Women As Leaders :: History Females Historical Leader Essays

A woman is like a tea notecase -- you cant tell how strong she is until you put her in hot water. - - Nancy Reagan More and more wo manpower are rising to the leadership challenge, even in some of the most male-dominated industries. The enlarge in the number of women attending university, in the workplace or starting their own business has demonstrated to men who own businesses that women can be both(prenominal) managers and mothers, thus showing their male counterpart that women can in fact do it all. In this paper the history of women in the workforce impart be outlined, as well as the challenges they face. The changing attitudes towards women taking over family businesses will be looked at briefly, how women lead along with a comparison to how men lead, and a critique and conclusion of their leadership style will also be discussed.History and The Challenges Women FaceA number of events have occurred over the belong twenty-five years or so that have resulted in the rise of t he female in the work-for-pay world. Beginning in the mid-1970s, women began going to business train and earning their Masters of barter Administration and, as a result, building on that education and gaining work experience (Nelton, 1999). The days of the one income family are over. Females need to be armed with a university or college degree to be a contributor to this centurys model of the family unit and in this time of education inflation, the take for higher education is ontogeny at a staggering rate. In the corporate sector, the generation of women who entered the corporate world two to three decades ago have blazed the trail now followed by ever-growing numbers of women (Shaiko, 1997).The great strides women are making in the work force can be attributed to numerous factors including thepassage of equal employment opportunity legislations, modifications in job requirements, more females on the buying side, elevated educational achievements by females, more women in busin ess schools, the huge percentage of female business school graduates with androgynous orientations, and the willingness of many young women to postpone marriage and child-bearing. (Comer, et.al, 1997)While women continue to make progressive strides toward equality, few have risen to the highest positions-leading companies to the new millenium (Andorka, 1998). Fortunately, women can now demand equal treatment in their respective organizations as a result of the aforementioned changes in history.

On Certainty :: Essays Papers

On CertaintyIn his essay An Argument for Skepticism, Peter Unger makes the case for the universal throw of the skeptical thesis. He is arguing for the position that any type of knowledge is impossible for any person. His argument seems to be a simple one, derived from ii very clear hypotheses, but that is not the case. This paper is an attempt to show that while philosophically interesting, Ungers attack on knowledge is not to the highest degree so damaging as he contends. I will argue that Unger mischaracterizes the nature of certainty as it is ordinarily used (something he says is important to his argument), and likewise that he has mischaracterized one of the sources he used to defend this definition. I will then present W.V.O. Quines psychologically based epistemology as presented in Epistemology accomplished and Two Dogmas of Empiricism, and argue that this theory provides a more adequate account of the way knowledge and certainty are understood. I will likewise atte mpt to address the objections to Quines theory raised by Jaegwon Kim.So, how does one begin an attack on all knowledge? The answer, as it turns out, is quite simply. Ungers argument consists of only two bring ins. The first of these states that If someone knows something to be so, then it is all right for the person to be absolutely certain that it is so (238). To this is added the here and now premise, that It is never all right for anyone to be absolutely certain that anything is so (238). Clearly, the conclusion Nobody ever knows that anything is so(238) follows. Unger next alters these premises slightly, adding the idea of overrule considerations. The first premise is the same except with the words providing only that no overriding consideration (or considerations) make it not all right (241). Likewise, the second premise becomes It is not the case that it is all right for someone to be absolutely certain that something is so providing only that no overriding (consider ation or) considerations make it all right. (242).I am perfectly willing to grant Unger the first premise. I think that there is no problem with allowing him this, in and of itself. Even the second premise is deductible in a certain, philosophically interesting sense, and in this sense, Ungers argument is very strong. The philosophical ideal of absolute certainty is something that I think should be given up as a vain pursuit, and I think that Unger shows this nicely.

The Invasion of the Florida Everglades Ecosystem by the Brazilian Peppe

The Invasion of the Florida Everglades Ecosystem by the Brazilian Pepper It was as if the class had just stepped let on onto the moon the way the limestone craters pockmarked the areas surface. It looked most uninhabitable indeed Yet, here and there tufts of sawgrass had natively reseeded and sprung up to reclaim the land. Like the American flag hoisted in place by Neil Armstrong on the moon, the tufts of sawgrass seemed to be saying, One small step for sawgrass, one giant leap for the Everglades ecosystem Indeed, to witness the success of the Hole-in-the-Donut Restoration Project is same being the captain of a boat lost at sea catching a break in the fog long enough to glance a beacons light before it becomes shrouded again in the mist of politics, economics and bureaucracy. Yet, that brief glimpse of light is enough to encourage even me, an increasingly cynical and apathetic environmentalist, to trudge on. Before this seemingly barren lunar landscape emerged, the first invas ive exotic species to colonize what would later be called the Hole-in-the-Donut area were a group of Homosapiens sapiens subsp. agricultis , otherwise known as farmers. After the last of the farmers left in the early 1970s, they left behind a rock-plowed, slightly lofty patch of land pregnant with nutrients otherwise not known in the mesic prairie wetlands that originally occupied this space. Thus, the scene was set for one of the most ravaging vegetative invasions seen in the Everglades ecosystem thus far. The army came from Brazil and was crafty enough to get its enemy to use its own resources to advance its invasion. Its weapon clusters of bright rubicund berries that enticed the likes of Florida s state bird the mockingbird, cedar wax... ...con. Bot . 32 p. 354. 6) Morton, JF. 1978. Brazilian pepper, its impact on people, animals, and the environment. Econ. Bot . 32 p. 354. 7) Workman, R, ed. 1978. Schinus Technical proceedings of techniques for control of Schinus in south eastward Florida A workshop for natural area managers. Tech. report. Sanibel (FL) The Sanibel-Captiva Conservation Foundation, Inc. pg. 1. 8) Workman, R, ed. 1978. Schinus Technical proceedings of techniques for control of Schinus in south Florida A workshop for natural area managers. Tech. report. Sanibel (FL) The Sanibel-Captiva Conservation Foundation, Inc. pg. 19. 9) Workman, R, ed. 1978. Schinus Technical proceedings of techniques for control of Schinus in south Florida A workshop for natural area managers. Tech. report. Sanibel (FL) The Sanibel-Captiva Conservation Foundation, Inc. pg. 19.

