Are historians probably the least recognized movers and shakers of the society?

Students of history are most likely the least perceived movers and shakers of the general public. As students of history, it is consistently about their works and not about them. All things considered, there might hush up a couple of students of history who are mainstream, yet once more, they became popular on the grounds that different antiquarians decided to contemplate and expound on them. Behind each chronicled figure, behind each symbol, is an antiquarian. So for me, this is an opportunity to excel the light on these individuals, a decent method to give back in kind. Returning to the conversation question, my liking is more towards psychohistory.For me, this is likely the most testing one, since it goes past the accessible data for a specific subject or individual (385, Breisach). It includes figuring out the real story, of how an occasion in a person’s life, state in his youth, may impact his administration as the leader of a country. It goes past social event informatio n and sorting them out in something that could be effortlessly comprehended by others. It isn't restricted to a solitary individual or occasion, as it could likewise be applied to a gathering of individuals at a certain time.Psychohistory manages considerably more fascinating works beside the unlimited explores and examinations normally directed by students of history. Reaction 1: From your reaction, I can see that your profound enthusiasm with writing and craftsmanship by one way or another impacted your liking to Romantic historiography. I concur with the thing you said about how Romantic antiquarians needed to hold the reader’s consideration, and it is on the grounds that the points remembered for this angle are definitely not the standard, accordingly maintaining the concentration and the consideration of those examining Romantic history. This is extremely wide, and I question that you’ll come up short on anything interesting.Response 2: I respect the arrangement o f measures for an antiquarian that you have set down, however I think it’s somewhat difficult to follow. Most importantly, simply picking regarding a matter would even now be liable to inclination. For what reason would do an antiquarian decide to expound on the Greeks and not about the Romans? There is a major contrast between a student of history and a journalist. The inclinations that an antiquarian have is the thing that leaves a mark on the world intriguing. Notwithstanding the real factors about a point, there is as yet a trace of vulnerability in it. For me, the need to explain and check realities about our history is the thing that characterizes students of history. Reaction 3:I concur with you that psychohistory is without a doubt extremely intriguing. Indeed, it is additionally my decision in this conversation. From your reaction, you concentrated on aggregate mind, which for me is a characterizing part of psychohistory. It is normally the pioneers who are exposed t o this, since they are noticeable and their activities influence a bigger scope. In any case, I imagine this should likewise be possible to any other person worth contemplating, since it includes educated understanding. All you have to have is a reason for that understanding, and that involves gathering information about the subject, something which is basic to all history specialists.

Life Of Pi By Yann Martel Essay Example For Students

Life Of Pi By Yann Martel Essay In the midst of a Torturous Blue Essay #1 Life of Pi by Yann Martel Emily Rigby Upon early thought, it gives off an impression of being an exceedingly shortsighted correlation, a â€Å"would you rather† question requiring next to no genuine investigation.. . Which situation is more terrible: Being caught in the sole nearness of a grown-up Bengal Tiger, horrendous and hungry, or, rather, your own considerations, broad and meandering? Notwithstanding the picked answer, there is a solitary ensured repercussion: enduring, regardless of whether it be available in a physical or mental sense. Piscine Molitor Patel, generally known as Pi, who experienced the two tragedies at the same time after an overwhelming wreck where he lost his whole family, is confirmation that the last of the two choices can, shockingly enough, bring about an equivalent, if not more prominent, measure of torment. This serious disengagement, going on for an aggregate of 227 days, gave a lot of time to taking part in investigation of the dull, dusty fissure of his brain, and figured out how to change its inward operations, additionally, to where the high school male in the end creeping to his salvation upon the shore of Mexico looked somewhat like the person who had fall en on a raft covering more than seven months earlier. He learns different various aptitudes that are utilized conveniently in his endurance. At the point when Pi turns into a grown-up, he is disregarded in the Pacific Ocean with a 450 beat Bengal tiger. In spite of the fact that the way that he has lost everything gives him a profound despondency and causes him to feel miserable, he in the long run utilizes his aptitudes that he has realized when he is youthful to cause himself to suffer through his agonizing confidence. The abilities that Pi realized when he is in India were groundwork for his own confidence. Pi burns through the majority of his youth life in Pondicherry, India, learning and encountering different abilities that in the end help Pi to endure. In contrast to others, he experiences religion in fascinating way. The way how Pi comprehends religion is noteworthy in light of the fact that later it encourages Pi to dispose of sadness, and gives him fortitude to continue attempting to endure. He additionally learns the practices of the wild creatures and how to manage them. â€Å"(He watches his dad taking care of and speaking with creatures in his father’s zoo)† (part around 10~12). The information on the creatures Lee 2 is one of the most significant part when he is in the Pacific sea with a ravenous tiger which can devour Pi whenever, and it permits Pi to .

