#Pakistan Greenwich University

[kyreniacommentator]

ARUCAD Enters Collaboration With Pakistan Greenwich University

A protocol has been signed between Arkın Creative Arts and Design University (ARUCAD) and Greenwich University Karachi campus, to enhance and promote mutual academic collaboration. This protocol allows for student and faculty exchanges between the two universities. Continue reading ARUCAD Enters Collaboration With Pakistan Greenwich University

[charlesandmartine]

Saturday 11th March 2023

The Brisbane City Hall was built in 1930 and was the largest clock tower in Australia at 92 metres in height, the tallest building in Brisbane until the 1960s. Cannily this beats the clock tower at the GPO building in Sydney which tops out at a mere 73 metres. No competition there then. The tour of the tower needs to be quick to get 4 people at a time up the top in a very old clanking lift, wave a hoof at the view and the bells and back down again before the clock does its Westminster chimes all over again. There's always going to be casualties in a tour program with limited time available. In this case having been able to view the views from the top it was thereafter basically: there's the bells made in the Loughborough foundry and there's a clock down there somewhere now all back in the lift, we're off. Um, is it weight driven and is it still wound by hand? Don't really know much about the clock as such. I expect you could look that up he said. For the horologists, the tower has 4 x 3 ton bells for the chimes and 1 X 4.3 ton bell for the hour strike. Lovely tones I must say. The clock itself is electric driven and operates from a master pendulum on the same basis as the Greenwich Observatory.

We then crossed the river to have a flat white in the Art Gallery Café. It would appear that the streets on the North Bank of the Brisbane River are named after English monarchy and across the river after British Prime Ministers. One person said, and I thought this was quite witty, they don't have a Truss street because there aren't any streets short enough! Anyway we had our coffee, popped into the Queensland Museum and popped back out again rather quickly because it was crawling with kids, then went to check on the theatre situation at the Queensland Performing Arts Centre to see if there were by any chance any tickets that had become available for tonight's play. No luck so we crossed the river again to do a bit of shopping. We really like the South Bank complex of theatre, art galleries and museums. It has a lovely relaxed feel about it and you can just meander around soaking up the atmosphere and today also the rain.

Being Saturday the shopping area has a bit of a carnival touch and with St Patrick's day not too far away now there was an Irish Band, possibly called Silken Thomas, playing sentimental tunes from the Emerald Isle. It's a universal ting that all nationalities seem to unite with a tear in the eye to the playing of an Irish ballad, as though we all have a longing for the old country. We've seen it in New York, Australia, Scotland, Birmingham and most weirdly in Amsterdam! How do these Celts do it? Just hope for Ireland's sake they don't all feel the pull and decide to return home. Martine who is half Irish had a lump in her throat. Even I did and I'm Anglo Saxon. (I think). So to the strains of Danny Boy, Whiskey in the Jar, Leaving of Liverpool and feeling all didley didley we ambled off to take a look at the next celebration, that of the Pakistan Australian Cultural Association that is setting up in George Square. We were hoping they might have food. No genetic ties there. (I don't think).

Our last evening here we began with a one venue pub crawl involving some Aussie beer. It wasn't one of those pub restaurants that Martine was hoping for as they are in the outback where everyone goes quiet when you walk in. Quite the opposite, it was very noisy but very atmospheric. Then we moved on to Betty's Burgers for, well a burger actually. It's our first time with Betty's and we wondered if we would be safe with her but I have to say, a burger with king prawns on board was rather nice. Then back to the hotel to pack again ready for a really early Virgin Australia flight to Sydney tomorrow morning. Yawn.

Brisbane is a very pleasant modern city which I can see would really appeal to a younger generation with the opportunities it offers. She appears to strive to present herself as a contemporary place to live, work and play although there have been times in the past when the town elders have been accused of sacrificing some of the old in order to facilitate the new. Bold new schemes are underway to add three new river crossings including a CrossRiverRail connection. This is indeed a city of investment in its future. We have had a brief but good time here. It's a shame that we view Brisbane at the moment of our trip as we prepare, with great regret, to returning home on Wednesday.

ps on the eve before our little flight to Sydney, we were watching Sully on the telly.

pps look how small and insignificant the Albert Street Congregational Church looks against the skyscrapers

[wikiuntamed]

On this day in Wikipedia: Monday, 5th February

Welcome, velkommen, 欢迎 (huānyíng), tervetuloa 🤗 What does @Wikipedia say about 5th February through the years 🏛️📜🗓��?

5th February 2023 🗓️ : Death - Pervez Musharraf Pervez Musharraf, Pakistani military officer and politician, 10th President of Pakistan (b. 1943) "Pervez Musharraf (11 August 1943 – 5 February 2023) was a Pakistani military officer and politician who served as the tenth president of Pakistan from 2001 to 2008. He also served as the 10th Chairman of the Joint Chiefs from 1998 to 2001 and the 7th Chief of Army Staff from 1998 to 2007. Born in..."

Image licensed under CC BY-SA 2.0? by World Economic Forum

5th February 2019 🗓️ : Event - Pope Francis Pope Francis became the first pope to celebrate a papal Mass in the Arabian Peninsula. "Pope Francis (Latin: Franciscus; Italian: Francesco; Spanish: Francisco; born Jorge Mario Bergoglio; 17 December 1936) is the head of the Catholic Church, the bishop of Rome and sovereign of the Vatican City State. He is the only pope to be a member of the Society of Jesus (Jesuits), the only one..."

Image by

File:Portrait of Pope Francis (2021).jpg: Presidenza della Repubblica

derivative work: Samuele1607

5th February 2014 🗓️ : Death - Robert Dahl Robert Dahl, American political scientist and academic (b. 1915) "Robert Alan Dahl (; December 17, 1915 – February 5, 2014) was an American political theorist and Sterling Professor of Political Science at Yale University. He established the pluralist theory of democracy—in which political outcomes are enacted through competitive, if unequal, interest groups—and..."

Image by Unknown authorUnknown author

5th February 1974 🗓️ : Birth - Michael Maguire (rugby league) Michael Maguire, Australian rugby league player and coach "Michael Maguire (born 5 February 1974) is an Australian professional rugby league football coach and former player who last coached New Zealand at international level. He played as a fullback, winger and centre in the 1990s. After a playing career spent mostly at the Canberra Raiders, with a brief..."

Image licensed under CC BY-SA 2.0? by https://www.flickr.com/photos/radar286/

5th February 1924 🗓️ : Event - Royal Observatory, Greenwich The Royal Greenwich Observatory begins broadcasting the hourly time signals known as the Greenwich Time Signal. "The Royal Observatory, Greenwich (ROG; known as the Old Royal Observatory from 1957 to 1998, when the working Royal Greenwich Observatory, RGO, temporarily moved south from Greenwich to Herstmonceux) is an observatory situated on a hill in Greenwich Park in south east London, overlooking the River..."

Image licensed under CC BY-SA 3.0?

5th February 1818 🗓️ : Event - Charles XIV John Charles XIV John (pictured) succeeded to the thrones of Sweden and Norway as the first monarch of the House of Bernadotte. "Charles XIV John (Swedish: Karl XIV Johan; 26 January 1763 – 8 March 1844) was King of Sweden and Norway from 1818 until his death in 1844 and the first monarch of the Bernadotte dynasty. In Norway, he is known as Charles III John (Norwegian: Karl III Johan) and before he became royalty in Sweden,..."

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Emile Mascré

5th February 🗓️ : Holiday - Kashmir Solidarity Day (Pakistan) "Kashmir Solidarity Day (Urdu: یوم یکجہتی کشمیر) or Kashmir Day is a national holiday observed in Pakistan on 5 February annually. It is observed to show Pakistan's support and unity with the people of Indian-administered Jammu and Kashmir and Kashmiri separatists' efforts to secede from India, and..."

Image licensed under CC BY-SA 3.0? by Khalid Mahmood

[nauman9]

Digital Activism

The word activism covers a wide area of causes, objectives, motives, and outcomes by the use of direct action. The action intended to bring the particular objective or positive reform could be social, economic, political, environmental, and other objectives that aim to bring a greater good in the society.

Cambridge Dictionary defines activism as ‘’the use of direct and noticeable action to achieve a result, usually a political or social one’’.

Now the rigorous action for such reform or for achieving the determined result is done through different mediums. It ranges from benign to more harsh actions depending upon the resistance and the nature of the objective. Different factors come to play as the society’s pre-established norms and preferences, religious norms, moral values, indoctrination, and culture, etc. It ranges from petitioning elected officials, writing letters to newspapers, running for the political campaign, walking in a mass march formation to more harsh forms as demonstrative protests and boycotts like street marches, strikes, or hunger strikes.

