Study On The Hang Seng Index And Hsbc Finance Essay - Free Essay Example

Sample details Pages: 5 Words: 1428 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? In this chapter, there is description of data used in this study, which are The Hang Seng Index (HSI), The Hongkong and Shanghai Banking Corporation Holding plc (HSBC Hldgs) and Oriental Press Group Limited. After that, methodologies of predictions based on past volatilities and GARCH class conditional volatility models are presented. Finally, I will talk about how to evaluate the forecasting performances in according to select the best models. Now, let me introduce the data analyzed in my study. 3.1 Data description 3.1.1 The Hang Seng Index (HSI) Global investors treat the Hang Seng Index (HSI) as an indicator of the performance of the stock market in Hong Kong. The HSI was publicly launched on 24 November 1969 and is one of the earliest stock market indexes in Hong Kong. It is now maintained by Hang Seng Indexes Company Limited, which is a subsidiary of Hang Seng Bank, one of the constituent companies. The HSI is a freefloat-adjusted market capitalization weighted stock market index. : The current price at Day t : The closing price at Day t-1 IS : The number of issued shares FAF : Freefloat-adjusted Factor, which is between 0 and 1 CF: Cap factor, which is between 0 and 1 It consists of 43 constituent companies which represent around 60% of the total market capitalization of the Hong Kong Stock Exchange (HKEX). In order to show the price movements of the major sectors of the market clearer, the HSI constituent stocks are grouped into four sub-indexes: Properties, Utilities, Commerce and Industry, and Fina nce. Normally, qualified potential constituents are companies with a primary listing on the Main Board of the Hong Kong Stock Exchange (HKEX). In recent years, more and more mainland China companies listed on the Hong Kong Stock Exchange (HKEX), they can also be one of the qualified potential constituents if they meet several conditions. The companys total ordinary share capital must be in the form of H shares, the shares of the company incorporated in mainland China that are traded on the Hong Kong Stock Exchange. And also, the company needs to complete the process of Share Reform first. As a result, the company has no unlisted share capital. As the market capitalization, the turnover ranking and the financial performances of the companies may change in different periods, the list of constituent stocks is reviewed quarterly. In this paper, the daily closing Hang Seng Index and the weekly Hang Seng Index are used. The data set ranging from 1 July 1997 to 30 June 2008 is retrie ved from Datastream, a U.K. incorporated data service company. The data set is partitioned into the in-sample estimation periods 1997 2007, the out-of-sample forecast periods 2007 2008. This separation provides 2467 and 522 in-sample observations for the daily series and weekly series respectively. For out-of-sample observations, there are 246 for daily series and 52 for weekly series. In order to obtain more accurate results, public holidays and special incidents leading the public announcement of non-trading, such as the black signal of the Rainstorm Warning System and no. 8 storm force wind signal of Hong Kongs Tropical Cyclone Warning Signals. During this period, there were quite a lot of economic events affecting the stock market in Hong Kong. Hong Kong is one of the victims of 1997 Asian Financial Crisis. After the HSI peaked at 16820, it was attacked by international speculators, leading to a 50% plunge. In 1998, the Hong Kong government intervention on stock market to p urchase component shares supported the market and the HSI rebounded to 18000. The rise in both the interest rate and the crude oil price burst the dot-com bubble in 2000. The HSI dropped to 14000 and then fluctuated between 14000 and 16000. 911 Incident occurred in 2001. The HSI kept falling and the minimum was 8894. The stock market started to recover after Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA) was signed on 29 June 2003. In August 2007, mainland China declared the plan to allow part of citizens to invest on Hong Kong market directly. In October, stimulated by the news of AH stock hedging program, the HSI break through 30000. Unfortunately, the HSI was affected by the fallen chain of major stock markets in the world and dropped 2061.23 on 22 January 2008. During this period, the average point of the HSI is 14313.39 and the stand deviation is 4563.68. The lowest point in these eleven years was 6660.42 which occurred on 13 August 1998. 