Shanghai Gone Book Review - 756 Words

Book Review - Shanghai Gone This book is a harsh criticism Chinas housing reform system for destroying its own people, written by the author who observes China from liberals point of view. The author, Qin Shao wrote for those people who want to learn about the large-scale housing revolution in China throughout crucial experiences that citizens have gone through. It criticize the demolition and relocation system, questioning the level of morals. In introduction, he gives concretely negative words of Chinas abusing housing system and as he explains the historical process in order. For instance, Shao describes the governments policies and its corruption as â€Å"crucial,† â€Å"distrustful,† and he even calls them as â€Å"ugly twins.† There†¦show more content†¦This is a typical psychological method, which swindlers are good at. Another example of psychological method that the government use toward petitioners is â€Å"black jail,† the extralegal place of imprisonment where pe ople can be confined for a long time without any access to legal protection. Depends on the prisoners â€Å"attitude,† their period of stay is determined; for leaders of petitioning organizations, it is more likely that their jail time will be longer. The authorities force petitioners to sign the agreement to quit petitioning and keep their mouths shut about the abuse they get in the jail. Though it has been a big nationwide concern, officials deny the existence of black jails. Shao insists that new Regulations are continuing failure; unlike previous one, the new Regulations focused on restricting petitioners instead of resolving â€Å"the root cause of popular grievances.† This governments misdirected petition system leads citizens to repeated petitioning –violence causes another violence. This spiral of hostility would not end unless the government decide to regard its own people highly instead of economicShow MoreRelated British-Chinese Relations in the Ninet eenth Century and Alicia Bewicke Littles Novel, A Marriage in China4897 Words   |  20 Pagesfeeling of safety is buttressed only by his constant vigilance and the fantasy world hes created around Lilian. Despite Claudes efforts to cut Lilian off from people who might reveal the truth (a difficult task considering its an open secret in Shanghai), Lilian, with a rather ungirl-like persistence, innocently acts in ways that threaten Claudes house of cards. Lilian manages to secretly send a telegram to Mrs. Betterton to let her know the news of the marriage; in addition, Lilian is very insistentRead MoreAnalysis Of The Poem A Planet Of Slums 1799 Words   |  8 PagesWinner of the 2006 Ester McCoy Award as well as being named a MacArthur Fellow in 1998, Mike Davis has written over twenty published books as well as hundreds of chapters, excerpts and college journals throughout his career. Urban theorist, historian and political activist, Davis has made quite the name for himself in t he urbanist community, especially on the West Coast and Southern Califonia where he has taught classes at multiple universities including UCR and UCI. (URI.edu). Davis echoes and oftenRead MoreWhy Nations Go To War2542 Words   |  11 PagesNATIONS GO TO WAR By John  G.  Stoessinger BOOK REVIEW: WHY NATIONS GO TO WAR is a unique book and a product of reflection by author, Dr. John G. Stoessinger. First published in 1978, its Eleventh Edition with additions came out in 2010. It is built around ten case studies, culminating in the new wars that ushered in the twenty-first century: Iraq, Afghanistan, and the wars between Arabs and Israelis in Gaza and in Lebanon. In the book he analyses the most important military conflictsRead MoreAnalysis Of The Poem A Planet Of Slums 2076 Words   |  9 PagesWinner of the 2006 Ester McCoy Award as well as being named a MacArthur Fellow in 1998, Mike Davis has written over twenty published books as well as hundreds of chapters, excerpts and college journals throughout his career. Urban theorist, historian and political activist, Davis has made quite the name for himself in the urbanist community, especially on the West Coast and Southern Califonia where he has taught classes at multiple universities including UCR and UCI. (URI.edu). Davis echoes and oftenRead MoreE-Commerce at Yunnan Lucky Air5422 Words   |  22 Pagesprices as much as possible. Some airlines opted to expand beyond offering flights alone. Spring Airlines, launched in 2005 and based in Shanghai, flew to 23 destinations within China and had achieved US$72 million in revenue and US$4.3 million in net profit by the end of 2006. The key to Spring’s growth strategy had been the decision to pursue the large Shanghai tourist trade by offering discounted tour packages. By bundling with hotels and other travel services, Spring was able to offer a fare 34%Read MoreMedia vs Creative Strategy in Advertising2505 Words   |  11 Pages Creative and media strategies are part of the communication process that advertising is, and arguing which is more important means arguing whether it is the message or the channel that is more significant in the whole process. David Berlo in his book The Process of Communication (1960) lays out the process as â€Å"Sender-Message-Channel-Receiver†. Advertising follows this simple rule by