“Citizens of a kind” :: Essays Papers

â€Å"Citizens of a kind† The accompanying clippings from provincial Irish papers start in 1923, not long after the establishing of the state, and proceed to the current day in sequential request. The reason educating the determination is that Travelers are trapped in a dynamic of imperialism †misconstrued by the greater part they live among, and burdened by their distinction. Their circumstance is equivalent, in numerous cases, to that of rovers all through Europe and the indigenous minorities of numerous ex-provinces. It is no fortuitous event that perspectives toward Travelers, as prove by a portion of the accompanying clippings, solidified in the decades following the establishing of the Irish State during the 1920s. The early long stretches of the republic were troublesome monetarily, and a patriot philosophy of a homogenous, mono-social, unquestioningly Catholic joined state was propagated as a reassurance for the loss of benefits delighted in as a feature of the Empire. The exchange from pioneer t o post-frontier status problematised the spot of this minority populace, and inner strains surfaced without a pilgrim nearness to decry. I have focused on papers covering the general West of Ireland/Connacht zone (Galway, Mayo and Roscommon), and specifically, articles managing Galway, since this is my old neighborhood, and a conventional Traveler fortification. Most clippings are from the longstanding Connacht Tribune. In a report on a Galway Urban Council meeting entitled â€Å"Nomads in Galway: Citizens dread an epidemic† (Connacht Tribiune 10 Mar. 1923: 5), the old pilgrim dread of being sullied by the Other (truth be told, a dread of furtively being or turning into the Other) is perceptible: Mr J.P. O’Brien composed in the interest of various residents expressing that except if the board found a way to have the tramps who are camping†¦removed, there was a risk of scourge breaking out. He brought up that it was unlawful for these individuals to camp inside the urban zone. They could camp a fourth of a mile outside the urban zone, and afterward just for two or three days. The technique of separating is understood in the utilization of the words ‘gypsy’ and ‘nomad’, which mean that these individuals are some way or another remote, and most dangerously, in the utilization of ‘gypsy’, that they are really British. (Inside the British Isles, vagabonds are from Wales and England just.) The word wanderer is a confiscating of their Irishness, and it is simpler to be unfeeling to what is developed as being outside the self in another state where the belief system of patriotism is highest.

Sex, Power and Money Contributing to Immorality in Our Society

The term unethical behavior alludes to a demonstration or practice that is improper or revolting. Cash, sex and force are the triple collusions of unethical behavior in our general public. There an a considerable amount of these improper practices that are tormenting our general public. Because of the high pace of impropriety that is brought about by cash in our general public there is across the board defilement. Have you at any point been a casualty of defilement? If not, I am practically sure you have endured the impacts of debasement. Defilement is the maltreatment of depended power for private addition. It harms everybody whose life, job or bliss relies upon the respectability of individuals in a place of authority.According to Transparency International‘s (TI) 2011 Corruption Perception Index â€Å"the greater part of the 183 nations and regions surveyed scores underneath on a size of 0(highly degenerate) to 10 (clean). â€Å" Two years sooner, TI recognized that its 20 09 yearly report uncovered the inescapable truth of corruption†: It is certain that no area of the world is safe to the hazards of defilement. Now and again, the results of debasement lead to a significant level of corruption and can be exceptionally sad. For instance, Irie FM’s news revealed that â€Å"a man was slaughtered in the Kemps Hill territory of Clarendon†.This man was a piece of a trio that went to a remote region to sell other men cocaine. On appearance with the cocaine, it was tried and seen as flour rather than cocaine. A contest created and the other two accessories fled abandoning one. He was set upon and cut to death by the men who should buy it. These types of indecency in our general public are exceptionally high and these are brought about by the need and ravenousness for cash. Why everlasting status does endure? â€Å"Man has overwhelmed man to his physical issue. † Ecclesiastes 8:9. That announcement appropriately depicts the historic al backdrop of human rulership.It has been answerable for untold anguish and wretchedness. In all ages, benevolent individuals who have attempted to build up an all the more just society were continually thwarted by eagerness and improper conduct. For what reason is that so? Essentially, as a result of the accompanying three unwholesome impacts: the impact of transgression, the impact of the devilish world we live in and the impact of Satan the Devil. The impact of wrongdoing the Bible obviously expresses that we â€Å"we are for the most part under sin†. (Romans3:9) Like a serious innate infection, sin† resides† or is â€Å"dwelling,† inside us.For a large number of years, sin has governed over humankind like a lord. Its law is persistently busy working in us. Evil tendency leads numerous to put their own advantages first or to focus their lives on increasing material belongings or authority at other’s cost. Romans 5:21; 7:17; 20, 23, 25. The impact of the insidious world we live in-our reality is portrayed by insatiability and narrow-mindedness. In such a situation, a few people think that its hard to appear as something else. Driven by childish wants and aspirations they become power hungry. They likewise build up a powerful urge for more cash and assets, more than they actually need.Sadly, they are eager to act in an unscrupulous manner to accomplish those objectives. Instead of opposing improper and unwholesome impacts, such individuals â€Å"follow after the group for underhanded closures. † Exodus23:2 The impact of Satan the Devil, a defiant soul animal, is â€Å"misleading the whole possessed earth. †(Revelation12:9). He may cunningly abuse a person’s characteristic want for material solace and money related prosperity to the point that the individual demonstrations misleadingly. Is it conceivable to be straightforward in a degenerate world? In spite of the fact that we live in a corrupt world and t he fallen angel can apply extraordinary weight on us, we can oppose their influence.This can be accomplished by gravitating toward to God and applying standards from His promise to our lives. Cash has positively caused a great deal of indecent practices in our general public. This isn't only a circumstance that began in contemporary society however has been going on from as far back as in scriptural occasions. Take a gander at the circumstance in Acts5:1-10, with Ananias and Sapphire. These two people sold a belonging and held back a piece of the cash for themselves. Rather than talking reality they shrouded it and the result was passing. This is all a direct result of the adoration and covetousness that humanity has for money.Another scriptural model is that of Judas where he deceived Jesus for 30 bits of silver (Genesis37:18). Insatiability is one of the primary driver why individuals are directed to act so unfeeling and heartless. Would you be able to envision that Judas would on e say one was of Jesus’ pupils yet still he caused eagerness to defeated him? He didn't think about the delayed consequences yet presumably was looking on the measure of cash he would get. Circumstances, for example, these are occurring these days as well as were there from old occasions. As of late circulated on TVJ by means of a program-‘Religious Hardtalk’ was a religious administrator (Bishop Clayton). He discussed his life as a minister in church.He was a womanizer and somebody who was extremely affluent. He said that in light of his cash he imagined that he didn't require anything from God. His primary spotlight was on ladies and his assets. This drove him to submit shameless and treacherous acts. He said the more cash he had, the more he needed it. Subsequently, this makes him choose to disregard certain standards and qualities and along these lines follow cash (the thing he had such a great amount of delight in). Lottery misleading is undoubtedly another horrible ‘disaster’ that is unleashing ruin in our general public. Individuals are really taking from others to satisfy their unfeeling desires.Can you envision! Older individuals are the fundamental targets. These individuals have