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Introduction and how to write an academic essay
TASK ONE
OBJECTIVE: INTRODUCING YOURSELF TO THE GROUP
Name:
Where are you from?
What are you studying?
What are you expecting from this course?
How are the major contributions that you can make to the group? You may want to think in terms of writing, mathematical, analytical, research skills.
[20 mins]
TASK TWO
OBJECTIVE: GROUP FORMATION
Ensure that you manage to form a group in this first tutorial. Select the group members carefully as you will work with them for the rest of the semester. It is important to know that we do not interfere with any of the group problems during the semester. With this in mind, form a group in such a way that you have the four skills mentioned above.
[10 mins]
TASK THREE
OBJECTIVE: ACADEMIC ESSAY WRITING
Discuss how you will structure an academic essay for this course?
[30 mins]
TUTORIAL 1 - Solutions
Introduction and how to write an academic essay
TASK ONE
OBJECTIVE: INTRODUCING YOURSELF TO THE GROUP
Name: Vikash Ramiah
Where are you from?
Born in Mauritius, I now live in Melbourne.
What are you studying?
I have my Hons. in (Economics), Master in Finance & PhD in Finance
What are you expecting from this course?
I am trying to introduce you to my most recent research interests in Finance
How are the major contributions that you can make to the group?
My strengths are in Quantitative Analysis, i.e. I can handle the mathematics reasonably well.
TASK TWO
OBJECTIVE: GROUP FORMATION
Congratulations. You do have a group. Unlike the other courses, I would like you to seize this opportunity to get to know your group members as you will graduate by the end of the year. Unfortunately the one hour weekly meeting is not going to be enough. I will encourage you to meet outside the tutorial time to discuss your essays. You will use the same group for any other and further discussions. Most importantly the CALF exercise cannot be performed if you do not belong to a group.
So let’s begin the group first group task. Tackle task number three as a GROUP. Good luck.
TASK THREE
OBJECTIVE: ACADEMIC ESSAY WRITING
This is the research question and we will now attempt develop a structure to answer it.
Introduction (50%)
Information gathering/Research
Define the terms using the right finance terminologies
Ensure you quote the leading paper in this section
Ensure you have a latest publication in the area
Cite as many articles as possible. A complete literature review will contain all the relevant articles in the list of reference.
Analytical and Writing
Relate the introduction to the question. You will have to check if the literature answers the question. If yes, then state what the results are and thus there is no need to carry any research as the question has been answered. If the literature does not address this question, then you have identified a research topic. Using the literature to identify such gaps is known as the academic rationale for conducting this research. There are also the practical rationale, i.e. practitioners are wants this research to be conducted as they require a solution.
You may want to download and read the academic journal articles. If you read the introduction, you will have an idea on how to write the introduction. Don’t you worry; we will assist you in developing those skills over the remaining weeks during the CALF exercise.
Methodology (30%)
Quantitative/Mathematical Skill
What is the technique used to test the theories?
This is where you will use mathematical and statistical tools to prove your point (theory). You are not required to empirically test your model and a theoretical discussion of how you will solve the gap identified in the literature is sufficient for this course. If you establish that literature has answered the question, then you can just discuss the methodology used in the earlier studies. If the literature does not answer the question, then you will need to develop a methodology to solve the problem. Based on your new model, you will be forming some hypotheses and you will have to state what you expect the outcome to be.
Conclusion (20%)
The answer to the question is the conclusion. If you have identified a gap in the literature and have developed a model to test for this theory, your answer will be the hypotheses that you have come up with. If on the other hand, the literature has already answered the question, you will write the findings of the study as your conclusion.
TASK TWO
Critical and Analytical Learning in Finance One (CALF ONE)
Explain how the noise trader model can be applied in China.
Note that this essay was written by a student and I will use this as an example to demonstrate what is expected in an essay for this course.