The aforementioned ways of activism had become quite traditional and have been replaced and transformed by digital activism. The political events and protests are done through a digital medium which helps to mobilize thousands of new supporters to a diverse range of causes. The modern approach of activism revolves around cyber and digital campaigning, boycotting, and awareness as due to the internet and technology, the world has become a global village. Not only does cyber-activism target a large audience but it provides detailed reasons and evidence for the need for intended reforms and change.

We see that every now and then there is a political campaign or awareness or voice for social reform is raised on different social media platforms like Twitter, Facebook, blogs website and Youtube, etc. For any sort of campaigning and activism, the reformers, politicians, and protestors resort to social media campaigning, e-mail, virtual sit-ins, and ‘’hacktivism’’ (disrupting Web sites).

The effectiveness and viability of digital activism can be gauged from the series of reformations and change in societies across the globe as such sort of activism is not restricted by area, time, and a number of people as it reaches everyone anywhere in the world.

We have numerous examples in this regard as to the effectiveness of digital activism in the form of different political movements such as French labor protests, anti-austerity movement Occupy, Arab Spring uprisings in the middle east, etc.

A harsh form of digital activism is called hacktivism through which the cyber-attacks are conducted regularly on the digital systems of rich and powerful and even terrorist organizations.

Not only that important and confidential political documents are leaked as the recent Panama papers and revelations by Wikileaks, and Edward Snowden and more recent one, pandora papers as examples of ‘’leaktivism’’.

Digital activism has proved more fruitful and viable in developing countries like Pakistan to which I belong. A majority of its population are illiterate which is fatal for democracy and electing the right persons but awareness through social media campaigns helped them to identify the right people for government and such digital awareness performed a great role in realizing and aware them of their inherent rights and then questioning government for its shortcomings.

Nauman

MA media and creative cultures

Greenwich University London

[xmasqoo-haineke]

