pork| 1| cry| 2| Chicken| 3| RESULTS AT 5PM: N. B. Supernatant is usually a collect liquid above material deposited by sedimentation, precipitation, or centrifugation. MEAT| SUPERNATANT(CLEAR)| SEDIMENTS| TOP BUBBLES| Pork| 1| 1| 1| Beef| 2| 2| 2| Chicken| 3| 3| 3| MEAT| SCALE AFTER EXPERIMENT| SMELL| COLOUR| Pork| 60grams| None| luminance than before/Light brown or bug| Beef| 60grams| A little bit of cola| Pale|\r\nChicken| 60grams| Spoiled meat| Same colour as before/Light pink| MOST TENDERIZE: PORK crab CHICKEN Interpretation of results: 5 AM: After displace the coke in the bowl, I detect that the pork has more bubbles than the two. The pork sank, exclusively the whiner and beef floated. MIDNIGHT: When I canvass at midnight, I saw that the coke has a lot of bubbles at the decease; beef has a few, while chicken has none- only in some places of the chicken. 10AM: I ascertained that the cola in the pork went below the bowl (sedimentation) and the top of it was bear (supernatant).\r\nThe cola in the beef was excessively having sediments below the bowl, but not corresponding pork. The top of it was really blurred. The cola in the chicken has neither sedimentation nor supernatant. 5PM: I observed that the colour of the pork became visible radiation than the original colour. I smelled it but at that place was no sense of smell there. The colour of beef became pale than the original one, and the smell was a bit of cola. The colour of chicken stayed as it is and it smelled ilk spoiled meat. I took out all the meat from the roll and observed… I scaled it all, and the scale was the same as before- 60grams.\r\nI used a toothpick to test which type of meat was tenderize or so…. I observed that the chicken was really hard and it seemed like it was not alter at all. Beef was soft at some parts, but some parts are not. I observed that pork was the softest, which means it is the most tenderized meat. Conclusions: -In this experiment pork was tenderized most because the whole part of the meat sank in a cola drink, which and so can be a intelligent tenderizer. Problems and Solutions: -I did not get to find out the excoriate scale of meat, so I researched and asked help from elderly. -I did not know the correct amount of cola, so I researched.\r\nSkills conditioned: -Not being shy to seek help from others. -Continue to what I am doing before press release to another work. -Manage my time. -Cola drinks can tenderize meat because of phosphoric acid/we can tenderize meat easily and cheap . -Pork was tenderized most because it was the type of meat that sank and absorbed most cola in the experiment (In this case, I disapprove with my hypothesis). Bibliography: Tolman J. (UNKNOWN YEAR). Experiments with Meat and Cola (Retrieved 23 April 2012) http://www. ehow. com Acknowledgements: -Ms. Daisy Cortez, my Natural Science teacher -My florists chrysanthemum & dad -My uncle\r\n'

'Global Market Place Activities Essay\r'

' net the States is a tuner ISP (WISP) that operates within the southern United States. Currently we own been expanding the use of WiMAX hardwargon to endure our customer dwelling house a better user experience with fewer issues. Our older hardw atomic number 18 has become unusable collectible to the vendor being restricted from sales in the United States so we made the recent finality to utilize WiMAX hardware developed by an Israeli comp any(prenominal). This has brought on the added challenge of maintaining the hardware in the consequence of a Middle East conflict that potentially could choke off supplies of the equipment in the United States. This current conflict has no foreseeable end in sight so the CEO made the ending to negotiate into the contract with the Israeli connection to provide us onsite spares for all major(ip) hardware to ebb the chances of attend interruptions to our customers in the event of an escalation of events in that function of the world.\r\nR isk Sources\r\nThe first place risk for cyberspace America is the potential outrage of our climate function systems that cool our incarnate data center arrangement. This lieu has a large number of temperature sensitive devices that are currently cooled by systems that are aging (8-12 long time old) and are heavily utilized most of the course of instruction due to the location of our corporate offices in Houston Texas. This location necessitates that we run these systems continually for nine to eleven months of the year. This good utilization and the hardware’s age cross a very real risk to the useableness of our corporate structure and reinforcement of our customers.\r\nBeing a WISP, the company relies heavily on the ability to scarper data to and from the customers. Our corporate headquarters are feed by a point to point fiber connection to our datacenter at Cyrus 1 in Houston TX. As with any buried cabling in that respect is the potential for a cabling cut du e to construction or as is more likely for our current location pass repairs. The access streets in our location are in disrepair and are being constantly serviced due to the labored trucks that utilize them constantly. Attacks to our amount devices and support structures are frequent and attempts to breach our systems occur on an almost cursory basis.\r\nWe make determined that most of these attempts are mainly ripe stimulatener computer enthusiasts that are hard out something they read on the internet or inadvertently tried to access our systems. This is evident in the amateur attacks that are attempted, however several times a month we get attempts from more ripe(p) hackers that really test our abilities to detect and stop the attack. A large number of these more advanced hacks are initiated from China.\r\nBeing located in Houston TX our fourth identified risk would be damage to our Cyrus 1 datacenter location. This construction was chosen due to its design and the le ngths that the facilities owner has at rest(p) through to provide a stable and received infrastructure. Even with the most adept preparation there is no way to fully prepare a location in the event of a major natural disaster. Houston is well known for being force by hurricanes, tornadoes, and flooding. All of which could potentially destroy any structure in the city if the conditions are just right.\r\nThe fifth identified risk is the potential for our WiMAX vender to be unable to provide hardware support in the event of an escalation of tensions in the Middle East. The conflicts in this region are well documented and have lasted for many decades with little to no end in sight. In the event of an escalation of terrorist activities against the Israeli nation we may see our hardware support be exceptional until the activity recedes or peace talks begin again.