Analects Of Confucius Essay Example For Students

Analects Of Confucius Essay The historical backdrop of Chinese human advancement traverses a large number of years and envelops endless thoughts, convictions, and cultural and political teachings. Nonetheless, from a cutting edge stance one particular point of view wins over the rest in the way and degree it has impacted the improvement of China. For the past 2,000 years the lessons of Confucius, and the frameworks of thought and conduct that have developed from them, have effectsly affected Chinese idea, government organizations, writing and social traditions. Confucianism has served an essential job as a social and good way of thinking and as rehearsed by many, particularly in the informed high societies, Confucianism had unmistakable strict measurements. The lessons of Confucius served to join a creating society, restricting together different parts of development and culture into one rational body that capacities under regular qualities and perspectives. Confucius looked for a kind of comprehensive solidari ty for the world and for his kin; his knowledge was planned to fill in as guide. In the Analects, an abstract of Confucian lessons, Confucius said,Be of steadfast great confidence and love learning. Be ardent unto demise in quest for the great Way. Try not to enter a state which is in danger, nor live in one in which the individuals have revolted. At the point when the Way wins on the planet, at that point show yourself. At the point when it doesn't, at that point stow away. At the point when the Way wins in your own state, to be poor and cloud is a disrespect; yet when the Way doesn't win in your own state, to be rich and regarded is a disfavor. (Analects 4.5)This exercise serves well as a worldview for Confucian idea; it shows the heading that Confucius aimed toward, and the best possible strategies for the excursion. Before trying to get Confucianism and its association with China, it is important to create and comprehension of China in the pre-Confucius time, in which this way of thinking advanced. The most antiquated proof of Chinese strict and social human progress goes back to the Shang administration, around 1500 B.C.E. In this early agrarian culture, there is proof of a portion of the essential things of most Chinese strict idea; the interest, foundation, support and delight in congruity in the natural world. During the Zhou tradition (1122 771 B.C.E.), the way started by the Shang was supported and developed. The Zhou mission for amicability and request prompted the advancement of some amazingly essential ideas that would straightforwardly impact the improvement of Confucianism. It was in this time the thought of Tian, the power that can be best comprehended as paradise, first became known. This later prompted the origination of the possibility of the Mandate of Heaven (Tian-ming) from whi ch rulers determined all force and feeling of authenticity, because of the understanding of their practices with the standards of ethical quality and custom accuracy. Regarding this, the moderately steady primitive society of Zhou period was answerable for the development of the tao. This chief made astronomical request and agreement conceivable; the tao can be thought of as the street or way from which come flawless solidarity, concordance and request. This thought assumed a basic job in the improvement of Confucianism and significantly influenced the course of Chinese turn of events. In the eighth century B.C.E., the Zhou line started to self-destruct as uncouth clans attacked from the west. This prompted the breaking down of Zhou rule and the production of various battling littler states planning to re-bind together China under another line. This genuine penetrate in the structure of society and the disharmony that won prompted new developments of thought. The sages of this time felt solid goals to discover answers for the various issues that encompassed them. It most likely is therefore that the six-century B.C.E. was portrayed by particular advancement in Chinese idea, and got known as the age of the hundred scholars. Preeminent in this period, Confucius was conceived. Kung Fu-tzu was the given name of the incredible good rationalist and educator, Confucius is simply a romanized form of this. He is thought to have been conceived in the territory of Lu, in what is currently Shantung Province, in Northeast China. This is the main data about Confucius that is known to be relentless certainty; practically the entirety of the true to life data on this man is gotten from the Life of Confucius by the student of history Szema Chien. About all the information contained in this book is held to be exact, being gotten from reliable oral customs. Confucius is said to have set out on his journey for information, request and concordance with an end goal to dissipate the contention and disagreement that existed in his time. For an incredible duration he would try to realize an arrival to the antiquated qualities, through a normalization of customs, the making of an arrangement of justified feudalism and, above all, the foundation of moral connections dependent on the principals of correspondence and consideration. Confucius probably began his profession in a modest position (albeit a few researchers contest this) and through his extreme commitment and persistence had the option to ascend to a regarded position in the common assistance. It was as of now that Confucius is thought to have voyage generally in China, contemplating old customs and functions. His dedication to relic was authentic and energetic. Confucius said,I transmit yet don't make. I have been devoted to and adored relic (Analects 7.1)Confucius at that point built up a notoriety for obviously condemning government approaches, contending that the legislatures of the time were driving the individuals from li, a Confucian motivation that can best be comprehended as an amalgamation of the terms custom, custom, legitimacy and habits. As a result of this Confucius started to dedicate the prevalence of his works to instructing and illumination. Confucius is authorize to have stated, I quietly collect information; I consider and don't get exhausted; I show others and don't become fatigued for these things fall into place easily for me.'