Per aspera ad astra (phrase meaning) … Not to be confused with "Per ardua ad astra." … * *  * "Ad astra per aspera" redirects here. For other uses, see Per aspera ad astra (disambiguation). Disclosure: This article may need additional citations for verification.  Find sources: "Per aspera ad astra" – news · newspapers · books · scholar · JSTOR (June 2020)  "Per aspera ad astra", from Finland in the Nineteenth Century, 1894 Per aspera ad astra (or, less commonly, ad astra per aspera) is a popular Latin phrase meaning "through hardships to the stars". The phrase is one of the many Latin sayings that use the expression ad astra, meaning "to the stars". Contents 1 Uses 1.1 Governmental entities 1.2 Military and government 1.3 Literature 1.4 Music 1.5 Anime 1.6 Educational and research institutions 1.6.1 Australia 1.6.2 Austria 1.6.3 Botswana 1.6.4 Ecuador 1.6.5 Estonia 1.6.6 Honduras 1.6.7 India 1.6.8 Jamaica 1.6.9 Japan 1.6.10 Macau 1.6.11 Maldives 1.6.12 New Zealand 1.6.13 Nigeria 1.6.14 Norway 1.6.15 Pakistan 1.6.16 Paraguay 1.6.17 Philippines 1.6.18 Romania 1.6.19 Russia 1.6.20 Saint Vincent and the Grenadines 1.6.21 Slovakia 1.6.22 Slovenia 1.6.23 South Africa 1.6.24 Sri Lanka 1.6.25 Sweden 1.6.26 Tajikistan 1.6.27 Ukraine 1.6.28 United Kingdom 1.6.29 United States 1.7 Fraternities and sororities 1.8 Popular culture 1.9 Others 2 See also 3 References 4 External link Uses[edit] Various organizations and groups use this expression and its variants. Governmental entities[edit] Duchy of Mecklenburg-Schwerin[1] State of Kansas (Ad astra per aspera)[2] Municipality of Cheribon, Netherlands East Indies[3] City of Gouda, The Netherlands[4] Honored Scientist of Armenia[5] Military and government[edit] Department of Civil Aviation, Thailand[6] Military Technical Academy in Bucharest, Romania[7] National Defence Academy of Latvia[8] South African Air Force[9] Spanish Air Force Hon. Julie Payette, 29th Governor General of Canada[10] Royal Life Guards (Denmark) Literature[edit] In Kenta Shinohara's Astra Lost in Space, it is inscribed on a plaque on the bridge of the ship that the crew subsequently decided to name the Astra.[11] In Kurt Vonnegut's The Sirens of Titan, it was quoted as both the motto of Martian Imperial Commandos, a unit within the larger Martian Army, in addition to being the motto of Kansas, U.S.A., Earth, Solar System, Milky Way. In Harper Lee's "To Kill a Mockingbird", it was quoted as the motto of Maycomb, during the school play. In James Joyce's "A Portrait of the Artist as a Young Man"[12] In Pierce Brown's "Red Rising" book series it is a common phrase used by the Golds of The Society. In M.L.Rio's "If We Were Villains" it is the motto of the Dellecher Academy. Music[edit] The subtitle of Moritz Moszkowski's set of fifteen Études de Virtuosité for piano, op. 72 (published 1903). The subtitle of Charles Villiers Stanford's Piano Trio No. 3, Op. 158 (1918). The title of the fourth album by ambient music duo Stars of the Lid (1998). The subtitle of Sergei Bortkiewicz's 3rd piano concerto (1927). The title of a song by Spiritual Beggars from their album Ad Astra (2000). The title of a song by Haggard (band) from their album "Eppur Si Muove" (2004). Acceptance has an instrumental track on their Phantoms album titled "Ad Astra Per Aspera" (2005). The title of the second album (2011) by Abandon Kansas. Per Aspera Ad Aspera, the name of a best-of album by the band ASP (2014). The title of a march by Ernst Urbach op. 4 (1906). The title of an album of marches by the Royal Norwegian Air Force Band. The title of a composition by Hasaan Ibn Ali from his second Atlantic recording, never released, the master tapes of which were destroyed in the Atlantic warehouse fire of 1978.[13] The subtitle of an instrumental song by the symphonic metal band Nightwish (2020). Anime[edit] Mentioned in anime Astra Lost in Space on the Ark Series Spaceship which is later named as ASTRA. Educational and research institutions[edit] Australia[edit] Queenwood School for Girls, Mosman NSW Woodville High School, Adelaide Albury High School, Albury, New South Wales[14] Girton Grammar School, Bendigo, Victoria Austria[edit] Universität Klagenfurt Botswana[edit] St. Joseph's College, Kgale Ecuador[edit] Instituto Nacional Mejía,Quito, Ecuador Estonia[edit] Keila-Joa Boarding School, Türisalu[15] Jakob Westholm Secondary School, Tallinn[16] Honduras[edit] Escuela Nacional de Música, Tegucigalpa Instituto Salesiano San Miguel, Tegucigalpa India[edit] Clarence High School, Bangalore, Karnataka, India - Motto of Redwood House (Ad Astra) St. Augustine's High School, kalimpong, District:Darjeeling, India Maulana Azad Medical College (MAMC), New Delhi, India The Frank Anthony Public School,Kolkata,India The Frank Anthony Public School, Delhi, India - Motto of Ranger House St Joseph's High School, Dharwad, Karnataka, India Antonio D'souza High School, Mumbai, India Technology Research and Incubation Centre, Dimapur, Nagaland Jamaica[edit] Immaculate Conception High School, St. Andrew Mount Alvernia High School, Montego Bay Japan[edit] St. Francis Church, Tokyo, West-Hachioji, Gnosis Essene (HP) Macau[edit] Postgraduate Association of University of Macau, Macau Maldives[edit] MNDF Fire and Rescue Services Training School, K.Viligili New Zealand[edit] Rotorua Boys' High School, Rotorua Nigeria[edit] Ilupeju College, Ilupeju, Lagos Lagos Secondary Commercial Academy, LASCA Kalabari National College, Buguma, Rivers State Oriwu Model College, Igbogbo, Ikorodu Norway[edit] Stavanger Cathedral School, Stavanger Sortland videregående skole, Nordland Lillehammer videregående skole Norwegian University of Science and Technology (NTNU) Pakistan[edit] St Patrick's High School, Karachi St. Patrick's College, Karachi Paraguay[edit] Universidad Autónoma de Asunción Philippines[edit] Far Eastern University - Nicanor Reyes Medical Foundation, Quezon City St. John Paul II College of Davao, Davao City Rosevale School, Cagayan de Oro City Juan R. Liwag Memorial High School, Gapan City Cagayan State University, Tuguegarao City Romania[edit] Mihai Eminescu High School,[17] Suceava Colegiul National "Andrei Saguna" Brasov[18] Colegiul National "Doamna Stanca" Fagaras[19] Alexandru Papiu Ilarian High School,[20] Targu-Mures Andrei Mureşanu High School,[21] Bistrița Márton Áron Főgimnázium [ro], Csíkszereda (Liceul Teoretic "Márton Áron", Miercurea-Ciuc) Ovidius High School,[22] Constanta Military Technical Academy,[23] Bucharest Russia[edit] School no. 1259, Moscow Saint Vincent and the Grenadines[edit] Saint Vincent Grammar School, Kingstown Slovakia[edit] Faculty of Informatics and Information Technologies of Slovak University of Technology in Bratislava Slovak Organisation for Space Activities Slovenia[edit] Prva gimnazija Maribor, Maribor Gimnazija Jesenice, Jesenice Gimnazija Škofja Loka, Škofja Loka South Africa[edit] Pietersburg Hoërskool[24] Tembisa Secondary School South African Air Force[25][circular reference] Ribane-Laka Secondary School Chistlehurst Academics and Arts School Sri Lanka[edit] St. Paul's Girls' School, Milagiriya, Colombo District, Western Province Sweden[edit] Västmanland Air Force Wing[26] Tajikistan[edit] Gymnasium #1 after V. Chkalov, Buston, Khujand, Sugd region Ukraine[edit] Space Museum dedicated to Korolyov in Zhytomyr Dnipropetrovsk Oblast Bucha Ukrainian gymnasium United Kingdom[edit] The Royal School, Haslemere, Surrey Colfe's School, Greenwich, London Mayfield Grammar School, Gravesend, Kent Dr. Challoner's Grammar School, Amersham, Buckinghamshire British Lawn Mower Racing Association United States[edit] California State University East Bay, Hayward, California[27] Campbell University, Buies Creek, North Carolina[28] Cornelia Strong College, University of North Carolina at Greensboro, North Carolina Coventry High School, Coventry, Rhode Island East Hampton High School, East Hampton, Connecticut Greenhill School, Dallas, Texas[29] Irvington Union Free School District, Irvington, New York Saint Joseph Academy, Brownsville, Texas Lake View High School, Chicago, Illinois Lyndon Institute, Lyndon Center, Vermont Macopin Middle School, West Milford, New Jersey Miami Central High School, Miami, Florida Midwood High School, Brooklyn, New York Mirman School, Los Angeles, California Morristown-Beard School, Morristown, New Jersey Mount Saint Michael Academy, Bronx, New York Satellite High School, Satellite Beach, Florida Seven Lakes High School, Katy, Texas Stevens Institute of Technology, Hoboken, New Jersey[30] Trinity Prep, Winter Park, Florida[31] Townsend Harris High School, Queens, New York University High School, Fresno, California University of Tennessee Space Institute, Tullahoma, Tennessee Oak Harbor Academy Private School, Lemoore, California Fraternities and sororities[edit] Beta Sigma Psi National Lutheran Fraternity[32] Sigma Gamma Phi – Arethusa Sorority[33] Korp! Amicitia – Estonian student sorority. Freemasons-Knight's Templar, 32nd Degree K.