buckled down for their whole lives and are currently living in dread and destitution in view of these lawbreakers. A portion of the significant players in these criminal demonstrations are youngsters. Director Fit Bailey, leader of the Organized Crime Investigation Division, (OCID) affirmed that understudies are dropping out of school since they don't see the need to proceed in securing training. Purpose behind this is simply on the grounds that they can buy vehicle, houses, and land and different resources dependent on target they got from lottery scamming.Lottery misleading contributes altogether to the crime percentage as far as murders. Administrator Bailey additionally unveiled that understudies are utilizing school mixes to make their c onnections and complete their arrangements and calls. They are in any event, acquainting this technique with their companions, revealing to them it is a decent method to bring in cash. Human dealing is additionally a reason for concern. The value that are being paid to grown-ups for these youngsters are gigantic. As of late the media announced that a woman from the Kingston region was captured. She is accepted to be the genius behind the vanishing of countless children.Can you envision that people’s kids are being sold for cash without their insight? This is out and out coldhearted and shameless. Our general public is pressed with many individuals who are wanting for cash and will successfully make this a reality. Sex ought to be a demonstration that is performed by wedded individuals. Individuals are not pondering the improper demonstrations that they are performing. They are just contemplating the joy that they would get from such act and furthermore the advantages. Individ uals submit such acts to profit both monetarily and furthermore to get pleasure.There are various measure of individuals (both male and female) in the general public who are selling their bodies. These whores can be discovered everywhere throughout the general public, model, in clubs, inns and traffic intersections. Indeed, even in some uptown network. At a certain point there would be just females who do these things yet men are currently doing it. The affection for cash causes individuals to do practically any and everything. The Bible likewise discussed a whore who sold her body for money related increases. A dominant part of ladies (even men as well) are in effect violently assaulted in our general public. As of late a multi year old young lady was assaulted alongside four different females in St.James. This demonstration was so unfeeling. The young lady needed to experience some significant medical procedures. Indeed, even pieces of her interior framework were harmed because of this fiendish demonstration which was completed on her. The RJR news expressed that â€Å"reports are that the men who did this demonstration were on a rooftop close by. They really viewed from this view since they had the aim to play out this demonstration. Our general public wherein we live today is exceptionally frightening. The ongoing horrendous assaults that are happening in our general public causes caution, frenzy, trepidation and anguish to residents. Why does it matter in the event that we are explicitly immoral?The Bible advises us not to participate in extramarital perversion. The Bible gives us inexhaustible proof that sexual sin prompts catastrophe and this is expressed obviously. We should stay away from extramarital perversion. Be that as it may, we are not generally excellent at this. Overviews demonstrate that somewhere in the range of 17% and 35% of ministers in the USA have had, as wedded men, sexual relations with other ladies other than their spouses. The law makers who have been supporting family esteems continue tumbling down as it is uncovered that they have had or are having sexual associations with courtesans and prostitutes.Pastors keep on falling as they lecture on Sundays and Saturdays about good immaculateness and afterward carry on with a twofold existence of extramarital perversion during the week. The issue isn't simply ministers and lawmakers, however residents on an entire who partake in these ethical demonstrations. Residents who are in places of intensity and authority are additionally partakers of shameless conduct in our general public. A few models are: bosses and CEO’s in foundations that ignore the privileges of the laborers. They misuse and treat them uncaringly. Once in a while they are stayed at work past 40 hours and never get a compensation for the time that they worked.Some of them likewise utilize foul language to their representatives. These are corrupt conduct that is being shown in our general public . A few people who have force, for example, police officers are additionally associated with shameless conduct. Some police officers issue

Analysis Of The Poem The Fly Essays - , Term Papers

Investigation of the Poem: The Fly In the sonnet The Fly, much distinctive symbolism is utilized in making a realistic delineation of the housefly as the foul, sickness ridden scourge of man that it is. The creator, having clearly invested a lot of energy watching and taking note of the attributes of the housefly, makes a clear summation of his perceptions and sentiments about his subject. The depictions and non-inconspicuous representations are interesting, without a doubt. While the topic may appear to be too insignificant to even consider allowing the sonnet to be taken truly, it is in any case meriting study. This sonnet shows an incredible arrangement of creative mind with respect to the creator. Scarcely any individuals would embrace such a point by point strict investigation of such a humble animal. The final product, nonetheless, is an engaging and unordinary point of view on an all inclusive foe of humanity. The initial verse makes way for the portrayal of the fly in the rest of the sonnet. The principal line, which starts depicting the fly with O revolting little bat, the size of snot, promptly presents the environment of what is to follow. The lines that follow portray an animal that is humble and parasitic, yet appropriate to the world it lives in and benefits from. The subsequent refrain delineates the fly flying as brief ambassador of foulness what's more, sickness. It is depicted arriving on the stack of waste, at that point sullying all that is spotless with its rottenness and rot. Its hungry tunneling and laying of parasites in a dead body is depicted, similar to its never-ending modesty from its foe, man. In the third area, the fly's nearby association with those that would pulverize it is examined. The pony is appeared just like its human adversary, clearing it with what the fly sees as the tropical storm power of its tail. The creator shows how the fly sets out to lay on the hand of its generally hazardous enemy at that point quickly flies from his range, as though insulting him. He appears how the fly challenges likewise to come back to constantly pester his rival. The fourth verse depicts the countermeasures utilized by men to decimate the fly. He shows how kids attempt to crush them in their grasp, how spouses resort to utilizing toxins to slaughter the fly, and how the fly battles, caught in clingy flypaper, with his wings futile unfit to steal him away. The creator outlines that the tranquility of the man is the passing of the fly. The fifth, and close to last, verse shows exhibits how energetically the creator loathes the fly, and the incredible delight he takes in his devastation. He portrays how as a man he damages and devastates the small fly, squashing him, crushing his tiny body, and uncovering his vitals. The creator shows how his scorn of this smudged animal is genuinely shown. The last verse depicts how the creator strolls as a monster among the assortments of dead flies flung over his floor. He portrays clearing up the assortments of his casualties, seeing which is upchuck actuating. He finishes up by depicting the picture of one convulsively battling itself, falling, at that point kicking the bucket among three of his sort, which he portrays as savages, as energetic to enjoy the tissue of their own sort as they are to appreciate some other dinner. The symbolism introduced in this sonnet, however to some degree unordinary, is a great case of how clearly and enthusiastically verse can communicate something, even something as inconsequential as a man's fight against the fly. The solid exaggeration of this sonnet likewise makes it engaging. This sonnet subsequently makes a fascinating impact for the peruser, utilizing this blend of exaggeration and engaging symbolism. This blend brings about a profoundly dazzling and fascinating sonnet that, if only for the symbolism alone, is beneficial perusing.