transferring an advertiser’s message about a product, through a channel, towards the targeted audience. In thisRead MoreIt Management Essay6676 Words   |  27 Pagesunderstanding of both strategy and organizations (in many management programs, one or both of these are either reserved for the most senior students or left out entirely). For students well versed in strategy and organizational behavior, this chapter is a review of key points from those two fields. Key Points in Chapter The Information Systems Strategy Triangle links business strategy with organizational strategy and information strategy. The use of the triangle is done to suggest that all 3 pointsRead MoreSecret Recipe4020 Words   |  17 PagesConclusion 13 Reference List 14 1.0 Introduction Secret Recipe has successfully entered the China market as stated in assignment one. Secret Recipe has established two of their main headquarters at two of China’s most prosperous cities: Beijing and Shanghai. The successfulness of the establishment has provided Secret Recipe a foundation in the Chinese Market. The attractiveness and high growth rates of the market have encouraged Secret Recipe in expanding its Chinese market network. This report aimsRead Moresocial dimension of education2565 Words   |  11 Pageskitchen GOD’S wife† A BOOK REVIEW (‘A BOOK OF AMY TAN†) Prepared by; Maricel B, Dalingay BEED11-C Prepared for; Mr. Rommel Yahin Instructor 1. The author Amy Tan is an American writer whose works explore mother-daughter relationships and what it means to grow up as a first generation Asian American. In 1993, Tan s adaptation of her most popular fiction work, The Joy Luck Club, became a commercially successful. She has written several other books, including The Kitchen GodRead MoreThe World Of The 21st Century2489 Words   |  10 Pagestheir economic success. However, upon further review, there is no correlation between population and gross-domestic-product (GDP). Of the top ten cities in population, only four are also top ten cities in terms of GDP. Furthermore, rounding out the top ten cities by GDP are the cities San Fransisco and Boston - which are only ranked 35th and 48th in terms of the population respectively. (chart on page 13). These statistics are only from Mike Davis book where he is citing data from 2000 - if you

The Cuban Missile Crisis And The Soviet Union - 921 Words

The Cuban Missile Crisis, a standoff between the Soviet Union and U.S. Could have possibly lead to an outbreak of a nuclear war. The dangerous outcome of the Cold War, John Fitzgerald Kennedy, 35th President of the United States, took things into his own hands. The events during the crisis left Americans scared. How Kennedy accomplished everything may have been the best way to prevent an all out World War III. Coming out of the Cold War, the taut relationship that proceeded into the crisis and continued to cause trouble between the two countries. The United States made a deal with Turkey. President Kennedy Aiming missiles towards the Soviet Union in April of 1962. If these missiles, ever needed, they would be ready. Eventually Fidel†¦show more content†¦President Kennedy moved forward, After it was deemed Unacceptable that Cuba having any possession of the nuclear weapon, considering it was less than 100 miles off the coast of Florida. America, under a new threat, had possibly threatened the Soviet union. In turn both sides were referred an ultimatum. Eventually Kennedy aimed to quarantine and surround Cuba. This would stop any military supplies coming from the Soviet Union, from further entering the nation. He Demanded the removal of the missiles. On October 22nd President Kennedy issued a television broadcast, announcing the crisis to the nation. Kennedy and the Executive Committee worked, willing to do most anything to prevent Cuba from using and keeping the missiles. A year before the Bay of Pigs invasion, also known as Bahia de Cochinos, had been set. It was deemed the CIA s perfect failure and led nowhere in the removal of of the missiles. The unsuccessful invasion along the southern coast of Cuba, simply resulted in no longer buying Cuban sugar and Fidel Castro took over the United States industries stationed within, such as oil refineries. Though it was planned to attempt to remove the missiles without causing conflict, Kennedy had nonetheless threatened the Soviet Union and Cuba. Planning to set a barricade around the Cuban nation. This blockade stopped any further delivery of military supplies.Kennedy hoping to convince the removal of the threat. Nikita Khrushchev, Secretary of the Soviet

Causes and Solutions to Pronunciation Problems Free Essays