The Problem of Evil Essay -- essays research papers

Is there any satisfactory way of reconciling the existence of an powerful and all-loving God with the existence of natural evil (i.e. evil not due to the misuse of human free will)? One of the central cites of the Judaeo-Christian tradition is the existence of an powerful and all-loving God. Against this is the observation that pot and animals suffer evil. By common sense, we would infer from this observation that God, as conceived in this tradition, does not exist - for, if He did, He would retain the evil. This evidence is called the Problem of Evil by those who profess one of the religions in the Judaeo-Christian tradition, and their attempts to solve the problem have given rise to a labyrinth of sophistry.Put briefly, the solution near commonly espoused to the Problem of Evil is* Some suffering is caused by others misuse of their own free-will (as in murder).* God does not intervene to stop people freely choosing evil becauseo people can be virtuous only if they freely cho ose between bang-up and evilo having virtuous people in the world is a big(p)er good than eradicating evilo therefore God must allow people to be freeo therefore evil inflicted by other people is the price that God demands that we pay to enable some people to be virtuous. * Some suffering is caused by natural phenomena (as in earthquakes). Such occurrences enable people to be virtuous througho heroics, such as rescuing those in dangero unanimous faith in God, as it is harder to believe in God in the midst of griefo humility, as people realise they are ineffective against the whim of God. * Again, God does not intervene because he is using the natural disasters to engender virtue. I shall examine a number of such arguments, but offset it is useful to clarify the nature of such debate.The nature of theological debateOne difficulty that arises in writing about this subject is that the traditional enamour of God is ridiculous - as Humes Philo says, it is fixed only by the utmost l icence of fancy and hypothesis, and the arguments put forward for it are transparently fallacious. In order to proceed with the debate at all, one must feign a deficit in the application of ones powers of spring, for if one relied exclusively on reason for deciding what to believe, then one would dismiss religion out of hand. It is well known that people hold their... ...answers here. First, although the discharge of benevolent deeds is a good thing, it is not such a great thing that it is worth inflicting war, pestilence, and old age on mankind. Second, there are ample opportunities for people to do great works that do not involve other peoples suffering. For instance, they could build concert halls, or run marathons, or make scientific discoverie, or write novels. The claim that great human achievements can be secured only through other peoples misery is an expression of pure evil, and not an argument for a benevolent God. evidenceThe existence of evil (natural or otherwise) in the world cannot possibly be reconciled with the existence of an omnipotent and all-loving God. If such a God existed, He would prevent the occurrence of such evil. This is therefore a definitive proof of atheism, in the sense of denying the existence of God as He is conceived in the Judaeo-Christian tradition. It must be admitted, though, that this conception of God is a sharply-delineated and simplistic one, whereas many people nowadays have a soft-focus God. It is harder work for the atheist to refute the soft-focus God, although it can still be done.

Shakespeare on Machiavelli: The Prince in Richard III Essay -- Richa

Shakespe are on Machiavelli The Prince in Richard III According to many, Shakespeare intentionally portrays Richard III in ways that would lead the world hail him as the ultimate Machiavel. This build up only serves to further the dramatic irony when Richard falls from his throne. The nature of Richards character is key to discovering the gossip Shakespeare is delivering on the nature of tyrants. By setting up Richard to be seen as the ultimate Machiavel, only to have him utterly destroyed, Shakespeare makes a dramatic commentary on the frailty of tyranny and such men as would aspire to tyrannical rule. From the outset of the play, it is obvious that Richard subscribes to the majority of the Machiavellian principles. Certainly, he is not ashamed or afraid to plot heinous murder, and he does so with an ever-present false front. I do mistake my person all this while,1 he muses, plotting Annes end minutes after having won her hand. He will not even entertain the ideas in public, demanding they Dive...down to his soul.2 He knows that he must be attractive and soulless to succeed in his tasks. Richard also knows it is essential to guard against the hatred of the populace, as Machiavelli warned. He breeds anger in Clarence and the populace, not of himself, but of Edward and the rightful heirs. We are not safe, Clarence, we are not safe,3 he exclaims as his brother is hauled away to the tower. He preys on the hateful luxury And bestial appetite4 of the citizenry, catapulting himself to the thrown over a heap of bodies deaths that hang on his head. But, it is Richards attitude that his end goal of the crown justifies the murderous means that so closely cerebrate ... ...t meet Shakespeares demands the chances are slim. He must be a paradox amoral and god fearing. 1 phone number I. Sc. II. Ln. 257 2 represent I. Sc. I. Ln. 40 3 Act I. Sc. I. Ln. 70 4 Act III. Sc. V. Ln. 79-80 5 Act IV. Sc. II. Ln. 60-5 6 Act I. Sc. II. Ln. 125-8 7 Act IV. Sc. IV. Ln. 51-2 8 Act IV. Sc. IV. Ln. 397-400 9 Act V. Sc. III. Ln. 179 10 Act V. Sc. III. Ln. 201-2 11 Act I. Sc. I. Ln. 1 12 Act I. Sc. I. Ln. 20 13 Act I. Sc. I. Ln. 28, 30 Works Cited and Consulted Nicole Machiavelli, The Prince, pp. 359-386. Kendall/Hunt Publishing Company, Dubuque, Iowa, 1998. Ornstein, Richard. Richard III. Richard III. New York Signet Classic, 1988. 239-264. Shakespeare, William. Richard III. The Norton Shakespeare. Ed. Stephen Greenblatt. (New York W.W. Norton and Company, 1997), 515-600.

Shakespeare on Machiavelli: The Prince in Richard III Essay -- Richa

Shakespeare on Machiavelli The Prince in Richard III According to many, Shakespeare intentionally portrays Richard III in ways that would have the world hail him as the ultimate Machiavel. This build up only serves to further the dramatic irony when Richard falls from his throne. The nature of Richards character is key to discovering the commentary Shakespeare is delivering on the nature of tyrants. By setting up Richard to be seen as the ultimate Machiavel, only to have him utterly destroyed, Shakespeare makes a dramatic commentary on the frailty of tyranny and such(prenominal) men as would aspire to tyrannical rule. From the outset of the play, it is obvious that Richard subscribes to the majority of the Machiavellian principles. Certainly, he is not ashamed or afraid to plot flagitious murder, and he does so with an ever-present false front. I do mistake my person all this while,1 he muses, plotting Annes death minutes after having win her hand. He will not even en tertain the ideas in public, demanding they Dive...down to his soul.2 He knows that he must be cunning and soulless to succeed in his tasks. Richard also knows it is essential to guard against the hatred of the populace, as Machiavelli warned. He breeds anger in Clarence and the populace, not of himself, but of Edward and the rightful heirs. We are not safe, Clarence, we are not safe,3 he exclaims as his brother is hauled away to the tower. He preys on the hateful luxury And bestial appetite4 of the citizenry, catapulting himself to the thrown over a heap of bodies deaths that hang on his head. But, it is Richards attitude that his end goal of the crown justifies the murderous means that so closely links ... ...t meet Shakespeares demands the chances are slim. He must be a paradox amoral and god fearing. 1 come I. Sc. II. Ln. 257 2 Act I. Sc. I. Ln. 40 3 Act I. Sc. I. Ln. 70 4 Act III. Sc. V. Ln. 79-80 5 Act IV. Sc. II. Ln. 60-5 6 Act I. Sc. II. Ln. 125-8 7 Act IV. S c. IV. Ln. 51-2 8 Act IV. Sc. IV. Ln. 397-400 9 Act V. Sc. III. Ln. 179 10 Act V. Sc. III. Ln. 201-2 11 Act I. Sc. I. Ln. 1 12 Act I. Sc. I. Ln. 20 13 Act I. Sc. I. Ln. 28, 30 Works Cited and Consulted Nicole Machiavelli, The Prince, pp. 359-386. Kendall/Hunt Publishing Company, Dubuque, Iowa, 1998. Ornstein, Richard. Richard III. Richard III. New York Signet Classic, 1988. 239-264. Shakespeare, William. Richard III. The Norton Shakespeare. Ed. Stephen Greenblatt. (New York W.W. Norton and Company, 1997), 515-600.

