Marketing - 8520 Words

Because of permissions issues, some material (e.g., photographs) has been removed from this chapter, though reference to it may occur in the text. The omitted content was intentionally deleted and is not needed to meet the Universitys requirements for this course. PART II Connecting with Customers C H A P T E R 4 Creating Customer Value, Satisfaction, and Loyalty In this chapter, we will address the following questions: 1. How can companies deliver customer value, satisfaction, and loyalty? 2. What is the lifetime value of a customer, and why is it important to marketers? 3. How can companies cultivate strong customer relationships? 4. What is the role of database marketing in customer relationship management? MARKETING†¦show more content†¦Suppose the buyer for a residential construction company wants to buy a tractor from either Caterpillar or Komatsu. After evaluating the two tractors, he decides that Caterpillar has greater product benefits, based on perceived reliability, durability, performance, and resale value. He also decides that Caterpillar’s personnel are more knowledgeable and perceives that the company will provide better services, such as maintenance. Finally, he places higher value on Caterpillar’s corporate image. He adds up all the benefits from these four sources—product, services, personnel, and image—and perceives Caterpillar as delivering greater customer benefits. The buyer also examines his total cost of transacting with Caterpillar versus Komatsu, including money plus the time, energy, and psychic costs expended in product acquisition, usage, maintenance, ownership, and disposal. Then the buyer compares Caterpillar’s tota l customer cost to its total customer benefits and Komatsu’s total customer cost to its total customer benefits. In the end, the buyer will buy from the source he thinks delivers the highest perceived value. A Framework for Marketing Management, Fourth Edition, by Philip Kotler and Kevin Lane Keller. Published by Prentice Hall. Copyright  © 2009 by Pearson Education, Inc. 2008933525 Chapter 4 Creating Customer Value, Satisfaction, and LoyaltyShow MoreRelatedMarketing Analysis : Marketing And Marketing966 Words   |  4 Pagesreflect back over these last five weeks I now have a clearer view of marketing and how it affects not just the consumers of the world and the companies with their marketing managers, but how it affects me. Yes, I am a consumer who clips coupons, budgets my finances, and looks for sale items and this marketing class has taught me that marketing is more than selling or advertising. Marketing managers have a difficult job, as marketing involves identifying, meeting and satisfying the needs of customersRead MoreMarketing Analysis : Marketing And Marketing1486 Words   |  6 Pagesthis day and age, marketing plays a pivotal role in the business environment. Marketing is dynamic, complicated and challenging. The basic concept of marketing is to identify the need of human and society, and research how to satisfy and create those need. According to American Marketing Association (AMA), defining that marketing is the processed activity which communicate and exchange valuable offerings to customers (AMA, 2013). To be more precise, the main mission of marketing is choosing targetRead MoreMarketing Concept Of Marketing : Marketing1651 Words   |  7 PagesMarketing concept Marketing plays a major function in any business organisation. The essence of marketing is about designing and managing a product and generating exchanges of value from where both the customer and the organisation can attain benefits. Marketing is the activity, set of institutions and processes for creating, communicating, delivering and exchanging offerings that have value for customers, clients, partners and society at large (Solomon, Marshall Stuart, 2009, p.13). MarketersRead MoreMarketing Functions Of Marketing And Marketing1229 Words   |  5 Pagestrends, the marketing function is used as a measure in the business-to-business practice, to capture and place varied products in a market place (Kono, 2004). A typical market function provides details regarding the planning, information, product distribution, consumer support, risk taking, financing, and standardization and grading amongst other things (Makloof and Sundberg, 2006). In business a market function acts in respect to the corporate marketing, strategic marketing, field marketing and analysisRead MoreMarketing Concept Of Marketing And Marketing1413 Words   |  6 PagesMARKETING CONCEPT Marketing is an act of promoting and selling products or a service, this also includes marketing research and advertising. The marketing concept is the philosophy used by companies to analyse the needs of their customers so they can be better than the competition. As well as this they must also take into consideration the companies capabilities and the environment it is working in, as they can face the pressures of environmental changes. By using the marketing concept companiesRead MoreMarketing Orientation : Marketing And Marketing1450 Words   |  6 Pages A wide range of companies today prefer to adopt the marketing orientated approach to sell their new products rather than using product orientation before.In fact,marketing orientation also helps such companies to earn more profits in the long time.According to Jobber and Ellis Chadwick (2013),marketing orientation focuses on customers need as the primary drivers of organizational performance.However,this is not always the case. Product orientation still be used by some senior executives and thisRead MoreMarketing : Marketing And Relationship Marketing Essay1359 Words   |  6 PagesIntegrating Marketing With the shift in the external marketing environments, Apple has also shifted its marketing strategy. It personalizes marketing through experiential marketing and relationship marketing. â€Å"Experiential marketing promotes a product by not only communicating a product’s features and benefits but also connecting it with unique and interesting consumer experiences† (Strategic Brand Management, P. 181). Customers can easily experience a sense of community every time they walk in intoRead MoreMarketing Analysis : Marketing And Marketing1770 Words   |  8 PagesWhat is Marketing? A plethora of individuals seem to be misinformed about marketing. Several of these individuals believe that marketing is just advertising. Others will tell you that marketing is all about sales, insinuating that all marketers are just salesmen. Now these beliefs are both right and wrong. â€Å"How can they both be right and wrong at the same time?† you may be asking yourself. Well they are right, because marketing encompasses both advertising and sales. They are both wrong by assumingRead MoreMarketing Mix Of Marketing And Marketing1001 Words   |  5 PagesIn The cutting edge world of marketing dated back in the late 1950s, the four Ps were called the marketing mix, meaning that a marketing plan is a mix of four components. A company who has adopted 4P approach focuses on product, whereas company who has adopted the value approach focuses on value to the consumer. One of other marketing mix is the Value approach. This approach concentrates on delivering value to the consumers or customers, the 4Ps approach is evidently concentrated not on customersRead MoreMarketing Analysis : Marketing And Marketing1878 Words   |  8 PagesIntroduction Marketing research is the process that associates the consumers, customers, and end users to the marketer through information — information used to classify and describe marketing prospects and problems; generate, refine, and evaluate marketing actions; monitor marketing performance; and development understanding of marketing as a process. Marketing research identifies the information required to address these issues, designs the method for collecting information, manages and implements

John F. Kennedy Biography Written in First Person Essay