Ö.St.V. Almgau Salzburg - Austrian Catholic Student Association[34] K.a.V. Danubia Wien-Korneuburg im ÖCV - Austrian Catholic Student Association Popular culture[edit] Appears on the hull of the ship 'Searcher' in the second season of Buck Rogers. Garrison Keillor routinely references the phrase as the only Latin phrase he cared to remember on A Prairie Home Companion.[35][36] Per Aspera Ad Astra is a Soviet Russian science fiction film by Richard Viktorov, written by Kir Bulychov. Rip Torn says this phrase to David Bowie in the film The Man Who Fell to Earth. Tomo Milicevic of the band 30 Seconds to Mars has a tattoo on his right forearm reading 'per aspera et astra', with the band's logo in the background in red. Aspera! Per aspera! Per ardua! Ad astra! is the refrain of the song "Aspera" by Erin McKeown on the album We Will Become Like Birds. American singer, rapper, dancer, actress, and songwriter Kiely Williams has "Per aspera ad astra" tattooed on her right forearm. Title of a play depicting the history of the fictional Maycomb County in To Kill a Mockingbird, in which the translation is given as from the mud to the stars. Title of a song by Haggard, from the album Eppur Si Muove. The name of an album by Abandon Kansas. It is one of many hidden messages in the 2009 video game The Conduit. Motto of the Martian Imperial Commandos in Kurt Vonnegut novel, The Sirens of Titan. Title of a song by Seattle-based band Acceptance. Title of a song by Goasia, appearing on the album From Other Spaces (Suntrip Records, 2007) Appears on right side shoulder patch in Star Trek Enterprise, on the "newer" uniform style shown on the series finale. In Star Trek The Next Generation it is shown to be the motto of Starfleet. The official motto of Solforce in the videogame Sword of the Stars. The phrase is used as the name of the tenth track on the score for the film Underworld: Rise of the Lycans by Paul Haslinger. Title of a song by the band Spiritual Beggars from their album Ad Astra. Title of a song by the band Die Apokalyptischen Reiter from their album Samurai. The final mission (Chapter 15) in the Mafia II video game In a tattoo piece in The Raven The phrase has been spoofed slightly by the band Ghost in the song "Per Aspera Ad Inferi" from their album Infestissumam[37] literally meaning "Through hardships to hell".[38] Title of a background music from the Pokémon Omega Ruby and Alpha Sapphire video games which plays during a voyage into space. In the 2015 film The Martian, at the end of the film astronaut Mark Watney is giving his first lecture to the Astronaut Candidate Program and the phrase appears embedded in the central floor area of the lecture hall around a logo In Bioware's Mass Effect 3, this phrase is set in the middle of the wall of names dedicated to the fallen crew members of the main ship, the SSV Normandy SR2. Title of character leveling achievements in Mistwalker's mobile game Terra Battle Found in the Gravity Falls Journal #3, penned on the title page. Appears on the journal both in the show and on the real-life replica.[39] The title of a Pee Wee Gaskins album (2010). The title character in Ottessa Moshfegh's novel Eileen accepts and smokes a Pall Mall and refers to the motto on the package translated as "Through the thorns to the stars." On the ship the students find in Astra Lost in Space, there is a plaque with this saying on it. The motto of the Golds in Pierce Brown's Red Rising Series. Ad Astra is a 2019 American science fiction film by James Gray. Appears in the logo of the Universal Paperclips Advanced AI Research Group. Others[edit] As part of the official team crest of Arendal Football As part of the team crest of the former Collingwood Cricket Club. A plaque honoring the astronauts of Apollo 1 at the launch site where they perished. A tribute exhibit to the Apollo 1 Astronauts "Ad Astra Per Aspera - A Rough Road Leads to the Stars" opened on January 27, 2017, the 50th anniversary of the loss of the crew, at the Kennedy Space Center Visitor Complex. Inscribed on the crest of Pall Mall cigarettes packages[40] The theme of "POR CC XXI" by Kolese Kanisius Jakarta Part of a custom paint job in World Of Tanks Tradewinds Swiss[41] Space Development Network[42] Part three of the book Jepp who Defied the Stars by Katherine Marsh has the phrase as its title.[43] Appears in Morse code on the track titled "Sounds of Earth" on the Voyager Golden Record that has copies aboard the Voyager 1 & 2 spacecraft that are currently in interstellar space. [44] See also[edit] Per ardua ad astra ("Through adversity to the stars") Per ardua ad astra, additional uses with reference to above article Ad astra per aspera, additional uses Per aspera ad astra, references this article References[edit] ^ "Decorations of the Grand Duchy of Mecklenburg-Schwerin". Archived from the original on 2008-08-29. ^ "Seal of Kansas". Kansapedia. Kansas Historical Society. March 2014. Archived from the original on 2020-07-06. Retrieved 2020-07-06. ^ "Nederlandsch-Indische Gemeentewapens" (PDF). NV Mij Vorkink. September 1933. Retrieved 2019-07-23. ^ "Gouda in the official Dutch heraldic records". High Council of the Nobility (Hoge Raad van Adel), The Hague. Retrieved 2019-10-28. ^ "Honored Scientist of Armenia" (PDF). Retrieved Sep 24, 2020. ^ Department of Civil Aviation Emblems Archived April 27, 2009, at the Wayback Machine ^ "Academia Tehnica Militara". Mta.ro. Archived from the original on 2007-07-03. Retrieved 2013-12-21. ^ http://www.naa.mil.lv/en.aspx ^ "The South African Air Force Emblems". Saairforce.co.za. Retrieved 2013-12-21. ^ "OSGG/BSGG @RideauHall Twitter". twitter.com. Retrieved 2017-10-04. ^ Kenta Shinohara (w, a). Astra Lost in Space 2: 24/4 (2016-08-23), Viz Media ^ Joyce, James. A Portrait of the Artist as a Young Man. p. 222. ^ "Archived copy". Archived from the original on 2014-07-18. Retrieved 2014-07-18. ^ "Albury High School". Albury-h.schools.nsw.edu.au. Retrieved 2013-12-21. ^ "Keila-Joa Boarding School". Keila-joa.edu.ee. Archived from the original on 2013-12-24. Retrieved 2013-12-21. ^ "Jakob Westholm Secondary School". westholm.ee. Retrieved 2014-11-05. ^ "Colegiul Național Mihai Eminescu". cn-eminescu.ro. Retrieved 2014-02-23. ^ "Colegiul Naţional "Andrei Şaguna", Braşov". Saguna.ro. Retrieved 2013-12-21. ^ "Colegiul Naţional "Doamna Stanca", Braşov". Doamnastanca.ro. Retrieved 2013-12-21. ^ "Colegiul Naţional Alexandru Papiu Ilarian". Papiu.ro. Retrieved 2013-12-21. ^ "Colegiul Național Andrei Mureșanu". Cnam.ro. Retrieved 2013-12-21. ^ "Liceul Teoretic Ovidius". liceulovidius.ro. Retrieved 2014-07-01. ^ "Military Technical Academy Bucharest". www.mta.ro/. Retrieved 2017-11-08. ^ "Pietersburg Hoerskool". Pieties.co.za. Retrieved 2013-12-21. ^ South African Air Force ^ Braunstein, Christian (2005). Svenska flygvapnets förband och skolor under 1900-talet (PDF). Skrift / Statens försvarshistoriska museer, 1101-7023 ; 8 [dvs 9] (in Swedish). Stockholm: Statens försvarshistoriska museer. p. 44. ISBN 9197158488. SELIBR 9845891. ^ "California State University East Bay". Csueastbay.edu. Retrieved 2013-12-21. ^ Campbell University: General Information Archived July 26, 2008, at the Wayback Machine ^ Greenhill School: Statement of Philosophy Archived 2009-01-06 at Archive.today ^ "Stevens Institute of Technology: About Stevens". Stevens.edu. Archived from the original on 2013-10-12. Retrieved 2013-12-21. ^ "Trinity Prep School: myTPS Portal". Trinityprep.org. Archived from the original on 2012-06-07. Retrieved 2013-12-21. ^ "Beta Sigma Psi 2006 National Convention, see page header". Convention.betasigmapsi.org. 2009-12-27. Retrieved 2013-12-21. ^ "Sigma Gamma Phi at SUNY Oneonta". Oneonta.edu. Retrieved 2013-12-21. ^ Almgau, 2014 (7 May 2011). "Startseite - ALMGAU". K.ö.St.V. Almgau Salzburg im MKV. ^ "transcript from the September 17, 2011 episode of A Prairie Home Companion". ^ Rev. Andy Ferguson. "Church Street United Methodist Church: February 20, 2001". churchstreetumc.blogspot.com. ^ "Ghost B.C. Store". Myplaydirect.com. Retrieved 2013-12-21. ^ "A Nameless Ghoul From Ghost B.C. Speaks About 'Infestissumam', the Devil + More". Loudwire. Retrieved 2013-08-04. ^ Noble, Barnes &. "Gravity Falls: Journal 3|Hardcover". Barnes & Noble. Retrieved 2020-02-25. ^ "Pall Mall". History of Cigarette Brands. Archived from the original on 2011-08-17. Retrieved 2013-12-21. ^ "Test Tradewinds Swiss". ^ "(CA) Who owns the phone number? - Identify the Owner of a Phone Number 123". ownerphonenumber.online. Retrieved Sep 24, 2020. ^ Jepp who Defied the Stars, p. 225, at Google Books ^ "Voyager - Sounds on the Golden Record". voyager.jpl.nasa.gov. Retrieved Sep 24, 2020.