(Analects 7.2)Confucius immediately started to build up a notoriety for being an unmistakable teacher and sage. Despite the fact that he had stopped to work as a political overseer, his lessons were saturated with legislative issues and state issues. Indeed, an unnecessary number of Confucian understudies made extraordinary progress as office searchers. In his last years, Confucius wholeheartedly committed himself to a ltering the old style books of Chinese history presently known as the Wu Jing or Five Classics. In these books Confucius tried to for all time safeguard the antiquated information that he esteemed so profoundly, and it appears to fill in as an ideal heritage for this recognized scholarly. A Synopsis of Accounting for Business Combinations EssayAlong with this newly discovered obsession with indisputably the, Neo-Confucians additionally built up an away from of the most significant Confucian ethics, called the five good principals. Ju Xi, a noticeable Neo-Confucian logician said,Mans unique nature is unadulterated and peaceful. Before it is stirred, the five good principals of his inclination, called mankind, nobility, appropriateness, shrewdness and dedication, are finished. As his physical structure shows up, it comes into contact with outside chimes and is stimulated from inside. As it is excited from inside, the seven sentiments, called delight, outrage, distress, bliss, love, detest and want, result. As sentiments become solid and progressively careless, his tendency gets harmed. Thus the edified individual controls his sentiments so they will be as per the Mean. He corrects his brain and sustains his tendency. (On the same page 2.3)According to this line of reaso ning, feelings are grounded in Li, the outright, and are animated by the exercises of regular day to day existence. Essentially the feelings, even indignation and despise, are not viewed as terrible. Be that as it may, when the feelings become over invigorated, a divergence may show up between ones internal basic nature and ones external, cognizant life. At the point when this happens, ones activities will never again be as per the Principal and disharmony will persevere unbridled. Notwithstanding Neo-Confucianisms accentuation on passionate control, the old good and political position of Confucius was held to be vital. Regarding the antiquated information in the genuine Confucian way, Neo-Confucianism kept on accentuating the guideline of open and private lives. Everything was to be kept in its appropriate spot, and ritualized social examples won. Instituting a solidly managed public activity was internal agreement and the immediate experience of a definitive Li. Confucianism solely controlled the social and political structure of China from the eleventh century through the nineteenth. Much can be determined about China by contemplating this marvel. Confucianism was consistently a tip top custom, and it for the most part didn't claim incredibly to the majority. Therefore, in Confucian controlled China, not many endeavors were made to uncover and break down different strict practices and foundations. In spite of the fact that this could have likely been managed without over the top exertion, the first Confucian position of rule-by-model was carefully clung to. In this manner the Confucian disposition toward Daoist, Buddhist and people strict practices was one of bewildered toleration. It possibly catalyzed into dynamic mistreatment on the off chance that one of the gatherings entered a position were it was a danger to political dependability. Confucianism held its cheerful situation in China through extreme advancement of Confucian foundations following up on the state, town, word related society and family level. At the state level, Confucian practices and numerous gatherings were carefully disciple to customs. The informed tip top, erudite people and office holders were frequently faithful supporters of Confucian structure. Two times per year government authorities accumulated at Confucian sanctuaries to rehearse decided customs. These ceremonies were very significant, serving to show the authorities unwaveringness to the state and their faithfulness to the thoughts of chun-t

The Red Violin Essay Research Paper The free essay sample

The Red Violin Essay, Research Paper The Red Violin offers some fascinating messages about the catholicity of the semantic correspondence of music. The playing and sets are sensational, and the histrions through the ages do extremely conceivable occupations of playing the enchanting fiddle. Last, the mystery of the rosy fiddle # 8217 ; s shading ends up being an arranged image for the level of committedness that genuine melodic devotedness requests. # 8220 ; The Red Violin # 8221 ; takes its crowd on an excursion crossing five states and three centuries. As the fiddle goes into five boss lives, every tell a story of both expectation and insatiability. Violin shaper Nicolo, put aside his best fiddle as a blessing to his unborn child. His wedded lady Anna asks from her servant and Tarot peruser about the child # 8217 ; s life. Anna is told to take five cards. As each card in taken, we follow the # 8220 ; life # 8221 ; of the fiddle as it interfaces with every person who at long last has it. We will compose a custom paper test on The Red Violin Essay Research Paper The or on the other hand any comparative subject explicitly for you Don't WasteYour Time Recruit WRITER Just 13.90/page Through the cataclysm of Anna and her child # 8217 ; s expire, we get familiar with the card perusing is other than for the Red Violin # 8211 ; name it Bussotti # 8217 ; s other child. Expectation goes to misery as the ideal fiddle is all that remaining parts of everything adored to Nicolo. Painting the fiddle reddish, he empties his choler into it. He needed to go forward as his inheritance a child of extraordinary melodic limit, and through the manifestation of his fiddle, he did. The Red Violin reemerges in an Austrian religious community where it chances into the guardianships