I am John F. Kennedy. More people know me as President 35, J.F.K and, some people call me Jack. I was born May 29, 1917, in Brookline, Massachusetts. As a young kid I went to school at The Choate School which was a private college preparatory school for grades 9-12. I joined Harvard University in 1936, my brother Joe and I were fascinated in sports, especially football. While I was playing football I ruptured a disk in my spine. The disk is a jelly like substance in between vertebrates. If you rupture that both your vertebrates collide which causes friction between the nerves and gives you back pain. I never recuperated and my back continued to hurt me for the rest of my life. When my father was selected United States Ambassador to England†¦show more content†¦One of my members, had horrible burns on his face and hands and was ready to give up. Thank goodness I managed to find him and I hauled him back to where the other survivors were grasping a piece of the boat that was s till floating. At sunrise, I directed the survivors toward a small island several miles away. Six days later two native islanders found them and went for help, delivering a message I carved into a piece of coconut shell. The next day, the crew was rescued. The something life changing happened, Joe died a year later when his plane blew up during a dangerous mission in Europe. I used to consider becoming a teacher or a writer, but with Joe’s tragic death I had to take charge. Before Joe wanted to become the first Catholic president but now that was my job. After I had many serious conversations about my future, my father convinced me that I should run for Congress in Massachusetts eleventh congressional district, when I won 1946 my whole political career started. Later on, I became a Democrat and served three terms in the House of Representatives, and in 1952 I was elected to the U.S. Senate. After being elected senator, at 36 years of age, married 24 year-old Jacqueline Bouvier, she was beautiful and was a writer with the Washington Times-Herald. Unluckily, my back started to hurt again and I had two serious operations. While recovering from surgery, I wrote a book, called Profiles in Courage which was about severalShow MoreRelatedJfk s Alleged Assassin By Geoff Hamilton Claims1223 Words   |  5 Pagesof JFK s Alleged Assassin in Recent American Literature† author Geoff Hamilton claims, â€Å"He learned to register more keenly than others the maddening and stultifying tendencies of the culture, and his lessons are written into the substance of 22 November 1963... his historical role infinitely larger than anyone would like... who [Oswald] can tell us most about what s killing us.† (pg.664). Nobody knows for sure who killed the president because Lee Oswald, the only suspect for the assassination,Read MoreEssay John Kenneth Galbraith1144 Words   |  5 PagesJohn Kenneth Galbraith, born on October 15, 1908, was one of American’s more influential economists, longtime Harvard professor, and a U.S. ambassador to India, an author, an economist, and â€Å"used caustic wit and an iconoclastic temperament to help set the foundation of modern economic thinking† (http://www.csmonitor.com). He, along with another famous economist, and longtime rival, Milton Friedman, believed that everyone has an idea, and that every idea matters, and were masters of the debates andRead MoreThe Legacy of John F. Kennedy1917 Words   |  8 PagesWhat is a legacy? Is it strictly a visible, touchable object? A legacy is not just an object that people can see; it can be a dream or an idea. Although his life came to a tragic end, John F. 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Weak form efficiency of chinese stock markets - Free Essay Example

Sample details Pages: 19 Words: 5683 Downloads: 4 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? China, in the last 30 years, has shown the spectacular growth rate in economy. By the end of 2010, China GDP ranks the second in the world. Compared with the stable growth of Chinas economy, the performance of Chinese stock markets is also a limelight. Don’t waste time! Our writers will create an original "Weak form efficiency of chinese stock markets" essay for you Create order The stock markets have improved with an expansion in the number of the list companies and the total amount of stock trading. China has two major stock exchanges-Shanghai and Shenzhen Stock Exchanges. Shanghai Stock Exchange (SHSE) was founded in December 1990 and Shenzhen Stock Exchange (SZSE) started its trading in July 1991. Two types of shares are traded in Chinas Stock Exchanges, which are named type A and type B shares. In China, type A shares are available to Chinese nationals only and these shares are traded by Chinese Yuan. Type B shares, in Shanghai Stock Exchange, are traded by U.S dollars, while in Shenzhen Stock Exchange those are denominated in Hong Kong dollars (Martin Laurence, Francis Cai and Sun Qian 1997). Particularly, type B shares are only available to investors from Hong Kong, Taiwan, Macau and other countries before 19th February 2001. After this date, individual investors in Chinas Mainland are able to purchase type B shares. By the end of 2010, the number of listed companies on SHSE is 901 and on SZSE is 1169. In the Shanghai exchange, there are 891 A-shares and 54 B-shares. The Shenzhen Exchange has 1195 A-shares and 54 B-shares. Chinese stock markets are the emerging stock markets, since they are relatively young compared with stock markets in some developed countries. Many external and internal aspects and policies lead to the specific features of Chinas stock markets. One of the features is the structure of a listed company. A listed companys ownership structure can be divided into five categories: stated-owned shares, employee shares, legal-person shares, tradable A-shares and shares only available to overseas investors. To distinguish them in a more detailed way, stated-owned shares, employee shares and legal-person shares are classified as non-negotiable shares which cannot be traded on the two exchanges. The listed companies are financed with non-negotiable shares that account for 60 percent of the companies equities (Qiet al . 2000, Wei and Varela 2003). Chinese Stock Exchange, in addition, exhibits that a majority of the individual investors are regarded as the gambler. Many investors treat the stock trading like a casino with the fact that they do not pay much attention to the information, finance and announcements about the listed companies (Ma 1996, Nam et al. 1999, Kang et al. 2002, Girardin and Liu 2003). Polices carried out by Chinas central government affect Chinas stock markets at a significant extent. The indexes of Chinas stock markets may not be consistent with the economic growth of China. The government has macro-economic control over the stock markets, which interferes the decisions made by investors. Thus Chinas government makes the stock markets a tool of raising finance. Except for the aspects mentioned above, the efficiency of Chinese stock markets is essential to the investors and regulators since it relates to how information in the market can be reflected by the stock price. Eff icient-Market Hypothesis (EMH) developed by Eugene Fama (1970), mainly, has three forms of market efficiency. In Weak-form efficiency, people cannot predict the stock prices in the future though they collect and analyze the information contained in the past prices. In addition, excess returns in long term cannot be made by using historical stock prices and other historical data. Some techniques can provide excess returns to investors in some cases. But the excess returns may not be consistently produced by the technical methods. Stock price in the future follow a random walk since it is predicted by the information not contained in the past prices, and no serial dependencies exist between these prices. Dimson and Mussavian (1998) defined efficient capital market in a similar way. In an efficient capital market, all information must be reflected in the financial assets prices and the prices changes should be consistent with the new information. An efficient capital market, of course, cannot be identical with a perfect market. Basically, the definition of a perfect market is with several assumptions. Investors in a perfect market can obtain all of the relevant information immediately and simultaneously. Also, the information provided is costless. Moreover, investors in such market are rational and the market should be presumed to be frictionless. In the real world, there is no perfectly efficient market and no completely inefficient market. This report mainly focuses on testing the weak-form market efficiency of Chinese stock markets. In this study, three statistical techniques are employed. Dickey-Fuller test for unit root test is firstly provided and then employing the non-parametric runs test. In addition, Lo-Mackinlay Variance Ratio test is presented. Section 2 presents some tests ealier employed by other people. The data description and the research methodology will be discussed in Section 3. Section 4 contains the empirical results, and Section 5 then p rovides the summary and conclusion. Literature Review Various previous market efficiency tests findings (Liu, X., H. Song and P. Romilly 1997, Laurence, M., F. Cai and S. Qian 1997 and Lima and Tabak 2004 for A-shares markets in both SHSE and SZSE, and Long, D.M., J.D. Payne and C. Feng 1999 for A- and B-shares markets in SHSE) reveal that Chinese stock markets are significantly speculative to the investors. Due the fact that Chinese stock markets are speculative, many noise traders who regard the stock trading as a casino may make the stock returns serially correlated. Previously De Long, J.B., A. Shleifer, L.H. Summers and R.J. Waldmann (1990) employed a theoretical model to indicate the effect of noise traders in the stock markets. This model finally shows that if noise traders expect to find positive returns when they trade, the price stress will give rise to autocorrelations between positive returns during a relative short time. However, Kang et al. (2002) reported that abnormal profits exist in the A-shares market given certain short-horizon and intermediate-horizon strategies. Random walk was employed by Abrosimova and Linowski (2002) when they examined the weak-form efficiency