Click here to read more ==> https://en.wikipedia.org/wiki/Per_aspera_ad_astra

[brookstonalmanac]

Events 5.13

1373 – Julian of Norwich has visions which are later transcribed in her Revelations of Divine Love. 1515 – Mary Tudor, Queen of France, and Charles Brandon, 1st Duke of Suffolk, are officially married at Greenwich. 1568 – Battle of Langside: The forces of Mary, Queen of Scots, are defeated by a confederacy of Scottish Protestants under James Stewart, Earl of Moray, her half-brother. 1619 – Dutch statesman Johan van Oldenbarnevelt is executed in The Hague after being convicted of treason. 1779 – War of the Bavarian Succession: Russian and French mediators at the Congress of Teschen negotiate an end to the war. In the agreement Austria receives the part of its territory that was taken from it (the Innviertel). 1780 – The Cumberland Compact is signed by leaders of the settlers in early Tennessee. 1787 – Captain Arthur Phillip leaves Portsmouth, England, with eleven ships full of convicts (the "First Fleet") to establish a penal colony in Australia. 1804 – Forces sent by Yusuf Karamanli of Tripoli to retake Derna from the Americans attack the city. 1830 – Ecuador gains its independence from Gran Colombia. 1846 – Mexican–American War: The United States declares war on Mexico. 1861 – American Civil War: Queen Victoria of the United Kingdom issues a "proclamation of neutrality" which recognizes the Confederacy as having belligerent rights. 1861 – The Great Comet of 1861 is discovered by John Tebbutt of Windsor, New South Wales, Australia. 1861 – Pakistan's (then a part of British India) first railway line opens, from Karachi to Kotri. 1862 – The USS Planter, a steamer and gunship, steals through Confederate lines and is passed to the Union, by a southern slave, Robert Smalls, who later was officially appointed as captain, becoming the first black man to command a United States ship. 1864 – American Civil War: Battle of Resaca: The battle begins with Union General Sherman fighting toward Atlanta. 1865 – American Civil War: Battle of Palmito Ranch: In far south Texas, the last land battle of the Civil War ends with a Confederate victory. 1880 – In Menlo Park, New Jersey, Thomas Edison performs the first test of his electric railway. 1888 – With the passage of the Lei Áurea ("Golden Law"), Empire of Brazil abolishes slavery. 1909 – The first Giro d'Italia starts from Milan. Italian cyclist Luigi Ganna will be the winner. 1912 – The Royal Flying Corps, the forerunner of the Royal Air Force, is established in the United Kingdom. 1917 – Three children report the first apparition of Our Lady of Fátima in Fátima, Portugal. 1939 – The first commercial FM radio station in the United States is launched in Bloomfield, Connecticut. The station later becomes WDRC-FM. 1940 – World War II: Germany's conquest of France begins as the German army crosses the Meuse. Winston Churchill makes his "blood, toil, tears, and sweat" speech to the House of Commons. 1940 – Queen Wilhelmina of the Netherlands flees her country to Great Britain after the German invasion. Princess Juliana takes her children to Canada for their safety. 1941 – World War II: Yugoslav royal colonel Dragoljub Mihailović starts fighting against German occupation troops, beginning the Serbian resistance. 1943 – World War II: Operations Vulcan and Strike force the surrender of the last Axis troops in Tunisia. 1948 – Arab–Israeli War: The Kfar Etzion massacre is committed by Arab irregulars, the day before the declaration of independence of the state of Israel on May 14. 1950 – The first round of the Formula One World Championship is held at Silverstone. 1951 – The 400th anniversary of the founding of the National University of San Marcos is commemorated by the opening of the first large-capacity stadium in Peru. 1952 – The Rajya Sabha, the upper house of the Parliament of India, holds its first sitting. 1954 – The anti-National Service Riots, by Chinese middle school students in Singapore, take place. 1954 – The original Broadway production of The Pajama Game opens and runs for another 1,063 performances. Later received three Tony Awards for Best Musical, Best Performance by a Featured Actress in a Musical, and Best Choreography. 1958 – During a visit to Caracas, Venezuela, Vice President Richard Nixon's car is attacked by anti-American demonstrators. 1958 – May 1958 crisis: A group of French military officers lead a coup in Algiers demanding that a government of national unity be formed with Charles de Gaulle at its head in order to defend French control of Algeria. 1958 – Ben Carlin becomes the first (and only) person to circumnavigate the world by amphibious vehicle, having travelled over 17,000 kilometres (11,000 mi) by sea and 62,000 kilometres (39,000 mi) by land during a ten-year journey. 1960 – Hundreds of University of California, Berkeley students congregate for the first day of protest against a visit by the House Committee on Un-American Activities. 1967 – Dr. Zakir Husain becomes the third President of India. He is the first Muslim President of the Indian Union. He holds this position until August 24, 1969. 1969 – May 13 Incident involving sectarian violence in Kuala Lumpur, Malaysia. 1971 – Over 900 unarmed Bengali Hindus are murdered in the Demra massacre. 1972 – Faulty electrical wiring ignites a fire underneath the Playtown Cabaret in Osaka, Japan. Blocked exits and non-functional elevators lead to 118 fatalities, with many victims leaping to their deaths. 1972 – The Troubles: A car bombing outside a crowded pub in Belfast sparks a two-day gun battle involving the Provisional IRA, Ulster Volunteer Force and British Army. Seven people are killed and over 66 injured. 1980 – An F3 tornado hits Kalamazoo County, Michigan. President Jimmy Carter declares it a federal disaster area. 1981 – Mehmet Ali Ağca attempts to assassinate Pope John Paul II in St. Peter's Square in Rome. The Pope is rushed to the Agostino Gemelli University Polyclinic to undergo emergency surgery and survives. 1985 – Police bombed MOVE headquarters in Philadelphia to end a stand-off, killing six adults and five children, and destroying the homes of 250 city residents. 1989 – Large groups of students occupy Tiananmen Square and begin a hunger strike. 1990 – The Dinamo–Red Star riot took place at Maksimir Stadium in Zagreb, Croatia between the Bad Blue Boys (fans of Dinamo Zagreb) and the Delije (fans of Red Star Belgrade). 1992 – Li Hongzhi gives the first public lecture on Falun Gong in Changchun, People's Republic of China. 1995 – Alison Hargreaves, a 33-year-old British mother, becomes the first woman to conquer Everest without oxygen or the help of sherpas. 1996 – Severe thunderstorms and a tornado in Bangladesh kill 600 people. 1998 – Race riots break out in Jakarta, Indonesia, where shops owned by Indonesians of Chinese descent are looted and women raped. 1998 – India carries out two nuclear tests at Pokhran, following the three conducted on May 11. The United States and Japan impose economic sanctions on India. 2005 – Andijan uprising, Uzbekistan; Troops open fire on crowds of protestors after a prison break; at least 187 people were killed according to official estimates. 2006 – São Paulo violence: Rebellions occur in several prisons in Brazil. 2011 – Two bombs explode in the Charsadda District of Pakistan killing 98 people and wounding 140 others. 2012 – Forty-nine dismembered bodies are discovered by Mexican authorities on Mexican Federal Highway 40. 2013 – Kermit Gosnell, a U.S. abortion physician, is found guilty in Pennsylvania of three counts of murder of newborn infants, one count of involuntary manslaughter, and various other charges. In total, more than 100 babies were killed at Gosnell's abortion clinic. 2014 – An explosion at an underground coal mine in southwest Turkey kills 301 miners. 2018 – Nine people die after the suicide bombing of three Indonesian churches in Surabaya, Indonesia.