Causes and solutions to pronunciation problems12008815x , So Hee Kim Hong kong is one of the most preferred locations for international business in Asia Pacific, and is becoming more so. Naturally business English skills is becoming increasingly important. Business English skills can be categorized into three different parts. We will write a custom essay sample on Causes and Solutions to Pronunciation Problems or any similar topic only for you Order Now These parts are writing, presentation and communication. All are equally important, but this essay will focus more on commuicaition. To be be more specific, it will focus on pronunciation. For, when I first came to hongkong, I realized that people’s grammer and vocabulary is quiet good, but it is sometimes hard to understand them because of their pronunciation. Because relatively other aspects are quite good, I think that hong kong can increase their competitiveness in business English by focusing on this aspect. So, the following will cover the objective of the essay, the causes for the inaccurate pronunciation and the solutions. The objective is to look into how hong kong people can achieve an ‘acceptable’ pronunciation. An acceptable pronunciation is ‘ a pronunciation when other people can understand what he/she says and the speaker’s English is pleasant to listen to; in other words, the speaker is comfortably intelligible. ’ (James,2010) To be short, the pronunciation doesn’t have to be like a native speaker but just have to be understood comfortably. There are few factors that leads to the problem of pronunciation in hong kong, despite the early age the children start to learn English. One is the influence of their mother tongue. And the other is the way how pronunciation is taught in schools. Candice, 2006) There are lots of studies that proves that the first language have a profound affect on learning the second language (Carter,2001). In hong kong, their first language is Cantonese. And there are differences in phonology between Cantonese and English. First, unlike English, Cantonese is logographic. Because they learn their mother tongue in a logographic method, they might apply the same way when learning English. That is, they may learn apply visual recognition method when learning English words rather than applying the phonetic analysis method. And this can decrease the ability to link letters and phonemes, which can affect their pronunciation. Also there are differences in the languages syllable structure, sound inventory and prosodic patterns. (Catherine,2002) But the more pressing problem is the insignificant emphasis placed on pronunciation teaching. For these kinds of problems can be overcome with a good system. First, teachers should clarify the differences between English and Cantonese phonological systems. In a study, a research(Candice,2006) was conducted to students of hong kong to find out where the most frequent pronunciation errors occur and the reason behind this. The research showed that most of these problems occurred, because the students did not have a clear idea of the differences between the two sound systems. For example, the /l/ sound in Cantonese cannot be found in a word-final position. So most of the students in the research had a tendency to not spell out the /l/ when pronouncing ‘will’. Learning phonics in an appropriate method is also important. Phonics is teaching reading by training beginners to associate letters with their sound values. By learning phonics students will be able to read and pronounce properly. Recently in primary schools in hong kong, phonics has become a major component of the English language curriculum. But there still seems to be a lot of limitation concerning this. The most pressing problem regarding this issue, is that the knowledge base for teaching phonics is not established. So the teachers will have to work on finding a clear methodology for teaching phonics in secondary language contexts. For example, in a study the researcher suggested adopting awareness raising activities for phonics learning. (paul,2008) This means increasing student’s awareness to the general sensitivity to sound-spelling correspondence. This will increase their ability to notice and deduce the specific relationships themselves. This will lead to better performance of students in sounding out a new word from it’s spelling or spelling a word from it’s pronunciation. Also, teachers should make use of today’s technology. For example, there are so many good computer program for learning English pronunciation these days. The strong point of using computer software is that it allows student to repeatedly listen to what they want, and help them to learn at anytime, anywhere. And by motivating them to use these systems in their daily lives, they can help students develop independency in learning pronunciation. Pronunciations in English is important, in people’s daily lives and also in business society. Poor pronunciation can have a negative impression and also create prejudice against the person. saylor) So, in order to have a good communication skills in the business world, having an ‘acceptable’ pronunciation is a necessity. The main cause for pronunciation problems in hongkong can be found in the huge difference between their mother tounge and English. But by applying an effective English education system it is not a problem that could not be overcome.. As international business in increasing in hong kong, overcoming this weak point will have great effect on the nation’s competitiveness as the center for global businesses. References. 1. http://www. ehow. com/about_6636066_importance-english-pronunciation. html 2. An analysis of Hong Kong native Cantonese Form Three students’ problems in English Pronunciation. ( Chiu Kik Ling Candice,2006) 3. Teaching Phonics through Awareness-Raising Activities (Paul Sze, 2008) 4. Learning to read English among Chinese Children (Rebecca Treiman) 5. The Significance of Pronunciation in Engilsh Language Teaching (Abbas Pourhosein Gilakjani, 2012) How to cite Causes and Solutions to Pronunciation Problems, Essay examples