of the Russian Stock Exchange. They found that if the monthly data was used, random walk could not be rejected. However if daily data was used in the test, random walk could be rejected. Balaban (1995) carried out an experiment of testing the weak-form efficiency of Istanbul Securities Exchange, and he performed a random walk test on this market. Tian et al. (2002) reported that 412 technical rules were useful in predicting the movements of stock price in Chinese stock markets, which making traders pursue excess profits in 1990s. In addition to the aforementioned researches which apply the well-known and conventional tests, many other studies related to this topic aim at avoiding some defects in the previous tests. For instance, run tests employed by Laurence (1997) and Mookerjee and Yu (1999) enable them to reach the conclusion th at stock markets are in the weak-form efficiency. Besides, Liu (1997) and Seddighi and Nian (2004) used unit root tests to conduct their analyses. Lo and MacKinlay (1988) applied variance ratios tests to detect the serial correlations between the stock returns, and then asserted that random walk could be rejected using a sample of 1,216 observations of firms in NYSE-AMEX during 1962-1985. K.A. AI-Abdulqader et al. (2007) used two conventional tests to examine the weak- form efficiency of Saudi stock market. One of them is the filter rule test, and the other one is moving average strategy. Fliter rule is proposed by Alexander (1961, 1964). According to the opinion of Fama and Blume (1966), Alexanders filter rule detects whether prices changes are consistent to the new information. This research applied various filters to the data, and then assessed the filters effect on the rules profitability. This filter rule strategies finally obtained the conclusion that rule profits, in minor ity of cases, could not exceed the profits from the buy-and-hold strategy. Accordingly, if profits of the strategy are more than the profits from a buy-and-hold strategy, it could provide evidence against the weak-form efficiency. To compare the conclusion from the filter strategy, a moving average strategy was also employed in their research. This strategy relates to the buying (selling) at the short-term average price moves above (below) the long-term average price during k days. In this research they adopted four different moving average strategies: (1, 50, 0), (1, 50, 1), (1,150, 0), (1, 150, 1). For example, (1,150, 0) demonstrate that length of short-term is 1 day, the length of long-run is 150 and the bandwidth is 0. Bandwidth reflects the minimum change made before a signal is identified. The conclusion from the results of the moving average strategy indicated that though this strategy outperformed a buy-and-hold portfolio much more significantly, the ability of predicting c hanged according to the moving average strategies applied. Pakistan stock market is an emerging stock market like Chinese stock markets. Research conducted by Madhlimita Chakraborty (2006) investigated the weak-form efficiency of the Pakistan stock market. He employed the Lo-Mackinlay variance ratio test (1988) in addition to the traditional serial correlation test and runs test. The variance ratio test requires the precondition that the random walk increments variance is linear between the experiment samples. Therefore, if a random walk process is presented, the q-differences variance must be q multiplies the first differences variance. Also, the Box-Jenkins Technique (1978) was applied to his research. In context of Chinese stock markets, several studies have been done. In this report, three typical researches are presented. The reason for taking these reports into consideration is that they performed the distinct tests in their investigations and separately reached the dissimi lar conclusions. Martin Laurence et al. (1997) tested the behavior of the share price, weak-form market efficiency and causality of the Shanghai and Shenzhen stock markets. Also, they examined the causality of the Chinese stock markets with the Hong Kong and U.S. stock markets. The data were from four Chinese stock market indices, one Hong Kong Index and one U.S. Index. The four indices are Shanghai A, Shanghai B, Shenzhen A and Shenzhen B. Dow Jones News Retrieval Services and Datastream International provided the research data. First of all, they performed a unit root test for the six stock indices, and the test was based on an augmented Dickey-Fuller (1979, 1981) model. After that, they employed bivariate cointegration tests for comparing every pair of stock indices, which involved the method of the Phillips and Ouliaris (1990). This method is used for estimation through the Ordinary Least Square of the regression model. Apart from the above two tests, the serial correlations and Ljung and Box test (1978) were used. The presence of serial correlation was significant in form of daily returns. But it can be viewed as a violation of the weak-form market efficiency, because investors are able to take advantage of serial correlation for making excess return. Lastly, with the purpose of investigating lead-lag relationships among the six market indices, Grangers (1969) causality tests are performed. They, eventually, obtained the consequence that Chinese stock markets were getting closer to a weak-form efficient market. The results from causality tests indicated that Chinese stock markets were related to the global market to a great extent. At the beginning of the 21th century, Ma and Bames (2001) completed their report about testing the weak-form efficiency of the Shanghai and Shenzhen stock markets. They employed serial correlation, run tests and variance ratio tests. The data collected for this report was based on daily, weekly and monthly returns. They c ollected stock returns from December 1990 to April 1998 for Shanghai stock exchange, and employed stock returns from April 1991 to April 1998 for Shenzhen stock exchange. To be more detailed, the numbers of A-share taken from Shanghai and Shenzhen stock markets were 375 and 348, and the amount of B-share employed from the two markets were 49 and 51. They found that stock returns between the two stock exchanges were correlated significantly, but the daily returns were much more correlated than the return of weekly and monthly. Considering the daily returns of individual A-share and B-share of the Shanghai exchange and daily returns of individual B-share of the Shenzhen exchange, generally, they did not follow a random walk. They also concluded that individual shares exhibited more efficient than stock indices, and the Shenzhen market showed more evidence than the Shanghai market. Generally, B-share typically violated the random walk. That is, prices of B-shares were more easily predi cted than prices of A-shares. To explain this, they asserted that thin trading could result in the B-shares inefficiency. If according to the theory of Famas (1965), Chinese stock markets were in weak-form efficiency. Nevertheless, they finally reported that Chinese stock markets were not determined to be as a weak-form efficient market, since many professionals argued that Famas (1965) theory of defining the efficient markets was not correct to some extent. Seddighi and Nian (2004) conducted an investigation about the Shanghai exchange indices and 8 listed shares in this market. The data contained the stock returns from January 2000 to December 2000. The listed shares were randomly selected from 8 companies involved in 8 sectors. In their research, three tests were used, i.e. the Lagrange Multiplier test, Dickey-Fuller test and ARCH test. From the result of the Lagrange test, they concluded that 6 of the target companies were not related to autocorrelation. Random walk was asser ted to be present in the Shanghai stock market as a result of Dickey-Fuller test. However, unit root was not found in 2 of the listed shares series. Finally, they reported that the Shanghai stock prices did not follow a random walk. That is, Chinese stock market did not perform weakly efficient. 