Accounting Information System 5

American Journal of Scientific Research ISSN 1450-223X Issue 4 (2009), pp36-44  © EuroJournals Publishing, Inc. 2009 http://www. eurojournals. com/ajsr. htm Accounting Information Systems (AIS) and Knowledge Management: A Case Study Zulkarnain Muhamad Sori Department of Accounting and Finance, Faculty of Economics and Management Universiti Putra Malaysia Abstract This examination looks to inspect the utilization of Accounting Information Systems (AIS) by ZBMS Sdn. Bhd. , and it’s commitment to the information the executives and vital job of the association. ZBMS is an organization that enlisted in Kuala Lumpur and work in development industry.The organization utilized robotized AIS known as ‘Contract Plus †Financial and Project Accounting’ bundle monetarily created by a privately owned business (ZYXW). Wide assortment of individuals that include in the company’s activity inside and outside the association utilizes bookkeeping data created by this fra mework for decisionmaking. In light of info gave by operational level directors, the Contract Plus programming produces month to month projects’ salary proclamations, asset reports and articulation of changes in budgetary situation for the key and strategic supervisors to plan, control and settle on choice on the assets allocation.The pretended by AIS improved the organisations’ bookkeeping capacities, and include data esteem. The computerized AIS accelerate the procedure to create fiscal summaries and beat human shortcomings in information preparing. The framework improves the board of assets and the way toward observing, control and expectation of ZBMS business for better future. With the approach of AIS, the development of unsaid and unequivocal information could be seen from the concentrated preparing of work force at the beginning time of framework execution to the turn of events and utilization of company’s own manual in preparing of new staff and helping the activity of existing staff.Given the advantage of AIS to ZBMS, this paper suggested that the wellspring of information ought to be completely mechanized, and the current framework ought to be updated through modernize the pre-offering and post-offering of tasks to empower AIS incorporation. Watchwords: Accounting Information Systems, Knowledge Management, Accounting Functions, Information Value, Financial Statements 1. Presentation Accounting Information System (AIS) is crucial to all associations (Borthick and Clark, 1990; Curtis, 1995; Rahman et al. , 1988; Wilkinson, 1993; Wilkinson et al. 2000) and maybe, every associations either benefit or non benefit situated need to keep up the AISs (Wilkinson, 2000: 3-4). To all the more likely comprehend the term ‘Accounting Information System’, the three words establish AIS would be intricate independently. Right off the bat, writing archived that bookkeeping could be distinguished into three segments, in particular data framework, â€Å"language of business† and wellspring of money related data (Wilkinson, 1993: 6-7). Also, data is an important information handling that gives a premise to deciding, making a move and satisfying lawful obligation.Finally, framework is an incorporated substance, Accounting Information Systems (AIS) and Knowledge Management: A Case Study 37 where the structure is centered around a lot of goals. The blend of the three words Accounting Information System demonstrate a coordinated structure inside an element, (for example, a business firm) that utilizes physical assets (I. e. , materials, supplies, staff, gear, assets) to change monetary information into money related data for; (1) leading the firm’s tasks and exercises, and (2) giving data concerning the substance to an assortment of intrigued users.Indeed, the mix or association between human, innovation and procedures would allow an association to oversee its information successfully (Bhatt, 2001; Thomas and Kleiner, 1995). At present, the world and human life has been changed from data age to an information age (Syed-Ikhsan and Rowland, 2004: 238; Thomas and Kleiner, 1995: 22), and information has been perceived as the most important resource. Truth be told, information isn't generic like cash and doesn't dwell in a book, an information bank or a product program (Drucker, 1993).Drucker accepted that information is constantly epitomized in an individual, instructed and learned by an individual, utilized or abused by an individual. As the world moving into information period, this paper will analyze how ZBMS Sdn. Bhd. deals with its information so as to stay serious among the development business. Probst, Raub and Romhardt (1999, p. 1) focused on that organizations must figure out how to deal with their scholarly resources (I. e. information) so as to endure and contend in the ‘knowledge society’. Without a doubt, information the executives is worried about the misuse an d improvement of the information resources (Davenport et al. , 1998).This paper looks to inspect the Accounting Information Systems (AIS) utilized by a Malaysian organization named ZBMS Sdn. Bhd. The paper will feature the clients of the framework and the manner in which data increases the value of the association. Likewise, the paper will explore the manner in which information is overseen through the way toward making, putting away, dispersing and applying and how data framework assumes a significant job all through the procedure and the AIS commitment in the organisation’s vital job. The rest of the paper is sorted out as follows. The accompanying area depicts the foundation of ZBMS and the utilization of bookkeeping data systems.The third segment gives look into discoveries on bookkeeping data frameworks utilized by ZBMS. The fourth segment offer proposals for future research. The last segment closes the paper and frameworks the confinements of the examination. 2. The Use of Accounting Information Systems in ZBMS is a private constrained organization enrolled in Kuala Lumpur, Malaysia that work in development industry, where the principle exercises extending from development of foundation, building, power, squander water to property improvement just as designing, obtainment, development and charging (EPCC) in the oil and gas sector.The organization utilized computerized AIS known as ‘Contract Plus †Financial and Project Accounting’ bundle in their Finance Department, which was economically evolved by a privately owned business (ZYXW). Agreement Plus is a completely incorporated business arrangement planned explicitly for organizations in the designing and development industry. The product will create money related information to be examined by the bookkeepers and consequently utilized by top degree of the board for vital dynamic, subsequently, these chiefs could recognize future chances and restrictions face by the organization and industry (McCarthy, Minichiello and Curran, 1987: 243-244). . Discoveries As referenced before in area 2, ZBMS is an organization that work in development industry. The business was recognized as one of the most hard to comprehend because of its intricacy blend of individuals, plant, materials, areas, innovation, information on the law just as the structure and valuation of work done, which are a lot of subjectivity (Capon, 1990: 1). In any case, these difficulties are leveled out with the coming of innovation, for example, programming improvement that permits efficient information 38 Zulkarnain Muhamad Sori processing.Therefore, it is essential to comprehend the data stream in ZBMS so as to value the utilization of data inside the association as appeared in Figure 1-1 underneath. 3. 1. Clients of AIS As appeared in Figure 1-1, the money work force that live at site venture office (or called Project Accountants) and administrative center, for example, the Financial Accountants, Man agement Accountants and Finance Manager are the inside clients of the framework. Additionally, the supervisory crew that comprises of Finance General Manager, Chief Operating Officer, Managing Director and Board of Directors are among the interior clients of the system.On the other hand, the outside clients comprise of government office (I. e. Inland Revenue), outside reviewers and loan bosses. Without a doubt, wide assortment of individuals inside and outside the association utilizes bookkeeping data for dynamic (Rahman and Halladay, 1988, Renau and Grabski, 1987). Figure 1. 1: Information Flow of ZBMS HEAD OFFICE Management Team Inland Revenue ZBMS HEAD OFFICE External Auditors Finance Department Bankers Suppliers Site Office Design Team SubContractors Client 3. 2.Function of AIS The primary capacity of AIS is to allot quantitative estimation of the past, present and future financial aspects occasions. At ZBMS, AIS through its automated bookkeeping framework (I. e. ZYXW-Contract P lus) produces the budget reports to be specific pay proclamations, asset reports and income explanation. The framework will process the information and change them into bookkeeping data during information, preparing and yield arranges that will be utilized by a wide assortment of clients, for example, inside and outer clients (see for instance Wilkinson, 2000: 10-11).Wilkinson noticed that a powerful AIS plays out a few key capacities all through these three phases, for example, information assortment, information upkeep, information Accounting Information Systems (AIS) and Knowledge Management: A Case Study 39 administration; information control (counting security) and data age. Figure 1-2 summed up the change procedure of AIS. Figure 1. 2: Data Processing in Finance Department at ZBMS Input †Progress Billing Certificate, Subcontractors Progress Certificate, Suppliers’ Invoices Processor †ZYXW Accounting System Output †Financial StatementHuman Element †Fi nance Personnel 3. 3. Use of Information Within AIS The development ventures embraced by the organization are partitioned by the sort of development exercises that included five divisions, to be specific framework, building, force, wastewater and oil and gas, where each task is treated as a different organization. The quantity of

Tired All the Time It Might Not Be Depression