College Athletes Essay

College athletes argon manipulated every day. Student athletes argon working day in and day out to meet donnish standards and to keep their level of play competitive. These athletes need to be rewarded and credited for their achievements. Not entirely are these athletes not being rewarded but they are also lifetime with no money. Because the athletes are living off of no money they are very vulnerable to taking money from boosters and separates that are willing to help them out. The line of work with this is that the athletes are not only getting themselves in trouble but their athletic departments as well.Recently college athletes suck been granted permission to work, from the NCAA. Even with this permission, their jobs are still regulated. One regulation to the athletes working is that they cannot work for alumni of the school. The NCAA has this rule because they feel if athletes work for populate with close ties to the school then they will be receiving redundant benefits while working. These special benefits include, (but are not moderate to), athletes being paid while not at work and higher salaries then other workers doing the aforementioned(prenominal) job (Anstine 4).Another restraint to college athletes working is a time restraint. College athletes hurt very busy schedules they follow and when finished with their schedules they are left with very teensy free time. Student athletes are required to take a minimum of twelve credit hours to start the semester and required to pass at least ix credit hours by the end of the semester. With this standard having to be met, the athletes are spending hours studying and attending class. Besides from studying and attending class the athletes then have to go to practice.Going to practice and participating takes up about four to seven hours of the athletes day. After all of this is completed, the athletes are left with only a duet of hours for them to enjoy time with their friends or even to just relax and watch a movie. But, because these athletes are college students and do not receive any money for their commitments they are supposed to squeeze time in for work in. If athletes apply for a job they are limited to only a couple of hours a day to work. Also a large number of jobs request their employees to be available on the weekends.Athletes are not available on weekends because they are traveling with the team to play. Even with all of these limitations, if an athlete is still able to find a job he or she would have to give up time that should be set aside for studying (Bascuas 2). With college athletes not having time to work, money is very scarce. Because money is scarce they are tempted to take money from agents and other boosters. The taking of this money is a problem because it is a violation of the NCAA rules. When student athletes receive money, they are susceptible to being suspended from the team.They also run the venture of getting the school suspended from NCAA pla y and scholarship money limited. Many college mutation are run as businesses. They are making millions of dollars a grade and are not even paying their workers, the athletes. The hard work and dedication not only makes money for the school it also gets the schools name out to the public. When schools athletics are playing well and are nationally televised, more people are aware of the school this will help an increase of applications and other peoples interest in the school (Stanley 1).College athletics need a reform. Student athletes need to start being rewarded monetarily for their hard work and dedication. They have limited time to work, and somehow, they need to make money. If the athletes are allowed to receive money for their commitments, then it will allow them to have spending money to enjoy themselves when they do have free time. Also, by allowing athletes to receive money, schools and athletes will not get suspended for taking money that is so tempting to them. Personal Response.With the new research and cultivation gathered by the author for this paper will help shape his final paper. The information gathered gave him new statistical information that was not apply in this paper but will be useful in the final paper. Along with the new information, the writer has learned the results of athletes taking money and the punishments that pass off not only to the individuals but what also happens to the universities. Also the author picked up new information about the publicity that the schools receive from their sport programs.When the schools teams are participating in tournaments and nationally televised games, more and more people are hearing about their school. This is important to the final paper because it allows the author to impact on how the school benefits indirectly from their athletic department. This paper was very helpful to me and will help shape my final paper. With writing this paper with the cause and exertion background, it will h elp the author discuss the results of athletes being poor and not being allowed to receive money from boosters, other associates, and the school itself.

Thirteen Ways of Self-Questioning

Thirteen Ways of Self-Questioning The poem Thirteen Ways of Looking at a Black red cent is written by Wallace Stevens. It contains thirteen discussion sections each section provides us a picture that is centered by the element of merle. Blackbird in the poem signifies peoples consciousness. So this poem wants to tell us that every person has a perspective to look at the world. It questions our process of thought process to understand the world, and re wits us realize the chore of it. In The Language of Paradox by Cleanth Brooks, he introduces the notion of paradox and its occupation in poetry.In Stevens poem we can also find how he uses the imposture of paradox to raise the question for many times, and also the use of paradox leads us to reconsider our thought. Stevens displays several common understanding in human being. harmonise to Brooks viewpoint, Our prejudices force us to regard paradox as intellectual rather than emotional, clever rather than profound, rational rather than divinely irrational (Brooks 58). The source section is an introduction of the whole poem Among twenty snowy mountains, / The only moving thing / Was the eye of the blackbird (I).This is to tell us the nature is huge, except with it the only existence that is conscious about it is human consciousness. Twenty snowy mountains stand for the broad natural environment, but they are still and seem lifeless. thus he transferred the focus to the eye of the blackbird which is the only moving thing. Stevens uses the instead of a when he refers to blackbird because he wants to make it very clear that he refers it particular to humans consciousness.In section twelve, he says The river is moving. / The blackbird must be flying (XII). This section responds to section one, because he uses the modifiers moving and flying in two sections respectively to express the same notion that our consciousness is changing over time. Cleanth Brooks describes paradox this way Paradox is the speech commun ication of sophistry, hard bright, witty (Brooks 58). In Stevens poem, in order to make readers realize the problem in the process of our thought.He narrates It was evening all afternoon. / It was snowing / And it was outlet to snow / The blackbird sat / In the cedar-limbs (XIII). Afternoon is before evening, but he says it was evening all afternoon. This should signify a passive attitude to life. Evening is the time that near to close in peoples lives, and he tells us even during the afternoon which is their declining period someone already live in the status of evening. Its a typical instance of paradox in the last section of the poem.The language seems contradictory and not logical, but actually it is to draw our attention to the awareness of our thought. It was snowing / And it was going to snow shows us peoples foresight through their experience and observation of nature. So Stevens put the result before the foresight. After that he refers to the blackbird sat still in the ce dar-limbs to indicate that in peoples old age the consciousness is not as active as its callowness time. However, the experience we get in the whole life becomes precious possession and provides us the insight.The last section has a relation with section two I was of three minds, / Like a tree / In which there are three blackbirds (II). The blackbirds in the tree always refer to our minds. So I am a tree, and I have three minds which are represented by three birds. In this section, Stevens probably suggest the three levels of peoples mind according to Freuds Id, ego and super-ego theory. In section four, Stevens says A man and a woman / Are one. / A man and a woman and a blackbird / Are one (IV). This is another application of paradox.In The Language of Paradox, when Brooks analysis Wordsworths poem he says It is not my intention to enlarge Wordsworths own consciousness of the paradox involved (Brooks 60). Here we really can dig out how the narrator maybe unconsciously applies the paradox. When we say two or more than two distinct existents are one, it obviously sounds not acceptable and will bring a consideration of this idea especially when we partly seize the narrative but add another subject at the second time. Section four might try to discuss some religious thought in this world.He suggests every human being, no matter man or woman, is from one source. As objective existence, we and our consciousness are all developed from one. In this poem, Stevens applies paradox through both audible and visible experiences. Brooks suggests But I am not here interested in enumerating the possible variations I am interested rather in our seeing that the paradoxes spring from the very nature of the poets language it is a language in which the connotations play as great(p) a part as the denotations (Brooks 61).From a broader vision, we may find the mastery of paradox language by Stevens via analysis of his work. In section five, he narrates I do not know which to pref er, / The cup of tea of inflections / Or the beauty of innuendoes, / The blackbird whistling / Or just after (V). When the blackbird is whistling, there is a beauty of inflections along with it, but just after that we will see the beauty of innuendoes. Here the blackbird signifies the poem.While we are reading or reciting the poem, the pronunciation is similar to inflections of bird because of the rhythms and structure. Nevertheless, after reading it we can realize the innuendoes implied from it. A good poem is not only to let readers enjoy its inflections, but also cause us to rethink in our mind. Moreover, this section has a interesting connection with section eight. Similarly, the narrator refers to accents and rhythms to suggest the composition and recitation of the poem which creates the audible enjoyment for readers.Then he tells us his thought is also inescapable involved into the poem. Those two sections provide us how Stevens applies paradox with our sensory from hearing. Moreover, he creates the metaphor from visual aspect. Brooks states that I have said that even the apparently simple and straightforward poet is forced into paradoxes by the nature of his instrument (Brooks 62). We can see this situation in section eleven where the narrator describes a picture which jumps into our imagination He rode over Connecticut / In a blur coach. Once, a fear pierced him, / In that he mistook / The shadow of his equipage / For blackbirds (XI). The phrase In a glass coach tells us he is in a fragile status, and more than that glass is transparent. An illusion of blackbirds reflects his fearful emotion. Section three is another example of usage in this sensory respect. The narrator says The blackbird whirled in the autumn winds. / It was a short part of the pantomime (III). It begins with the only image of the blackbird that is overwhelmed by autumn winds.He sketches a close-up of the blackbird, and then tells us it is a small part of the pantomime. This enlarg es our vision from close-up to the panorama, and indicates us that the blackbird is just a symbol of our life which is always out of control and encounters uncertainty. Brooks suggests that there is a sense in which paradox is the language appropriate and inevitable to poetry. It is the scientist whose truth requires a language purged of every trace of paradox apparently the truth which the poet utters can be approached only in foothold of paradox (Brooks 58).In Wallace Stevens Thirteen Ways of Looking at a Blackbird, he actually displays thirteen types of interpretation from which people develop their understanding of consciousness. The application of paradox provides the poem a further explanation of the theme. Through the usage of the symbolic technique and various aspects of sensory, the narrator discusses different levels of social and cultural thought. The virtually important function of paradox in this poem is to arouse peoples awareness of our consciousness and the ability to question our inherent understanding of our thought.