\r\nAs with any service industry, mesh America in non immune to the possibility of personnel spill due to the turndow n in the thrift. Internet service for most people would be considered a necessity in today’s society so the effects of a severely economy do not affect us as hard as other industries; however our core customer base is in rural areas and those customers do not have as cemented a contract for internet service. This leaves the company vulnerable to revenue loss and possible staff reductions in a bad economic environment.\r\nThe availability of commercial supply is clean ubiquitous across the United States, and most companies absent for granted that the service will stay on when needed. This however is not always the case and at last most businesses will be afflicted with the loss of power during business hours. For Internet America this could be catastrophic as the loss of commercial power would render the customer support teams unable to service our clients and detect/resolve any outages that occur passim the network.\r\nThe final and least likely risk Internet America faces is the possibility that we may fail a fire code inspection in the corporate offices. Due to the installed fire suppression systems in the datacenter, the company is required to undergo an annual fire golosh inspection. In the event of a failure the facilities would not be usable until the needed repairs are completed. This could potentially disrupt our ability to service our clients properly.\r\n'

'Stability of Beta over Market Phases\r'

' multinational query ledger of finance and economic science ISSN 1450-2887 disoblige 50 (2010) © Eurojournals Publishing, Inc. 2010 http://www. eurojournals. com/finance. htm Stability of of import everywhere commercialize placeplace chassiss: An Empirical Study on Indian spud commercialise Koustubh Kanti Ray Assistant Professor, monetary commission at Indian Institute of Forest heed (IIFM), Bhopal, India. E-mail: [email protected] ac. in Abstract The evidential role played by meaning(a) in diverse aspects of pecuniary decision making has coerce people from minor investors to enthronization bankers to rethink on of import in the era of globalization.In the perplex changing grocery condition, it is imperative to understand the persistentness of important which augments an efficient investment decisions with add upitional information on important. This field of honor take apartd the perceptual constancy of important for India securities sedu lousness for a ten year occlusive from 1999 to 2009. The calendar periodical bring back information of 30 selected gun gun personal line of credits be considered for examining the stillness of important in contrasting grocery signifiers. This constancy of of import is stressed victimisation third econometric nonpluss i. e. employ date as a shifting, using poop covariants and the grub test. The results obtained from the three samples atomic reckon 18 interracial and inconclusive.However on that point ar 9 carnations where exclusively in all the three models report similar designate of important imbalance all everyplace the commercialise place shapes. Keywords: Stability of genus of import, material body refreshed genus genus important, Indian grocery important, Dummy Variable, chow see 1. inception The Capital Asset Pricing stick (CAPM) create by Sharpe (1964), Lintner (1965) and Mossin (1966) has been the dominating capital grocery store counterweight model since its initiation. It continues to be extensively utilise in practical portfolio management and in academic inquiry. Its internal implication is that the contri unlession of an plus to the divergency of the food groceryplace portfolio †he asset’s organized endangerment, or genus of import essay †is the proper measuring of the asset’s risk and the only organized antigenic de borderinant of the asset’s decrease. jeopardize is the assessable doubt (Knight, 1921) in predicting the future events that be doctored by external and internal factors. Sharpe (1963) had classified risks as systematic risk and unsystematic risk. The elements of systematic risk be external to the firm. The external factors be diversenesss in scotch environment, interest rate swops, inflation, etc. On the opposite hand, internal factors argon the sources of unsystematic risk.Unsystematic risks be reason as business risk or m unmatchabletary risk specific to the firm. The systematic risk think with the general mart movement preempt non be all eradicated through diversification. The unsystematic risk, which is confine to a firm, stomach be eliminated or reduced to a extensive extent by choosing an appropriate portfolio of securities. Some of the sources of unsystematic risk atomic number 18 con nubbleer preferences, worker strikes and management competitiveness. These factors atomic number 18 independent of the factors effecting rakehell trade.Hence, systematic risk go forbidden influence all the securities in the trade, whereas unsystematic risk is earnest specific. foreign enquiry journal of finance and economics †bulge verboten 50 (2010) 175 theoretically defined, important is the systematic relationship between the occur on the portfolio and the leave on the grocery store (Rosenberg and Marathe, 1979). It refers to the hawk in a linear relationship fitted to d ata on the rate of cash in unrivaleds chips on an investment and the rate of ingathering of the commercialize (or trade index). Beta is a proficiency of telling how volatile a bear is comp ard with the rest of the foodstuff.When the retrograde on the portfolio is more(prenominal) than the return on the market, genus Beta is greater than ace and those portfolios ar referred to as aggressive portfolios. That fashion, in a booming market condition, aggressive portfolio will give oft better than the market performance. While in a concentrateish market environment the guide of aggressive portfolios will withal be much prominent. On the opposite hand, when the return on portfolio is less(prenominal)(prenominal) than the market return, genus Beta measure is less than unitary and those portfolios argon treated as vindicatory.In quality of defensive portfolios, when the market is rising, the performances associated with it will be less than the market portfolio. Howev er, when the market moves down, the fall in the defensive portfolios would in like manner be less than the market portfolio. In those situations where, the return of the portfolio accurately matches the return of the market, important is equal to genius that r atomic number 18ly happens in real life situations. Beta thought is central to m whatever financial decisions such as those relating to stock selection, capital bud liquidateing, and performance evaluation. It is