31638.22 was the highest point and occurred on 30 October 2007. Don’t waste time! Our writers will create an original "Study On The Hang Seng Index And Hsbc Finance Essay" essay for you Create order 3.1.2 HSBC hldgs Besides the HSI, one of the constituent stocks is randomly selected. At the beginning of the selection process, each constituent stock is assigned a number, 1 43. Then, a number, between 1 43, is randomly generated by Excel. If the assigned number of the company matches the generated number, that company will be selected and studied in this paper. The Hongkong and Shanghai Banking Corporation Holding plc (HSBC Hldgs) is the selected constituent company and belongs to the Finance Sub-indexes. HSBC hldgs is one of the most favourite stocks in Hong Kong. In 1865, it was founded in Hong Kong in March and in Shanghai one month later. The banks headquarter was in Hong Kong until 1992. Then it moved to London as a condition of the acquisition of Midland Bank in UK, and also due to the handover of Hong Kongs sovereignty. Currently, HSBC hldgs is both the worlds largest banking and financial services group and the 5th largest stock in the Hong Kong Stock Exchange (HKEX) by market capit alization. HSBC hldgs is also listed on the Bermuda, New York, London and Paris Stock Exchanges. It is a constituent of the FTSE 100 Index and the largest company listed on the FTSE. In 2010, CEO Michael Geoghegan moved to Hong Kong since HSBC hldgs focuses on Asia more now. Similarly, both daily and weekly closing prices of HSBC hldgs ranging from 1 July 1997 to 30 June 2008 are retrieved from Datastream. The data set is also divided into the in-sample estimation periods 1997 2007 and the out-of-sample forecast periods 2007 2008. The number of in-sample observations and out-of-sample observations for both daily and weekly series are also the same as the HSI series and the non-trading days are excluded. For in-sample observations, there are 2467 for daily series and 522 for weekly series. For out-of-sample observations, there are 246 for daily series and 52 for weekly series. During this period, the average closing price of HSBC hldgs is 96.92 and the stand deviation is 23.2 6. The lowest closing price in these eleven years was 40.48 which occurred on 21 September 1998. 140.586 was the highest closing price and occurred on 15 October 2007. 3.1.3 Oriental Press Group Limited In this paper, another stock which is not the constituent stock is also studied. The stock is selected randomly like the chosen constituent stock. Oriental Press Group Limited is selected and is incorporated in Hong Kong. The group takes part in the publication of daily newspapers, Oriental Daily News and The Sun, and The Sun Racing Journal. Oriental Daily News was first published in 1969. Today, the paper is at the top in the daily circulation and has a record readership of around 3,100,000. Unlike Oriental Daily News, The Sun targets at a younger and fresher reader groups. The Sun was published since 1999, and can also be found outside Hong Kong. By considering a lot of Hong Kong people living in North America and in order to develop the market of The Sun, there is a North America version in New York and Toronto. The Sun Racing Journal was established in 1991. It is one of the major horse racing magazines in Hong Kong. Like the HSI and HSBC Hldgs, both daily and weekly clos ing prices of Oriental Press Group Limited ranging from 1 July 1997 to 30 June 2008 are retrieved from Datastream. The data set is also divided into the in-sample and the out-of-sample with the same period as the above two series. The number of in-sample observations and out-of-sample observations for both daily and weekly series are also equal to as that of the HSI series and HSBC hldgs series. During this period, the average closing price of Oriental Press Group Limited is 1.499 and the stand deviation is 0.657. The lowest closing price in these eleven years was 0.533 which occurred on 23 June 1998. 3.175 was the highest closing price and occurred on 14 January 2004. 3.1.4 Transformation of Data As this paper is studying the volatility, I focus on the returns of the HSI and the stocks rather than the index and closing prices. Therefore, a transformation of data is needed before modeling. Data are transformed into daily returns by taking the first difference of the natural logarithm of the daily index and closing prices. : The daily return : The current price at Day t : The closing price at Day t-1 Mean equals to 0.00138 and stand deviation is 0.0176. Mean equals to 0.00163 and stand deviation is 0.0169. Mean equals to -0.00032 and stand deviation is 0.0315. 3.2 Methodology