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0800 Utc Time

0800 Utc To Japan Time

8 Utc Means

0800 Utc Time Zone

8 Pm Utc

0800 Utc Time

Time Difference

Nowadays, Greenwich Mean Time, abbreviated as GMT, is a time zone designation rather than a time standard. Time difference between time zones can be expressed by the GMT or UTC offset. In the UTC standard, there is a commitment to keep within 0.9 seconds of GMT, so that every few years a leap second is applied to UTC. UTC stands for Universal Time. CST is known as Central Standard Time. CST is 5 hours behind UTC. So, when it is it will be. Other conversions: UTC to Phoenix Time, UTC to Kuala Lumpur Time, UTC to Perth Time, UTC to Helsinki Time. Getting Started. 1 Add locations (or remove, set home, order) 2 Mouse over hours to convert time at a glance 3.

Universal Time Coordinated is 8 hours behind of Singapore Time 10:00 am10:00 in UTC is 6:00 pm18:00 in SGT

UTC to SGT call time Best time for a conference call or a meeting is between 8am-10am in UTC which corresponds to 4pm-6pm in SGT

10:00 am10:00 Universal Time Coordinated (UTC). Offset UTC 0:00 hours 6:00 pm18:00 Singapore Time (SGT). Offset UTC +8:00 hours

10:00 am10:00 UTC / 6:00 pm18:00 SGT

UTCSGT12am (midnight)8am1am9am2am10am3am11am4am12pm (noon)5am1pm6am2pm7am3pm8am4pm9am5pm10am6pm11am7pm12pm (noon)8pm1pm9pm2pm10pm3pm11pm4pm12am (midnight)5pm1am6pm2am7pm3am8pm4am9pm5am10pm6am11pm7am0:008:001:009:002:0010:003:0011:004:0012:005:0013:006:0014:007:0015:008:0016:009:0017:0010:0018:0011:0019:0012:0020:0013:0021:0014:0022:0015:0023:0016:000:0017:001:0018:002:0019:003:0020:004:0021:005:0022:006:0023:007:00

Universal Time Coordinated

Offset: UTC is 0 hours ahead Greenwich Mean Time (GMT) and is used in Universal

Coordinated Universal Time (UTC) is the world time standard that regulates clocks and time. It is successor to Greenwich Mean Time (GMT). For casual use, UTC is the same as GMT, but is used by the scientific community. UTC is the time standard commonly used across the world since 1972. It is used in many technical fields, like aviation industry and meteorologists, also used to synchronize time across internet networks.

UTC representations, usage and related time zones

W3C/ISO-8601: International standard covering representation and exchange of dates and time-related data

Z - is the zone designator for the zero UTC/GMT offset, also known as 'Zulu' time

+00 - basic short

+0000 - basic

+00:00 - extended

Email/RFC-2822: Internet Message Format Date Standard, typically used for timestamps in email headers

+0000 - sign character (+) followed by a four digit time providing hours (00) and minutes (00) of the offset. Indicates zero hour and zero minutes time differences of the zero meridian.

Military/NATO: Used by the U.S. military, Chinese military and others

Zulu - Military abbreviation for UTC

Z - short form of 'Zulu'

IANA/Olson: Reflects UTC time zone boundaries defined by political bodies, primarily intended for use with computer programs and operating systems

Etc/UCT

Etc/UTC

Etc/Universal

Etc/Zulu

UCT

UTC

Universal

Zulu

Time zones with the GMT +0 offset:

EGST - Eastern Greenland Summer Time

GMT - Greenwich Mean Time

WET - Western European Time

AZOST - Azores Summer Time

UTC - Universal Time Coordinated

WT - Western Sahara Standard Time

Z - Zulu Time Zone

GMT - GMT

+00 -

US, Canada, Mexico Time Zones

Atlantic Daylight Time (ADT) • Eastern Daylight Time (EDT) • Central Daylight Time (CDT) • Mountain Daylight Time (MDT) • Pacific Daylight Time (PDT) • Alaska Daylight Time (AKDT) • Hawaii Time • Arizona • Saskatoon • New York • Toronto • Mexico City • San Francisco • Chicago • Houston • Miami • Phoenix • Halifax • Denver • Monterrey • Chihuahua

Europe Time Zones

Greenwich Mean Time (GMT) • British Summer Time (BST) • Western European Summer Time (WEST) • Central European Summer Time (CEST) • Eastern European Summer Time (EEST) • London • Paris • Berlin • Athens • Warsaw • Kiev • Belarus • Moscow • Madrid • Stockholm • Amsterdam • Istanbul

Australia, New Zealand Time Zones

AEST • ACST • AWST •New Zealand Time (NZT) • Queensland • Adelaide • Brisbane • Canberra • Melbourne • Perth • Sydney • Auckland • Fiji • Solomon Islands • Papua New Guinea

0800 Utc To Japan Time

Asia Time Zones

India • Pakistan • China • UAE • Japan • Korea • Philippines • Thailand • Hong Kong • Taiwan • Malaysia • Singapore • Jakarta • Bangladesh • Sri Lanka • Nepal • Kuwait • Saudi Arabia • Viet Nam • Oman • Israel • Jordan • Beijing • Bangalore • Kuala Lumpur • Manila • Tokyo • Seoul • Karachi • Dubai

8 Utc Means

Africa Time Zones

West Africa Time (WAT) • Central Africa Time (CAT) • East Africa Time (EAT) • Egypt • Nigeria • Kenya • Ghana • Morocco • Tanzania • Ethiopia • Uganda • South Africa • Cairo • Algiers • Casablanca • Accra • Lagos • Cape Town • Nairobi

0800 Utc Time Zone

South America Time Zones

Brazil • Argentina • Chile • Peru • Ecuador • Colombia • Venezuela • Panama • Puerto Rico • São Paulo • Manaus • Rio de Janeiro • Buenos Aires • Santiago • Lima • Quito • Bogota • Caracas

8 Pm Utc

Russia Time Zones

0800 Utc Time

Moscow • Novosibirsk • Yekaterinburg • Omsk • St Petersburg • Kazan • Irkutsk • Chita • Vladivostok • Sochi • Almaty • Kyrgyzstan • Uzbekistan • Tajikistan

[ahzassociatesin]

How to Secure British Council GREAT Scholarships 2021

The GREAT scholarships envision to attract some of the greatest student minds from all around the world to the UK student community. On a more nuanced note, it offers funding for international students to pursue a degree at the postgraduate level at specified UK universities. Expected to cover the tuition fee for a typical Master’s program in the UK, the scholarship amounts to at least £10,000 per successful applicant.