3. Data and Methodology 3.1 Data description The data, in this study, is daily price index for Shanghai and Shenzhen stock exchanges. These price indices are obtained from the Datastream, and the observation period ranges from January 3, 2000 to December 31, 2010. To examine Chinese market efficiency, this study employes daily data of closing prices for four Chinese stock indexes: Shanghai A-share Index, Shanghai Composite Index, Shenzhen A-share Index and Shenzhen Composite Index. The data in Table 1 (see Appendix), obtained from Datastream, are collected on basis of the daily closing prices for weekdays between January 03, 2000 and December 31, 2010. Shanghai A-share Index, Shanghai Composite Index, Shenzhen A-share Index and Shenzhen Composite Index are denominated in Chinese Yuan (CNY). These four stock indices reflect the statistical data related to domestic investors and the overall stock market, but the indices used by overseas are excluded since domestic investors account for the majority and the composite index es could reflect the overall market daily prices. Time series plots are exhibited below: Figure 1. Time Series Plots for Chinese Stock Indices Shanghai A Index Shanghai Composite Index Shenzhen A Index Shenzhen Composite Index Apparently, Shanghai A-share Index approximately has the identical distribution of return compared with that for Shanghai Composite Index. Shenzhen A-share Index, also, has the identical time series compared with that for Shenzhen Composite Index. Both of Shanghai indices and Shenzhen indices reached the peak level in the year of 2007. Between 2007 and 2008, the Shanghai Composite Index experienced the highest level of price which is around 6000, and Shenzhen Composite Index had almost reached at the level of 1600. From 2000 to 2007, all of the four indices series did steadily fluctuate with relative small range. After 2007 these indices ascended sharply until the financial crisis arrived. In the following year of 2008, the four indices descended dramatically due to the financial crisis. Overall, Shanghai and Shenzhen indices have the identical fluctuation before 2009, whereas in the following years, Shenzhen indices has higher increase in index prices compared with Shanghai indice s. That is, Shenzhen stock market is considered to be in better condition than Shanghai stock market after 2009. All indices series returns are calculated by the following formula: Where stands for the closing price for the index at time t and is natural logarithm. 3.2 Methodology To test the weak-form efficiency of Chines stock markets, the main approach is to examine whether Chinese stock markets follow a random walk. Generally, it is necessary to indicate that logarithmic market returns follow a random walk. However, there are two assumptions in the theory of random walk. That is, the continuous price changes are independently distributed and the price changes follow some probability distribution (Fama 1965). The random walk hypothesis requires the price increments to be independently and identically distributed (IID). The equation below shows the dynamics of share prices: where and IID distributed Statistically, we need to define the hypothesis as the following: H0: Chinese stock markets follow a random walk, i.e. follow the weak-form efficiency H1: Chinese stock markets do not follow a random walk, i.e. do not follow the weak-form efficiency Therefore, to examine the null hypothesis of the random walk, three statistical tests includ ing unit root test, non-parametric runs test and variance ratio test are employed. The tests are performed on the entire sample. The unit root test was mainly based on the the Dickey-Fuller test. This test determines whether the stock returns series is non-stationary since it is an essential condition for random walk. Lo and Mackinlay (1988) developed the variance ratio test which may be a more proper test for a random walk hypothesis. 3.2.1 Unit root test The unit root test was developed by Dickey and Fuller (1981), which examines the stationarity of the time series. If unit root is found in the series, then it can be defined as non-stationary which shows the presence of random walk. Commonly, Dickey-Fuller test is proper to examine whether a unit root exists in a series. With the purpose of testing the weak efficiency of Chinese stock markets, therefore, the Dickey-Fuller test is provided. Equation (1), basically, is a simple unit root form. In this equation, only by the fact that slope coefficient is equal to 1 can we exhibit that the current price is totally explained by the lagged term of the market price. Then the current price is explained by the constant or drift. (1) Where is independently and identically distributed with the mean 0 and the constant variance . The error increment is called white noise, and all of the error terms are uncorrelated. Nevertheless, Dickey-Fuller (1981) showed that under the null hypothes is that , the standard t-ratio does not have a t-distribution since corresponds to a non-stationary process which invalidates the standard results on the distribution of the OLS (Ordinary Least Square) estimator . Then Dickey and Fuller transformed the equation (1) to the equation below: (2) Dickey and Fuller replaced by , which is realized by deducting in both sides of the equation. Accordingly, the actual return has been changed to the change in return, as well as the hypothesis should be transformed to: (Non-stationary or unit root) against (Stationary or no unit root) In equation (2), the last termcan also be assumed to be white noise. Denoteas the OLS (Ordinary Least Square) estimator andas the usual OLS standard error. To test the hypothesis thatwe can use standard t-statistic given by: With the value of to be more be negative, the more significant the t-value might be to reject the null hypothesis and the returns are stationary which do not follow a random w alk. In other words, if the null hypothesis is not rejected, that the series follow a random walk. To examine whether the stock prices in Chinese stock markets follow a random walk, Dickey-Fuller test,significantly, provides the effective evidence. 3.2.2 Runs Test Runs test provides another method to the random walk. To distinguish runs test with the other two tests, it is presumed that the returns would not be required to follow a normal distribution. Specifically the non-parametric runs test, unlike the general runs test, it tests the independency of the successive price changes. The non-parametric runs test is under the assumption that only if the observed number of runs in the series is close to the expected number of runs can the returns of price in the series follow a random walk. A sequence of successive price changes with the same sign is described as a run. The non-parametric runs test, actually, is proper to examine the randomness for the successive of returns; hence, it provides adequate evidence on whether price returns in Chinese stock markets are possible to be predicted. The first stage of the test is observing the number of runs which is defined as the total number of the sequence of consecutive prices changes with the sam e sign: positive, negative or no change. Then assigning equal weight to every corresponding change and distinguishing direction of the successive changes, which must be based on the rule that classifying each change in return according to the mean return. That is to say, the positive change is obtained when the price return is larger than the mean return, and the negative change is obtained when the price return is less than the mean return and no change when the return is equal to the mean return. The run test is employed by taking the actual runs (R) and the expected runs (m) into account. To perform the test, comparing the actual returns and the expected returns is required. Since the distribution of the number of runs is assumed to converge to a normal distribution, the expected number of runs can be calculated as equation (3) below: (3) Where N is the number of observations,denote the signs of positive, negative and zero,denotes the number of price changes of each sign . If the total number of observations N is greater than 30, the expected number of runs m is normally distributed with a standard deviation as the equation below (4): (4) The standard normal Z-statistic is: Z~ N(0,1) (5) Where R is the actual number of runs, (1/2) denotes the correction factor for continuity adjustment (Ma and Bames 2001), where the sign is plus if Rm, and is negative if Rm. The null hypothesis can be described as the following: If null hypothesis can be rejected at a certain significance level (1%, 5% and 10%), then it indicates that the series does not follow a random walk at that significance level. Furthermore, a positive serial correlation is implied by a negative Z value, and a positive Z value implies a negative serial correlation. 3.2.3 Variance Ratio Test The variance ratio test designed for random walk testing was proposed by Lo and MacKinlay (1988). Basically it is assumed that there is a linear relationship between the variance of random walk increments. Accordingly, if a random walk exists, the variance of its differences should be times the variance of its first differences. Consequently, when we have observations () of the log of stock returns and obtain these log returns at the intervals with equal space (is an integer larger than 1), the ratio of of the variance to the variance of is equal to 1. The variance ratio test is employed under assumptions of homoscedastic and heteroskedastic random walks. Then some important equations in this test are presented: (6) Where is the variance of the difference and is the variance of the first differences. (7) where (8) and (9) where and is the number of observations Under the assumption of homoscedasticity, the modified (Liu and He 1991) is in the form o f the formula below: Where (asymptotic variance of the variance ratio) If the null hypothesis of no autocorrelation coefficient is rejected, there is no random walk under the case of homoscedasticity. Commonly, heteroscedasticity and autocorrelation might lead to the rejection of random walk under homoscedasticity (Worthington and Higgs 2004). In addition, Campbell et al. (1997) reported that the variance ratio would be close to unity even in under the assumption of heteroscedasticity if returns are not correlated. Lo and MacKinlay (1988) introduced the standard normal test : where (standard error term) and Under the null hypothesis, the variance ratio is equal to 1. That is, the series follows a random walk. If random walk is rejected under the assumption of heteroskedastic, evidently, there is the presence of autocorrelation. Under the case of autocorrelation, a negative serial correlation exists if variance ratio is less than 1 and a positive serial correlati on is presented if variance ratio is larger than 1. 