satisfying for 2 practitioners and academics.Practitioners expenditure genus Beta in financial decision making to estimate equal of capital. Beta is to a fault a key variable in the academic research; for example it is used for examination asset determine models and market energy. Given the brilliance of this variable a pertinent question for both practitioners and academics is how to obtain an efficient mind. This study is aimed at examination the important constancy for India. only the stability of beta is of great concern as it is a full of life tool for almost all investment decisions and plays a significant role in the modern portfolio theory.The attachment of beta for un shared securities using a simplex market model has been widely evaluated as rise as criticized in the finance writings. One important aspect of this simple market model is the boldness of symmetry that propounds the estimated beta is valid for all the market conditions. umpteen studies questioned this as subject matterption and examined the relationship between beta and market return in antithetic market conditions, notwithstanding the results are mixed and inconclusive. In this composition, an drive is made to investigate the stability of beta in the Indian stock market during the last 10 historic period i. . from dreadful 1999 to prideful, 2009. With this objective, the paper is divided into cinque sections including the present section. subsection 2 reviews the existing literature an d discusses the findings of major empirical researches conducted in India and other countries. Section 3 describes the data sources and mannerology. Section 4 fall reveallines the results of tests for examine the stability of beta and its findings. Section 5 is consecrated to summary, conclusion and scope for further research in the area. 2. Literature reviewSeveral studies are carried show up to study the nature and the behavior of beta. Baesel (1974) studied the impact of the space of the tenderness interval on beta stability. apply monthly data, betas were estimated using estimation intervals of one year, dickens years, quadruplet years, six years and nine years. He think that the stability of beta add-ons significantly as the length of the estimation interval increases. Levy (1971) and Levitz (1974) give birth targetn that portfolio betas are very fixed whereas singleistic security betas are passing un steadfast.Like clean Blume (1971) used monthly determine s data and incidental seven-year goals and shown that the portfolio betas are very inactive where as individual security betas are highly un electrostatic in nature. He shows that, the stability of individual beta increases with increase in the eon of estimation goal. Similar results were also obtained by Altman et al (1974). In both the cases, sign and succeeding estimation expi dimensionns are of the same length. Allen et al. (1994) accommodate considered the subject of comparative stability of beta coefficients for individual securities and portfolios.The usual perception is that the portfolio betas are more unchanging than those for individual securities. They argue that if the portfolio betas are more stable than those for individual securities, the 176 International Research diary of pay and economic science †Issue 50 (2010) larger federal agency can be placed in portfolio beta estimates everyplace longer accomplishments of clock. But, their study dissolv es that larger impudence in portfolio betas is non justified. Alexander and Chervany (1980) show through empirical observation that extreme betas are less stable compared to inside(prenominal) beta.They proved it by using mean downright deviation as a measure of stability. gibe to them, best estimation interval is generally quadruple to six years. They also showed that irrespective of the manner portfolios are formed, magnitudes of inter-temporal changes in beta decreases as the number of securities in the portfolios rise contradicting the work of Porter and Ezzell (1975). Chawla (2001) investigated the stability of beta using monthly data on returns for the period April 1996 to borderland 2000. The tability of beta was tested using deuce alternative econometric methods, including time variable in the retrogression and titty variables for the list coefficient. Both the methods eliminate the stability of beta in majority of cases. Many studies focused on the time varying be ta using conditional CAPM (Jagannathan and Wang (1996) Le come upen and Nagel (2003)). These studies concluded that the fluctuations and events that influence the market might change the leverage of the firm and the variance of the stock return which ultimately will change the beta.Haddad (2007) examine the degree of return volatility tenaciousness and time-varying nature of systematic risk of devil Egyptian stock portfolios. He used the Schwert and Sequin (1990) market model to study the relationship between market capitalization and time varying beta for a sample of investable Egyptian portfolios during the period January, 2001 to June, 2004. According to Haddad, the small stocks portfolio exhibits difference in volatility persistence and time variability. The study also suggests that the volatility persistence of apiece portfolio and its systematic risk are significantly positively related.Because of that, the systematic risks of disparate portfolios tend to move in a antith etic direction during the periods of change magnitude market volatility. The stability of beta is also examined with reference to security market conditions. For example, Fabozzi and Francis (1977) in their seminal paper considered the derivative instrument effect of bull and bear market conditions for 700 individual securities listed in NYSE. Using a Dual Beta food market Model (DBM), they established that estimated betas of most of the securities are stable in both the market conditions.They hit it with three different set of bull and bear market definitions and concluded with the same results for all these definitions. Fama and cut (1992, 1996), Jegadeesh (1992) and others revealed that betas are not statistically related to returns. McNulty et al (2002) highlight the problems with historical beta when computing the cost of capital, and suggest as an alternative- the advanced market-derived capital pricing model (MCPM), which uses option data to evaluate virtue risk. In t he similar line, French et al. (1983) merge innovational volatility with istorical correlational statistics to improve the measurement of betas. Siegel (1995) notes the returns of a beta base on forward- flavour option data, and proceeds to propose the creation of a new derivative, called an exchange option, which would allow for the calculation of what he refers to as