MS Powerpoin

(1) I needed scaffolded abet when I was learning MS Powerpoint for the first time. My teacher taught the manoeuvre of each command icon and how to use animation for the presentation. I understood what needed to be done and the concepts behind it as my teacher demonstrated how to do it. After the discussion, he asked us to make our own presentation. I was able to make text boxes and color the texts, but I needed more help in using animating effects for the presentation.So my teacher guided me by demonstrating again how to do it. In the end, I was able to memorize the different functions of the commands procurable in MS Powerpoint and get used to the environment of the software. (2) Scaffolding offers a number of advantages. First, it provides clear directions as the instructor assists the student in the learning process. It excessively clarifies the purpose of the lesson and the importance of learning it, which keeps the student motivated.It also offers assessment to determine whe ther the assimilator is on the right track, which reduces uncertainty, surprise, and disappointment of both the instructor and the learner. This is especially serviceable for students with low self-esteem and learning disabilities. It allows the teacher to give positive feedback on their achievement. This could also minimize the level of frustration for the learner and the instructor. In addition, scaffold keeps the learner engaged in the lesson or task (Van Der Stuyf, 2002). Although it offers many advantages, scaffolding has a number of disadvantages as well.As scaffolding is individualized, it could be extremely time-consuming and its implementation in a large class would be challenging. The implementation of scaffolding may also require a teacher to be properly trained for it to be effective. In scaffolding, the teacher needs to give up some of the control and allow the students to commit errors, which could be difficult for the teacher. However, despite the disadvantages, th e positive impact of scaffolding on learning and development is very apparent (Van Der Stuyf, 2002).