Capital Asset Pricing Module

Question: Describe about arbitrage pricing theory, Inter-temporal CAPM and disadvantages and alternatives to CAPM. Answer: Introduction Thecapital asset pricing model isa model which is primarily used in determining a possible and appropriate required rate of returnof asecurity. This theory describes the connection between the expected return, unsystematic risks and the valuation of a security. This theory infers that a securitys cost of capital is lower for an investor holding an improved diversification of investments in comparison to an investor who is holding the entire market portfolio. The basic idea underlying the theory is that investors are compensated by multiple means:time value of moneyand risk. The former is represented by the opportunity of investment which is considered risk free and which provides a compensating avenue to the investors who have placed their money under an investment for a period of time while the later factor i.e. the risk factor is compensated by the market premium over the risk free opportunities. Founders The Capital Asset Pricing Model (CAPM) was pioneered by the four economists during the early 1960s. John Lintner, Jan Mossin, William Sharpe, and Jack Treynor developed the concept and thesis behind the model which was essentially used for describing security returns. The CAPM Equation and Assumptions The CAPM model comes at the expected return for an asset through the following equation: Expected Return (ER) = RF + beta [E(Rm) - RF ] Where, E(RM)= The return expected on the portfolio available in the market Beta = is the unit which measures the diversifiable risk of asset which is relative to the portfolio available in the market RF = Risk free rate of return As per CAPM, the expected return deriving from an asset would be the sum total of the risk-free rate combined with a risk premium. Risk premium in the model is represented by Beta [E(RM) RF] The CAPM has only one risk factor which is diversifiable, the risk represented by the movement of the overall related market. Beta measures the sensitivity which is inherent and related to the return which the asset provides to the return which is generated by the overall market portfolio. The other factor which comprise the risk premium in the model is the spread over the expected return provided by the market portfolio, E(R), and the return on risk-free investment. The risk premium is nothing but the incentive which an investor gets for assuming the risk prevalent in the market over and above the return which can be earned if an investor invests in an asset which provides a return which is risk-free. Taken as a whole, the premium of risk is the multiplication of the quantity measured as risk in market and the possible compensation for assuming the risk in the market. Assumptions of CAPM First Assumption: investment decisions are made by the investors on basis the return which is expected and deviation in these returns. Second Assumption: All the Investors investing are prudent and averse to risk. Third Assumption: All the Investors invest for an equal frame of time. Fourth Assumption: All the Investors have the expectations which are similar relating to return expected from the market and deviation of return on all these assets. Fifth Assumption: All the investors are capable of availing the risk free rate for lending and borrowing the fund in the market i.e. there is a presence of significant risk free rate which is free from risks. Sixth Assumption: All the Capital markets in the economy are perfectly competitive and runs smoothly First four assumptions represents the behaviour which an investor portray while making investing decisions while the remaining assumptions are related to the features prevalent in the capital market. Arbitrage Pricing Theory The (APT) model, suggests that there are multiple risk factors which influence an assets expected return. The APT model does not mention about the various risk factors which are present, however it assumes that their is a linear relationship among the returns generated by asset and the risk factors attached to it. Principle behind APT Arbitrage, simply speaking is the process where an asset is simultaneously bought and sold from two different markets at two different prices so as to generate gains by buying at a price which is lower in one market and simultaneously selling the same asset at a price which is higher than the price prevailing in the other market. This arbitrage rests on a basic principle of  nance which is known as the law of one price, which states that the payoff generated from an asset which could be created as a pack of assets should be equal to the payoff from the individual assets which forms the pack of assets and the price of individual assets combined together which forms the pack. And where there is a situation prevalent in the market which shows that the price of the pack of assets differs from that of individual asset which forms the pack with the same price, a prudent investors would transact in these assets in such a manner which would restore the price