of a wonder of surpassing capacity # 8211 ; six-year-old Kaspar. In 1792, the monastics gather Georges, a maestro of the period, to set up the child. Similarly as Kaspar is to execute for the visitor Georges has masterminded juvenile Kaspar # 8217 ; s powerless and delicate chest bombs him at his polar moment and guarantee curves to misfortune in a chest round. In 1893, in Oxford England, nomads playing the Red Violin coax the ear of the pompous sentimental instrumentalist Frederick Pope. Feeling stirred to play, he calls his sweetheart, the author Victoria Byrd. Lured by the movements her new pushes her on, Russia becomes Victoria # 8217 ; s following winning. Forlornness baits her dorsum to Pope and after returning discovers him and an opponent sedu ctress occupied with the joy of music conceiving. Enviously takes fasten and she goes after a firearm and hit the fiddle. At that point, in Shanghai in 1965, the Red Violin makes its quality known in the life of Xiang Pei. Her female parent, a total fiddler, finds the bronzed Violin in a pawn store where it has been for some mature ages. Time discovers Xiang in the oculus of the hurricane of the Chinese Revolution. As a gathering functionary for the denouncement of everything western ( including certain instruments of the Red combination ) , she is slash between her adoration for said instrument of corruptness and her obligation as a functionary. She gives the fiddle to a music teacher upon whose sake she mediated by rescuing him from punishment for picking up debasing western music that disregards their guidelines. Adequately cautioned of the impacts, he is permitted to keep up western instruments only in the event that he utilizes them to execute conventional social songs. Upon the teacher # 8217 ; s expire, his blend of instruments is crated off to Montreal to a regarded sales management firm where Charles, played by Samuel Jackson is recruited to verify the Red Violin through a progression of logical preliminaries in trusts it is the amazing seventeenth century Bussotti cook doeuvre. The instrument again authorizes its shocking enticement, this clasp requesting from Morritz his own method of pulverization only as it has done in the life of every person with whom it has spent any clasp. The Red Violin encapsulates our mortality and everlasting status simultaneously. We search to make something that lives past us so we will populate our life past human life. The Red Violin demonstrated me the estimation of truth and excellence. Be consistent with yourself and your life will be lovely. Opening yourself to flawlessness clears us to eternality. Our godlike estate is the means by which we carried on with our life and the way we treated others since that # 8217 ; s how we # 8217 ; ll be recollected, cover, or disdained. The Red Violin demonstrated me numerous perspectives from a wide range of clasp periods and the various developments that the Violin went into. I would firmly ask this film to any understudy or anybody searching for an incredible story.

A College Level Essay: Common Essay Topics

A College Level Essay: Common Essay TopicsCollege level essays are used for many things, but mostly to help students graduate. A good college essay is usually chosen by most people as the single best way to complete a diploma. When writing a college-level essay, it's always important to keep in mind the purpose of the essay and the different styles that can be used.First, though, it's necessary to know what an essay is. Basically, it's the sum total of the contents written down in a piece of written work. Essays can vary but generally are between two and four hundred words long. In the end, every piece of essay should be good for college level.When composing the essay format, remember to choose your point of view carefully. Your view points should always coincide with the subject you're writing about, because this is how the reader should be able to know what is going on. Although this might seem like a very simple topic, there are many essays that don't hold together and are hard to understand. What you have to do is organize your thoughts, and make sure they come from the same place.When composing an essay, remember to give the reader a little insight into your point of view. The essay should help the reader identify the issue and help the reader learn about that issue. For example, if you're writing an essay about snowstorms, put in a little information about what causes snowstorms. This will help readers better understand the different types of storms that happen in their area, as well as the other causes of the storms.However, remember that it doesn't matter if you are writing a letter to the editor or an essay for a class or for your school. A good essay should speak clearly and be able to point out a direct cause and effect between various issues. A good example of an essay that focuses on cause and effect is the G.I. Bill.When composing a college level essay, remember to include citations at the end of each section. It's important that you always provid e citations for the sources in the essay. If you're writing about a certain item or person, then always cite that person or item in the essay. After all, this is something that has not been proven, and it might be difficult to understand what exactly it is that you're writing about if you're not given any supporting information. Also, remember to include all of the information that is relevant to the issue at hand.Also, remember that you shouldn't always write your college level essay for a class. Students usually have their own personal opinions about certain subjects, so they'll usually be much more interested in learning about them if they aren't directly related to the class. So, if you don't feel like writing an essay for your class, then try writing one about a personal subject, or something that doesn't directly relate to class work.Keep in mind that different people will need different amounts of input, so don't write everything you think someone needs to hear in an essay. R emember, that what might sound good to you might be offensive to others, so it's best to leave that up to the reader to decide.