The council encourages students with demonstrable experience and illustrious academic or work experience to utilise this opportunity.GREAT scholarships are available to applicants from these countries: Bangladesh, China, Egypt, Ghana, India, Indonesia, Kenya, Malaysia, Mexico, Nepal, Pakistan, Sri Lanka, Thailand. Once you graduate, the awarding body expects you to act as a UK higher education ambassador and promote values that align with the same. To discuss your student experience and academic pursuits in the UK, the council might also invite you to attend networking events with GREAT scholars.

Which Are the Participating UK Universities?

Around 40 universities participate in this scholarship program. However, each university might accept applications from citizens of specific nations only. For example, according to sources, Ulster University accepts GREAT scholarship applications from India and Indonesia while the University of York accepts applicants from Bangladesh, China, Indonesia, Nepal and Sri Lanka.

UK universities that take part in this program include Anglia Ruskin University, Bangor University, University of Bath, Birmingham City University, Bishop Grosseteste University, Bournemouth University, University of Bristol, University of Cambridge, Cranfield University, University of Derby, University of Dundee, University of East Anglia, University of Edinburgh, Edinburgh Napier University, University of Essex, University of Exeter, University of Glasgow, Goldsmiths, University of London, University of Greenwich, University of Hull, Imperial College London, Keele University, University of Kent, University of Manchester, Newcastle University, University of Northampton, University of Nottingham, Nottingham Trent University, Oxford Brookes University, University of Reading, Robert Gordon University, Royal Academy of Music, Royal Agricultural University, Sheffield Hallam University, University of South Wales, University of Stirling, Teesside University, Trinity Laban Conservatoire of Music and Dance, Ulster University, University College London, University of Warwick and University of York.

Are You Eligible for This Scholarship?

Essentially, you need to satisfy four main eligibility criteria to apply for this program. To begin with, you must possess citizenship in one of the eligible countries listed earlier. The applicant should have a proper undergraduate degree that enables them to pursue a Master’s (taught) programme in a UK university. The council expects academically motivated candidates and those with active work experience or demonstrable passion for the subject area that they choose. Finally, you should meet the English language requirements as specified by the university.

What About the Application Process?

As the initial step, you should apply for a postgraduate program at a UK university that accepts GREAT scholarship applications from students of your nationality. This process seems a bit overwhelming to some students, in which case you can approach authorised representatives of the university who will assist you with the process. Once you get the offer letter from the university, you can proceed with the scholarship application. Further procedures may vary depending on the institution. Generally speaking, they might ask for your academic accomplishments, a personal statement as well as details of your extracurricular endeavours.

[pauldbrazill]

“When I was 7 years old, my mother’s sister (who I consider my own sister really) was only 9 years older than me. She was the only full­-on punk in Karachi in 1984, possibly in all of Pakistan. And no holds barred at that,” relates Sascha Aurora Akhtar of the deep-rooted connection she has always felt to punk. “I loved it. All of it. The green hair. Her ‘fuck you,’ attitude (which I can tell you nobody else loved at the time), the music, I loved the badges. She had gone to London and brought back a badge-maker. That was huge for me. As a result I was nicely educated (at 7, in Pakistan) about anarchy symbols & other important punk insignias”.

Sascha’s poetry has always been punk. Her first book The Grimoire Of Grimalkin was called, “..a work of contemporary Gothic, with a punk core and an anarchic sense of humour”. It was also it must be noted called, “a contemporary masterpiece,” by the man who is the Department Chair at New York University of the Department of French Literature, Thought & Culture. “I never thought ‘Oh. I’m going to be a poet’. No. I just always wrote to ward off the demons. It is not easy being me, staying balanced, well even. It never has been. I have extreme sensory issues, sensitivity to sound, light, change, energy as a result even the chemical functions in my body create severe responses, so not PMS but severe PMS (for which I am an advocate for change in our perception of this). So not just slightly irritable, right? But totally depressed for more than 10 days, and sadly, suicidal. It’s taken A LOT of work to manage these things. BUT my own PUNK core has ALWAYS helped me; as a channel of expression, as a call to be strong & brave & stand up for what you believe in, as a (to me) genderless mode for a woman to empower herself, as musical inspiration – Punk is everything”:

Watching Venus mar the sun

as     you   locked     on

to     me,       target

I am going

two ways

& poetry   is the fuselage

they     will     find

my       twisted   body

conjoined with

Extract from Sascha’s second collection 199 Japanese Names For Japanese Trees

“Music is my strongest influence. There are many poems that begin with a quote from a song. The high-art punk of Nick Blinko via his band Rudimentary Peni is my ‘soul,’ music. “There’s someone who has constantly struggled with mental health issues and used his art to heal in many ways. Yes, I’ve said it, Punk can be healing!”

Sascha’s latest book’s title is #LoveLikeBlood and “Yes. The very first poem is called ‘#LoveLikeBlood,’ with an epigraph: There’s A Nod To Killing Joke In Here. “Aren’t Killing Joke like, totally Punk Noir, tho’? Amirite?”

Sascha’s performances are raw & highly-charged. “I’ll tell you what. I WAS in a punk-death-metal band in college in the 90’s. And yep. I was the vocalist…and yep…there WAS a lot of SCREAMING, GROWLING & SNARLING. Fun times!”

Sascha’s new book #LoveLikeBlood is available from Knives, Forks & Spoons Press a stalwart on the Indie scene. The poems in the book feature titles such as FREAK BREACH ( “This is my ultimate punk poem”), Ejaculate As A Noun, Anatomy of A Car-Crash and Girl Child Of The 80’s.

She has been gigging all over the U.K. since the onset of September.

Sascha A. Akhtar is the author of five published poetry collections with Salt, Shearsman, ZimZalla, Emma Press and Knives, Forks and Spoons Press. She has another full collection forthcoming in 2019 imminently with Contraband UK. In 2020, her book of translations of feminist fiction writer from the Subcontinent Hijab Imtiaz is forthcoming on Oxford University Press India. She has been widely anthologised & translated and is an #ACE funded writer having received her award in October 2018. Her fiction has appeared in Tears In The Fence, Storgy, BlazeVox, Anti-Heroin Chic and The Learned Pig. She attended Bennington College, Vermont for her undergraduate degree and attended UMASS-Amherst M.F.A Creative Writing on a full fellowship.  She is teaching in the English department of the University of Greenwich and is a Poetry School Tutor with a specialisation in magical texts and poetry as a magical art.

In September 2019, her poem Poems For Eliot, was named as the the number one poem of the last five years by Poetry Wales.

Bringing The Punk (Via Pakistan & the U.S.A) Back To London Through Poetry – Sascha A. Akhtar “When I was 7 years old, my mother’s sister (who I consider my own sister really) was only 9 years older than me.

[airoasis]

1. Finance and Insurance as Powerful Forces in Our Economy and Society

New Post has been published on https://hititem.kr/1-finance-and-insurance-as-powerful-forces-in-our-economy-and-society/