Factors Affecting Share Prices

internationalistic Research Journal of finance and economic science ISSN 1450-2887 make do 30 (2009) EuroJournals Publishing, Inc. 2009 http//www. eurojournals. com/finance. htm Determinants of Equity impairments in the farm animal Markets Somoye, Russell Olukayode Christopher Dept. of Banking & Finance, Faculty of Management Science Olabisi Onabanjo University, Ago Iwoye, Nigeria P. O. Box 1104 Ijebu-Ode, Ijebu-Ode, Ogun State, Nigeria E-mail emailprotected com Akintoye, Ishola Rufus Dept. of Accounting, Faculty of Management Science Olabisi Onabanjo University, Ago Iwoye, Nigeria E-mail emailprotected com Oseni, Jimoh Ezekiel Dept. f Banking and Finance, Faculty of Management Science Olabisi Onabanjo University, Ago Iwoye, Nigeria E-mail emailprotected com Abstract Brav & Heaton (2003) everyeges market indeterminacy (a internet site where it is impossible to determine whether an summation is efficiently or ineffectu anyy scathed) in the line market. Kang (2008) palisa de that empirical political campaigns of linear positive set examples show presence of mis expense in asset pricing. Asset pricing is considered efficient if the asset legal injury reflects exclusively obtainable market education to the extent no informed trader support transcend the market and / or the uninformed trader.This contract examined the extent to which some information featureors or market indices run into the fall wrong. A model defined by Al-Tamimi (2007) was employ to regress the variables ( business monetary values, wampum per sh atomic number 18, down-to-earth domestic product, lending stake wander and foreign exchange identify) after testing for multicollinarity among the in attendent variables. The multicollinarity test revealed very strong correlation surrounded by gross(a) domestic product and crude oil price, gross domestic product and foreign exchange rate, lending invade rate and inflation rate.All the variables substantiate electro positive correlation to stock prices with the exception of lending interest rate and foreign exchange rate. The outcomes of the sight agree with earlier studies by Udegbunam and Eriki (2001) Ibrahim (2003) and Chaudhuri and Smiles (2004). This study has enriched the existing literary productions while it would help policy makers who ar interested in deploying instruments of m wiztary policy and early(a) economic indices for the produce of the chapiter market. Keywords Stock prices, CAPM, models, coefficient, efficient, stock market. multinational Research Journal of Finance and economics Issue 30 (2009) 78 1. 0. Introduction The price of a commodity, the economist makes us to believe is determined by the forces of demand and add on in a free economy. Even if we accept the economists view, what factors influence demand and supply behavior? Price? Yes, but not all the metre, at least in that location argon some other factors. In the securities market, whether the primary o r the secondary market, the price of blondness is signifi foottly influenced by a number of factors which include concord rate of the business faithful, dividend per sh be, profits per sh atomic number 18, price earning ratio and dividend cover (Gompers, Ishii & Metrick, 2003).The most basic factors that influence price of honor sh be are demand and supply factors. If most people start buying then prices move up and if people start selling prices go down. Government policies, quicks and efforts writ of execution and potentials arrive effects on demand behaviour of investors, both in the primary and secondary markets. The factors affecting the price of an righteousness share can be viewed from the macro and micro economic perspectives. Macro economic factors include politics, general economic conditions i. e. how the economy is performing, government regulations, etc.Then there may be other factors like demand and supply conditions which can be influenced by the perf ormance of the company and, of course, the performance of the company vis-a-vis the industry and the other players in the industry. In a study of the impact of dividend and earnings on stock prices, Hartone (2004) advocates that a meaningfully positive impact is made on equity prices if positive earnings information occurs after proscribe dividend information. Also, a significantly controvert impact occurs in equity pricing if positive dividend information is fol pocket-sizeded by negative earning information.Docking and Koch (2005) discovers that there is a train relationship between dividend announcement and equity price behavior. Al-Qenae, Li & wear (2002) in their study of the effects of earning (micro-economic factor), inflation and interest rate (macro-economic factors) on the stock prices on the Kuwait Stock step in, discovered that the macro-economic factors significantly impact stock prices negatively. A previous study by Udegbunam and Eriki (2001) of the Nigerian ca pital market alike shows that inflation is inversely correlated to stock market price behaviour.A number of models developed for asset pricing are two variable models. For instance the peachy asset pricing model (CAPM) developed by Sharpe (1964) considers the risk-free degenerate and volatility of the risk-free return to market return as the determinants of asset price. Asset price as described by CAPM is linearly related to the two nonparasitic variables. Many studies have concluded that over the classs assets were being underpriced (Smith, 1977 Loderer, Sheehan & Kadlec, 1991) and this raises the question of the adequacy of the various asset pricing models to ensure efficient asset pricing.Brav & Heaton (2003) alleges market indeterminacy, a situation where it is impossible to determine whether an asset is efficiently or inefficiently priced. Kang (2008) found that empirical tests of linear asset pricing models show presence of mispricing in asset pricing. Asset pricing is co nsidered efficient if the asset price reflects all available market information to the extent no informed trader can outperform the market and / or the uninformed trader. This study aims at examining the extent to which some information factors or market indices affect the stock price.The rest of the paper is intentional as follows voice 2 reviews literature on factors influencing asset prices, effects of inefficient asset pricing and some of the existing asset pricing techniques. Section 3 states the data and the sources, the data restructuring and the model used for data analysis while Section 4 discussed and interpret the results of the data analysis. Lastly, section 4 is the conclusion. 2. 0. abstract Framework and Literature analyse 2. 1. Conceptual Framework Several attempts have been made to identify or study the factors that affect asset prices.Some researchers have also tried to determine the correlation between selected factors (internal and external, 179 planetary Re search Journal of Finance and Economics Issue 30 (2009) market and non-market factors, economic and non-economic factors) and asset prices. The outcomes of the studies transform depending on the scope of the study, the assets and factors examined. Zhang (2004) designed a multi-index model to determine the effect of industry, country and international factors on asset pricing. Byers and Groth (2000) defined the asset pricing do work as a function utility (economic factors) and non-economic (psychic) factors.Clerc and Pfister (2001) posit that monetary policy is capable of influencing asset prices in the long run. Any change in interest rates curiously unanticipated change affects addition expectations and the rates for discounting investment next interchange flows. Ross (1977) APT model which could be taken as a protest of one factor model of CAPM which assumes that asset price depends only on market factor believe that the asset price is influenced by both the market and non- market factors such as foreign exchange, inflation and unemployment rates.One of the defects of APT in spite of its advancement of asset pricing model is that the factors to be included in asset pricing are unspecified. Al Tamimi (2007) identified company rudimentary factors (performance of the company, a change in board of directors, appointment of bran-new counseling, and the creation of new assets, dividends, earnings), and external factors ( government rules and regulations, inflation, and other economic conditions, investor behavior, market conditions, money supply, competition, uncontrolled natural or environmental circumstances) as influencers of asset prices.He developed a straightfor struggled regression model to measure the coefficients of correlation between the in open and dependent variables. SP = f (EPS, DPS, OL, gross domestic product, CPI, INT, MS) Where, SP Stock price EPS Earnings per share DPS Dividend per share OL Oil price GDP Gross domestic product CPI Con sumer price index INT Interest rate and MS Money supply. He discovered that the firms fundamental factors exercise the most significant impact on stock prices.The EPS was found to be the most influencing factor over the market. Studying the effects of the Iraq war on US financial markets, Rigobon and Sack (2004) discovered that increases in war risk caused declines in Treasury yields and equity prices, a widening of lower-grade corporate spreads, a fall in the dollar, and a rise in oil prices. A positive correlation exists between the price of oil and war. They argue that war has a significant impact on the oil price.Tymoigne (2002) argue