Character Analysis of Okonkwo in Things Fall Apart

In the novel Separation of the fall, Okonkwo is depicted as a regarded and unequivocal figure, and his deadly blemish will in the long run work for him. All through the novel, he is fixated on the possibility of ​​becoming his dad, so perusers have been indicated that Okonkwo has a significant number of these highlights. This made him desirous, which expelled him and made it hard for him to adjust to his town changes. Okonkwo is attracted different structures as a decent figure. The fundamental character 's principle character Okonkwo of things likewise has its own qualities. Over the disastrous occasions in Chinasa Ceve, the saint's Okonkou end up being a grievous individual in facing the errand of defeating the test between himself, the general public, and his own predetermination. One of the greatest common wars Okonkwo battled was not that everybody he met was viewed as a manly individual. During the time spent the novel, Okonkwo has an invaluable presence. Each character of Things Fall Apart has its own character. The main job of Things Fall Apart is okonkwo. He can change his character as indicated by his circumstance. Okonkou took in these negative behavior patterns from my dad. The character of Okonkou changed in the entire story of breakdown of things. Unoka, the dad of Okonks. Unoka is extremely lethargic. He was upset to plant crops on new fruitful land, was at home to play the flute, drinks palm wine, and likes to need to get cash to keep up this way of life, and never You won't have the option to reimburse it. Unoka is at home and doesn't give any power for her family. Accordingly, Okonkwo totally dismissed his dad. Since he would not like to turn into an incredible grappler or warrior like his dad in his clan, he began to serve his family since extremely youthful, began another homestead and started to raise riches. Okonkwo is the saint or legend of Chinua Achebe 's Fall Apart. Okonk's dad, Unocha is tanked who owes cash to anybody. Unoka is definitely not a decent provider, his significant other and youngsters regularly go hungry. Therefore, Okonkwo was embarrassed about his dad, surpassed his development experience, chose to be an effective resident and a daring warrior. Okonkwo first requested affluent Nwakibie to sponsor his first gather. Okonkwo clarified that when the vast majority are as yet smoking their moms, I began supporting myself. On the off chance that you give seeds of sweet potato, I won't surrender. Yukikawa adulated Okonko's desire and gave 800 mountains. I figured out how to utilize my string, yet I can confide in you, Nwakibie said. As our dad stated, you can see develop corn from its appearance.

Does international Investment in Portfolio Diversification reduce risk - Free Essay Example

Diversification is the process undertaken by investors in order to reduce risk via investments in an assortment of assets. The idea of diversification has been around for a long time, dating back to 935 B.C. where in the Hebrew bible it quotes But divide your investments among many places, for you do not know what risks might lie ahead. Harry Markowitz, a respected economist and Nobel Prize winner, in 1952 introduced modern portfolio theories that we are still familiar with today with regards to diversification for efficient portfolio management. The primary aim of modern portfolio theory is to maximise returns for a given level of risk, or alternatively, to reduce risk for a given level of return. Work by Markowitz led to the development of the Capital Asset Pricing Model. This model suggests that there are two types of risks: diversifiable and non-diversifiable. Diversification is an important factor to consider for risk averse investors. Such investors are assumed to be rational, meaning they would like to maximise returns whilst minimising risk. 2.1. Aims This paper primarily focuses on international markets; we aim to investigate to following matters: To distinguish the level of international diversification that is required to optimise returns, Assess the implication of recessions on the diversification process, 3. Literature Review: (current word count: 2685) The Literature review is split into three section; the first documents studies focused on domestic diversification, the second documenting studies on international diversification and the final section looking at studies investigating diversification during recessions. 3.1. Studies on domestic diversification There have been several influential studies in relation to portfolio selection; a revolutionising paper in this field was by Markowitz (1952) in which he introduced the Mean-Variance approach (MV). He suggested the following equations for optimal portfolio construction: (Equation 1: Expected return of a portfolio; Equation 2: Variance of a portfolio) Equation 1 Equation 23 Markowitz states that the foremost determining factor for good diversification of a portfolio is the covariance between stocks as opposed to the quantity of stocks held, thus covariance is included in the variance calculation (Equation 2); a lower correlation reduces the variance, the predominant idea behind the MV approach is the minimisation of portfolio variance. The study by Markowitz is focused on one-period analysis; however, numerous researchers have argued that investors should hold portfolios for a greater number of years. Latan (1960) stated that the probability of an investor achieving the highest level of utility is strongest when the number of years that a portfolio is held for nears infinity. This implies that the rational investor is more likely to achieve the expected return for the securities he is holding given that they have been held for a long period of time. Thus concluding in his study that whilst constructing portfolios, investors must consider the expected geometric return. Elton and Gruber (1974) agree with Latan, they state that the expected geometric mean allows identification of portfolios generating the highest expected utility of terminal wealth. Since Markowitz, there have been several studies with regards to portfolio selection, one that is consistent with the theories behind Markowitz and the benefits gained from diversification is by Evans and Archer (1968). They examined