Tired All the Time It Might Not Be Depression Depression Symptoms Print Tired All the Time? It Might Not Be Depression Depression-Like Symptoms That Could Point to Another Illness By Leonard Holmes Medically reviewed by Medically reviewed by Daniel B. Block, MD on January 28, 2020 twitter linkedin Daniel B. Block, MD, is an award-winning, board-certified psychiatrist who operates a private practice in Pennsylvania. Learn about our Medical Review Board Daniel B. Block, MD Updated on February 10, 2020 Basak Gurbuz Derman / Getty Images More in Depression Symptoms Causes Diagnosis Treatment Types Childhood Depression Suicide In This Article Table of Contents Expand Depression-Like Symptoms Thyroid Problems Chronic Fatigue Syndrome Fibromyalgia Autoimmune Disorders Sleep Disorders View All Back To Top Sometimes symptoms that seem to point to depression can actually be pointing to something else entirely. Here, we look at illnesses that have similar symptoms to depression. Verywell / Nusha Ashjaee Depression-Like Symptoms Imagine that you have the following complaints: You are tired all the timeYou have no motivation for things you once enjoyedYouve had a change in your eating habits (either eating more or lost your appetite)You lack energyYou are sleeping a lot (or you have trouble sleeping)You are depressed or anxious While these symptoms are often caused by depression, they could be caused by several other conditions. For example, thyroid problems and chronic fatigue syndrome  can also result in these symptoms. Its even possible, although probably less likely, that you have fibromyalgia, sleep apnea, or an autoimmune disorder, such as rheumatoid arthritis or lupus. Thyroid Problems Thyroid problems can lead to either weight loss and feelings of anxiety, or weight gain and feelings of depression.?? They can also result in a complex mix of symptoms that dont seem to make sense. Other common symptoms of hypothyroidism include those that are also common in depression, such as difficulty concentrating, sluggishness, and fatigue.   While they are separate conditions, depression can often be a symptom of hypothyroidism. The traditional model of thyroid function suggests that hypothyroid (underactive thyroid) results in depression and weight gain,  while hyperthyroid (overactive  thyroid) results in anxiety and weight loss. Research suggests that nearly 70% of people who are diagnosed with hypothyroidism experience symptoms of depression.?? The traditional treatment involves medications that bring your body chemistry under control. Symptoms of depression may get better or go away once the underlying thyroid condition has been treated appropriately with medication. In order to determine what is going on, your doctor will use blood tests to confirm the presence of a thyroid condition. These tests look at the levels of thyroid hormones including thyroxine and thyroid-stimulating hormone (TSH). However, standard blood tests may sometimes miss T3 and T4 hormone levels, which can also be indicators of thyroid functioning. If you are having symptoms of depression, talk to your doctor about the possibility of a thyroid condition. Ask your doctor to check free T3 and free T4 levels along with TSH. Overview of Thyroid Disease Chronic Fatigue Syndrome Chronic fatigue syndrome (CFS) is a condition that is characterized by severe fatigue that interferes with your everyday life, as well as several other symptoms  such as memory problems, headaches, and muscle and joint aches.?? The underlying cause of chronic fatigue syndrome hasnt yet been discovered, and treatment may involve certain medications or alternative therapies. Because chronic fatigue syndrome shares symptoms with other medical and psychiatric illnesses, it is not uncommon for it to be misdiagnosed as depression or some other condition. People may also experience both CSF and depression at the same time. One important distinction between the two conditions is that while individuals with depression feel disinterested in doing the things they used to enjoy, those with chronic fatigue usually still have an interest in activities but lack the energy to do them. Talk to your doctor if you have symptoms such as severe fatigue so that you can be evaluated to determine if it is CSF, depression or some other factor causing your exhaustion. Overview of Chronic Fatigue Syndrome Fibromyalgia Fibromyalgia seems to overlap with chronic fatigue, but people with this disorder also have chronic pain all over their bodies.?? The disorder is usually diagnosed by tender points  in certain muscles that respond with pain when touched a certain way. Sleep disturbance is also common in chronic fatigue and fibromyalgia. Research is ongoing into the causes of fibromyalgia  and treatment often involves a multi-pronged approach. Estimates suggest that 40% of people with fibromyalgia also have a co-occurring major depressive disorder.?? Like depression, there is no specific test that can diagnose fibromyalgia. Instead, doctors must rely on an assessment of your health history and symptoms. While fibromyalgia shares some common symptoms with depression, diagnosis of the condition requires the presence of widespread pain and tenderness in the body. Treatment for fibromyalgia usually involves a combination of treatments, therapies, and lifestyle changes. Pain medications and antidepressants are often used to control some of the symptoms of this condition. Overview of Fibromyalgia Autoimmune Disorders Autoimmune disorders involve the immune system attacking the body. Rheumatoid arthritis and lupus are examples of autoimmune disorders. Autoimmune processes have also been implicated in diabetes and multiple sclerosis (MS). These disorders almost always involve a complex symptom picture, which can include depression.?? While these conditions arent nearly as common as depression, they can present with some similar symptoms. One study found that autoimmune disorders may play a role in triggering the onset of depression.?? The study found that having an autoimmune disorder increased the risk of subsequent depression by 45%.   Depression may be linked to autoimmune conditions for biological reasons, but dealing with chronic illness can also contribute to symptoms of depression. Research has found that depressive symptoms typically emerge over the course of an autoimmune condition and are associated with psychosocial factors, chronic pain, and long periods of disablement.?? Overview of Autoimmune Diseases Sleep Disorders Sleep disorders, such as obstructive sleep apnea, can also cause many symptoms similar to those of depression.?? Sleep apnea is a type of sleep disorder that causes people to stop breathing in their sleep. It can make sleep difficult and lead to daytime fatigue. Past research has shown that sleep disturbances can have a serious impact on mood.?? One study found that approximately 46% of people with sleep apnea have symptoms of depression.?? If you snore or if you feel that your sleep is disturbed, speak with your doctor about the possibility of further testing. Your doctor will evaluate your health history and look for symptoms of sleep apnea or another sleep disorder. These symptoms may include snoring, excessive daytime tiredness, dry mouth, difficulty sleeping, and repeated nighttime waking. Overview of Sleep Apnea A Word From Verywell While depression remains one of the most common causes of symptoms like tiredness and fatigue, its not the only condition that produces depression-like symptoms, which underscores the importance of seeking a proper diagnosis. Its also possible to have more than one diagnosis (known as comorbid conditions) with overlapping symptoms. For example, there are people who have both clinical depression and hypothyroidism. Your best bet is to work with your health care provider in exploring your symptom picture and getting an official diagnosis. How to Talk to Your Doctor About Depression

Understand the impact of macroeconomic factor - Free Essay Example

The impact of globalization has caused the transfers of funds and investment activities to be no longer limited in one country only. Those activities are now expanded to all over the world. Based on the stock valuation model, macroeconomic forces may have systematic influences on stock prices via their influences on expected discounted future cash flows. Study by Nil Gunsel and Sadik Cukur et al, (2007) the relations between them may be motivated using the arbitrage pricing theory (APT) model developed by Ross (1986). Various empirical studies focus on industrialized economies; some recent studies have extended the analysis to the cases of developing economies. According to Mansor H. Ibrahim and Hassanuddeen Aziz et al, (2003), these studies identify such factors as industrial production, risk premiums, exchange rate, inflation, interest rate, money supply and so forth as being important in explaining stock returns. The purpose of the present paper is to contribute further to the literature on stock market macroeconomic factors on the stock return specifically for the case of Malaysia. 