4. Empirical Results 4.1 Descriptive Statistics An overview of descriptive statistics for Shanghai and Shenzhen stock indices are provided in Table 2 (see Appendix). The total number of observations for each stock index is 2870. All of the four series have the positive means. Shenzhen Composite Index has the highest mean of returns of 0.000406, while Shanghai A Index has the lowest mean of returns of 0.000246. The maximum returns obtained from Shanghai A Index and Shanghai Composite Index, obviously, exceed these obtained from Shenzhen A Index and Shenzhen Composite Index; nevertheless, Shanghai A Index has the lowest minimum return of -0.092608. Due to th fact of high return with high risk, the two Shenzhen indices incorporate with the highest standard deviations even though they have higher average returns than these of two Shanghai indices. Therefore, daily returns for two Shanghai indices are less volatile than returns of two Shenzhen indices and Shenzhen indices has higher returns compared with Shanghai indices on the avera ge. Daily compounded indices statistics for Shanghai and Shenzhen stock markets are provided in this table. The returns are given by , where is the series price at time t. ÃÆ'Ã… ½Ãƒâ€šÃ‚ ¼ is the mean of returns and ÃÆ' Ãƒâ€ Ã¢â‚¬â„¢ is the standard deviation for the series of returns. 4.2 Unit Root Basically it is essential to use Dickey-Fuller test without time trend to examine whether Shanghai and Shenzhen stock indices follow a random walk. This test model composites of the constant or drift, coefficient slope and white noise. The results for Dickey-Fuller test without time trend is given in Table 3 (see Appendix). This table presents the results for Shanghai and Shenzhen Index prices between 2000 and 2010. The estimated slope coefficient is represented by and the standard error for is. The critical value is 3.51 at 2% significance level, 3.17 at 5% significance level and 2.58 at 10% significance level. ***, ** and * indicate the slope coefficient is statistically significant at the 2%, 5% and 10% level. Results in table 3 (see Appendix) indicate that indices series in Shanghai and Shenzhen are non-stationary or unit root under the significance level of 2%, 5% and 10%. Currently the result shows the random walk of the Chinese stock markets, but testing results may va ry with some changes of this model. In this model, on the one hand, time trend is not taken into consideration. In some cases, we may have to consider a statistical model which can include a deterministic time trend. It is particularly necessary when the series exhibit either upward or downward trend. The reason is that if a series shows significant time trend it is non-stationary. Considering a trend-stationary process, if the process is not accounted for in the regression model, it is likely that a unit root test would fail to reject the null hypothesis, even though the process is trend-stationary. On the other hand, unit root may exist in high-order AR model. In this report, only AR(1) has been employed, which may not be the correct specification. If we use an AR(1) when the correct specification would be a higher-order AR process, we may misleadingly reject the null hypothesis of a unit root because of the misspecification of the model. Thus Augmented Dickey-Fuller Test can prov ide further analysis to examine the existence of random walk. Overall Dickey-Fuller test without time trend can provide solid evidence that Chinese stock markets follow a random walk. 4.3 Runs Test Table 4 (see Appendix) indicates the results of non-parametric runs test for four stock indices in Shanghai and Shenzhen between 2000 and 2010. The total number of observations is represented by N and total number of runs is denoted by R. The amount of observations below mean is denoted by mean, whereas =mean indicates the number of observations larger than or equal to the mean. The critical value for Z statistics is given by: Z=1.285 at 10% significance level, Z=1.645 at 5% significance level and Z=2.33 at 1% significance level. ***, ** and * denote the statistical significance at 1%, 5% and 10% levels. The results of the non-parametric runs tests for Shanghai and Shenzhen market indices are presented in Table 4 (see Appendix). The estimated Z-values for returns on Shenzhen A-share Index and Shenzhen Composite Index are significant at 5% level, and both of returns on Shanghai indices are significant at 10% level. Accordingly the null hypothesis can be rejected under some signif icance level, which implies that both of Shanghai and Shenzhen stock markets are not weak-form efficient. Nevertheless Shanghai stock market can only be determined as weak-form inefficient in the case of 10% significance level, which may not provide adequate evidence ensuring the weak-form inefficiency of this market. Shenzhen stock market is determined as weak-form inefficient even at 5% significance level. The negative Z-values for daily returns on the four stock indexes, indeed, imply the positive serial correlation. Anyway Chinese stock markets can not determined as wear-form efficient using the non-parametric runs test. 4.4 Variance Ratio Test The results of variance ratio test for the Chinese stock markets are presented in table 5 (see Appendix) and the time period is 2000-2010. N denotes the total amount of observation and q is the equal-spaced interval of the observation. In this test, q is equal to 2, 4, 12 and 20, respectively. VR(q), Z(q) and Z*(q) are the estimations of the corresponding statistics. VR(q) is the estimate of variance ratio, and Z(q) and Z*(q) are the Z test statistics of homoscedasticity and heteroscedasticity, respectively. *, ** and *** denote the statistical significance at 10%, 5% and 1% level. The outcomes of variance ratio test for Shanghai and Shenzhen stock indexes are provided in table 5 (see Appendix). VR(q) is the estimate of variance ratio, and Z(q) and Z*(q) denote the Z test statistics under homoscedasticity and heteroscedasticity, respectively. The q-difference is assigned as 2, 4, 12 and 20 for all four indexes. For Shanghai A-share market, apart from the interval of 20 days, the null hypothesis cannot be rejected at all three significance levels under both of homoscedasticity. The results of variance ratio for Shanghai Composite Index are similar with these obtained for Shanghai A-share Index. For variance ratio test conducted for Shanghai Composite in 20-day interval, the null hypothesis of random walk is only rejected at 5% and 10% significance level under the assumption of homoscedasticity and heteroscedasticity, respectively. However, the null hypothesis of random walk for Shenzhen stock market is strongly rejected under the presumptions of homoscedasticity and heteroscedasticity in all the q intervals. The rejection of random walk can be realized even at 1% significance level. Under homoscedasticity, the reason for rejection of the null hypothesis of random walk could be the autocorrelation in stock returns. Nevertheless the null hypothesis is also rejected under heteroscedasticity, which indicates that the rejection of the null hypothesis under homos cedasticity is exclusively attributed to the autocorrelation in the series returns. According to the results obtained from all of the statistics about variance ratio test, Shanghai stock market is weak-form efficient and Shenzhen stock market is weak-form inefficient. The findings of Shenzhen stock market indicate that the autocorrelation in returns may completely reject the random walk of this market. Overall the Chinese stock markets represent inconsistency between the Shanghai and the Shenzhen stock markets. Compared with the findings of runs test, Chinese stock markets may not be weak-form efficient. 