the reduction in risk of portfolio returns whilst increasing the quantity of securities. Their study was based on semi-annual observations from 470 securities listed on the Standard and Poors Index between January 1858 and July 1967. Evans and Archer generated 40 portfolios; firstly they extracted one security out of the 470 at random, computed its return and standard deviation, and thus produced a portfolio containing one security. This process was replicated, i.e. for the second portfolio, a selection of two securities was made, one from the remaining 469 and one from the original listing of 470 securities. The method of generating these 40 portfolios was then reproduced a further 60 times, the resultant being 2400 portfolios, each with its own standar d deviation and mean return. The results they observed indicated that the majority of unsystematic risk was removed on the addition of the 8th security. Further risk reduction was possible, however, it required a substantial increase in the quantity of securities added to the portfolio. Further to this, results showed that the benefit gained beyond 19 securities was minimal. The observed standard deviation value dropped by 55% as number of securities increased from 1 to 40; this allowed them to conclude that there is existence of a relationship between the quantity of securities held and the dispersion of that given portfolio. As discussed previously, one of the most widely respected theories is the MV approach, however this method faces drawbacks; one being that the optimum portfolios suggested by the model have tendencies to contain heavy concentrations on a few assets. Bera and Park (2008) stated that this problem is due to statistical errors with the input estimations required for the MV method. To overcome this, they implemented the cross-entropy (CE) method developed by Reuven Rubinstein through use of the Monte Carlo approach. The CE method, also recognized as the Kullback-Leibler information criteria is defined as a measure between two probability distributions (i.e. two portfolio weights; p and q), which in nature is non-symmetric). (Kullback and Leibler, 1951) Equation 3 Bera and Park examined eight international equity indices (US, UK, Canada, Italy, Japan, Switzerland and Germany) extracted from data supplied by Morgan Stanley Capital International. In order for performance analysis of the portfolios, they used a rolling window scheme; this allowed them to obtain portfolio returns for the next period. The empirical results obtained in this study indicated that there was superiority to the MV approach in the portfolio selection process when the CE measure was implemented. The two main reasons they suggested this superiority is due to the freedom in portfolio weighting and the possibilities of immediate extension for the incorporation of greater moments e.g. asymmetry. A more recent study by Miller and Scholes (1972) has divulged evidence on the existence of positive correlations between market and non-market risk of individual common stocks. In the case of such a relationship being present, the diversification process would be influenced by the quantity of securities in a portfolio as well as the average beta coefficient of the portfolio. A study by Klemkosku and Martin (1975) addressed this issue, they aimed to test this relationship and determine the significance of it on the diversification process. Klemkosku and Martin assessed 350 individual common stocks from the New York Stock Exchange on a monthly basis between June 1963 and June 1973; the beta coefficients were then calculated via regressions analysis. This allowed them to make approximations on the percentage price change via stock price logarithms, all on a monthly basis. They stated that the measure of variation about the regression outputs would be via the residual risk, which is displayed through squares of the standard errors. Results obtained indicated that portfolios with a higher beta value required a greater quantity of securities in comparison to portfolios with a lower beta in order to achieve the same level of diversification. This is an important factor to consider for an individual who seeks to maximise the benefits of diversification but limit the amount of securities held. Whilst analysing the benefits associated with diversification, it is common to evaluate correlations amongst the investments; this is primarily due to the common knowledge that diversification benefits decline with increasing correlations. However, Statman and Scheid (2008) claim that comparison via correlations is not a good indication of diversification benefits. The two reasons they give to back this statement are firstly, because correlation is not an intuitive indicator, and secondly diversification benefits are not entirely reliant on correlations, there is also dependency on the standard deviation of returns. An alternative measure suggested is via return gaps, return gaps are superior since they account for both the standard deviation and correlation between two securities, thus will provide an intuitive measure of diversification benefits. Statman and Scheid focused their study around measurement via return gaps and attempted to determine the difference between the two measu res discussed. Results they obtained showed that for a given set of assets ordered by the benefits of diversification, a significant difference of that particular order was noticed when the two different methods of measurements were implemented. 