Literature Review Section
Black(1986) introduced us to the concept of an irrational style of trading he described as “noise trading”. He questioned the efficient market hypothesis (EMH) developed by Fama (1965) which asserts that financial markets are "informationally efficient" and that the price of traded assets reflects it true intrinsic value and all available information. Black (1986) did not oppose the idea if information traders, rather he made the classical distinction between information traders and noise traders, the latter being those who trade based on uncertainty and future expectations as opposed to trading on the basis of factual information. Although Black’s article was the catalyst for this school of thought, there have been numerous academics who acknowledge the existence of irrational traders and have attempted to empirically prove the existence and the effects of such traders on various markets including, Truman (1988) De Long, Shleifer, Summers and Waldman (DSSW) (1990), Shefrin and Statman (1994), Ramiah and Davidson (2007) and of recent Podolski – Boczar, Kalev and Duong (2009). In 2006 Scruggs stated that “Noise trading now occupies an important place in the theory of finance and has been a cornerstone of market microstructure theory since Kyle (1985) Noise trading has been suggested as an explanation for asset pricing “anomalies” such as the “excess volatility puzzle” first documented by Shiller (1981) and LeRoy and Porter (1981). Recently Han (2009) has shown that information traders commove with the irrational effects in the markets caused by noise traders to allow them to reveal less information in the short term. This allows them to make profits in the long term. In this paper we attempt to use the information adjusted noise model (forthwith IANM)developed by Ramiah and Davidson(2007) to examine the existence of noise traders in China and hence inefficiencies in the Chinese equity market.
Black’s (1986) that if a model included information traders then it must also incorporate noise traders. Black’s (1986) rationale for this statement stems from his definition of the two market agents being that noise traders are “traders that trade on noise as if it were information” and information traders as traders with “information or insights about individual firms”. Ramiah and Davidson (2007) defined noise traders as mum and dad investors who trade in “absence of information ” and information traders as those who trade on the basis of information”. In their model Ramiah and Davidson (2007) assume that information traders do not necessarily trade to correct market inefficiencies caused by noise trading, rather they themselves are also inclined to error in their trading decisions and hence giving rise to over and under reaction.
DDSW (1990) demonstrates that noise traders create “noise trader risk” as noise trading can lead to a large divergence between market prices and fundamental values. DDSW (1990) and Sias , Starks, and Tinic (2001) have focused their studies in building a noise trader model focused on closed end funds. While, Osler (1998) has defined Noise Trader Risk through technical analysis. Ramiah and Davidson (2007) have created a model to measure Noise Trader Risk that can be applied in different markets (generalised model) based on the ideas from DSSW (1990 ) and Shefrin and Statman’s (1994) Behavioural Asset Pricing Model (BAPM).
To date the existing literature has focused studying markets such as Australia and America however there is no research available on the effects of noise traders on the Chinese stock market. Chen et al. (2004) found that Chinese individual investors tend to be overconfident, inclined toward a disposition effect, and exhibit representativeness bias. This overconfidence coupled with the Chinese well known love of gambling allows us to logically infer that overreaction is most likely prevalent in the China A share market. We also believe that Information pricing error is prevalent in the B share market due to foreign investor’s lack of knowledge and familiarity with respect to Chinese equities and the companies they are investing in. Also as stated by Rawsky (2002) China’s share markets suffer from official manipulation, insider dealing, and fraudulent reporting which will in turn have an effect on the decisions made by informed traders. Many academics have however researched the volatility and inefficiencies in the Chinese stock markets. Girardin and Liu (2003) noted that “eminent observers argue that the stock market looks like a casino (Wu JingLian)” this was also noted by Lim and Brooks (2009) in their paper which re-examines the efficiency of the A- and B-shares markets in Shanghai and Shenzhen Stock Exchanges (SHSE and SZSE) using a battery of nonlinearity tests and their research suggests that investors in the Chinese stock markets trade like noise traders and simply speculate. Ng and Wu (2006) also noted that the decisions made by Chinese investors are often not influenced by stock fundamentals that are related to a firm’s financial information or future prospects, instead they are more likely ‘driven by their emotions, acting as noise traders, and hen
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