Discipline and Freedom - 1740 Words

Discipline and Freedom Is There a Relationship Between Freedom and Discipline? Yes. The relationship between these two seemingly opposing forces is one that is strong and interdependent. Often in the quest for freedom people will shun discipline. They believe that being disciplined somehow restricts their freedom. This couldnt be further from the truth. Having discipline of your mind and time brings freedom to you in so many different ways. It takes discipline to achieve the life you want to lead. It is discipline that gives you the freedom to take care of yourself and your family on a level that you desire and of which you can be proud. It allows you to live the life you want to live. Discipline frees you from much frustration as you†¦show more content†¦I believe that being disciplined has truly helped me to get through the some of the hardest times in my life and it also enriches my life everyday. Discipline has freed me from fear that threatened to overwhelm me and hold me hostage to a life I wouldnt want or believe in. I know I can make a plan, I can adjust my plan and I can be disciplined to fulfill my life in a meaningful way. Discipline has set me free to achieve the life I want to live. I am free from holding on to what is safe or easy, but is not what I want; because I know I can have what I want. I have kept to my vision and I live my life everyday in a way to honor the things that I believe. To me this is the true definition for freedom, when your life is a reflection of what you believe. If your life is a mockery of your own believes and you are secretly ashamed of your choices, then there can be no freedom. You are imprisoned by your own lack of discipline. The things I believe in for my life, I have fulfilled by being disciplined. As a very small yet important example of discipline in my life, I believe in eating healthy and providing good healthy meals at home. The discipline is this, I know how to cook healthy food, I make a trip to the grocery every week to buy groceries and then I am disciplined to cook those groceries into good meals each and everyday. I buy healthy, cook healthy and eat healthy. ItShow MoreRelatedClassroom Is A Balance Of Freedom And Discipline1559 Words   |  7 Pagessome might be absorbed in research. The elementary classroom is a very busy community filled with inquisitive minds solving the why, how and when of everything. To have all this happening within one classroom there has to be a balance of freedom and discipline. The teacher or guide has carefully prepared the environment and herself. This preparation allows the children to act independently and freely in accordance with the sensitive periods and human tendencies of the 6-12 year old child. TheRead MoreExplain the Relationship Between Discipline Obedience from the Montessori Perspective. 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Night Collecting Insects With a Black Light Sheet

Entomologists often collect night-flying insects using a black light and sheet. The black light is suspended in front of a white sheet. Insects attracted to ultraviolet light fly toward the light, and alight on the sheet. Professional night collecting equipment often consists of a durable white sheet attached to a collapsible frame, constructed from aluminum tubes like to the frame of a camping tent. The black light is suspended from a cord running from the top of the sheet to the ground, or is mounted on a tripod on one or both sides of the sheet. For an amateur insect collector, purchasing this equipment can be expensive. You can make your own night collecting equipment to save money. While your homemade collecting equipment might take a little longer to set up, it will work just as well as equipment purchased commercially. You will need: a length of rope, long enough to span the width between two trees in your chosen collecting areaa black lightan old white sheetclothespins (optional)a power source for your light, if its not battery-operated Tie the rope so it spans between two trees, at about eye level. Make sure you tie it securely, so it will hold the weight of your sheet without drooping. Drape the white sheet over the rope, allowing 1-2 feet of the sheet to lie horizontally on the ground. Some insects prefer to land on vertical surfaces, while others like horizontal surfaces. The latter group will collect on the part of your sheet that is lying on the ground. If your sheet is not long enough, you may need to attach the sheet to the rope using clothespins to allow extra length on the ground. Black lights sold by science or entomology supply companies tend to be more rugged and last longer for outdoor use. You may be able to buy a less expensive black light from a discount or party supply store. If you dont have a black light, you can use an incandescent light, a portable fluorescent light, or even a camping lantern, and still get a good result. Suspend your black light in front of the sheet, near the top. You can tie the light from a branch using some extra rope, or run another length of rope between the trees and attach the light to it. If you use a battery-operated light, you will have more flexibility in locating your collecting sheet. A light that uses AC power may require a long extension cord. At dusk, turn your light on. Monitor the sheet periodically, checking for interesting specimens to collect or photograph. You can use forceps or an aspirator to collect moths, beetles, or other insects that land on your sheet without damaging them.