3.2. Diversification into international markets Levy et al (1970) aimed to show that diversification into international markets can induce further benefits. The study involved the calculation of mean rates of returns and their corresponding standard deviations from 28 countries on an annual basis between 1951 and 1967. Results obtained showed that as a greater level of international diversification was implemented, the standard deviations of the average rate of returns declined. Thus implying that a lower risk is associated with greater international diversification. Solnik (1974) produced results consistent to those by Levy. The initial idea brought forward by him is that the risk of a portfolio is not solely dependent on the number of securities within it, but also by the individual risks of those securities. Solnik sampled 300 European stocks, taken from The Netherlands, Belgium, Italy, Switzerland, France, Germany and the United Kingdom; all taken during 1966 and 1971. Within each country, Solnik generated similar sized portfolios consisting of ascending stock types; and then measured the risk of each portfolio as means of comparison. Results showed that there was a disproportionate decrease in risk with greater diversification. When diversification is expanded into international markets there are significant reductions in risk, primarily due to the independence of different stock markets. The study revealed that return on a suitably diversified international portfolio would be ten times less risky in terms of variability when compared to typ ical securities. Furthermore, it would be half as risky as a well-diversified domestic portfolio (US stocks were used in this analysis). Further to this, Solnik mentioned the presence of exchange risk, this is the risk experienced due to varying exchange rates that can potentially affect the value of investments; a solution to overcome this would be via the hedging of the foreign investments. Several studies that exemplify the gains of diversification into international markets have been conducted since the work of Solnik; such studies include those by Errunza (1997), DeSantis and Gerrad (1997), and Stulz (1997). The benefits of international diversification have been well documented; consequently, this has led to a greater integration of international markets, which has resulted in higher correlations between them. Thus, in terms of risk, international investments can prove to be dangerous. Longin and Solnik (1995) conducted a study into stock market indices from 1960 to 1990. The results they obtained indicated instabilities in international covariance and correlation matrices. Further studies have shown that these correlations are even greater during higher economic and financial integration. Based on this work, a study by Eun et al (2008) looked at how small-cap stocks could be used as a driving mechanism for international portfolio diversification. Their findings indicated significant benefits for investors if they opted into investing in small-cap stocks. An interesting issue that arises within international portfolio diversification is whether the benefits gained are consistent regardless of the investors home country. Previously, smaller countries tended to face restrictions on investments so that benefits were received in their home economy, in these present times governments of such countries have eased up on such restrictions, thus giving investors greater freedom. Driessen and Laeven (2007) conducted a study that aimed to investigate the benefits of diversification from different countries from an investors point of view. Their work was in continuation of that by Huberman and Kandel (1987), Bekaert and Urias (1996), De Roon et al (2001), and Li et al. (2003). Driessen and Laeven start by stating how international diversification for U.S investors does not show a large amount of benefits (measured via the MV approach) in comparison to investors in developing countries or smaller countries. This was consistent with the results the y obtained; they sampled 23 developed countries and 29 developing countries. They noticed that when international diversification was applied, the Sharpe Ratio increase is 13.5% in developing countries, yet in developed countries it only increased by 7.8%. The Sharpe Ratio (S) measures the reward-to-variability ratio (W. F. Sharpe, 1994): Equation 4 The greater the Sharpe ratio, the greater the return for a given risk, thus Driessen and Laeven were able to show that diversification benefits are greater for developing countries. Another aspect they uncovered was that diversification benefits had a linear relationship to the risk of a country; greater potential benefits were associated with riskier countries. Further studies in international diversification have shown that although investments in developed markets are generally associated with less risk, investments in emerging markets can produce returns that compensate for the risks associated to them, thus a diversified portfolio should contain investments from both developed and emerging market equities. Beach (2006) based a study on this aspect and aimed to show why emerging market equities should be part of well-diversified portfolios. Fender (2002) who motivated Beachs study explains, Why International Equities belong in a Diversified Investment Portfolio. In order to determine whether emerging market equities are a suitable investment option, Beach examines the risks induced corresponding to their returns when such equities are contained in a portfolio. Measurement of risk is carried out via standard deviation, semi-deviation, beta, as well as downside betas. Beach used the Capital Asset Pricing Model (CAPM) in his analysis and di scovered that when investing in an emerging market index a return of 1.27% per month is provided compared to a significantly less return of 0.775% per month in an developed market index. Further to this, the emerging market index contained a Sharpe ratio of 0.1282 compared to the 0.087 of the developed market index. A similar study by Kim and Singal determined that the returns gained from a globally diversified portfolio containing investments from emerging markets was justified by the risks associated to those markets; their study was conducted from the perspective of U.S. investors. Hence, it is suitable to say that when an investor is constructing an international portfolio, he should include an emerging market index within it since they compensate for their risk levels by providing greater rates of returns. 