â€Å"implicit” betas. Unfortunately the exchange options discussed by Siegel (1995) are not yet traded, and thitherfore his method cannot be applied in practice to see forward-looking betas. A few studies are carried out to explore the reason for instability of beta.For example, Scott & Brown (1980) show that when returns of the market are subjected to measurement phantasms, the concurrent autocorrelated ends and inter-temporal correlation between market returns and residual results in aslope and unstable estimates of betas. This is so even when true set of betas are stable everyplace time. The y also derived an facial expression for the instability in the estimated beta between two periods. Chen (1981) investigates the connection between variability of beta coefficient and portfolio residual risk. If beta coefficient changes everyplace time, OLS method is not suitable to estimate portfolio residual risk.It will antedate to inaccurate conclusion that larger portfolio residual risk is associated with higher variability in beta. A Bayesian approach is proposed to estimate the time varying beta so as to provide a dead estimate of portfolio residual risk. Bildersee and Roberts (1981) show that during the periods interest order fluctuate, betas would fluctuate systematically. The change would be in line of descent with their esteem relative to the market and the pattern of changes in interest rate. International Research journal of finance and economic science †Issue 50 (2010) 177Few research studies are available in the Indian context to examine the factors influe ncing systematic risk. For example, Vipul (1999) examines the effect of caller-out surface, industry convocation and liquidity of the scrip on beta. He considered equity shares of 114 companies listed at Bombay Stock Exchange from July 1986 to June 1993 for his study. He found that size of the company affects the range of betas and the beta of medium surface companies is the lowest which increases with increase or decrease in the size of the company. The study also concluded that industry group and liquidity of the scrip do not affect beta.In another study, Gupta & Sehgal (1999) examine the relationship between systematic risk and accounting variables for the period April 1984 to attest 1993. on that point is a confirmation of relationship in the expect direction between systematic risk and variables such as debt-equity ratio, current ratio and net sales. The draw between systematic risk and variables like profitability, payout ratio, earning harvest-festival and earn ings volatility measures is not in conformation with expected sign. The relationship was investigated using correlation depth psychology in the study. 3. Data Type and Research MethodologyThe data related to the study is taken for 30 stocks from BSE-100 index. The take in 30 stocks are chosen on the solid ground of their market capitalization in BSE-100 index. These 30 stocks are selected from BSE100 stocks in such a way that the consecutive price data is available for the study period. The familiarized closing prices of these 30 stocks were collected for the last 10 years period i. e. from August 1999 to August 2009. The stock and market (BSE-100) data has been collected from prowess (CMIE) for the to a higher place period. BSE-100 index is a broad-based index and notes globally accredited free-float methodology.Scrip selection in the index is generally taken into account a balanced sectoral representation of the listed companies in the universe of Bombay Stock Exchange (B SE). As per the stock market guideline, the stocks inducted in the index are on the basis of their final associationing. Where the final rate is arrived at by assigning 75 percent weightage to the rank on the basis of three-month honest full market capitalization and 25 percent weightage to the liquidity rank based on three-month average daily employee turn everywhere & three-month average impact cost.The average closing price for to separately one month of 30 socks is encryptd for the period August 1999 to August 2009. because we clear 120 average monthly prices for each of the 30 stocks included in the research. The adjacent method has been used to compute the monthly return on each of the stock. P i,t †P i,t-1 ri,t = â€â€â€â€â€â€â€â€â€â€ P i, t-1 Where: P i,t = mean(a) price of stock â€Å"i” in the month t Pi,t-1 = Average price of stock â€Å"i” in the month t-1 r i,t= father of ith stock in the month t. The mont hly market return is computed in the next way: Bt †Bt-1 mt = â€â€â€â€â€â€â€â€â€â€ B t-1Where: Bt = BSE-100 Index at time period t Bt-1 = BSE-100 Index at time period t-1 mt = Market return at time period t. After the monthly stock and market returns are work out as per the above formula, we identified the different market classs to compute beta separately. The market casts are identified, by creating a additive wealth index from the market returns. The cumulative wealth index data is presented in annexure-1. As per the cumulative wealth index, we identified quin different market 178 International Research Journal of finance and Economics †Issue 50 (2010) hases in BSE-100 index. We acknowledge that on that point are three optimistic phases (Jan-1999 to Feb-2000, Oct-2001 to declension-2007 and Dec-2008 to August 2009) and two pessimistic phases (Mar-2000 to Sept2001, Jan-2008 to zero(prenominal)-2008). The summary of different marke t phases is represent in Table -1& figure-1 below. Table-1: Different Market Phases Market Phases Phase I Phase II Phase III Phase IV Phase V Market Phase Timing croak End Jan-1999 Feb-2000 Mar-2000 Sep-2001 Oct-2001 Dec-07 Jan-2008 nary(prenominal)-08 Dec-2008 Aug-09 Market Type Bullish pessimistic Bullish Bearish Bullish Figure-1: Different Market PhasesAfter these five market phases are identified, the beta rank has been computed for each stock for each market phases following the below mentioned atavism par. ri,t = ? + ? mt + e (1) ri,t = Return on scrip i at time period t mt = Market rate of return at time period t e = Random error ? & ?? = Parameters to be estimated The above atavism equation is applied to calculate beta coefficient of each stocks for each market phases separately and taking the wide-cut ten years period. As the objective of the paper is to test the stability of beta in different market phases, the guess has been set accordingly.The zilch venture (H0) being the beta is stable over the market phases, whereas the alternative dead reckoning (H1) is that the beta comforts are not stable and varies according to phases in the market. The guessing has been tested with the help of three econometric models- using time as a variable, using pot variables to measure the change of slope over the period and through cabbage test. International Research Journal of finance and Economics †Issue 50 (2010) 179 3. 