5. Conslusions Examining the weak-form efficiency of Chinese stock markets presents the relevant information behind the market series returns. The definition of Efficient-market Hypothesis (EMH) is developed by Eugene Fama (1970), which defines that in weak-form efficient market investors cannot make excess returns though historical stock prices and data, and the stock prices follow a random walk because the past price would not provide any related information to predict the future price. Based on the theoretical interpretation about the weak-form efficient market, some research has been conducted in the context of Chinese stock markets. As the empirical evidence obtained in the previous studies, they cannot reach a consensus on whether Chinese stock markets are weak-form efficient. Some studies asserted that Chinese stock markets did not follow a random walk, however other empirical findings subscribed to the opinion that Chinese stock markets are weak-form efficient. This study focuses on te sting the weak-form efficiency of Shanghai and Shenzhen stock markets, and two major indexes in each market are examined. Daily price from the time period 2000 to 2010 for each index is collected in order to examine the hypothesis of the random walk, and A-share index and composite index in Shanghai and Shenzhen stock markets are used. Statistical methodologies have been used in many empirical studies testing the random walk hypothesis. Considering the features of each statistic method, three statistical methods are employed. Dickey-Fuller is used to find the unit root of the returns series of stock indices, a non-parametric runs test aims at finding the independence among the returns for each stock index, and the variance ratio test examines the linear relationship between the variance of the random walk increments. Except for the empirical results of the Dickey-Fuller, the findings of the other two statistical methods indicate that Chinese stock markets do not perform consisten tly with the hypothesis of random walk, consequently implying that Chinese stock markets are weak-form inefficient. The results of Dickey-Fuller test ensure the existence of the unit root in the return series, which determining Chinese stock markets as weak-form efficient. Generally speaking, Chinese stock markets are not typically consistent with the hypothesis of weak-form inefficiency since no consensus has been reached among the three statistical methods. This results seem to be similar to the conclusion of the previous studies. A significant number of studies reported that the emerging stock markets might not has the unique features of the weak-form efficient markets because of the characteristics of the domestic polices and economies and etc. Even though Chinese stock markets are found untypical under the assumption of weak-form efficient market, it is still rational to believe the Chinese stock markets to behave like an market of informational efficiency in the following year s since the development in Chinese financial world is significant. Investors in Chinese stock markets cannot get a sufficient historical information from the current stock prices, which indicates some investors may acquire excess returns by some techniques. Inefficient markets may benefit the investors who can get access to the inner information or information about the patterns of the movements of the stock prices. To improve this study, firstly, it is proper to employ weekly or monthly data and to employ Shanghai B-share index and Shenzhen B-share index. Secondly, further researches could use Augmented Dickey-Fuller test with time trend instead of Dickey-Fuller test in this study. Besides, the whole time period could be divided into some sub-intervals, which proving more detailed analysis. At last studies employing four or more statistical methods might present adequate evidence on this topic.

The Main Stages Of Second Language Development Essay

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Nutrition My First Career Choice - 761 Words

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Government Intervention in Market Economy

Question: Examine the nature of economic activity in the business market, understand the economic environment of business and evaluate the broad approaches to organisation and management? Answer: Introduction In the growing competitiveness of businesses, the consideration of the external and internal environmental factors is necessary for an organization as well as for governments to ensure the sustainability of the businesses and growth in the economy. The business environment of the UK market is composed of both external environment and internal environment. From an organization perspective, the internal environment factors are controllable forces that can be controlled by an organization through changes in its organizational policies, systems, and structures (Beer, 2013). The internal environmental factors include employees morale, financial changes, management changes, organizational structures and cultural changes, and internal work environment. The external environmental factors are uncontrollable forces that cannot be controlled by the firms. The external environmental factors are those forces that take place outside of the organizations. It is harder to predict and control these forces. The external environmental factors include political, legal, socio-cultural, technological, economic, competition and environmental factors. Similarly, government of UK has to assess the internal factors i.e. factors that are internal to country and also, the external factors that are outside the UK economy but these factors also affect the UK economy. All these factors affect the business operations and activities of the industries greatly because these forces put pressures on the industries to follow the government legislations and environmental regulations while operating the businesses in the contemporary business environment (Hodder Education, 2015). This assessment discusses the impact of the government intervention and economic poli cies in the UK market economy. Government Intervention in Market Economy The UK government plays an important role in determining the economic behaviors in the market through its economic policies and intervention. There are several reasons for the government intervention in the UK market economy. Firstly, the government intervenes when the goods or services are under-consumed or over-consumed. Secondly, the government intervenes when it believes in the redistribution of the wealth and income in a more equitable way. It also intervenes, when it thinks that the intervention and policy changes are mandatory for the improvements in the economic performance in the market (Pierrakis and Westlake, 2009). The UK government intervenes in the market economy in the form of indirect taxation, subsidies, tariffs, pricing and distribution control, legislations, pollution control, buffer stocks, and state provision. The UK government legislations and economic policies determine the environment in which the entrepreneurs operate their businesses. The fiscal and monetary policies of the UK government influence the market economy greatly. The fiscal policy is determined by the government in the form of taxes, such as VAT, sales tax, service tax, corporation taxes, employees state insurance tax, excise duty, and subsidies at local, federal and national level (Giudice, Kuenzel, and Springbett, 2012). For ex-employees state insurance tax imposes the taxes on the salary and wages of the employees. The UK government supports the import and export businesses by imposing the low taxes on the exchange of the goods and services. The monetary policies are also determined by the UK government in the form of changes in the exchange rates, interest rates, inflation rates, and unemployment rates (Guay, 2014). The changes in the interest rates, inflation rates, currency value and GDP influence the pricing and product development strategies of the businesses. A rise in the interest rates reduces the purchasing power of the customers and industrial activities. If the UK government raises the interest rates, the borrowing costs, interest debt payments, and mortgage housing rates also increase. As a result, the entrepreneurs will have to pay more prices for the exchange of raw materials, technologies and labors. The high-interest rates and inflation rates will increase the transportation rates because of higher prices of oils, as a result of the prices of the goods and services will be increased. The high-interest rates, inflation rates, and high exchange rates will reduce the customer spending because of low purchasi ng power (Pelaez, 2008). These adverse economic conditions will decrease the sales figures, clientele, economies of scale and profitability of the organizations because of the low spendings by the customers. On the other hand, the low-interest rates, inflation rates, and low exchange rates will create more earnings to the industrial sectors by promoting the industrial activity. In these favorable economic conditions, the customers will prone to more spending because of a high purchasing power. The government intervention influences the entrepreneurship and business partnerships with private and public enterprises. During an economic recession or crisis, if the UK government doesnt support the industries by providing the financial assistance for purchasing the raw materials due to financial problem of the companies, the productivity and business performance of the firms will be affected. The government spending and intervention also affect the HR activities of the industrial sectors. For ex- if the UK government doesnt organize the training and development programs, it can cause for the unskilled and inexperienced labors that will result into the decreased productivity and unexpected performance. The