that in the financial market, banking convention and financial convention work together to fix the assets market prices. concord to him the financial convention creates a speculative sentiment of whether capitalists are more prone to sell, or to buy assets while the banking convention determines the state of credit as evidenced by the confidence o f the banking sector and ability of investors accessing credit leverage for asset acquisition purpose.He concluded that conventions do not determine asset-price, it is the law of supply and demand that does so, conventionsonly influence the behaviors of financial actors Inflation as an external factor exerts a very significant negative influence on the stock prices in Nigeria (Zhao,1999 & Udegbunam and Eriki, 2001). Factors affecting asset prices are numerous and inexhaustible. The factors can be categorized into firm, industry, country and international or market and non-market factors, and economic and noneconomic factors. All the factors can be summarized into two classes micro and macro factors.Factors in each class of the classification are inexhaustible. For instance, the firm factors include, ownership structure, management quality, labour force quality, earnings ratios, dividend payments, net book nourish, etc. have impact on the investors pricing decision. Molodovsky (199 5) believes that dividends are the hard core of stock measure out. The value of any asset equals the present value of all notes flows of the asset. 2. 2. Effects Of Inefficient Asset Pricing Inefficient asset pricing could be a catalyst to inefficient resource allocation among competing productive investment opportunities.Underpricing can serve as positive signal to the market (Giammariano & Lewis, 1989) to compensate the uninformed and get them to participate in the new International Research Journal of Finance and Economics Issue 30 (2009) 180 offer (Rock, 1986 Allen & Faulhaber, 1989 Grinblatt & Hwang, 1989 Welch, 1989). The market is information-sensitive. Prices tend to take a declining motion few days to the release of a firms new offer and the price recovery starts few days after the completion of the offer, especially if he offer is fully subscribed (Barclay and Litzenberger, 1988). Easley, Hridkjaer and OHara (2001) agree that market is information sensitive at least to the extent that private (insider) information affect asset returns and advised that it should not be ignored for efficient asset pricing. The firms beta ratios, its market value to book value, its current price to earnings ratio and the historical produce rate in earning per share are identified by Moore & Beltz (2002) as possessing strong influence on the equity price of the firm.They also argue that the identified factors have varying effects on the price and the effects vary from time to time, sector to sector and level from firm to firm within the same industry. For instance, they argue that equity prices of individual firm in heavy industries (chemical, petroleum, metal and manufacturing) are exclusively influenced by the firms beta and market to book value while firms in the technology sector are influenced by the historical produce rate in earning per share as well as beta and market to book value ratio.The equity price in transportation industry is affected by beta and p rice to earning ratio. Though, Moore & Beltz (2002) constructed a tree relating the impact of each identified factors in each of the selected model but did not construct a model that could be used in assessing direct impact of the identified factors on the equity price. Asset pricing could be a challenge.Hordahl & Packer (2006) argue that a clear understanding of the assets stochastic discount factor and future payoffs is necessary to understand the factors that determine the price of an asset. Unfortunately, only Government instruments submit their stochastic discount factor in advance while the future payoffs are not observable directly but could be derived from some other data. Corwin (2003 identifies uncertainty and asymmetric information as a strong influence on the firms equity pricing and as a amour of fact lead to underpriced instrument.In the light of the preceding literature review, many factors both micro and macro-economics, have impact on equity pricing in the stock m arket, the impact differs from firm to firm, industry to industry, economy to economy and from time to time, but one comforting conclusion is that most of the factors appear to have the same behaviour regard slight(prenominal) of time, industry or firm constraints.For instance, change magnitude inflation and interest rates, declining dividends, earnings, poor management leave negative impact on equity pricing and vice-versa 2. 3. Asset Pricing Techniques There are several asset pricing models aside from CAPM and APT which are both linear model. A few of the available (non-linear) asset pricing techniques are reviewed in this section. 2. 3. 1. Residual Income military rating This is one of the oldest valuation model with a trace to the work of Preinreich (1938).The valuation model discounts the future expected dividends and potential value of shareholders funds to the present value, giving effect to a proposition that the price of equity can be derived from the present value of all future dividends. Lo and Lys (2000) reviewed the Olhson exercise (OM) developed in by Ohlson (1995) and which has been acknowledged with wide acceptance (Joos & Zhdanov, 2007 Chen & Zhao, 2008). The OM provides a platform for the empirical test of the quietus income valuation (RIV).Lo and Lys (2000) defined RIV as RIV = Pt = ? R-r Et (dt+r) Where Pt is defined as the equity market price at time t, dt represents dividends at the end of time t, R is the unity plus the discount rate (r) and Et is the expectation factor at time t. The RIV from the present value of expected dividend is based on the assumptions that (i) the news report system meets the clean surplus relation i. e. 181 International Research Journal of Finance and Economics Issue 30 (2009) To derive RIV from PVED, two additional assumptions are made.First, an accounting system that satisfies a clean surplus relation (CSR) is assumed bt = bt-1 + xt dt, bt represents the book value of equity at time t, xt represents the earnings at time t, and (ii) it is assumed that the book value of equity would grow at a rate less than R, that is R-r Et (bt+r) ) 0 The assumptions form the basis to argue that the present value of expected dividend is a function of both the book value and discounted expected abnormal earnings.In that case RIV signifying the price of the asset can be stated thus Pt = bt +? t=1 R-r Et (xat+r) Where xat = xt rbt-1. sampleing RIV empirically could be a contention on the premises that it has only one sided guesswork asset price is a function present value of future dividends. A rejection of the hypothesis when tested empirically may arouse differ voices from researchers who had believed in the efficacy of the model. In fact, Lee (2006) expressed the view that residual income valuation model provides a better valuation than the dividend model.John and Williams (1985), and Miller and Rock (1985), argue that dividend is a communication tool for the firm to pass information to the mar ket in the event of information asymmetry which implies that there is a positive correlation between information asymmetry and a firms dividend policy. 2. 3. 2. Economic Valuation deterrent example This model traced to Tully (2000) is developed to recognize economic profits as against the use of book profit in the valuation of asset.The model builds on the premises of profit maximization by owners of the firm and the profit is not to be restricted to book value, rather it covers the opportunity cost of not investing in profitable projects. Economical profit is differentiated from the book profit as the difference from revenues and economical costs (i. e. book costs plus opportunity cost of failure to invest in profitable project. The book profit can be defined as revenue less costs while economic profit is defined as total revenue from investment less cost of capital.Economic profit is higher than normal book profit because of the opportunity cost considered in the former. There ar e two approaches to the estimation of economic value added (Koller, Goedhart & Wessels, 2005 Jennergren, 2008). The first is NOPLAT less capital charge (i. e. WACC multiplied by initial capital outlay). The value of the operating assets is therefore the initial capital outlay plus the present value of cash flows derived from economic value added.To obtain the equity value, the value of debt is deducted from the value of the operating assets. The second approach involves EBIT less taxes (i. e. PAT). PAT less capital charge after recognizing deferred taxes as part of the invested capital. The operating assets remain as the initial capital outlay (having considered the effect of deferred taxes) plus the present value of all income derived from the economic value added.Economic Valuation of Asset (EVA) Model as defined by Kislingerova (2000) is stated as EVAt = Pt = NOPATt Ct x WACCt where NOPATt is make Operating Profit After Tax or the profit after tax (PAT), Ct is long-term capital (Ct is the sum of equity and invested capital or alternatively, it is the total of fixed assets and net working capital), WACC is Weighted Average Cost of Capital. Whenever EVA O, the shareholders wealth is maximized, if EVA =0 then there is a break-even point and at EVA 0 the shareholders wealth is in decline.EVA model serves as a tool in measuring both the performance of the firms as well its value. WACC serves a dual purpose. It is used in the calculation of EVA and its serves as the rate for discounting the present value of future earnings to the present time t. The value of the firm is therefore the addition of the book value of capital and the present value of future EVA. To derive the value of equity the value of debt would be deducted from the value of the firm. International Research Journal of Finance and Economics Issue 30 (2009) 182 2. 