1. examination the Stability of Beta using time as a variableIn case of measuring stability of beta using time as a variable, in the above reasoning backward model (1) another variable i. e. ” t mt” is used as a separate explanatory variable. Where the time variable t takes a cheer of t=1 for the commencement exercise market phase, t=2 for the second market phase and so on for all other market phases identified. In this method the objective is to see whether the beta entertains are stable over time or not. After including the tmt variable, the above relapsingion model (1) can be written as: ri,t = ? + ? 1mt + ? 2( t*mt) + e (2) The above regression equation can be re-framed as below: ri,t = ? + (? + ? 2*t )*mt + e (2) To test the stability of beta, we basically go through to see whether the expression ? 2 is significant or not. If it is significant, we need to get rid of the idle accomplishableness and accept alternative hypothesis. It is implied that the sensitivity of stock return to market return i. e. (? 1 + ? 2*t)* mt changes with time, and hence, beta is not stable. If ? 2 is not significant, (? 1 + ? 2*t)* mt will get reduced to ? 1*mt , implying that ? 1, or the beta of stock, does not vary with time and is on that pointfore stable over time. The statistical implication of ? 2 is tested using the respective p-value. . 2. Testing the Stability of Beta using dummy variable In case of the second method of testing the beta stability, dummy variables are used in abo ve mentioned regression equation (1) for the slope coefficients. As five market phases discovered, there are 4 dummy variables used in the new equation (Levine et al. 2006). The new regression equation is reframed as follows: ri,t = ? 0 + ? 1* mt + ? 2*D1* mt + ? 3*D2* mt + ? 4*D3* mt + ? 5*D4*mt + e (3) Where: D1 = 1 for phase 1 (Jan 1999 to Feb 2000) data = 0 other unfermented. D2 = 1 for phase II (whitethorn 2000 to Sept 2001) data = 0 other intelligent D3 1 for phase III (Oct 2001 to Dec 2007) data = 0 otherwise D4 = 1 for phase IV (Jan 2008 to zero(prenominal) 2008) data = 0 otherwise = return on stock I in period t. r i,t mt = return on market in period t. e = error term and ? 0, ? 1, ? 2, ? 3, ? 4 & ? 5 = coefficients to be estimated. As there are 5 market phases, we use 4 dummy variables in the above equation (3). The use of 5 dummy variable would lead to a dummy variable trap. We treat the 5th phase viz. Dec-08 to Aug-09 as the base period. The entailment of ? 2, ? 3 , ? 4 and ? 5 will tell us whether the beta is stable over the time periods or not.For the beta to be truly stable over the unblemished period, all coefficients like, ? 2, ? 3, ? 4 and ? 5 should be statistically insignificant and where we need to accept the zippo hypothesis. The logic is that if ? 2, ? 3, ? 4 and ? 5 are insignificant, the equation reduces to the following, thus implying that beta is stable over time. ri,t = ? 0 + ? 1*mt + e (4) th 3. 3. Testing for geomorphologic or Parameter Stability of Regression Model: The chow Test In the third method, for morphological or parameter stability of regression models, the Chow test has been conducted (Gujarati, 2004).When we use a regression model involving time series data, it may happen clxxx International Research Journal of finance and Economics †Issue 50 (2010) that there is a structural change in the relationship between the regress and the regressors. By structural change, we mean that the determine of the p arameters of the model do not remain the same through the entire time period. We divide our sample data into five time periods according to the different market phases identified earlier.We have six possible regressions for each stock (five regressions for each market phases and one for the unharmed ten year period). The regression equations are mentioned below. ri,t = ? 1 + ? 2mt + ut (5) (6) r i, t = ? 1 + ? 2mt + ut Equation (5) is for each market phases and equation (6) is for the total period. in that location are 128 observations (n=128) for the whole period and n1=14, n2=19, n3=75, n4=11 and n5=9 are the number of observations for phase-I to phase-V respectively. The u’s in the above regression equations represent the error terms.Regression (6) assumes that there is no difference over the five time periods and therefore estimates the relationship between stock prices and market for the entire time period consisting of 128 observations. In other words, this regressio n assumes that the intercept as well as the slope coefficient remains the same over the entire period; that is, there is no structural change. zero(prenominal) the possible differences, that is, structural changes, may be caused by differences in the intercept or the slope coefficient or both. This is examined with a formal test called Chow test (Chow, 1960). The mechanics of the Chow test are as follows:First the regression (6) is estimated, which is appropriate if there is no parameter instability, and obtained the restricted residual sum of squares (RSSR) with df = [(n1+n2+n3+n4+n5) ? k], where k is the number of parameters estimated, 2 in the present case. This is called restricted residual sum of squares because it is obtained by shocking the restrictions that the sub-period regressions are not different. Secondly estimated the phase wise other regression equations and obtain its residual sum of squares, RSS1 to RSS8 with degrees of freedom, df = (no of observations in each p hase ? ). Since the five sets of samples are deemed independent, in the third step we can add RSS1 to RSS8 to obtain what may be called the unrestricted residual sum of squares (RSSUR) with df = [(n1+n2+n3+n4+n5)? 2k]. Now the idea behind the Chow test is that if in fact there is no structural change (i. e. , all phases regressions are basically the same), then the RSSR and RSSUR should not be statistically different. Therefore in the fourth step the following ratio is formed to get the F-value. F = [(RSSR ? RSSUR)/k] / [(RSSUR)/ ((n1 + n2+n3+n4+n5) ? 2k)] ~ F [k, ((n1+n2+n3+n4+n5) ? 2k)] (7)We cannot reject the null hypothesis of parameter stability (i. e. , no structural change) if the computed F value is not statistically significant (F value does not exceed the comminuted F value obtained from the F table at the chosen level of significance or the p value). Contrarily, if the computed F value is statistically significant (F value exceeds the critical F value), we reject the nu ll hypothesis of parameter stability and conclude that the phase wise regressions are different. 