lower spending by the UK government in the training, research, education, and technology will affect the industrial activity and international trade adversely (Mitchell, 2012). The government intervention and economic policies also affect the investment pattern and production o utputs of the industrial sectors. For ex- if the government imposes higher taxes and more legal issues on the businesses, the entrepreneurs will make less investment in the research, technology, training, education, and product development that will affect the productivity and annual turn-over of the industries. The Mixed economic system is followed in the UK marketplace where the UK government holds control on the international trade, resource allocation, demand and supply and research activities. Along with this, the competitive policies and regulatory mechanism of the UK Government also affect the HRM policies, production process, pricing, distribution, and customer buying activities. In the UK market economy, the government supports the industrial activity by taking the view that markets are best suited to allocating scarce resources and allow the market forces to determine prices through demand and supply pattern. The government intervention improves the national economic performance by maintaining the value of Pound (Walley, 2012). The government intervention plays an important role in achieving the equitable distribution of income and wealth. The competition policies and regulation mechanism in the UK market create a fair competition that provides the opportunities for the new firms t o enter the UK market. The government intervention brings improvements in the UK market economy by creating an allocative, dynamic efficient, and productive environment . The government intervention restricts or distorts the competitive markets. It supports the industrial activity or entrepreneurship by reducing the unemployment or to overcome the economic recession. The government intervention assists the industrial sector to redistribute the wealth and income by improving the equality of opportunities and output. The government intervention also assists in overcoming the market failure rates through funding public goods (Kitson and Michie, 2015). The government spending breaks the monopoly in the market. It brings a lot of improvements in the institutional infrastructure. It also plays an important role in overcoming the violence and corruptions in the UK market. For ex- if the government intervention is recognized in a way that it introduces insufficiency higher than rationalizing the entire economy sys tem that will create a threat of damaging the UK economy. The distort intervention can result into higher costs and customer dissatisfaction. The government intervention supports the industrial activity and international trade by providing the financial assistance to the businesses from the banks and financial institutions in the form of credits or loans. The government supports the businesses of the local industries by providing the subsidies and tariffs to make the profitable businesses. The government imposes taxes on the foreign products that make the foreign products more expensive than domestic products so that the demand for the domestic products could be increased. The government also supports the industrial sectors by providing the consistent supply of the raw materials, technology, labors, resources, and capital through their spending activities. The government employment legislations regulate the business organizations to create the equal employment opportunity for all whether freshers or experienced employees by avoiding the discrimination, prejudices, and biases (Bergstein, 2014). The government legislations e ncourage the business organizations to provide the employees a supportive and learning environment through training, development, and learning programs for the employee satisfaction and high moral. The government also regulates the customer protection laws instructing the companies to maintain the quality standards and value efficiency to deliver the quality products and value added services so that repetitive business could be made. The UK government environmental legislations regulate the business organizations to follow the ethical code of conduct, corporate social responsibility (CSR), and eco-friendly policies in order to improve the corporate social performance locally and globally. For ex- if the government closely monitors the environmental hazardous and industrial polluted activities, the industries will be prone to reduce the waste disposals, excessive water usage, and resource wastage that will be beneficial for both communities and industries. Conclusion In the conclusive statement, it is analyzed that the government intervention in the market economy is essential to improve the environmental conditions in which the entrepreneurs operates their businesses. The government economic policies and legislations determine the way of a business in which it operates. The government intervention promotes the entrepreneurship and industrial activity to support the import and export businesses. Government economic policies and environmental legislations assist the businesses in creating a global corporate image. The UK government intervention and economic policies promote employment, consumerism, consumption, training, research, education, technology, infrastructure development, information technology, and customer spendings. References Beer, M. (2013) Early British Economics from the XIIIth to the middle of the XVIIIth century. UK: Routledge. Bergstein, S. (2014) UK Government Help to Buy scheme: A policy of genius or economic idiocy?. England: Grin Verlag. Giudice, G., Kuenzel, R., and Springbett, T. (2012) The UK Economy: The Crisis in Perspective. Great Britain: Routledge. Guay, R. T. (2014) The Business Environment of Europe: Firms, Governments, and Institutions. London: Cambridge University Press. Hodder Education (2015) Edexcel Economics A Student Guide: Theme 2 The UK economy - performance and policies. UK: Hachette Publication. Kitson, M. and Michie, J. (2015) The Political Economy of Competitiveness: Corporate Performance and Public Policy. UK: Routledge. Mitchell, M. (2012) My Revision Notes: AQA GCSE Citizenship Studies. UK: Hachette. Pelaez, C. (2008) Government Intervention in Globalization: Regulation, Trade and Devaluation Wars. UK: Palgrave Macmillan. Pierrakis, Y. and Westlake, S. (2009) Reshaping the UK economy: The role of public investment in financing growth [Online]. Available at: https://www.nesta.org.uk/sites/default/files/reshaping_the_uk_economy.pdf. (Accessed: 27 March 2016). Walley, J. (2012) A Green Economy: Twelfth Report of Session 2010-12, Vol. 1: Report, Together with Formal Minutes, Oral and Written Evidence, Volume 1. UK: The Stationery Office.

Antwone Fisher Synopsis free essay sample

Antwone Fisher is a 2002 American drama film directed by Denzel Washington, marking his directorial debut. He also stars in the film as the psychiatrist Jerome Davenport, alongside Hollywood newcomer Derek Luke, who plays the title role (and personally knew the real Antwone Fisher), and ex-model Joy Bryant, as Fishers girlfriend. The film is inspired by a true story; with the real Antwone Fisher credited as the screenwriter, and is based on his autobiographical book Finding Fish. The film was produced by Washington, Nancy Paloian, and Todd Black, and features a soundtrack by Mychael Danna. Black was first inspired to make the film upon hearing the story from Fisher, who was then working as a security guard at Sony Pictures Studios. [ The movie focuses on Antwone Fish Fisher (Derek Luke), a temperamental young man in the navy with a violent history. It is set in America in the 1990s. His father was killed before he was born and his teenage mother, Eva Mae Fisher, ended up arrested soon after and put in jail where she gave birth to him. He was then placed in an orphanage until she got out to claim him. When she never claimed him, Antwone was placed in a foster home at two years old ran by a religious couple Mr. and Mrs. Tate (Ellis Williams and Novella Nelson). There, Antwone faced abuse by Mrs. Tate mentally and physically for many years until he finally left the home at age fourteen. Living out on the streets for the next few years he decided to join the U. S. Navy to make something out of his life. However the rough life he had as child caused him to have a violent temper at this point. After getting into a fight with a fellow sailor, Antwone is sentenced to be demoted, fined, and restricted to the ship for 45 days. His commanding officer also orders him to go to psychiatric treatment. Antwone goes in to meet Dr. Jerome Davenport (Denzel Washington). Davenport attempts to get him to open up, but Antwone is at first extremely resistant. During his sessions, Antwone develops feelings for a fellow Naval personnel, Cheryl (Joy Bryant). Still getting into altercations, Davenport tries to explore Antwones feelings for Cheryl to channel Antwones feelings into something positive. Antwone finally goes on a date with Cheryl and establishes a