1.1 BACKGROUND AND HISTORY Macroeconomics is about understanding the behavior and performance of the economy as a whole and the forces that subsequently shape the business environment. It focuses on employment, inflation, prices, consumption and the output of the whole economy. The significance of economic fundamentals using the arbitrage pricing according text extracted from the Husam Rjoub, Turgut Tu ¨rsoy and Nil Gu ¨nsel (2009) the arbitrage pricing theory (APT) was propounded by Ross (1976) as a means of relating changes in returns on investments to unanticipated changes in a range of key value drivers for these investments (Kettell, 2001). Therefore, under the APT framework, all investment have expected returns and affected by macroeconomic forces/factors (the range of these factors are not specified in the initial theory). APT starts with the assumption that security returns are related to an unknown number of unknown factors (Alexander et al., 2001). However, Roll and Ross (1980) sta ted four major factors; these are the unanticipated change in the inflation, risk premiums, the terms structure of interest rates and industrial production. Chen, Roll and Roll (1986) (CRR) examined the validity of the APT in the US securities market. CRR (1986) analysis used the US macroeconomic variables as proxies for the underlying risk factors that determine the stock returns. They found several of these macroeconomic variables to be significant in explaining expected stock. Studies by Nil Gà ¼nsel, Sadà µk Çukur (2007) extract from the journal had been writing that Chen, Roll Ross [CRR] (1986) hypothesized and tested a set of macroeconomic data series to explain US stock returns. They investigate the sensitivity of macroeconomic variables to stock returns. They employed 7 macro series; term structure, industrial production, risk premium, inflation, market return, consumption and oil prices. CRR assume that the underlying variables are serially uncorrelated and all innovations are unexpected. In their research, they found a strong relationship between the macroeconomic variables and the expected stock returns. They note that industrial production, changes in risk premium, twist in the yield curve, and measure unanticipated inflation and changes in expected inflation during period when these variables are highly volatile, are significant in explaining expected returns. Their evidence suggests that consumption, oil prices and market index are not priced by the financial market. They conclude that stock returns are exposed to systematic news that is priced by the market. In the context of the Malaysian economy, the Malaysian Central Bank has been highly active in achieving multiple objectives of stable price level, stable exchange rate, sustainable output growth and low unemployment. According to the studies by Mansor H. Ibrahim and Hassanuddeen Aziz (2003), the Central Bank has to shift policy stance. For example, Central Bank shifted to sta bilizing the exchange rate in 1986 and allowed the interest rate to increase despite its expansionary stance in 1985 to cope with the recession. This active participation may have intended effects in the short run but generates risk premiums and uncertainty in the long term, prompting a negative relation between money supply and stock prices. 1.2 PROBLEM STATEMENT There are several macroeconomic variables will effect stock return in Malaysia. Studies by Nil Gunsel and Sadik Cukur et al, (2007) they examined seven macroeconomic variables which include: term structure of interest rate, unanticipated inflation, unanticipated sectoral industrial production, risk premium, real exchange rate, money supply (M0) and sectoral unanticipated dividend yield. Nowadays, stock return volatility in several manufacturing company presents strong impact in Malaysia manufacturing industry due to the environment of economic fluctuations. Therefore, the researcher interested to study on macroeconomic effects towards Malaysian manufacturing industry stock return. Based on the result on this research, it hopes that can be a guideline and reference to others in order to improve and maintaining a good knowledge especially for the investment and stock return. RESEARCH OBJECTIVES 1.3.1 General objective To analyze the impact of macroeconomic factor and stock return in Malaysia manufacturing industry focusing in interest rate, inflation and money supply. Specific objective To identify whether there is any effect between stock return due to the uncertainty in inflation. To identify whether there is any effect between stock return due to the uncertainty in interest rate. To identify whether there is any effect between stock return due to the uncertainty in money supply. To find out what type of macroeconomic variable that will mostly affect stock return in Malaysia. SCOPE OF STUDY The main purpose of this study, as mention earlier is to analyze the impact of macroeconomic factor and stock return in Malaysia manufacturing industry. Since it would be almost impossible to incorporate every potential aspect, the researcher limits this study to select macroeconomic variables such as inflation, money supply and interest rate all of which are standard variables in the literature. Data selection takes into consideration the availability of data and their consistency. The time horizon of all the required monthly data ranged from 2000 to 2009 stock index from KLCI. SIGNIFICANT OF STUDY The study conducted is to obtain as much as information as possible to understand the impact of macroeconomic factor and stock return in Malaysia manufacturing industry to identify the set of macroeconomic variables, which correspond most closely with the stock market factors. In this research, researcher predicts a strong relationship between the macroeconomic variables and the expected stock returns. This research is important to the researcher, investor as well to the equity market. It is important for the investor to use the result of the research as a guideline and reference in order to improve and maintaining a good knowledge especially for the investment and stock return. LIMITATION OF STUDY In conducting this study, the researcher has to make some tradeoffs between time and cost efficiencies with accuracy efficiencies because of some limitations as listed below. A financial constraint due to it is hard to get the data because almost of data need to paid. Since most of the data were used in this study is obtain from the secondary sources, it accuracy and reliability were fully depends on the published materials. An error occurs in the published sources will provide wrong data for this research. The data available on the Data- Stream is also hard to obtain due to the failure of connection and limited subscribes. DEFINITION OF TERMS Stock return In finance, rate of return (ROR), also known as return on investment (ROI), rate of profit or sometimes just return, is the ratio of money gained or lost (whether realized or unrealized) on an investment relative to the amount of money invested. The amount of money gained or lost may be referred to as interest, profit/loss, gain/loss, or net income/loss. The money invested may be referred to as the asset, capital, principal, or the cost basis of the investment. ROI is usually expressed as a percentage rather than a fraction. Inflation In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time. In practice, the term monetary inflation is used to specifically refer to an increase in the money supply. When the price level rises, each unit of currency buys fewer goods and services consequently inflation is also erosion in the purchasing power of money a loss of real value in the internal medium of exchange and unit of account in the economy. A chief measure of price inflation is the inflation rate, the annualized percentage change in a general price index (normally the Consumer Price Index) over time. Interest rate An interest is the price a borrower pays for the use of money he does not own, and the return a lender receives for deferring his consumption, by lending to the borrower. It is also rate that is charged or paid for the use of money. An interest rate often expressed as an annual percentage of the principal. It is calculated by dividing the amount of interest by the amount principal. Money supply Money supply is another name for money. In Malaysia, as well as in many other countries, the Central Bank defines money into three categories which is M1, M2, and M3. Money supply can be defined as the amount of financial instruments within a specific economy available for purchasing goods or services. The money supply is usually measured as three escalating categories M1, M2 and M3. The categories grow in size with M1 being currency (coins and bills) and checking account deposits. M2 is currency, checking account deposits and savings account deposits, and M3 is M2 plus time deposits. M1 includes only the most liquid financial instruments, and M3 relatively illiquid instruments. Another measure of money, M0, is also used, although unlike the other measures, it does not represent actual purchasing power by firms and households in the economy. M0 is base money, or the amount of money actually issued by the central bank of a country. It is measured as currency plus deposits of b anks and other institutions at the central bank. M0 is also the only money that can satisfy the reserve requirements of commercial banks. 1.8 SUMMARY This research motivation is to determine the effects of macroeconomic variables and stock return in Malaysia manufacturing industry and to answer the problem statement that been stated. To get more understanding about what are the aims of this study the next chapter will be explain in more depth in. CHAPTER 2 LITERATURE REVIEW 2.0 LITERATURE REVIEW Studies by Nil Gunsel and Sadik Cukur et al, (2007) extract from that journal Chen, Roll Ross [CRR] (1986) hypothesis and tested a set of macroeconomic data series to explain US stock returns. They examine the sensitivity of macroeconomic variables to stock return and employed seven macro series; term structure, industrial production, risk premium, inflation, market return, consumption and oil prices. CRR assume that the underlying variables are serially uncorrelated and all innovations are unexpected. In their research, they found a strong relationship between the macroeconomic variables and the expected stock returns. They explained that industrial production, changes in risk premium, twist in the yield curve, and measure unanticipated inflation and changes in expected inflation during period when these variables are highly volatile, are significant in explaining expected returns. Their evidence suggests that consumption, oil prices and market index are not priced by the financi al market. They conclude that stock returns are exposed to systematic news that is priced by the market. Beside that study from Mansor H. Ibrahim and Hassanuddeen Aziz et al, (2003). There are relative few empirical investigations namely, focus on industrialized economies, some recent studies have extended the analysis to the cases of developing economies. An illustrative list of studies for developed economies includes Fama 1981, 1990; Chen et al. 1986; Hamao 1988; Asprem 1989; Chen 1991; Thornton 1993; Kaneko and Lee 1995; Cheung and Ng 1998; Darrat and Dickens 1999. These studies identify such factors as industrial production, risk premiums, slope of the yield curve, inflation, interest rate, money supply and so forth as being important in explaining stock returns. The few notable studies for developing economies include Mookerjee and Yu 1997 and Maysami and Koh 2000 for Singapore, Kwon et al. 1997 and Kwon and Shin 1999 for South Korea, and Habibullah and Baharumshah 1996 and Ibrahim 1999 for Malaysia. On the other hand, Beenstock