3. 3.Discounted immediate payment Flow Model The model uses accounting data as input and the objective of the model is to derive equ ity value of a going concern. The value of equity is derived by deducting the value of debt (excluding deferred taxes and trade credits) from the total assets. Deferred taxes are regarded as part of equity (Brealey, Myers & Allen, 2006). There are several innovations to the adoption of the model (Jennergren, 2008). The discounted cash flow (DCF) is more adaptable to the valuation of a firm with high level of assets in place and low level of uncertainty about future cash flows (Joos & Zhdanov, 2007).Cash flows available for discounting include dividends, free cash flow to equity and free cash to the firm (debt and equity). A firm can experience three types of growth ranging from stable growth, high growth to stable growth and high growth through transition to a stable growth. The discount rate could be either cost of equity, cost of debt or the weighted cost of capital (WACC). The choice of discount rate should depend on the type of cash flow (equity or firm) to be discounted. At le ast two models can be derived from the cash flow model.The Dividend Discount (DD) Model is suitable for a firm that pays dividends close to the free cash flow or where it is difficult to estimate the free cash flow to equity. The second model, forgive Cash Flow Model is suitable where there is a significant margin between dividends and free cash flow to equity or if dividends are not available. The value of firm witnessing stable growth is given as CUsersjoseniD esk top D esk to pDISCOUNTED CA SHFLOW MODELS WHA T THEY A RE A ND HOW TO CHOOSE THE RIGHT ON E__filesImage8. if or a firm that experiences two stages of growth (i. e. high growth to stable growth), the value of the firm is CUsersjoseniDesk topDesk topDISCOUNTED CA SHFLOW MODELS WHA T THEY A RE A ND HOW TO CHOOSE THE RIGHT ONE__filesImage9. gif The value of a firm experiencing three levels of growth (i. e. high growth through transition to stable growth) is given as CUsersjoseniDesk topDesk topDISCOUNTED CA SHFLOW MODELS WH A T THEY A RE A ND HOW TO CHOOSE THE RIGHT ONE__filesImage10. gifWhere V0 represents equity value or firm value depending on which is discounted, CFt represents cash flow at time t, r represents cost of equity (for dividends or free cash flow to equity) or cost of capital ( for free cash flow to firm), g represents expected growth rate, ga represents initial expected growth (high growth period) and gn represents growth in a stable period n and n1 are defined as the period in a two stage growth and high growth in a three stage growth models respectively while n2-n1 represents the transition period in the three stage growth model. . 3. 4. Dividend Valuation Model This is one of the commonest and simplest models for valuation of equity in the secondary market. The equity value is taken as the summation of discounted dividends receivable each year till the year of maturity and the price the equity is expected to be sold at maturity. The value of an investment is taken to be the discount ed value of the cash flows.There are different stochastic variables to the model ranging from One period valuation one Period to multi-periods Po = D1/(1 + ke) + P1/(1 + ke) Po = D1/(1 + ke)1 + D2/(1+ke)2 ++ Dn/(1+ke)n + Pn/(1+ke)n multi- period and to indeterminate length of time timeless existence and, growth Po = D/(1+ke) (including Gordon growth) variations. D0(1+g)1 + D0(1+g)2 +.. + D0(1+g)? Po = (1+ke)1 (1+ke)2 (1+ke)? or 183 Po = International Research Journal of Finance and Economics Issue 30 (2009) D0 ke g) Where D = dividend gainful / expected g = dividends growth rate = cost of equity or equity rate of return ke 1 n = period variation One of the motives behind the use of this valuation model is to identify over and underpriced shares. Moving away from the simplest form of this model Go and Olhson (1990) introduced a more tasking do work for generating dividends and returns on equity investment which they adopted in some more specific valuation models.The process is based on some assumptions such that equity holders would receive net dividends and there exists a linear relationship between variables. John and Williams (1985), and Miller and Rock (1985) argue that dividend is a communication tool for the firm to pass information to the market in the event of information asymmetry which implies that there is a positive correlation between information asymmetry and a firms dividend policy. 3. 0. Research Methodology We define the research hypotheses, sampling and data collection techniques as well as the statistical techniques used to test the data. . 1. Research Methodology We test the following hypotheses Ho1 The earning per share significantly affects the stock price Ho2 The national gross domestic products significantly affect the stock price Ho3 The lending interest rate significantly affect the stock price Ho4 The foreign exchange rate significantly affect the stock price 3. 2. Model From the hypotheses, the stock price is a function of t he impact of earning per share, dividend per share, gross domestic, interest rate and oil price.We restricted the influencing factors to five as representatives of the firms fundamental factors and external (country) factors. A simple linear regression model derived from Al-Tamimi (2007) is adopted for the study. Unlike Al-Tamimi (2007) who included consumer price index (CPI) and money supply (MS) as independent variables, those variables were replaced with inflation rate (INFL) and foreign exchange rate (FX) in view of the significant impact they have on the economies of developing countries.SP = f (EPS, DPS, GDP, INT, OIL, INFL, FX) Where, SP is the stock price EPS is the earnings per share DPS is the dividend per share GDP is the gross domestic product, INT is the lending interest rate, OIL is the oil price INFL is inflation and FX is the foreign exchange rate. SP is the dependent variable and it is used to regress the other independent variables (EPS, DPS, GDP, INT, OIL, INFL, F X) in the stock market. The outcome of the regression would be the variance on the dependent variable as resulting from the impact of the independent variables.To explain the effects of multicollinearity normally associated with multi-variables in regression analysis, multicollinearity test is conducted to explain the extent of correlation between the independent variables.. A sextuple regression software (WASSA) was used to test the multicollinearity among the independent variables before proceeding to conduct the regression analysis. International Research Journal of Finance and Economics Issue 30 (2009) 3. 3. Data Sampling 184 There are over 130 companies whose shares are being traded in the Nigerian capital market.The Banking sector in the last five years has dominated the market in terms of trading volumes and market performance. The earning per share (EPS) and dividend per share (DPS) of twelve companies listed on the Nigerian Stock Exchange (NSE) and (average) annual GDP, crude oil price (OIL), lending interest rate (INT), inflation rate (INFL) and foreign exchange rate (FX) are used are analysed for effect on the stock price. The period covered by the data is year 2001 to 2007. The choice of the companies and period used for the data gathering depend on availability of data. . 4. Data Restructuring Weights are attached to EPS and DPS for each of the companies sampled for each of the year. The weight is derived as a ratio of the companys EPS or DPS to the total EPS or DPS of all the companies for each of the years. The weight is thereafter multiplied with the respective company EPS or DPS to derive weighted stock price (SP), EPS or DPS and thereafter all the companies weighted SP, EPS or DPS are summed together for each of the year (APPENDIX I). 4. 0. Findings and InterpretationIn a linear expression where more than two variables are deployed, multicollinearity between variables may not be ruled out. A multicollinearity test is therefore conducted fo r all the independent variables. Using the Pearson coefficient of correlation, we consider any correlation between two variables + 0. 75 as strong. For instance, from set back 1 below there is no significant correlation between earnings per share and dividend per share. Our explanations for it are into parts.First, all the companies in the sample describe earnings per share for each of the years covered by the study though in some instances the EPS are negative but not all the companies declared and /or paid dividends throughout all the periods. Secondly, EPS movement unlike DPS is largely outside the control of the Management. There is a strong correlation between crude oil price and GDP. The justification for the correlation between crude oil price and GDP can be found in the fact that the Nigerian economy predominantly depends on oil revenue.Table I DPS EPS GDP OIL INT INF FX Outcomes of the Multicollinarity Test (Pearson Coefficient of Correlation DPS 1 -0. 