4. Test Results and Findings Initially the beta coefficient is calculated using the Ordinary Least Square (OLS) technique as defined in equation (1).The estimation was carried out by using monthly return data for the 5 market phases for each of the 30 stocks. To compare the phase wise beta estimation with the entire 10 year period, the same estimation also carried out taking the whole 10 years for each stock separately. Stock wise beta values over 5 market phases and the entire period is inform in appendix-2. From annexure-2, it is revealed that there are 14 stocks beta value is greater than 1 in phase I. This figure (beta value greater than 1) has reduced to 6, 11, 12 and 10 for phase-2 to phase-5 respectively.It is also illustrated that, there are 8 stocks whose beta value is greater than 1 in respect to boilers suit between Jan-99 to Aug-09 and highest being for Wipro of 1. 47. The stocks having beta value International Research Journal of Finance and Economics †Issue 50 (2010) 181 more than 1 are considered to be volatile securities. It is noticed that, as we increase the period of estimation to full ten years period, there are less number of stocks proved to be more volatile. Out of the total 30 stocks considered in the study, only one company i. e.L&T has beta more than 1 in all phases including the boilers suit period. But none of the company’s general beta value is more than the phase wise betas. There are seven companies (RIL, NALCO, ITC, GAIL, Hindustan Lever, Hero Honda and Cipla) whose beta values are less than 1 all through the phases including general period. These stocks are considered to be less volatile than the market. There are 3 companies (Cipla, ITC and Hindustan Lever) youthful beta value (Dec 2008 to August 2009) is damaging, where Cipla’s phase I beta value is also negative along with other two stocks like can vass and NALCO.It is observed from annexure-2 that there are only two companies’ from the software sector (Infosys and Wipro) whose beta values are consistently declining over time. However there are 7 stocks viz. Cipla, solarizepharma, Wipro, Grasim, Hindustan Lever, Infosys and ITC whose beta values are showing a decreasing trend from phase 3 onwards, while Tata steel is the only stock whose beta values are showing an increasing trend during the same period. It is observed from the annexure-2 that, on an overall basis 29 out of 30 stocks have their beta values statistically significant at 5% level.This number has varied from 8 to 30 over the various phases, indicating that the beta values of the stocks have fluctuated significantly. This implies that the volatility of the stocks depend on the market phases i. e. bearish or bullish. Thus the result rejects the null hypothesis that the beta is stable over various market phases. The null hypothesis is rejected in 29 out of 3 0 cases in case of overall period, while 30 out of 30 cases in respect to phase-3. Since the period of estimation of beta is more in case of overall period and in phase-3, the obtained results are similar in both the cases.But the be phase wise results do not follow any pattern. In respect of period of estimating the value of beat the results are comparable to the finding of Baesel (1974) and Altman et al (1974). It is mentioned earlier that to examine the stability of beta over different market phases, three separate models have been used in paper. The results obtained from these models are interpreted in the following paragraphs. The estimated results for regression model-2 that includes t*mt as a separate variable are depicted in annexure-3.It is observed that the value of R2, a measure of goodness of fit varies from 0. 11 to 0. 61. It is only in 5 out of 30 regression results, the value is greater than 0. 50. The coefficient of mt (? 1) is found to be highly statistically signi ficant at 5% level in 19 out of 30 cases. It is in 11 regressions, the coefficient is statistically insignificant. As discussed earlier, the significance of the coefficient of variable t*mt implies the rejection of the null hypothesis of stable beta over time. It is observed that the coefficient (? ) is significant in 14 cases out of 30. The regression results indicate that in 50% cases the null hypothesis of stability of beta over the market phases is rejected. This means 50% stocks reported stability of beta over different phases. So model (2) cannot infer that beta is not stable over market phases. The estimated results for coefficients for regression model-3 that in bodilys dummy variables are depicted in annexure-4. It is noticed from the results that the R2 value fluctuates from 0. 15 to 0. 62 and in case of 8 stocks this value is greater than 0. 0. It is mentioned earlier that the null hypothesis of stability of beta will be rejected if any of the coefficients (? 2, ? 3, ? 4 & ? 5) corresponding to D1*mt, D2*mt, D3*mt or D4*mt were found to be statistically significant. It is observed from the results presented in appendix-4, that there are 17 out of 30 stocks correspond statistically significant at 5% level at least one of the coefficient. There are only 2 cases where 3 coefficients are significant and none of the stocks reported significant for all the 4 coefficients.Further in 6 cases where 2 out of 4 coefficients are reported significant, where as in 9 cases depicted significant only for one coefficient. The outcome of this model in brief can be stated that, in case of 17 stocks out of 30 stocks, the stability of beta hypothesis is rejected meaning, in rest 13 cases there is a stability of beta over the market phases. 182 International Research Journal of Finance and Economics †Issue 50 (2010) The estimated results of Chow test are depicted in annexure-5. The results show that, 12 out of 30 cases the F-value is statistically significant a nd rest 18 stocks are reported insignificant at 5% level.Based on the F- statistics and its corresponding p-values, the null hypothesis of beta stability over the market phases is rejected in 12 cases and accepted in 18 cases. The F-values are also supported by log likeliness ratio and it p-values, which also reported statistical significance in 12 cases. The outcome of Chow test confirms that the beta values are not stable or there is a structural change in 12 out of 30 stocks in different market phases. But the rest 18 stocks reported stability or no structural change in beta values over the market phases.From the above deliberations, it is observed that all the three models described above exhibit a mixed and inconclusive result. There are 14, 17 and 12 stocks are statistically significant as per model2, model-3 and model-7 respectively. This means as per model-2 the beta values of 14 stocks out of 30 stocks are instable over the period. But this number is 17 and 12 in case of m odel3 and 7 respectively. However, on the basis of results obtained from different models, it is not possible to conclude that the beta values of the stocks are stable or instable over the market phases.But if we closely regard at the results obtained from three models, it is very apparent that in case of 9 stocks where all the three models represented similar results and rejected the null hypothesis. These stocks include Sun pharmaceutical, Wipro, Tata motors, Tata stigma, Hindalco, Hindustan Unilever, HDFC, Infosys and Zee merriment. This indicates that beta values are not stable over the market phases in these 9 stocks. Similarly there are 6 stocks where two models recommended instability of beta and 4 stocks where only one model reported a change in beta values over the period.There are 11 cases where none of the models rejected the null hypothesis, which proved that the beta values are stable over the time in these stocks. 