and Chan [BC] (1988) identified four risk factors namely, interests rates, money supply (M3), fuel and material cost, and the retail price index, suggested by the data. They conclude that unanticipated increase in interest rate and fuel and material costs depress security returns. However, unanticipated increase in the money supply and the retail price index raise security returns. They also considered export volume and relative export prices as risk factors, but these were not significant. Clare Thomas [CT] (1994) conclude that a number of factors have been priced in the UK stock market and are; oil prices, default risk, and the retail price index. UK private sector bank lending, the current account balance and the redemption yield on an index of UK corporate debentures and loans. Priestley (1996) prespecified the factors that may carry a risk premium in the UK stock market. Seven macroeconomic and financial factors; namely default risk, industrial production, exchange rate, retail sales, money supply unexpected inflation, change in expected inflation, terms structure of interest rates, commodity prices and market portfolio. For the APT model, with the factor generating from the rate of change approach all factors are significant. Beside that study from Nathan Lael Joseph, Panayiotis Vezos (2006) extract from that journal. A few empirical studies have also examined the sensitivity of FIs stock returns to foreign exchange (FX) rate changes while others have jointly estimated the impact of FX rate and interest rate changes. Take first the empirical work that focus only on FX rate sensitivity. Here, Chamberlain et al. (1997) report weak evidence of FX rate sensitivity for US banks. Their cross-section regression results show that accounting measures can in fact explain the degree of FX rate sensitivity. Japanese banks do not appear to be exposed to FX rate changes and the degree of sensitivity a lso appears to vary over time (see also, Harris, et al., 1991). Other empirical studies that jointly estimated interest rate and FX rate sensitivity provide mixed results. Choi et al. (1992) report much stronger evidence of interest rate sensitivity than FX rate sensitivity although the degree of sensitivity varies by bank groups. In contrast, Choi and Elyasiani (1997) report much stronger evidence of FX rate sensitivity than interest rate sensitivity for US banks.Most of the banks in their study exhibited FX rate sensitivity. Wetmore and Brick(1994) found similar results for US banks. They also report that the extent of FX rate sensitivity has increased over time while interest rate sensitivity has decreased. Sill (1995) documents that the industrial production output, T-bill rate and inflation is statistically significant in explaining the US stock market excess returns. In addition, the conditional variance-covariances of the three macroeconomic factors are important drivers o f the conditional stock return volatility. Other recent studies include Liljeblom and Stenius (1997), Errunza and Hogan (1998), Kearney and Daly (1998),Cheung and Ng (1998), Aylward and Glen (2000), Hondroyiannis and Papapetrou (2001), Bislon et al. (2001), Patro et al. (2002) and Fifield et al. (2002). In the real estate literature, Kling and McCue (1987) consider the influences that macroeconomic factors have on the USA office construction using vector autoregressive (VAR) models that include monthly office construction, money supply, nominal interest rates and output (GNP). 2.1 INTEREST RATE Interest rate is one of the influential macroeconomic variables according to Nil Gunsel and Sadik Cukur et al, (2007) the value of a stock is directly influenced by the discount rate. It is common accepted that the interest rate risk factor must be included in asset pricing models. However, it may cause problems since interest rates are highly correlated with many other macroeconomic variables. Therefore, term structure of interest rate can be used instead of interest rate. The term structure is measured by the difference between long-term and short-term government interest rates. In other words, the influence of term structure of interest rates can be captured by the return difference between long-term Government Bond and Treasury Bills. The yield spread represents the intertemporal change in the shape of interest rate term structure. Study by Nathan Lael Joseph and Panayiotis Vezos (2006) interest rate risks are important financial and economic factors affecting the value of s tock return. There are important reasons why the stock returns of banks can be responsive to interest rate. Firstly, the volatility transfer hypothesis suggests that random shocks can induce higher volatility in financial markets and because of contagion effects which are highest in more volatile markets (see King and Wadhwani, 1990), investors as well as banks may look abroad to invest in alternative financial assets. If international portfolio diversification also results in an increase in the volatility of those returns (see, Eun and Resnick, 1988), then greater exposure to interest rate risks is like to affect the stock returns of banks if indeed such information is impounded into their stock prices. 2.2 MONEY SUPPLY There is substantial empirical evidence that found an influence of money supply on stock returns for instance, Fama (1981) and Jensen, Mercer and Johnson (1996). Increased nominal money supply leads to a portfolio rebalancing toward other real assets. This upward reallocation results in upward pressure on stock prices. Therefore, stock returns respond to unanticipated changes in nominal money supply. On the other hand, purely nominal increases in money supply may lead to great inflation uncertainty, and could have an adverse consequence on the stock market. Hence, money growth could be regarded as a leading indicator of future inflation, which in turn affects stock returns. Furthermore, increase in money supply leads to a falling in real interest rates. Moreover, firms are faced with lower discount rates against future cash flows, and also respond to increasing income by adjusting their investments so as to generate greater sales and profits resulting in higher future cash fl ows and higher stock prices. The above economic rationale supporting the linkage between stock returns and money supply is sufficient to include money supply as a relevant economic force that can impact stock returns. In the analysis M0 is used as the monetary aggregate (deflated by the retail price index) not out of any strong belief in a particular form of transmission mechanism but because the M0 series is the longest lasting, reasonably consistent, and most timely reported money supply series. Studies by Husam Rjoub, Turgut Tu ¨rsoy and Nil Gu ¨nsel (2009) finds that the importance of money supply on stock returns has been found by Fama (1981) and Jensen et al. (1996). The nominal increases in money supply may lead to great uncertainty in inflation and may have an adverse consequence on the stock market. Increased nominal money supply leads to portfolio rebalancing towards other real assets. Stock returns respond to unanticipated changes in nominal money supply. Increase in money supply leads to a drop in real interest rates. So companies face low-discount rate for their future cash flow and also respond to increasing income by adjusting their investments so as to generate more sales and profits, resulting in higher future cash flows and higher stock prices. 2.3 INFLATION Beside interest rate and money supply inflation is one of the influential macroeconomic variables, which has negative impact on economic activity. Several studies provide a negative relationship between real stock returns and inflation. Fama (1981) argues that stock returns are negatively related to inflation because stock returns are positively related to real activity. According to Roohi Ahmed and Khalid Mustafa (2003), the negative relationship between real returns and unexpected components of inflation is more clearly explained in terms of relationship between real returns and inflationary trend. Studies indicate that unexpected output growth has negative and significant effects in real stock. However, anticipated inflation has positive and insignificant impact on stock return. A study by Floros.C (2004) applies various economic methods to examine the relationship between stock return and inflation in Greece. The researcher concludes that there is no correlation between t he current value and the past values, and therefore the stock returns and inflation are characterized as independent factors in Greece. 2.4 SUMMARY In conclusion, this chapter outlined selected literature studying that very useful for this research. It can guide on what variable that can be used to study the effect of macroeconomic variables on the stock return in Malaysia. With the resources of the previous study it will help researcher to explain more detail in the next chapter. CHAPTER 3 RESEARCH METHODOLOGY 3.0 INTRODUCTION The purpose of this chapter is to explain about the aspects in the process and design of this study. This involves the data collection method and sample data used in this study as well as the development of the theoretical framework and the hypotheses to be tested during the subsequent data analysis stage, the research design issues relevant in completing this study and also the model used to test the relationship between the dependent and the independent variables. 3.1 RESEARCH DESIGN This research is designed to explore the relationship between dependent and independent variables. This study engages in hypothesis testing that clarify the correlations and relations between macroeconomic variables and the stock return. 3.1.1 Purpose of the study The purpose of this study is to analyze the effects of macroeconomic factors on the stock return in Malaysia. 3.1.2 Types of Investigation This study involved the correlation and regression types of investigation in order to find out the effect of macroeconomic factors on the stock return in Malaysia. 3.1.3 Unit of Analysis In this study, stock return, interest rate, inflation and money supply (M3) are used as unit of analysis based on stock index KLCI. 3.1.4 Time Horizon This study used monthly basis data from year 2000 until end of 2009. 