relationship with her. While on leave in Mexico, Antwones sexuality is called into question by a fellow personnel he had previously called an Uncle Tom. The personnels comments have an impact on Antwone and he gets into yet another fight. Antwones thrown into jail. Davenport meets him in jail, where Antwone confided he was sexually abused as a child by Nadine Tate (Yolonda Ross), a member of the Tate household. Later on, Antwone eventually reveals to Cheryl that he sees a shrink and they share their first kiss. At Thanksgiving dinner, Davenport advises Antwone to find his real family. Antwone refuses, but thanks Davenport before inviting him to a graduation ceremony. Following the graduation ceremony, Davenport tells Antwone hes ending the sessions and feels Antwone needs to progress on his own. Antwone breaks down and feels everyone has abandoned him. He reveals his best friend was killed during an attempted robbery and he resents his friend for leaving him behind. Realizing he needs to find his parents to find closure, Antwone asks Cheryl to go with him to Cleveland. After a dead end at social services Antwone decides to return to the Tate household. There he confronts an older Nadine and Mrs. Tate about their abuses toward him. Mrs. Tate ultimately reveals Antwones fathers name: Edward Elkins. After looking through multiple telephone books, Antwone comes into contact with his Aunt Annette (Vernee Watson-Johnson) and visits her. Antwone learns his mother (Viola Davis) lives nearby, and goes to visit her. She sits in silence after he reveals to her that hes her firstborn. Antwone finds closure, forgives her, and leaves. When he returns to the Elkins household, he finds a feast prepared for him and finds the family he lost. At the end of the film, Antwone visits Davenport and thanks him for everything. Davenport then replies that it is he who should be thanking Antwone. Davenport reveals to Antwone that he was slowly shutting down his life until the day he met Antwone. The movie draws to a close as Davenport and Antwone go to eat. Antwone Fisher Synopsis #2 Twenty-four-year-old Antwone Fisher, stationed at the Naval base in Coronado, California, often loses his temper and fights with his fellow seamen. After his latest brawl, the African-American Antwone defends himself by stating that his opponent made a racial slur, but is still sentenced to reduced pay and a demotion, and is also ordered to be evaluated at the Naval psychiatric facility. Antwone reluctantly sees psychiatrist Commander Jerome Davenport, who is bemused by the dichotomy between Antwones belligerence and shyness. Intrigued by Antwones statement that he is from under a rock, Davenport orders him to return the following week. Taking advantage of his liberty from the ship, Antwone goes to the base exchange to see Cheryl Smolley, a fellow Naval recruit with whom he is smitten. Despite her own shyness, Cheryl attempts to tease Antwone into a conversation, but the tongue-tied young man leaves quickly. Two weeks later, Davenport has Antwone forcibly brought to his office, as he had not reported for their meeting. Davenport explains to the angry seaman that he has only three sessions in which to evaluate him and make a recommendation to his commanding officer, who wants Antwone dismissed from the Navy. Declaring that there is nothing wrong with him, Antwone refuses to talk, and so Davenport orders him to attend weekly sessions until he does. For several weeks, Antwone sits in silence while Davenport catches up on his paperwork. Finally, Antwone begins to speak, soon revealing that he never knew his father, who was murdered two months before he was born. His mother was in prison when he was born, and Antwone was put in an orphanage for two years. Eventually, Antwone was placed in the Cleveland foster home of Reverend and Mrs. Tate, an older African-American couple who also fostered young Dwight and Keith, who was favored because he was half white. Antwone describes the incessant physical and emotional abuse heaped upon the children by Mrs. Tate, who called them nigger so often that they could tell which child she was calling by how she said the word. Antwone cannot control the pain in his voice upon describing how Mrs. Tate bragged about beating him unconscious when he was eight years old, and Davenport begins to sympathize with his patient. During their next session, Antwone tells Davenport about his best friend Jesse, a devil-may-care boy whom Mrs. Tate detested. One day, when Jesse came to call for Antwone, Mrs. Tate began to berate Antwone, but the by then teenaged boy, unable to endure her tyranny, grabbed the shoe with which she was beating him, and she threw him out. Hoping to help Antwone understand the Tatess ambiguous feelings about their own race, Davenport gives him a book about slavery, explaining how generations of African-American slaves passed on to their children the poor treatment they had received from their masters. Despite his initial skepticism, Antwone finds himself responding to Davenports gentle questioning and so is distraught at the end of their third session, when Davenport states that he can no longer see him, although he will recommend that Antwone be allowed to remain in the Navy. Overwhelmed by the release of feelings he had kept locked inside, Antwone begins fighting again, and one day, shows up at Davenports office, where he yells at the waiting patients. Drawn to helping Antwone, Davenport offers to see him on his own time, and they begin their sessions again. Antwone is amazed one afternoon when Cheryl asks him out, and after receiving encouragement from Davenport, has a successful first date with her. Thrilled that Cheryl kissed him, Antwone dashes to Davenports house to tell him, and the commanders wife Berta, with whom Davenport has a strained relationship, caustically tells her husband not to cure the young man of his enthusiasm. All goes well for Antwone until his ship makes a routine tour of Mexico, where one night, he and his buddies visit a nightclub. There, Antwones frequent tormentor, Grayson, taunts him for not wanting to dance, implying that he is either a virgin or a homosexual. After the ensuing brawl, Antwone is returned to Coronado, where Davenport questions him in the brig. Antwone confides that he is a virgin, then reveals that as a young child, he was repeatedly sexually molested by Nadine, a predatory older girl also staying with the Tates. Later, Antwone stops by the Davenport home to see the commander and charms Berta with his honesty and politeness. Berta insists that Antwone attend their Thanksgiving dinner, at which Antwone experiences his first family holiday. In gratitude Antwone gives Davenport a moving poem, Who Will Cry for the Little Boy? , and a deeply touched Berta realizes how much Antwone means to her husband. Soon after, however, Davenport is forced to tell Antwone that it is time for him to move on, as he must now take charge of his recovery himself. An infuriated Antwone lashes out, yelling that everyone in his life has abandoned him, even Jesse,  and reveals to Davenport that rather than simply losing touch with Jesse, as he had said earlier, he was an innocent bystander when Jesse was shot while robbing a convenience store. After finally being able to admit his anger toward Jesse, Antwone realizes that Davenport is also right about his need to find his real family. Asking Cheryl to accompany him, Antwone returns to Cleveland, but receives little help from social services. Cheryl then encourages Antwone to ques tion Mrs. Tate. Antwone goes to the Tate home, where he castigates Nadine and Mrs. Tate for their abuse, then defiantly declares that he is still standing strong. After Mrs. Tate tells Antwone that his fathers name was Edward Elkins, Antwone and Cheryl begin calling all the Elkinses in the Cleveland phone book. Late that night, a confused Annette Elkins receives a call from Antwone, and after he relates his story, tearfully tells him that she may be his auntie. The next morning, Antwone and Cheryl go to Annettes home, and there meet her, his uncle James and another uncle, none of whom knew of his existence. James realizes that Antwones mother is Eva Mae Fisher, the sister of a friend, and takes him to meet her. Antwone is dismayed by his mothers tenement home, while she is too overwhelmed by his sudden appearance to speak. Antwone tells her that he is a good man, of many accomplishments, and after kissing her on the cheek, leaves with forgiveness in his heart. Upon his arrival back at the Elkins home, Antwone is stunned to be proudly welcomed by his many relatives, who have prepared a feast for him. When he returns to Coronado, Antwone cheerfully informs Davenport that he is not a virgin any longer, and tells him that he was right about seeking out his family. In turn, Davenport relates that when he and his wife discovered they could not have children, he obtained the best psychiatric help for Berta, but he shut down emotionally. It was not until Antwone entered his life that Davenport came alive again, and the commander thanks Antwone, his surrogate son, for helping him become a better doctor and husband.