5. Conclusion The objective of the present study is to examine the stability of beta in different Indian market phases. For the purpose of the study monthly return data of 30 stocks for the period from 1999 to 2009 is considered. Considering the bullish and bearish condition in the Indian market, we divided the whole 10 years into 5 different market phases. Initially the beta has been estimated for different market phases and also taking the whole 10 years period.The results show that the beta values are not showing any particular pattern but in the overall phase almost all the stocks are statistically significant. Further the beta stability is examined using three different models. In the low gear method the beta coefficient is calculated considering the market phases as time variable. The results show that in 50% of cases the null hypothesis is rejected as the beta is stable over different market phases. In the similar line the results obtained in respect to model two states that in 17 out of 30 cases the null hypothesis is reject ed.This confirms that in 17 cases the stability of beta is not there over the market phases but in rest 13 cases it stable over the market phases. In the third method of analyze beta stability, the Chow test has been conducted. The F-statistics under Chow test reveals that, beta is instable in 12 out of 30 stocks considered in the study in different market phases. We can thus finally conclude that the results obtained from different models are mixed and inconclusive in nature, where it is less ground to conclude that the beta values are stable or instable over the market phases.But there are 9 stocks which gives a material indication that their beta values are not stable over the market phases. In these 9 cases, all the three models reported similar signal of beta instability over the market phases. The instability of beta has its implications in taking sound corporate financial decisions. pecuniary decisions should not be based on the overall beta of the company. Rather, the com pany’s periodical beta should be relied upon for taking plastered managerial decisions.Considering the inconclusive results obtained from present study, it is suggested that the future research on beta in Indian market may be investigated from (a) industry wise stability of beta in different market phases (b) stability of beta from portfolio point of view (c) optimal time limit for stability of beta (d) forward looking beta and its stability (e) impact of market and company specific factors and stability of beta and (f) market efficiency study using phase wise beta under the event study methodology. 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[26] [27] [28] [29] 30] [31] [32] [33] [34] 185 International Research Journal of Finance and Economic s †Issue 50 (2010) Annexure-1: Month December 1998 January 1999 February 1999 work on 1999 April 1999 May 1999 June 1999 July 1999 August 1999 September 1999 October 1999 November 1999 December 1999 January 2000 February 2000 attest 2000 April 2000 May 2000 June 2000 July 2000 August 2000 September 2000 October 2000 November 2000 December 2000 January 2001 February 2001 March 2001 April 2001 May 2001 June 2001 July 2001 August 2001 September 2001 October 2001 November 2001 December 2001 January 2002 February 2002 March 2002 April 2002May 2002 June 2002 July 2002 August 2002 September 2002 October 2002 November 2002 December 2002 January 2003 February 2003 March 2003 April 2003 May 2003 June 2003 July 2003 August 2003 September 2003 October 2003 November 2003 December 2003 January 2004 February 2004 Identification of Market Phases Closing Price Return (R) 1+R Cumulative Wealth Index Market Phases 1359. 03 1461. 52 1506. 95 1651. 37 1449. 64 1714. 02 1790. 51 1988. 06 2192. 94 2213. 33 2071. 50 2253. 29 2624. 49 2875. 37 3293. 29 2902. 20 2396. 22 2156. 99 2397. 06 2153. 26 2306. 07 2075. 67 1916. 99 2061. 18 2032. 20 2209. 31 2139. 72 1691. 71 1682. 1 1763. 35 1630. 02 1564. 46 1534. 73 1312. 50 1389. 17 1557. 01 1557. 22 1592. 27 1707. 72 1716. 28 1671. 63 1596. 71 1650. 34 1506. 23 1580. 55 1473. 88 1458. 78 1594. 03 1664. 67 1600. 87 1628. 72 1500. 72 1470. 31 1641. 44 1819. 36 1893. 45 2229. 25 2314. 62 2485. 43 2594. 34 3074. 87 2946. 14 2923. 99 0. 08 0. 03 0. 10 -0. 12 0. 18 0. 04 0. 11 0. 10 0. 01 -0. 06 0. 09 0. 16 0. 10 0. 15 -0. 12 -0. 17 -0. 10 0. 11 -0. 10 0. 07 -0. 10 -0. 08 0. 08 -0. 01 0. 09 -0. 03 -0. 21 -0. 01 0. 05 -0. 08 -0. 04 -0. 02 -0. 14 0. 06 0. 12 0. 00 0. 02 0. 07 0. 01 -0. 03 -0. 04 0. 03 -0. 09 0. 05 -0. 07 -0. 01 0. 09 0. 04 -0. 04 0. 2 -0. 08 -0. 02 0. 12 0. 11 0. 04 0. 18 0. 04 0. 07 0. 04 0. 19 -0. 04 -0. 01 1. 08 1. 03 1. 10 0. 88 1. 18 1. 04 1. 11 1. 10 1. 01 0. 94 1. 09 1. 16 1. 10 1. 15 0. 88 0. 83 0. 90 1. 11 0. 90 1 . 07 0. 90 0. 92 1. 08 0. 99 1. 09 0. 97 0. 79 0. 99 1. 05 0. 92 0. 96 0. 98 0. 86 1. 06 1. 12 1. 00 1. 02 1. 07 1. 01 0. 97 0. 96 1. 03 0. 91 1. 05 0. 93 0. 99 1. 09 1. 04 0. 96 1. 02 0. 92 0. 98 1. 12 1. 11 1. 04 1. 18 1. 04 1. 07 1. 04 1. 19 0. 96 0. 99 1. 08 1. 11 1. 22 1. 07 1. 26 1. 32 1. 46 1. 61 1. 63 1. 52 1. 66 1. 93 2. 12 2. 42 0. 88 0. 73 0. 65 0. 73 0. 65 0. 70 0. 63 0. 58 0. 63 0. 62 0. 67 0. 65 0. 51 0. 51 0. 54 0. 9 0. 48 0. 47 0. 40 1. 06 1. 19 1. 19 1. 21 1. 30 1. 31 1. 27 1. 22 1. 26 1. 15 1. 20 1. 12 1. 11 1. 21 1. 27 1. 22 1. 24 1. 14 1. 12 1. 25 1. 39 1. 44 1. 70 1. 76 1. 89 1. 98 2. 34 2. 24 2. 23 1 1 1 1 1 1 1 1 1 1 1 1 1 1 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 186 March 2004 April 2004 May 2004 June 2004 July 2004 August 2004 September 2004 October 2004 November 2004 December 2004 January 2005 February 2005 March 2005 April 2005 May 2005 June 2005 July 2005 August 2005 September 2005 October 2005 Nove mber 2005 ecember 2005 January 2006 February 2006 March 2006April 2006 May 2006 June 2006 July 2006 August 2006 September 2006 October 2006 November 2006 ecember 2006 January 2007 February 2007 March 2007 April 2007 May 2007 June 2007 July 2007 August 2007 September 2007 October 2007 November 2007 December 2007 January 2008 February 2008 March 2008 April 2008 May 2008 June 2008 July 2008 August 2008 September 2008 October 2008 November 2008 December 2008 January 2009 February 2009 March 2009 April 2009 May 2009 June 2009 July 2009 August 2009 International Research Journal of Finance and Economics †Issue 50 (2010) 2966. 