3.3. Diversification during financial shocks Another fascinating topic that arises within portfolio diversification is the behavior of investments in periods of economic uncertainty. There have been several points in history where extensive shocks have hit the financial markets, a few of these being the 1987 stock market bubble, the dot-com bubble, the Long-Term Capital Management, and of course the most recent Credit Crunch. During these periods of crises there have been severe declines in equity markets, greater credit spreads, drastic drops in the confidence of financial institutions, greater asset volatility and very high levels of risk aversion. Goldwhite (2009) examined the behavior of investments in high volatility periods via analysis of the VIX. The VIX is a measure of volatility of the SP 500. Goldwhite demonstrated that VIX could be a suitable categorisation method for investments. His study compliments the work by Szado (2009), who addressed the following question in his study: What could have been done to ensure th at the effectiveness of a portfolios diversification survived in such an environment? The study was conducted between March 2006 and December 2008; the time frame covered was shortly after the establishment of the VIX. The performance of the portfolios constructed by Szado showed that there was an insignificant increase in diversification benefits with the addition of bonds and other assets. This was the case shortly after the Credit Crunch during the second half of 2008. However, the performance of VIX observed was solid, thus showing the addition of VIX futures to base portfolios can induce diversification benefits. A further study similar to those by Szado and Goldwhite was by Odier and Solnik (1993). Results they obtained indicated that in periods of declining markets, the correlations of U.S and international markets were significantly higher in relation to those of rising markets; it is common knowledge that with higher correlations are related to lower benefits from diversification. This shows us that even though diversification is essential in time periods of falling markets, the gains are minimal. 4. Data and Methodology Financial theory suggests that there are two types of risks associated with securities: systematic and unsystematic. Systematic risk is associated with the market whereas unsystematic risk is associated to the specific security; the purpose of diversification is to reduce the later risk type. We can already distinguish from previous studies mentioned in the literature review that diversification can be highly beneficial for rational investors. In this study I will be investigating how the benefits of international diversification can be experienced at different points in time; I will be considering a time frame of 15 years; between 1st January 1995 and 15th November 2010. Previous studies have documented the level of diversification required within the domestic country in order to optimise returns, in this study we will be focused on international markets. The primary aim is to distinguish the level of international diversification that is required to optimise returns and to determine which time periods it would be most beneficiary to undertake the diversification process. 4.1. Data The data type I will be using in this analysis will be market indices, data has been extracted from Yahoo Finance for the following indices on a daily basis: FTSE 100 (UK), SP 500 (US), Hang Seng (Honk Kong), CAC 40 (France), DAX (Germany), BEL 20 (Belgium), Bovespa (Brazil), ATX (Austria), IPC (Mexico), AEX (Netherlands), Nikkei 225 (Japan), and the STRIATS TIMES INDEX (Singapore). The selection of these major indices is appropriate in that they can be used as proxies for smaller indices. 4.2 Returns, Correlations and Risk From market prices, percentage return for individual trading days is calculated via Equation 5. The value obtained shows the capital gains achieved from the given index. In this equation, we are assuming absence of dividend payments; in reality actual received returns from a market index is the summation of capital gains and dividend payments. In this study we aim to investigate how investing in different markets can be an optimum investing strategy, thus it is safe to ignore dividend payments and focus on the market itself. Equation 5 From this, correlation coefficients (summarised in Figure 1) between different indices are calculated for the period between 1st January 1995 and 15th November 2010. The correlation coefficient aims to measure the linear strength between two assets, for example between A and B, see Equation 6. The value is standardised due to the inclusion of standard deviations. Its output ranges from -1 to 1; -1 indicating a perfect negative correlation, indicating the return between the given assets move in opposite directions. Alternatively a value of 1 shows perfect positive correlation, thus indicating return between the given two assets move together in the same direction. On the other hand, a correlation value of 0 indicates that the return between the two given assets is completely independent. Equation 6 Figure 1 Daily returns are then averaged out to produce monthly returns. They are further summarised into yearly returns for graphical purposes as can be seen in Figure 2. This was done to reduce the noise in figures; monthly values also permit us to calculate correlations more conveniently between markets in different years; results are displayed graphically in Figure 3. Furthermore, for each month, the standard deviation was computed via Equation 6. This value can be interpreted as the risk or volatility associated to the given index for the respective month. Results are compressed in an annual format and displayed in Figure 4. Equation 6 Figure 2 ^^^ (Figure 3) USE MONTHLY DATA TO GENERATE A YEARLY CORELATION TIME SERIES Figure 4 Conclusion Although, theoretically the benefits of international diversification can heavily outweigh purely domestic investments, there are some disadvantages to consider when investing internationally. Sometimes, it is not very convenient to undertake international investments, and in the case they are taken investors are subjected to exchange risk. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¦. In conclusion mention following: Country risk or political risk is faced with international investments. Institutional constraints are typically government-imposed, and include taxes, foreign exchange controls, and capital market controls, as well as factors such as weak or nonexistent laws protecting the rights of minority stockholders, the lack of regulation to prevent insider trading, or simply inadequate rules on timely and proper disclosure of material facts and information to security holders. Limitations: Not included dividend payments