3.2 DATA SOURCE For this research, researcher used secondary data as the source of data. 3.2.1 Secondary Data Secondary data refers to the statistical material which is not originated by the investigator himself but obtained from some one elses records, or when Primary data is utilized for any other purpose at some subsequent enquiry it is termed as Secondary data. This type of data is generally taken from newspapers, magazines, bulletins, reports, journals etc. e.g. if the data published by RBI on currency, National Income, Exports or Imports, is used in some other statistical enquiry, it will be termed as Secondary data. For this study, researcher gathered the secondary data from DataStream, journals (www.emerald.com), internet and articles from World Wide Web (www) and published data sources. Secondary data is the data collected for some purpose other than the problem at hand. Secondary data helped researcher better defined problem, formulate research design and interpret more insig htfully. 3.3 RESEARCH FRAMEWORK Research framework is developed for this study to better understand about the effects of macroeconomic factors on the Malaysia stock return. Independent variable Dependent variable Interest Rate Inflation Stock Return Money Supply Figure 3.1: Research Framework Figure 3.1 shows the research framework for this study. The independent variables for this study are interest rate, inflation and money supply (M3). The dependent variable of this research is stock return. 3.4 DATA ANALYSIS AND TREATMENT 3.4.1 Multiple Linear Regression Model The statistical tools use in the study is Multiple Linear Regression Model. This model of analysis is designed to examine the simultaneous effects of three macroeconomic variables on a stock return. In the regression models, stock return is used as dependent variable, while the macroeconomic variables are used as independent variable. In other used this model can explain the correlation between the dependent variable and independent variables. Ri = bi0 + bi1F1i + bi2Fi2 + bi3Fi3 + ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ Where, Ri is the average return and bi: is the reaction coefficient measuring the change in average return for a change in risk factor and Fi is the macroeconomic factor. In the study following factors are employed; F1: Interest rate F2: Inflation F3: Money supply (M3) 3.4.2 Coefficient of Correlation (R) By simple definition, coefficient of correlation (R) is to measure the linear relationship between dependent variable (Y) and independent variable(X). The value of R is always lying between -1 and +1 no matter what the units of X and Y. Its sign (negative or positive) indicates the direction of relationship between variables directly or inversely. The formula as stated below: Correlation(r) = NÃÆ'Ã… ½Ãƒâ€šÃ‚ £XY (ÃÆ'Ã… ½Ãƒâ€šÃ‚ £X) (ÃÆ'Ã… ½Ãƒâ€šÃ‚ £Y) / Sqrt([NÃÆ'Ã… ½Ãƒâ€šÃ‚ £X2 (ÃÆ'Ã… ½Ãƒâ€šÃ‚ £X)2][NÃÆ'Ã… ½Ãƒâ€šÃ‚ £Y2 (ÃÆ'Ã… ½Ãƒâ€šÃ‚ £Y)2]) 3.4.3 Coefficient of Determination (R ²) It is the test of goodness of fit. It is used to determine how well the regression line fits the data. R ² measures the proportion of total variation in the dependent variables. The higher the value R ², the higher explanatory power of the estimated equation and it is more accurate for forecasting purposes. It determines how well that all the regression line fits the data. It is a number ranging from 0 to 1 (1 R ²0) and it represents the proportion of total variation in the dependent variable that is explained by regression equation. If R ² show the value of 1, it indicates that all the changes in dependent variable used. it shows that there is a strong correlation between dependent and independent variables, but if the R ² show the value of 0, it indicates that the changes of the variation in dependent variable do not explained by the independent variables . rp = ÃÆ'Ã… ½Ãƒâ€šÃ‚ ±p + ÃÆ'Ã… ½Ãƒâ€šÃ‚ ²p * rindex 3.4.4 F-Test It is also the test of overall explanatory power of regression. It analyzes he variance; this uses the F-statistics or F-ratio. The F-statistics is used to test various statistical hypotheses about the mean of distribution from which a sample or a set of sample has been drawn. If the calculated F-value is higher, it shows there is significant effect between the independent and dependent variables. 3.5 HYPOTHESIS STATEMENT A hypothesis is a proposition that is stated in testable form and tries to forecast a relationship between two or more variables. Some statement created in the hypothesis can be either supported or rejected through research. Hypothesis 1: H0: There is a no relationship between the level of interest rate and stock return. H1: There is a positive relationship between the level of interest rate and stock return. Hypothesis 2: H0: There is a no relationship between the level of inflation and stock return. H1: There is a positive relationship between the level of inflation and stock return. Hypothesis 3: H0: There is a no relationship between the level of money supply and stock return. H1: There is a positive relationship between the level of money supply and stock return. 3.6 SUMMARY This chapter presents the research design that will be used in this study. This study aims to determine the relationship between the independent variables and dependent variable. This research will be done in accordance to the objective where there is any significant correlation between independent and dependent variables. This information was perhaps can be useful by the investors, industry and other financial institutions during the investment decisions to be making. Since study focuses on the data from 2000 until 2009, it would give a better picture on the decision result. CHAPTER 4 FINDINGS AND ANALYSIS 4.0 INTRODUCTION As mentioned earlier, the objectives of this study is to analyze the effects of macroeconomics factors and stock return in Malaysia manufacturing industry. This chapter summarizes the empirical findings as well as the interpretation of the result. The review of the result obtained from the empirical methods used for the study. The findings and analysis of the research been analyzed by using the Microsoft Excel and Statistical Package for Social Sciences (SPSS). 4.1 MULTIPLE LINEAR REGRESSION MODEL FOR THE YEAR 2000 2009 The multiple regression analysis has been adopted for the investigation of this study. It is a statistical method for studying and evaluates the relationship between a dependent variable and two or more independent variables. The SPSS output for the multiple linear regression is the result of coefficient value of interest rate, inflation and money supply (M3) towards stock return in Malaysia. The regression model is expressed as a log linear equation as follows: Model Equation: Ri = bi0 + bi1F1i + bi2Fi2 + bi3Fi3 + ÃÆ' ¢Ãƒ ¢Ã¢â€š ¬Ã… ¡Ãƒâ€šÃ‚ ¬ The above equation is an equation for multiple regression models and can be explained as the following: bi: The reaction coefficient measuring the change in portfolio returns for a change in risk factor. F1: Interest rate F2: Inflation F3: Money supply (M3) Fi is the macroeconomic factor. The coefficient of a bi0 is a called the y-intercept: it is the value of y (according to the regression line) when x is equal to zero, while the coefficient of F1, F2, and F3 are the slope of the regression line. Their numerical values give the changes in dependent variable, y (either positive or negative). 4.2 THE ANALYSIS 4.2.1 Descriptive Statistics Table 4.1: Descriptive statistics Average Stock Return Interest Inflation Money supply (M3) Mean 1.5648 0.8013 2.1971 5.8012 Variance 0.0560 0.0020 3.2410 0.0130 Minimum 1.0368 0.6839 -2.4000 5.6382 Maximum 2.2194 0.8910 8.5000 6.0075 Std. Dev. 0.2365 0.0463 1.8002 0.1155 Table 4.1 provides a summary of the descriptive statistics of the dependent and independent variables. The table indicates the average values of the stock return from the ten years financial statement. The average stock return measured by mean reported as 1.5648 with standard deviation 0.2365. From the table shows that mean for interest rate is 0.8013 with standard deviation 0.0463, furthermore the mean for the inflation is 2.1971 with standard deviation 1.8002 and for the money supply (M3) reported that mean for M3 as 5.8012 with standard deviation 0.1155. From the result researcher indicate that inflation rate get the highest standard deviation meanwhile money supply show the highest mean. 4.2.2 Coefficients Table 4.2: Coefficients Model Unstandardized Coefficients Standardized Coefficients t Sig. B Std. Error Beta (Constant) 6.185 1.120 5.523 .000 INT 1.993 .360 .390 5.537 .000 INF -0.21 .006 -.162 -3.365 .001 M3 -1.064 .152 -.519 -7.010 .000 From the above table, this study concludes that the result can be explained by the following equation: Ri = 6.185 + 1.993bi1 0.21 bi2 1.064bi3 Based on the above equation, in general we can see that only the interest rate has positive correlation with the independent variable. Meanwhile, the others independent variable money supply (M3) and inflation show a negative correlation with independent variable. Below is the interpretation about the relationship for each dependent variable with independent variable: Interest Rate H0: There is a no relationship between the level of interest rate and stock return. H1: There is a positive relationship between the level of interest rate and stock return. The coefficient value of interest rate is +1.993. This value of coefficient indicates that every one percent increase in interest rate, the dependent variable that is stock return expected to increase by 1.993 percent assuming that other variables remain constant. Due to the positive value, it indicates that there is appositive relationship between interest rate and stock return. Thus, any increase in the interest rate will directly increase the stock return and vice versa. With p-value at 0.001, which is less than 0.005, this study rejects the null hypothesis and accepts the alternate hypothesis which explained that, there is a significant relationship between stock return and interest rate. Inflation H0: There is a no relationship between the level of inflation and stock return. H1: There is a positive relationship between the level of inflation and stock return. The result shows that the coefficient value for inflation is negative. It means that there are negative relationship between inflation and stock return in Malaysia market. The value