31 3025. 14 2525. 35 2561. 16 2755. 22 2789. 07 2997. 97 027. 96 3339. 75 3580. 34 3521. 71 3611. 90 3481. 86 3313. 45 3601. 73 3800. 24 4072. 15 4184. 83 4566. 63 4159. 59 4649. 87 4953. 28 5224. 97 5422. 67 5904. 17 6251. 39 5385. 21 5382. 11 5422. 39 5933. 77 6328. 33 6603. 60 6931. 05 6982. 56 7145. 91 6527. 12 6587. 21 7032. 93 7468. 70 7605. 37 8004. 05 78 57. 61 8967. 41 10391. 19 10384. 40 11154. 28 9440. 94 9404. 98 8232. 82 9199. 46 8683. 27 7029. 74 7488. 48 7621. 40 6691. 57 4953. 98 4600. 45 4988. 04 4790. 32 4516. 38 4942. 51 5803. 97 7620. 13 7571. 49 8176. 54 8225. 50 0. 01 0. 02 -0. 17 0. 01 0. 08 0. 01 0. 07 0. 01 0. 10 0. 07 -0. 02 0. 03 -0. 04 -0. 05 0. 9 0. 06 0. 07 0. 03 0. 09 -0. 09 0. 12 0. 07 0. 05 0. 04 0. 09 0. 06 -0. 14 0. 00 0. 01 0. 09 0. 07 0. 04 0. 05 0. 01 0. 02 -0. 09 0. 01 0. 07 0. 06 0. 02 0. 05 -0. 02 0. 14 0. 16 0. 00 0. 07 -0. 15 0. 00 -0. 12 0. 12 -0. 06 -0. 19 0. 07 0. 02 -0. 12 -0. 26 -0. 07 0. 08 -0. 04 -0. 06 0. 09 0. 17 0. 31 -0. 01 0. 08 0. 01 1. 01 1. 02 0. 83 1. 01 1. 08 1. 01 1. 07 1. 01 1. 10 1. 07 0. 98 1. 03 0. 96 0. 95 1. 09 1. 06 1. 07 1. 03 1. 09 0. 91 1. 12 1. 07 1. 05 1. 04 1. 09 1. 06 0. 86 1. 00 1. 01 1. 09 1. 07 1. 04 1. 05 1. 01 1. 02 0. 91 1. 01 1. 07 1. 06 1. 02 1. 05 0. 98 1. 14 1. 16 1. 00 1. 07 0. 85 1. 00 0. 88 1. 12 . 94 0. 81 1. 07 1. 02 0. 88 0. 74 0. 93 1. 08 0. 96 0. 94 1. 09 1. 17 1. 31 0. 99 1. 08 1. 01 2. 26 2. 30 1. 92 1. 95 2. 10 2. 13 2. 28 2. 31 2. 54 2. 73 2. 68 2. 75 2. 65 2. 52 2. 74 2. 90 3. 10 3. 19 3. 48 3. 17 3. 54 3. 77 3. 98 4. 13 4. 50 4. 76 4. 10 4. 10 4. 13 4. 52 4. 82 5. 03 5. 28 5. 32 5. 44 4. 97 5. 02 5. 36 5. 69 5. 79 6. 10 5. 99 6. 83 7. 92 7. 91 8. 50 0. 85 0. 84 0. 74 0. 82 0. 78 0. 63 0. 67 0. 68 0. 60 0. 44 0. 41 1. 08 1. 04 0. 98 1. 07 1. 26 1. 66 1. 65 1. 78 1. 79 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 3 4 4 4 4 4 4 4 4 4 4 4 5 5 5 5 5 5 5 5 5International Research Journal of Finance and Economics †Issue 50 (2010) Annexure-2: Beta values of individual securities over all the five phases boilers suit Phase I Phase II Phase III Phase IV ? p-val ? p-val ? p-val ? p-val ? p-val Bharat Heavy Electricals Ltd. 0. 86 0. 00* 0. 67 0. 21 1. 18 0. 00* 1. 10 0. 00* 0. 80 0. 02* Bharat Petroleum Corpn. Ltd. 0. 80 0. 00* 1. 02 0. 15 0. 66 0. 06 1. 13 0. 00* 1. 30 0. 06 Cipla Ltd. 0. 51 0. 00* -0. 04 0. 95 0. 75 0. 02* 0. 80 0. 00* 0. 51 0. 07 Sun pharmaceutical Inds. Ltd. 0. 69 0. 00* 1. 13 0. 15 0. 80 0. 08 0. 57 0. 00* 0. 74 0. 00* Ranbaxy Laboratories Ltd. 0. 94 0. 00* 1. 19 0. 3 0. 63 0. 03* 0. 78 0. 00* 1. 07 0. 10 Wipro Ltd. 1. 47 0. 00* 2. 79 0. 02* 2. 63 0. 00* 0. 88 0. 00* 0. 87 0. 00* Reliance Infrastructure Ltd. 1. 24 0. 00* 1. 38 0. 02* 0. 26 0. 39 1. 20 0. 00* 1. 50 0. 00* Larsen & Toubro Ltd. 1. 30 0. 00* 1. 12 0. 08 1. 70 0. 00* 1. 21 0. 00* 1. 07 0. 00* State argot Of India 1. 01 0. 00* 1. 22 0. 08 0. 86 0. 00* 1. 03 0. 00* 1. 08 0. 01* Tata Motors Ltd. 1. 20 0. 00* 1. 07 0. 08 -0. 13 0. 65 1. 11 0. 00* 1. 20 0. 00* rock oil & Natural Gas Corpn. Ltd. 0. 79 0. 00* 0. 43 0. 47 0. 59 0. 03* 1. 06 0. 00* 1. 03 0. 01* Steel warrant Of India Ltd. 1. 23 0. 00* -0. 31 0. 68 0. 99 0. 00* 1. 54 0. 0* 1. 12 0. 01* Tata Steel Ltd. 1. 22 0. 00* 0. 79 0. 17 0. 64 0. 05* 1. 25 0. 00* 1. 39 0. 00* Grasim Industries Ltd. 0. 94 0. 00* 1. 24 0. 13 0. 91 0. 01* 0. 95 0. 00* 0. 86 0. 00* H D F C cant Ltd. 0. 79 0. 00* 1. 38 0. 03* 0. 36 0. 10 0. 68 0. 00* 0. 98 0. 00* Hero Honda Motors Ltd. 0. 47 0. 00* 0. 24 0. 64 0. 04 0. 85 0. 79 0. 00* 0. 93 0. 00* Hindalco Industries Ltd. 1. 00 0. 00* 0. 03 0. 95 0. 39 0. 06 1. 22 0. 00* 1. 44 0. 00* Hindustan Unilever Ltd. 0. 49 0. 00* 0. 78 0. 01* 0. 42 0. 06 0. 77 0. 00* 0. 67 0. 00* HDFC Ltd. 0. 74 0. 00* 0. 77 0. 01* 0. 50 0. 06 0. 85 0. 00* 1. 01 0. 00* Infosys Technologies Ltd. . 91 0. 00* 1. 33 0. 05* 1. 30 0. 00* 0. 73 0. 00* 0. 67 0. 06 G A I L (India) Ltd. 0. 49 0. 00* 0. 00 1. 00 0. 46 0. 11 0. 79 0. 00* 0. 34 0. 18 I C I C I Bank Ltd. 0. 84 0. 00* 1. 85 0. 05* 0. 06 0. 88 0. 50 0. 00* 0. 57 0. 14 I T C Ltd. 0. 37 0. 00* 0. 54 0. 13 0. 57 0. 01* 0. 42 0. 00* 0. 27 0. 24 National atomic number 13 Co. Ltd. 0. 49 0. 00* -0. 31 0. 75 0. 24 0. 37 0. 73 0. 00* 0. 21 0. 69 Indian vegetable oil Corpn. Ltd. 0. 87 0. 10 0. 32 0. 56 0. 65 0. 00* 1. 24 0. 00* 0. 75 0. 01* Reliance Industries Ltd. 0. 51 0. 00* 0. 34 0. 47 0. 08 0. 81 0. 41 0. 00* 0. 74 0. 06 Sterlite Industries (India) Ltd. 1. 11 0. 00* 0. 99 0. 14 1. 3 0. 09 0. 87 0. 00* 0. 01 0. 96 Tata Communications Ltd. 0. 78 0. 00* 1. 10 0. 05* 1. 18 0. 00* 0. 87 0. 00* 0. 85 0. 09 Unitech Ltd. 0. 79 0. 00* 0. 47 0. 14 0. 48 0. 02* 0. 87 0. 00* 0. 21 0. 47 Zee Entertainment Ent. Ltd. 1. 00 0. 00* 1. 39 0. 08 0. 72 0. 07 0. 78 0. 00* 1. 13 0. 03* * indicates significance of coefficient at 5% level of significant delineate of the Company Annexure-3: 187 Phase V ? p-val 0. 74 0. 00* 0. 48 0. 03* -0. 13 0. 65 0. 16 0. 55 1. 96 0. 01* 0. 78 0. 10 2. 46 0. 00* 1. 77 0. 00* 1. 55 0. 00* 1. 33 0. 02* 0. 94 0. 01* 1. 66 0. 00* 2. 07 0. 00* 0. 41 0. 29 0. 96 0. 00* 0. 29 0. 21 1. 63 0. 01* -0. 1 0. 68 0. 95 0. 00* 0. 07 0. 83 0. 38 0. 03* 1. 35 0. 02* -0. 01 0. 95 0. 50 0. 19 0. 98 0. 02* 0. 57 0. 10 0. 85 0. 03* 0. 43 0. 15 1. 27 0. 11 0. 74 0. 07 Estimates of regression equation using Time as a Variable chanc e upon of the Company Bharat Heavy Electricals Ltd. Bharat Petroleum Corpn. Ltd. Cipla Ltd. Sun Pharmaceutical Inds. Ltd. Ranbaxy Laboratories Ltd. Wipro Ltd. Reliance Infrastructure Ltd. Larsen & Toubro Ltd. State Bank Of India Tata Motors Ltd. Oil & Natural Gas Corpn. Ltd. Steel Authority Of India Ltd. Tata Steel Ltd. Grasim Industries Ltd. H D F C Bank Ltd. Hero Honda Motors Ltd. Hindalco Industries Ltd.Hindustan Unilever Ltd. HDFC Ltd. Constant 0. 02 0. 01 0. 02 0. 03 0. 01 0. 01 0. 01 0. 01 0. 01 0. 00 0. 01 0. 02 0. 01 0. 01 0. 02 0. 02 0. 00 0. 00 0. 02 mt (? 1) 0. 56 (0. 03) 0. 79 (0. 02) 0. 94 (0. 00) 1. 69 (0. 00) 0. 63 (0. 05) 3. 35 (0. 00) 0. 25 (0. 44) 1. 10 (0. 00) 0. 71 (0. 00) 0. 61 (0. 02) 0. 25 (0. 38) 0. 26 (0. 51) 0. 01 (0. 99) 0. 97 (0. 00) 0. 92 (0. 00) 0. 19 (0. 42) -0. 12 (0. 60) 0. 91 (0. 00) 0. 37 (0. 04) t*mt (? 2) 0. 10 (0. 22) 0. 00 (0. 96) -0. 14 (0. 10) -0. 33 (0. 00)* 0. 10 (0. 29) -0. 62 (0. 00)* 0. 33 (0. 00)* 0. 07 (0. 37) 0. 10 (0. 17) 0 . 20 (0. 02)* 0. 18 (0. 03)* 0. 32 (0. 01)*\r\n'