back to equilibrium. This mechanism in the market serves as the basic idea behind the APT model, and is discovered on the fact that a transaction of arbitrage does not show off the investor to any movement which is adverse in relation to the price which is present in the market for the assets transacted. Equation R = E(Rm) + Bi,1F1 + Bi,2F2 + + Bi,HFH + Ei where R = the return provided by the asset in question E(Rm)= the return which is expected on the asset Fh = the h-th factor that is common to the returns of all assets (h = 1, ..., H) i,h = the sensitivity of the i-th asset to the h-th factor Ei = the return which is unsystematic for the asset Consumption based Capital Asset Pricing Model (CCAPM) Consumption based Capital Asset Pricing Model is a model which determines expected asset returns. Robert Lucas and Douglas Breeden laid the foundations of this concept. As per this model, the return premium which is expected that an asset provides in relation to the risk-free investment is in sync to the covariance of the return which is linked with consumption. Instead of market beta which was used in the standard CAPM model, this model uses the consumption beta which is derived by the coefficient from a regression of an assets return on consumption growth. Thus, the central prediction of the CCAPM is that the premiums that assets offer are proportional to their consumption betas. The CCAPM equation (ER) = Rf + Beta [E(Rn) - Rf ] Where, ER= return which is expected on security E(RM)= The market return Beta = beta of consumption Rf = Risk free return Basic difference between CAPM and CCAP Under the CAPM model the investors, the factors which concerns the investor were the amount and uncertainty which is over the money they would get in future.The wealth of each investor is basically in perfect correlation with the return which is provided by the portfolio in the market, thus the demand for securities and other risky assets is arrived by the risk which is there in the market. While In the consumption CAPM, the uncertainty which is related to returns on security is in direct connection to the uncertainty which is related to consumption. Inter temporal Capital Asset Pricing Model (ICAPM) Inter temporal Capital Asset Pricing Model was founded by Nobel laureate Robert Merton in 1973. In this model the expected return of an asset is dependent upon its covariance with the portfolio which is present in the market and with static variables which act as a proxy for deviation which occurs in the set of opportunities in investment. This model is derived from the behaviour which is used by a random number of investors while making the selection of portfolio which as a result will maximize the utility which is expected over the consumption over the life and which can be traded consequently in a period of time. Exclusive functions of demand for each asset is formed, and it is depicted that, unlike the single-period model, the present demands are influenced by the probability of changes which are uncertain in the investment opportunities in the future. After the summation of demands and after the required clearing in the market, the relationships of equilibrium which is probable among the expected returns are arrived at, and in contrast to the standard CAPM, the returns which are expected from the assets which are risky might vary from the riskfree rate even when there is no market risk Dividend discount Model It is a model of valuation which arrives at the value of shares through the discounting of the dividend payments which would occur in future. This model derives the price which is also called the intrinsic value of the security. The model derived price of a security is the total of cash flows generated in future and which is discounted at the required rate of return which is demanded by the investor for the risk which he owns while investing in the stock. Future cash flows comprises of dividend payments and the proceeds of the security during its sale. The price derived is referred as intrinsic value. When the stock does not pay dividend, in that case the cash flows expected in future cash comprises the proceeds during sale of the stock. Stock Intrinsic Value = D1 / (1+Ke)1 + D1 / (1+Ke)2 + D1 / (1+Ke)3 +...... D1 / (1+Ke)n +Pn / (1+Ke)n Where, Pn = Proceeds from stock at the end of year n D1 = Dividend payment each year Ke = discounting rate n = Number of years until stock is disposed off There are 3 models used in the dividend discount model: a. No growth : this assumes a constant dividend payment for a stock. As there is no growth, the model has an assumption that the dividend payment always remain constant; the price of stock would be the dividends paid each year divided by the discounting rate or the required rate of return Securitys Intrinsic value = Dividend payments each year / discouting rate. b. Stable growth model :it assumes that dividends grow by a specific rate each year, the growth rate is presented as g and the discounting rate is denoted by k. Securitys Intrinsic value = D1/k-g D1 = dividend to be paid next year K = discounting rate g = rate at which dividend grows c. Variable growth model : This basically spreads the growth into different phases: a initial phase which is fast, followed by a transitional phase which