Smartphone Application For Track Sales Representative s...

Abstract— This paper portrays about Smartphone application which will have the capacity to track sales representative s area progressively. In spite of the fact that Smartphone can be utilized to track salesperson, however following sales representative is not quite the same as different as businessperson by and large labor for 8-10 hours day by day voyaging throughout the day, the battery running for such quite a while is difficult. This salesperson following framework will have the capacity to track sales representative for quite a while without depleting his battery. The administrator would have the capacity to get insight about area of sales people under him. The business people would have the capacity to see the present area of their co-sales representatives so they won t visit the same place twice. This application will likewise permit them to submit quick request and produce prompt reports. Keywords— Salesman tracking using Smartphone, GPS, Android, I. INTRODUCTION Savvy cell phones are the quickest developing figuring stages. This fast improvement and development of advanced cells in shopper market throughout the most recent couple of years has frightened the stage that is used for social business, stimulation, gaming, efficiency advertising utilizing programming applications including worldwide situating sensors (GPS), and remote availability, pho-to/video abilities, worked in web programs, voice acknowledgment and different other local capacities of the PDA.Show MoreRelatedAnalysis of the Global Smartphone Market and the Strategies of Its Major Players7138 Words   |  29 PagesAnalysis of the global smartphone market and the strategies of its major players Hee-Chan Song Hanyang University, University of Texas at Dallas1 Business Administration, Philosophy Acknowledgment The author would like to acknowledge the valuable assistance of University of Texas at Dallas in the preparation of this manuscript, in particular the assistance of Professor Lee from the Management Department. 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The Beneficial Belief Feminism - 1407 Words

The Beneficial Belief: Feminism. The modern definition of feminism: â€Å"an ideology that, in its most basic form, directly opposes sexism by supporting gender equality and portraying women and men as equal.† (Finsterbusch 59). This definition was the early direction towards treating women like human beings rather than a housebound body, and this is why feminism should not be viewed as a harmful ideology. By exemplifying the importance of the ideology of feminism, by refuting those who claim that women have used feminism to exploit their personal wants and desires, and by presenting women’s first hand encounters of inequality, case studies, sound arguments and documented research one will be persuaded that the ideology of feminism is not†¦show more content†¦(Chafe 70-71). For that reason, these groups for equality made claims, â€Å"That sex and gender should be discounted, and that eradication of the separate sphere need to happen in order to create progre ss in social standards.† (Chafe 71). Whereas, society has strayed like a lost puppy from honoring women like men with points of view with regards like hostile Jack Fletcher, in the Huffington Post, â€Å"In fact, feminism is a threat to the way things have been for centuries, one which affects the demographic he belongs to particularly: the white, straight, middle-class male† because of the social clasps upon becoming a masculine man has been followed since the beginning of time and women the homemakers that deliberately tend to the feminine tasks of life (Global). Even when digging deeper into expert opinion, Alice Rossi, who is educated in Sociology claims, â€Å"Because women have deluded themselves that a doll’s house is large enough to find complete fulfillment within it,† which is a latch for youthful girls towards home making earlier on before thoughts of children are even imagined (Chafe 68). These bearings of growing up revolve around beliefs from childhood that even one’s parents to day are installing like Tony Porter’s parents did. He claims, â€Å"He was taught men are in charge which means women are not;