302 0. 609 -0. 395 -0. 498 -0. 521 0. 724 EPS 1 -0. 523 -0. 596 0. 366 0. 778 -0. 037 GPD 1 0. 959 -0. 702 -0. 492 0. 795 OIL INT INFL FX 1 -0. 706 -0. 434 0. 614 1 0. 988 -0. 424 1 -0. 313 1 A strong correlation also exist between INFL and INT which mogul be the result of manufacturers and service providers passing increased lending interest rate to consumers. A strong correlation exists between FX and GDP.Unexpectedly, there is a strong correlation between INF and EPS, we do not have any explanation for this relationship. For our regression analysis, OIL and INFL were dropped from the model. Though there is a strong correlation between FX and GDP, both variables are used in the regression. FX and GDP variables are significant to the economy of developing nations like Nigeria, therefore their exclusion from the regression would result in a very high continuous (? ). 185 International Research Journal of Finance and Economics Issue 30 (2009)A regression analysis was run on the independent variable s DPS, EPS, GDP and INT after dropping OIL, INFL and FX. Table I shows the result of the regression analysis. Table II jointuremary of the Regression Analysis R2 0. 99996 ? 67. 2385 0. 3835 0. 0869 0. 3805 0. 8236 1. 9741 Adjusted R2 0. 99978 T Test 9. 597 36. 259 33. 369 21. 809 7. 375 11. 214 Standard Error of Estimates 0. 4752 F Test 5385. 033 R 0. 99998 Constant DPS EPS GDP INT FX The stock price (P) is highly sensitive to variation as indicated by R2 of 0. 99996. In other words there is 99. 9% and as a matter of fact 100% in stock variation caused by the independent variables. The variability as measured by coefficient of variation (? ) is expectedly positive for DPS, EPS and GDP and expectedly negative for lending interest (INT) though quite significantly. The ? for DPS and EPS though positive were not significant. Many of the companies resorted to bonus issues instead of dividends and the Nigerian investors are more interested in incomes rather than capital appreciat ion especially where the stock market performance is poor.The failure to declare and pay dividend leaves two negative impacts on stock prices. The existing investors are denied additional funds to invest and the potential investors seeking investment incomes are discouraged. The hypothesis that EPS affect stock price significantly is accepted. The positive GDPs coefficient in relation to the stock price is in agreement with some other studies (Udegbunam and Eriki,2001 Ibrahim 2003 Mukherjee and Naka 1995 Chaudhuri and Smiles, 2004). The ? is insignificant at 0. 805 and this might not be unconnected with the increasing foreign reserve maintained by CBN from the proceeds of crude oil gross revenue. The proceeds of the crude oil sales are not released to the economy for investment in various productive sectors of the economy but rather held in foreign economies as part of the CBNs monetary policies. The domestic economy is denied of the investments that would have occurred if the funds in the foreign reserve are released for spending in the domestic economy. The hypothesis that the GDP affects stock price significantly is accepted.The coefficient of interest which is negative is expected and found to be significant. The negative coefficient of the lending interest rate is in agreement with the findings of Al-Qenae, Li & Wearing (2002), and Mukherjee and Naka (1995). Lending interest rate is a strong tool in the hands of CBN to influence the economy and where the interest is high as it is Nigeria where lending interest rates hovers between 22% and 25%, the accessibility of the investors to access funds is curtailed and the impact on the stock price would be negative as shown.The hypothesis that lending interest rate affects the stock price significantly is accepted The foreign exchange rates coefficient is significantly negative at significant level of 10%. This is not unexpected. Local and foreign investors tend to invest in an economy that has a very high curren cy exchange rate to foreign currencies. The local investors are discouraged from taking their funds out of the economy for fear of reduced purchasing while foreign investors are support otherwise for increased purchasing power. The hypothesis that foreign exchange rate affects the stock price significantly is accepted.Lastly, the constant (? ) is 67. 2385 (negative). This suggests that the minimum stock price in the market is 0. We had initially excluded FX from the regression for the reason of its collinearity with GDP but the constant was negative and excessively high. The inclusion of FX has reduced the negativity which is an indication that there are other important variable(s) that significantly affect the stock prices but not considered in this study. The stock price cannot be 0 except the company is in liquidation. International Research Journal of Finance and Economics Issue 30 (2009) 186This raises an important question of what factor(s) could have accounted for the ext ra ordinary stock market performance in Nigeria between 2005 and 2007 where some stocks return over 1000% per annum. The nation House of Representatives Committee on Capital Markets expressed sicken at the hike in the stock prices of companies in the banking and oil sectors (Thisday Newspapers, 2008). The hike which may not be a non-economic factor (such as political, unhealthy competition, profiteering by issuers who are at the same time market investors) may be the omitted important variable accounting for the high ?. . 0. Conclusions and Recommendations The forces of demand and supply have direct effect on the stock price while the other indeterminate number of firm, industry and country factors influences the demand and supply factors. The effect, positive or negative the other factors apart from the demand and supply leave on stock price are not static rather changes. For instance, lending interest rate effect could be positive or negative depending on the aim of the CBN in de ploying it as one of the tools for implementing monetary policy.The study has contributed to existing literatures in positivistic or raising new issues with respect to other factors influencing stock prices. 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Frank (2004) Information Uncertainty and Stock Returns An Article Submitted to The Journal of Finance Manuscript 1149 www. afajof. rg/afa/forthcoming/zhang_information. pdf Zhao, Xing-Qiu (1999), Stock prices, inflation and output evidence from China, Applied Economics Letters, 6 Appendix Appendix I Selected Market Indices (2001 2007) YEAR PRICE* DPS* EPS* GDP** INT** 42. 53 430. 00 393. 29 431,783. 10 21. 34 2001 43. 70 432. 72 412. 52 451,785. 60 29. 70 2002 109. 21 577. 63 459. 83 495,007. 10 22. 4 7 2003 116. 76 552. 48 600. 59 527,576. 00 20. 62 2004 110. 56 466. 97 708. 90 561,931. 40 19. 47 2005 102. 33 553. 87 1,666. 03 595,821. 61 18. 43 2006 95. 87 549. 93 894. 96 561,776. 34 19. 1 2007 Source Central Bank of Nigeria Statistical Bulletin** Cashcraft Asset Management Limited / APT Securities and Fund Limited * OIL** 24. 50 25. 40 29. 10 38. 70 57. 60 66. 50 54. 27 INFLE** 18. 90 12. 90 14. 00 15. 00 17. 90 8. 20 13. 70 FX ** 111. 94 120. 97 129. 36 133. 50 132. 15 128. 65 131. 43 189 International Research Journal of Finance and Economics Issue 30 (2009) Appendix II Regression Analysis Of Selected Market Indices (2001 2007) Multiple analog Regression Estimated Regression Equation SPt = +0. 38353330161483 DPSt +0. 086971432931437 EPSt +0. 38049146437789 GDPt -0. 82357353121514 INTt -1. 740597666311 FXt -67. 238476376193 + et Multiple bilinear Regression Ordinary Least Squares Variable DPSt EPSt GDPt INTt FXt Constant Variable %DPSt %EPSt %GDPt %INTt %FXt %Constant Variable Parameter 0. 383533 0. 086971 0. 380491 -0. 823574 -1. 97406 -67. 238476 snapshot 2. 201042 0. 359282 2. 221624 -0. 200986 -2. 822992 -0. 75797 Stand. Coeff. S. E. 0. 010577 0. 002606 0. 017447 0. 111666 0. 17603 7. 006084 S. E. * 0. 060703 0. 010767 0. 101869 0. 027251 0. 25173 0. 078979 S. E. * T-STAT H0 parameter = 0 36. 259468 33. 368601 21. 808584 -7. 375331 -11. 214366 -9. 597156 T-STAT H0 elast = 1 19. 785697 -59. 07274 11. 992081 -29. 320395 7. 241855 -3. 064493 T-STAT H0 coeff = 0 2-tail p-value 0. 017553 0. 019073 0. 029171 0. 085794 0. 056618 0. 066096 2-tail p-value 0. 032148 0. 010697 0. 052964 0. 021704 0. 087356 0. 200805 2-tail p-value 1-tail p-value 0. 008776 0. 009536 0. 014585 0. 042897 0. 028309 0. 033048 1-tail p-value 0. 016074 0. 005349 0. 026482 0. 010852 0. 043678 0. 100402 1-tail p-value 0. 008776 0. 009536 0. 014585 0. 042897 0. 028309 0. 5 S-DPSt 0. 763848 0. 021066 36. 259468 0. 017553 S-EPSt 0. 69251 0. 020753 33. 368601 0. 019073 S-GDPt 0. 72 9372 0. 033444 21. 808584 0. 029171 S-INTt -0. 09814 0. 013307 -7. 75331 0. 085794 S-FXt -0. 48017 0. 042817 -11. 214366 0. 056618 S-Constant 0 0 0 1 Computed against deterministic endogenous series *Note Multiple Linear Regression Regression Statistics Multiple R 0. 999981 R-squared 0. 999963 Adjusted R-squared 0. 999777 F-TEST 5385. 033289 Observations 7 Degrees of Freedom 1 Multiple Linear Regression Residual Statistics Standard Error 0. 475177 Sum Squared Errors 0. 225793 Log Likelihood 2. 086595 Durbin-Watson 3. 380955 Von Neumann Ratio 3. 944448 et 0 3 et 0 4 Runs 6 Runs Statistic 1. 333946 NB Regression analysis was done employ a software developed by Wessa (2008)