is slower and finally ends with even a lower sustainable rate which sustains over a long time. Primarily, this is an extension of stable growth model where each phase of growth is calculated by the stable growth medium while using 3 varied growth rates for each phase. The present values for every phase are summed to arrive at the intrinsic value of the security. Equation (assuming growth rate becomes constant after 4 years) Stock Intrinsic Value = D1 / (1+Ke)1 + D2 / (1+Ke)2 + D3 / (1+Ke)3 + D4 / (1+Ke)4 + 1 / (1+Ke)4 x D5 / (Ke-g) Where, D1...D5 are variable annual dividend payments Ke = Capitalization rate g = constant growth rate Disadvantages and alternatives to CAPM Following are the points illustrating the disadvantages of Capital Asset Pricing Model: Beta as a measure of risk: As it uses standard deviation and variance as a measure which determines the risk, these measures do not take into account the factors which are regarded as the influencing factors for spreading the returns on the asset. It is basically a attack on the idea that the spread of return over asset returns shows a distribution which is normal. Reliability of Beta value: Beta which is arrived through statistic calculations might not be present for securities of many companies in the market. It might not be possible to estimate the cost of equity of those firms using this model. All limitation that is related to beta value also applies to the model. Limitation of assumptions: The behavioural assumptions underlying the model are not practical and this is not how an investor decides about the portfolio in the practical world. There are proofs that multiple risk factors affecting returns on assets are prevalent. Availability of Information: It is very difficult to collect significant information on prevailing risk free rates and the return which is expected from the portfolio in the market as there are various risk free rates in the market for a particular asset while for other asset, as the market is volatile, the risk free rate differs over frame of time. Other risks: By emphasizing only on market risk, it ignores other risks. While these ignored risks are also significant to stake holders who possess a portfolio which is not diversified Alternatives to CAPM Arbitrage Pricing Theory model: The pricing theory is framed basically from arguments revolving over the arbitrage. It portrays that the return which is expected on a stock or a portfolio is derived through the various factors. This theory substitutes the difficulty of discovering the market portfolio in the CAPM with the difficulty of selecting and computing the factors which are relevant. Accounting based measure of risk: This approach can be concluded as a model which derives beta of an asset from the flows of cash that are underlying or those which are linked to a particular security. To do so it demands an estimation of structure of cost flows and cash flows. The result will be a collection of inputs into the below equation, which like CAPM takes a rate which is risk free along with the factor which demands adjustments Equation Ri = Rf + [Em Rf] Y Where: Ri = rate of return which is required for a particular firm Rf = Risk free rate of return Em = Expected mean rate of return for all firms.. Y = The rate of return deviating factor for a particular firm in relation to all the firms. References com, (2016). ACCA global official website. [online] Available at: https://www.accaglobal.com/in/en/student/exam-support-resources/fundamentals-exams-study-resources/f9/technical-articles/CAPM-theory.html [Accessed 16 Mar. 2016].edu, (2016). American.edu website [online] Available at: https://www1.american.edu/academic.depts/ksb/finance_realestate/mrobe/Library/capm_Perold_JEP04.pdf [Accessed 16 Mar. 2016] us, (2016). Nabet.us website [online] Available at: https://www.nabet.us/Archives/2006/f%2006/223.pdf [Accessed 16 Mar. 2016].Fabozzi, F. and Drake, P. (2009). Capital Markets, Financial Management and Investment Management. New Jersey: John Wiley Sons,p.152-189Reilly,F. and Brown,K. (2012). Investment Analysis and Portfolio Management. Texas: Reilly Brown,p.265-290Leonard,F., Loli,B., Kraji,B. and Vlachos,V. (2012). Investment and valuation of firms.Levisauskaite, K. (2010). Investment Analysis and Portfolio Management.ivo, (2016). [online] Available at: https://book.ivo-welch.in fo/ed3/chap09.pdf [Accessed 16 Mar. 2016].ie, (2016). [online] Available at: https://www.tcd.ie/Economics/staff/waltis/EC4050/ec4050_ccapm.pdf [Accessed 16 Mar. 2016].unil, (2016). [online] Available at: https://www.hec.unil.ch/jdanthine/Financial%20Theory/Text-2nd/Chapter9.pdf [Accessed 17 Mar. 2016].Black, F. (1972). Capital market equilibrium with restricted borrowing. Journal of Business, p 444455.Roll, R. (1977). A critique of the asset pricing theorys tests. Journal of Financial Economics, p 129176.hbs.edu, (2016). [online] Available at: https://www.people.hbs.edu/rmerton/Intertemporal%20Capital%20Asset%20Pricing%20Model.pdf [Accessed 17 Mar. 2016].Ram,V and Bala,S. (2012). Strategic Financial Management. Chennai: Snow white prime knowledge series, p356-402.Fama, E. (1963). Mandelbrot and the stable Paretian hypothesis. Journal of Business, p 420429.Markowitz, H. (1952). Portfolio selection. Journal of Finance, p 7791.