Trouble and tragedy Essay Example For Students

Trouble and tragedy Essay What does the inspector want to teach the Birlings and Gerald Croft in An Inspector Calls?  J.B. Priestley wrote An Inspector Calls in 1945 although it was set in 1912, two years before the 1st World War when society was still judged in groups of social classes. J.B Priestley intended to show people that all groups of social classes should be just one not the poor and the rich but all united. Although he thought that unless people changed the 1st and 2nd world wars saw only terrible trouble and tragedy lie ahead for society. The play is based on an upper middle class family the Birlings and the turn of events that are about to happen to them. The Birling family are spending a happy evening celebrating the engagement of Sheila Birling to Gerald Croft a marriage that will result in the merging of two successful local businesses. Yet, just when everything seems to be going so well, they receive a surprise visit from an Inspector Goole who is investigating the suicide of a young girl. The inspector goes round the family asking many questions and reveals how each character in turn has contributed to the unhappy circumstances that apparently drove this girl to a violent, horrible death. In the play J.B. Priestley uses the characters and attitudes of the Birling family, especially Mr. Birling, to make the audience feel sympathy for Eva Smith. In the opening lines of the play, Mr Birling is found discussing port with Gerald, immediately giving the audience a sense of the familys financial security When Mr. Birling tells Gerald and Eric that a man should look after his own, and not listen to the cranks who talk about community and all that nonsense, it becomes obvious that he has no interest in the welfare of people like Eva Smith. By making Mr. Birling so big headed and snobbish, JB Priestley renders his character deeply unattractive and encourages the reader to sympathize with his oppressed workforce. When the inspector mysteriously appears in the dining area and asks if he can question Mr. Birling, Mr. Birling is not too quick to say yes as he doesnt enjoy being questioned in his own home because he is having his authority questioned by someone and doesnt feel in control of the situation. Mr. Birling had sacked Eva as a factory worker because she wanted a raise from 22 shillings and 6 pence to 25 shillings and if the workers didnt get it they frightened to go on strike and he did want to give her it back as he did think she was a hard worker but if he let one of them back he would look like a weakling and all of them would go on strike and demand more money. Mr. Birling didnt remember her name at first but he changes his attitude when he sees the photo the inspector shows him and didnt understand what sacking Eva had to do with the fact that she had committed suicide. Sheila is described at the start as a pretty girl in her early twenties who is quiet pleased with life and rather excited but her feelings are changed when the inspector starts questioning her and Gerald. She is already suspicious about Gerald at the start of the play. I know this because in the dining room she says to Gerald Yes, except for last summer, when you never came near me, and I wonder what had happened to you. But as the inspector starts to unfold the story of how Eva/Daisy died. Especially when he starts to ask how Gerald meet Eva/Daisy and how well they got on. Coming up to the end of the play Sheilas appearance has totally changed from the description J. B Priestley give the reader at the beginning. .ub149ebc631748e826ea54b51380b61e4 , .ub149ebc631748e826ea54b51380b61e4 .postImageUrl , .ub149ebc631748e826ea54b51380b61e4 .centered-text-area { min-height: 80px; position: relative; } .ub149ebc631748e826ea54b51380b61e4 , .ub149ebc631748e826ea54b51380b61e4:hover , .ub149ebc631748e826ea54b51380b61e4:visited , .ub149ebc631748e826ea54b51380b61e4:active { border:0!important; } .ub149ebc631748e826ea54b51380b61e4 .clearfix:after { content: ""; display: table; clear: both; } .ub149ebc631748e826ea54b51380b61e4 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .ub149ebc631748e826ea54b51380b61e4:active , .ub149ebc631748e826ea54b51380b61e4:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .ub149ebc631748e826ea54b51380b61e4 .centered-text-area { width: 100%; position: relative ; } .ub149ebc631748e826ea54b51380b61e4 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .ub149ebc631748e826ea54b51380b61e4 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .ub149ebc631748e826ea54b51380b61e4 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .ub149ebc631748e826ea54b51380b61e4:hover .ctaButton { background-color: #34495E!important; } .ub149ebc631748e826ea54b51380b61e4 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .ub149ebc631748e826ea54b51380b61e4 .ub149ebc631748e826ea54b51380b61e4-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .ub149ebc631748e826ea54b51380b61e4:after { content: ""; display: block; clear: both; } READ: The themes of love and loss in the poems "My Last Duchess", "Shall I compare thee", "Let me not" and "Porphyria's Lover" EssayShe can not believe that her parents and Gerald are for trying to pretend that nothing much has happened. Sheila says It frightens me the way you talk:  At the start Gerald is described as an attractive chap about thirty, rather too manly to be a dandy but very much the easy well-bred young man-about town. But his appearance changes when the inspector starts to unfold his secret life with Eva/Daisy. He did have some genuine feeling for Daisy Renton, however: he is very moved when he hears of her death. He tells Inspector Goole that he arranged for her to live in his friends flat because I was sorry for her; she became his mistress because She was young and pretty and warm-hearted and intensely grateful.