of this coefficient is -0.2. This value indicates that, for every one percent increase in inflation, stock return will decrease by 0.21 percent assuming that other variables are constant. Since the p value is 0.000, which mean less than 0.005 (5 percent level of significance), this study rejects the null hypothesis and accepts the alternate hypothesis which explained that there is positive relationship between stock return and inflation rate. Money Supply H0: There is a no relationship between the level of money supply and stock return. H1: There is a positive relationship between the level of money supply and stock return. For the money supply, the result shows that the value for this independent variable is negative. The coefficient value for this variable is negative. The coefficient value for this variable is -1.064. It means that there are negative relationship between money supply and stock return in Malaysia market. For every one percent increase in money supply, stock return will decrease 1.064 percent assuming that other variables are constant. The p-value for money supply is same with p-value for inflation that is 0.000. With p-value less than 0.05 (5 percent level of significance), this study shows that there is significant relationship between stock return and money supply. Model Summary Table 4.3: Model Summary R R Squared Adjusted R Squared Std. Error of the Estimate F Change Sig. F Change 0.897 0.805 0.800 0.106 158.053 0.000 According to the table 4.3, the result is explained as follow: 4.2.3.1 Coefficient of Correlation (R) The function of coefficient relation is to measure the linear relationship between dependent variable (Y) and independent variable (X). The value of R is always lying between -1 and +1 no matter what the units of X and Y. From the output result, the correlation coefficient (R) is 0.897, indicating a very strong correlation exists between the stock return with macroeconomics variable. Therefore, if any changes happen on macroeconomic variables, it will give strongly effect towards stock return in Malaysia. 4.2.3.2 Coefficient of Determination (R ²) This is the test of goodness of fit. It is used to determine how well the regression line fits the data. R ² measures the proportion of total variation in the dependent variables. The higher the value R ², the higher explanatory power of the estimated equation and it is more accurate for forecasting purposes. From the table, it shows that R ² is 0.805. This value means that about 80.50% of the variation in dependent variable is explained by the independent variable namely interest, inflation and money supply (M3). Another 19.50% of the variation could be determined by the other factors. 4.2.4 F-Test Table 4.4: ANOVA b Model Sum of Squares df Mean Square F Sig Regression 5.313 3 1.771 158.053 0.000 Residual 1.289 115 0.110 Total 6.602 118 Anova is a collection of statistical models. The test statistics for Anova is well explained by the F test which analyzes the variance. F-statistics is used to test various statistical hypotheses about the mean of distributions from which a sample or a set of sample has been drawn. F-test measures how well a linear model fits a set of data to know the significant of the whole model. If the calculated F-value is higher, it shows there is significant effect between the independent and dependent variables. The null hypothesis (H0) and alternate hypothesis (H1) for the F-test are as follow: H0 : There is no relationship between stock return and macroeconomic variables. H1 : There is a relationship between stock return and macroeconomic variables. From the result, it shown that the F-value is 158.053 and it is significant at 0.000 where it is less than 0.05 or 5 percent level of significance therefore null hypothesis is rejected at 5 percent significance level. By accepting the alternate hypothesis, it shows that all the macroeconomic variables have significant relationship with the stock return. 4.3 SUMMARY The findings of this study counter all questions in problem statement that have been developed earlier. Based on the result, it shows that all the selected macroeconomic variables that are used as independent variable in this study have a significant effect or significant relationship with the dependent variable. This is supported by the significance value or p-value for each independent variable which is less than 0.05 (5 percent level of significance). Besides that, result from SPSS output about coefficient of correlation proves a strong correlation between independent variable and dependent variable. In this study, the finding shows that only the interest rate has positive relationship with stock return in Malaysia. This result is consistent with the studies by Kim Hiang Liow, Muhammad Faishal Ibrahim and Qiam Huang (2005) which found that higher interest rate will increase the income to investors in money market funds and then in turn to stimulate the economy and stock marke t. Moreover, according to the result, inflation and money supply have negative relationship with the stock return. This result is consistent with Fama(1981), Roohi Ahmed and Khalid Mustafa (2003) and Floros.C (2003), the reason for this circumstance is because inflation decrease the value of money, which ultimately effect on investment activities. Besides that according to the study by Kim Hiang Liow, Muhammad Faishal Ibrahim and Qiam Huang (2005) there have economic rationale to include money supply as a relevant macroeconomic factor. First changes in money supply will change the equilibrium position of money, thereby altering the composition and price assets in an investors portfolio. Second changes in money supply may impact on real economic variables and having a lagged influence on stock returns. Both of these mechanisms suggest a positive relationship between changes in money supply an excess returns on stocks. However, increase in money supply may also give to greate r inflation uncertainty and thus can have an adverse on real market. Finally, among the selection of macroeconomic variables that are tested in this study, the result was revealed that interest rate give higher impact on the stock return in Malaysia. This have been proved by the result that are showed in the SPSS output. The result shows that every one percent increase in interest rate, the dependent variable that is stock return expected to be increased by 1.993 percent, assuming that other variables remain constant. In summary, the result from this chapter can give clear pictures for researcher to make conclusions and recommendations at the next chapter. CHAPTER 5 CONCLUSIONS AND RECOMMENDATIONS 5.0 CONCLUSION The main objective of this research is to study the effect of macroeconomic variables and stock return in Malaysia manufacturing industry. From the research, the researcher needs to find out the significant correlation and relationship between independent variable (interest rate, inflation and money supply) with the dependent variable (average stock return). Since the study is taken by referring the previous studies, therefore all the indicators or variables selected are strongly believed that the independent variables have a relationship between stock return. This study assists the researcher to improve general knowledge on the issue related to changes in economic variable. The function of regression analysis is to measure the data. Since the data are empirical data these methods are suitable to test and analyze the significant relationship between the variables. The raw data collected is processed using the Statistical Package of Social Science (SPSS) program. According to the analysis and findings in chapter four, it is proved that all the variables have strong relationship among them. Moreover, all selected macroeconomic variables have a significant effect and significant relationship with the dependent variable (average stock return). From the results only interest rate has positive correlation or relationship with stock return. Meanwhile, the others independent variable (inflation and money supply) shows a negative relationship with the stock return in Malaysia. This study also found that interest rate give higher impact on the stock return in Malaysia. The more uncertainty in interest rate will cause higher volatility on stock return in Malaysia market. To prove the result obtained, according to Husam Rjoub, Turgut Tu ¨rsoy and Nil Gu ¨nsel (2009) there is a significant pricing relationship between the stock return and the tested macroeconomic variables; namely, unanticipated inflation, term structure of interest rate, risk premi um and money supply have a significant effect in explaining the stock market returns in various portfolios. However these results shown a weak explanatory power based on the findings because through their research it has other macroeconomic factors affecting stock market returns in Istanbul Stock Exchange other than the tested ones. 5.1 RECOMMENDATIONS In order to get substantial result, there are few recommendations that can be considered for the next research. Below are the recommendations: Extent the time frame It is recommended to the other potential future researchers to construct a detailed study by adding more years such as a 15 years or 20 years time period. This may color up and provide attractiveness of potential future researchers findings of study. Add more macroeconomic variables- The potential future researchers may include the other types of macroeconomic variables as the independent variable such as Growth Domestic Profit (GDP), risk premium, foreign exchange and many others. By investigating more variables, future researchers may find out other new impact on this study. Extent the study to the other Asian countries By implementing a comprehensive study in other Asian countries such as Singapore and China, the research will be more attractive and valuable because the results will be more accurate and ap proximately shows the real economic pictures. Use various methods It is suggested to the future researcher to use other methods on this study such as time series analysis such as exponential smoothing, fast Fourier transformations and seasonal decomposition. By using that analysis, the researcher may see the trend of the previous, current even future economic circumstances.

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