Reliability and Validity of Qualitative Research

Question: Discuss about the Reliability and Validity of Qualitative Research. Answer: Introduction: The census data in the excel sheet was organized and chosen as per the instructions therein. Since no particular formula or trick was employed in choosing the sample, we call this method of data sampling as random sampling. Sometimes it is referred to as equal chance sampling (John, 2009). Unlike other probability sampling methods, equal chance sampling discourages biasness (Gravetter , 2011) in results hence the outcomes from a simple random sampling method are usually a representative of the whole sample. This is why it has been employed in this data selection. It is always a daunting task to decide which test statistic to apply so as to compare sets of data. It is more difficult to a non-statistician or even mathematician(Golafshani, 2003). However, statistical methods advice that the characteristics of the data to be compared should be able to guide us on which test statistic to use. First, we should ask ourselves whether the data is ordinal, ratio or nominal. Secondly, is the data paired or not paired?(Utts, 2014). The number of samples to be compared also determines the test statistics to be employed (David George , 2006). Considering all the mentioned criteria, the best test statistic that would fit this kind of data was analysis of variance (ANOVA). It is ANOVA since we are dealing with more than two samples. (Peace Parrillo, 2008). The generation of income distribution is all shown in excel document attached in the second sheet. Going by the descriptive analysis using excel, it can be confidently said that majority of the people are in the very poor category. This category compared to the rest has got the largest number of people who are earning between 110 and 914.25. It has 58 people in number. It is then followed by the poor who earn between 914.25 and 1718.5. These are 29 in number. From statistical perspective, it can be concluded that the data is not normally distributed. It is skewed towards one side and not just normally distributed on both ends of the normal curve. The distribution of the income for the families is not normally distributed because there is a large proportion of people earning less and a few people earning more. Normal distribution always has a balanced scenario. In this case the people who earn less and those who earn more should be the least in number then those who earn moderately should be fairly large. When determining the top 10% value, in a set of data, it is first arranged in order for example in ascending order. In percentiles, a given data is assumed to have been divided into 100 equal parts. So, the bottom 10% value represents the 10th percentile while the top 10% value represents the 90th The excel formula that has been employed to determine the percentiles is =PERCENTILE.EXEC (RANGE, K) k represents the fraction of the actual percentile that we need to establish. In our census data the bottom 10% value in WEF is 83.9 and the top 10% is 507.The chance that a family income is less than or equal to 200 is 0.09. References David, S., George , P. (2006). Introduction to the practice of Statistics. Freeman. Golafshani, N. (2003). Understanding reliability and validity of qualitative research. Gravetter , F. J. (2011). Research methods for behavioral sciences.