1. Finance and Insurance as Powerful Forces in Our Economy and Society

Professor Robert Shiller: this is Economics 252, financial Markets, and i’m Bob Shiller. Let me via introducing the instructing fellows for this course; and so i have them up here. We now have 5 teaching fellows right now and they’re from in all places. I love to place their pictures up so you can comprehend who they are. The instructing fellows are very global and that reflects my intention to make this a direction that can also be very international because finance is whatever concerning the whole world at present, not just the us. So we quilt the arena very well with our T.A.’s. Usman Ali is from Pakistan, Lahore, and he graduated from the LUMS, Lahore university of administration Sciences. He’s a PhD candidate now in Economics and he’s doing his doctoral dissertation on inventory analysts’ suggestions and the relation to returns in the stock market. He’s also fascinated by behavioral finance, which is the applying of psychology to finance. The 2d educating assistant–I see him proper there, for those who would lift your hand–Santosh Anagol, who is a consultant of the U.S., despite the fact that he seems to have connections to India as well. He genuinely has a e-newsletter already within the American fiscal evaluation on the Return to Capital with Ghana. He did this jointly with the Chairman of the Economics division here, Chris Udry and he has frolicked in India looking at the village economies. You had been going to be gifting away cows, did you try this? Student: No, i am still engaged on cows but we’re now not giving them away.Professor Robert Shiller: k, that’s the last time you can hear about cows in this direction. The proposal was to present cows away to village farmers and to notice the effect. It is a tremendous change in some of these very negative villages to get a cow. Christian Awuku-Budu is from Ghana, Accra, however he, once more, went to institution in the us at Morehouse college. He’s also a PhD candidate in Economics at Yale and he is been doing study on monetary markets in developing international locations. Yaxin Duan is from China. She got her undergraduate measure from Nanjing college. No? You are from Nanjing, did I get a detail mistaken? Where did you go to institution? Ok, well i am sorry about that. She can also be a PhD candidate in Economics and is doing research on the habits of choices prices in a phenomenon called the "choices smile," as she’s smiling at me correct now. She is also eager about behavioral finance, which is best to me considering that that’s one among my interests. She is shown here standing precariously on a cliff. It makes me frightened to look at it overlooking Machu Picchu in Peru. She also loves astronomy, which is by the way an interest of mine too, but you will not hear about it again on this course.Subsequently, Xiaolan Zhou is our fifth educating assistant and she or he’s additionally from China, Hubei Province. She graduated from Wuhan school and is a PhD candidate in Economics at Yale. She is doing study on financial institution mergers. Let me say, i’ve been educating this direction now for over twenty years and i am very proud of all of my alumni. Lots of them are within the discipline of finance. Actually, i admire regularly after I provide–I supply quite a few public talks. After I supply a talk on Wall avenue or even somewhere else on the earth I usually ask my viewers, "Did you take my course?" it is no longer rare that i’ll get one and even two humans raising their hand that they took Economics 252 from me. However i am also proud of my alumni on this direction who aren’t on this planet of finance. I feel this direction goes beyond–it is no longer only for people who’re planning careers in finance on account that finance is a very major science and it’s very predominant to understand finance to realize what occurs in the real world. Nearly any human recreation includes finance. Now, you would say, "I would be a poet and what does that ought to do with finance?" good, it usually finally ends up having whatever to do with finance since as a poet you normally need to publish your poetry and you’re going to be talking to publishers. Earlier than you are aware of it, they are going to be speaking about their financial quandary and how you fit into it. I consider it is major and really major. I believe you are going to in finding this path as not a vocational direction–not principally a vocational direction–however an intellectual path about how matters fairly work. I see finance as the underpinning of so much that happens.It’s a powerful force that goes in the back of the scene and i hope we can draw that out on this path. There’s yet another path–we’ve got two common courses in finance for undergraduates at Yale. The opposite one is Economics 251, monetary theory; that is fiscal Markets, that one is economic idea. Final 12 months it was once taught by means of Rafael Romeu, due to the fact that John, Geanakoplos who more often than not teaches the direction, was on go away and so we had to in finding anybody else. I anticipate that subsequent fall John Geanakoplos will probably be educating 251 again. So what happened? Why do now we have these two publications? Well it was once anything like eight years ago that we reached the reward predicament with two finance publications.John Geanakoplos and i had a meeting and we tried to divide up the subject matter of finance into two guides. We thought monetary thought and fiscal Markets stands out as the two. However the predicament was that both John and i are all for both idea and purposes. John Geanakoplos is simply Chief Economist for a enormous funding known as Ellington Capital in Greenwich, Connecticut, which you’ll be able to see a lot in the news. It has been very victorious. He is very a lot curious about the actual world and i am taken with financial idea, so we find it–we decided, after speaking about it, that we quite cannot divide up the field matter of finance into separate publications on concept and observe. In case you tried to do one alone it would no longer work, so we made up our minds to divide it up imperfectly and there is also some repetition between our two publications. Each of them are self-contained publications, so that you could take either 251 or 252, or you could take both. I consider probably the fine alternative is to take both if you’re relatively interested within the discipline matter.It’s genuine though that his path is more tuned into theoretical element than mine. John is a mathematical economist and we both love mathematics, however possibly John goes to do extra of it than i am. This path honestly won’t use a heavy amount of arithmetic. I try to maintain it in order that people who usually are not relaxed with a number of math can take this path and i desired to emphasize that this is–I’ve said that it is–I suppose this course is vocational education in a way. I satisfaction myself on the fact that individuals who have taken this path in finding it priceless in their subsequent lives, but however, I consider that it is really interesting. At least I in finding it quite exciting and so i hope that you are going to too. Now I have no idea, I is also distinct than other individuals, however I feel organic chemistry is really intriguing. How many of you’ve gotten that feeling? Can i get a show of fingers, who’s curious about natural and organic chemistry? I’m not getting a variety of hands raised. Unluckily, I’ve under no circumstances taken a direction in it, but I’ve began reading it nowadays out of just my extensive mental interest.That is a direction that has a nasty repute, does not it? Due to the fact that individuals say I’ve received to take that if I need to be pre-med. However, you realize, to me there may be plenty of detail in organic chemistry. To me, whilst you learn the element you’re getting into something deep and important about the best way the whole lot works and so I begin to search out it interesting. So I don’t know how individuals believe about taking–might be i’m turning you off via pronouncing this–there is going to be plenty of element in this direction. Maybe I made a giant mistake by means of likening it to an natural and organic chemistry course–i do not mean to turn you off. The thought on this course is that by using being a monetary markets direction, you have to know how the sector works. We will be serious about that in connection with economic idea, but we have got to get into the small print; so we are going to be studying about details. Let me by talking in regards to the textbook. So the primary textbook is Frank Fabozzi, the other authors are Modigliani, Jones and Ferri, Foundations of economic Markets and institutions. This textbook is very targeted and it usually is–I’ve had some reaction by means of students–more than you desired to understand.I without a doubt had a fine experience reading it. Genuinely, it was an prior edition, once I first assigned this publication in the 12 months 2000, I took it with me on vacation. I was going to the Bahamas with my household and with Jeremy Siegel’s loved ones–we will come back to Jeremy Siegel in a minute. I sat down with the aid of the pool with this guide. Different individuals have been studying novels and that i have no idea what else, but I used to be reading Fabozzi. I had the sort of first-rate time with it, so i am telling you my expertise. Perhaps it used to be due to the fact it was once filling in gaps in my abilities–matters I’ve at all times desired to grasp and used to be perpetually focused on. That is partly what you need to boost whilst you get fascinated about a discipline: some experience of curiosity about the entire details. So I read the entire ebook, 650 pages, perhaps I style of read fast since I knew a variety of it.It might take you a bit longer to get by way of it, however I wanted you to have the identical experience. I have been assigning this e-book, now it is in one other edition and–Fabozzi is working on a fourth or subsequent version, I omit what quantity. I have been assigning–I’ve gotten some complaints from scholars that this ebook is tough going for the reason that there’s so much know-how in it. I used to inform people, " i am assigning the whole book and you have to comprehend everything in the booklet." that’s somewhat formidable. I in the end backed down on the grounds that I met a person on Wall street, an awfully outstanding Wall street man or woman, and he mentioned, ", my son started to take your direction." I stated, "What do you imply began the course?" He said, "good, he dropped out when he noticed this publication and the requirements." I failed to like that.I don’t need pupils to drop out. So what I decided is that you simply need to recognize the entire book within the feel that you simply have to comprehend all of the keyword phrases and key facets. Now in case you appear on the constitution of this book, it has sections that say Key aspects and key words. Some thing that is acknowledged there’s fair recreation for me in an examination and that’s the way I’ve accomplished it. There are key features and key words.Additionally, some thing in my lecture is of direction reasonable sport for the examination. Let me also add that i have a reading list that has clickable things on it and likewise things which can be on reserve within the library. Some thing that is clickable is required studying. I do not count on you go to the library, nonetheless, for the reason that I feel that we’re moving into an age the place you tend to need to be online, right? So the library books are all non-compulsory background. Fabozzi, a school member right here at Yale, has provided to offer me–we’ve at least one chapter from the brand new model that hasn’t come out but. I’m going to put that on reserve within the library; however again, I feel that the edition that you’ve got is moderately up to date and so that is all that i’m expecting you to learn.The opposite author, Franco Modigliani–within the booklet, the 2nd writer–used to be my trainer at MIT. He died in 2003. He is also a Nobel Prize winner and i feel has a top notch mind. So this book, Fabozzi, et al.–Fabozzi, Modigliani, Jones and Ferri–is a very strong publication about monetary markets. The 2d guide that i am assigning is Jeremy Siegel, shares for the long term. That is an old friend of mine. I met him in graduate college. Humorous story, I met him for the reason that at MIT they signed us all up for chest x-rays alphabetically–that’s the best way MIT does matters, an orderly approach.Shiller and Siegel are next to each other in the alphabet, so I was standing in step with him for an x-ray and was once speaking with him and i’ve known him ever in view that. A funny twist of fate is that due to the fact our names are shut in the alphabet–you frequently in finding our books correct together in bookstores since Shiller and Siegel–if they’re shelving alphabetically–would end up collectively. He wrote a e-book known as stocks for the long term, starting in 1993. It simply came out with the fourth adaptation and that ebook was once a first-rate vendor. I suppose it sold over a half of million copies. I’m not definite where it’s now but it surely has accomplished very good. It’s been a perennial basic. It emphasizes the longer term efficiency of the inventory market, nevertheless it’s rather a general treatise of financial markets. I get a very good reaction from scholars about this guide. This one is very readable. It’s now not as intense as Fabozzi, et al. Jeremy Siegel holds the particular distinction–business Week did a ballot asking MBA’s about their favourite professor.This used to be about ten years in the past. They ranked trade tuition professors in line with their status. He got here out number one in the U.S. As industry tuition professor. I feel you can like this guide. The following ebook is my possess and referred to as Irrational Exuberance. That is the last book–that’s a phrase that was coined by means of Allen Greenspan in 1996 and it refers to the inventory market growth of the 2000s–of the Nineties and the growth and the bust–well I feel it’s involving the bust that came out later, after 2000. I wrote this e-book in 2000 right at the peak of–fortunately right on the height of the inventory market. However what i am assigning to you is the 2nd adaptation, which came out in 2005, frequently on the peak of the housing market. We’ll speak about each the housing market and the stock market in these extraordinary books.These books are all on sale at Labyrinth Books, which is an impartial bookstall right here in New Haven. I put it there due to the fact, good, I believe the important chain bookstores fulfill an predominant perform but I also prefer to aid unbiased bookstores. I do not know if you recognize the story, however Labyrinth Books is impartial, it is not a sequence, and independent bookstores are tryingstruggling–to outlive. This is finance. Within the ebook trade, there is anything complicated about keeping an impartial operation.Labyrinth was once at Columbia university and Yale. For some reason they shut down their Columbia book shop, however they’ve spread out now in Princeton. There was once this noted bookshop in Princeton on Nassau avenue referred to as Micawber’s, which is a distinctive bookshop. I’ve been in there a quantity of times. However they just went out of trade. Labyrinth has moved in to take their situation. Anyway, that’s the place all the books are and they’re on hand now. We will have these lectures on Mondays and Wednesdays. We’re going to have T.A. Sections within the second part of the week. We’ll ask you to look at your agenda sometime before our subsequent lecture and believe about when that you could come to a teaching assistant part. They are going to be Wednesday, Thursday, and Friday and we’ve six hindrance units. The six concern units are due on the whole on Mondays and we are going to go over the hindrance sets in the teaching sections, a number of days after you flip them in. This is without doubt one of the greatest classes at Yale, but I suppose now we have received it so it’s going to be a good and enjoyable expertise for you. Now we have very certified–i am very impressed with our teaching assistants.The main thing is for you to stick with them and get to know them and i encourage you to attend the T.A. Sections. The direction is going to be graded. We have now two mid-phrases and one final. The at school mid-terms–the grades shall be roughly 10% hindrance units, 20% first mid-term, 30% 2nd mid-term, 40% final. However we will also use judgment and i’ll attraction to the T.A.’s to aid me on judging the grading. Also, I ask the educating assistants to provide me little pill descriptions of you in order that if in ten years, or two decades from now, I get a name from a reporter asking about this illustrious person who was once my pupil, i can have some thing to prod my memory. That is why i’m hoping you’ll be able to stick with–you can each and every find a educating assistant and will stay with that character. I want to say some thing about a unique curiosity of mine considering that it is part of this direction, even though no longer the complete path. Behavioral finance refers to a revolution in finance that has happened over the final ten or two decades and that’s incorporated–Behavioral finance is the speculation of finance mixed in with the theories of alternative social sciences, mainly psychology, sociology, political science, and anthropology.I think it’s the principal revolution in finance of the final couple a long time. Possibly i’m biased in view that i’ve been very much worried in it. I have been organizing workshops in behavioral finance at the national Bureau for economic research on account that 1991 with Dick Thaler on the school of Chicago. We feel that we’re avant-garde of a major revolution. The cohesion of the social sciences is, I suppose, very predominant. It can be a mistake to try to remember finance in isolation. There’s a entire array of other knowledge concerning finance. This will likely be a theme of my course and also a theme of this publication, Irrational Exuberance. That is what exuberance refers to–it’s a psychological time period. So that is an important detail of this path. Yet another thing that I will probably be speakme about is less primary to this path however you might have heard of this: the subprime main issue. This is the giant economic occasion that is hitting the united states and the complete world proper now. I’m clearly writing an extra publication about this. It’s not finished in time for you to read however I consider i will have it executed at some time for the duration of this semester. What does it mean? "Subprime" refers to the mortgages that had been made often over the final ten years or in an effort to subprime debtors.A "subprime borrower" is a person who has a bad credit history or another indication that will propose that they could not be competent to repay the personal loan–they might default. The industry, subprime lending, has grown dramatically over the final ten years and, as you traditionally be aware of, it’s in tremendous problem now. What’s taking place is the housing market is shedding, house costs are falling, people are defaulting in record numbers, and there are foreclosures. What occurs should you don’t pay your loan? Should you purchase a condominium and you do not pay the personal loan, the contract says you lose the residence–you’re out–you’ve gotten acquired to pay or it goes again to the loan originator. This difficulty may be very interesting to me seeing that it’s had so many ramifications for the period of the monetary world.It can be exposing defects in lots of our largest financial institutions and day-to-day we see extra news about screw ups, giant losses, resignations, or firings of prime finance folks. So it’s an awfully interesting time in finance. These things occur once in a while, but they occur with ample regularity that there may be whatever we relatively wish to fully grasp as a scientific phenomenon. So that’s an additional factor that I will likely be speaking about. Let me make yet another point about technology. Finance, I suppose, is a technology and that implies it is a method of doing things. It has a lot of element. A fiscal instrument is like an engineering gadget. Right here i’m tying to the engineering–Is anybody here from engineering? A couple of you, well this would be–in fact, some engineering colleges present courses in finance, did you know that? Engineers to find it congenial on account that they have a way of thinking constructively concerning the world that’s style of parallel to finance. Now we have theories–mathematical theories–that lead us to plot economic structures, which can be tricky instruments just like engines or nuclear reactors. They have numerous accessories and they must work right. When folks first devise some new financial instrument it mainly has crisis.Like after they devised the primary engines or the first nuclear reactors, it failed to work so well to start with and then from the expertise of many individuals engaged on it, over decades, a physique of potential emerges and that’s what we name technology. So technological know-how is a powerful drive in our society and that i recognize vigor of this kind. That is why I prefer to follow it up. However technology can also be dangerous. Nuclear vigor, for instance, could also be our salvation when we run out of oil–or nearly run out of oil–it seems to be developing over the next a number of a long time–we’re going to must try this, we’ll need nuclear power. But it is usually hazardous, as you know. The equal thing is correct about finance. I consider that, in a sense, the subprime crisis that we now have is an illustration of the hazards of recent technology. We’ve been seeing financial technology boost in recent years and this advancement of technology has introduced us some problems. Some people want to go back, some humans believe there’s quite a few anger about the subprime prices and there is some anger expressed against the financial neighborhood. I believe that we will have to be very cautious to not let that deflect us from the recognition that that is major technology and that it can be no longer the technology that is at fault; we ought to get it correct and then it’s going to be powerful. I’ve had some experience giving talks in much less developed nations.I am not a development economist. Now a development economist–that’s Santosh’s subject–progress economics is an extraordinarily important discipline in economics that is serving to less developed international locations emerge. I’m very proud to say that Yale has a powerful division on the growth middle on progress economics. I’m no longer a development economist. Nevertheless, once I’ve spoken in much less developed international locations, I in finding that they’re fairly all in favour of finance. I suppose that is on account that there’s a developing cognizance that that’s what you need to be aware of and that the countries which can be rising efficiently are those who have well developed monetary associations which are adopting the science. They need to adapt it to their possess situation, but in lots of approaches they are copying science. There may be nothing bad about copying technological know-how, that is what everyone does. When somebody invented the vehicle, before you knew it everyone used to be driving cars and they all appeared more often than not the same. When anybody invented the aircraft, before you knew it each nation had an aircraft on the grounds that there was a first-rate observe, there was a great science and it was no longer specified to any individual country. So that’s why I view this path as basically about technological know-how.I want to say whatever about morality and about blended emotions that folks have about finance. I do know that undergraduates–I don’t know how you consider about finance. Some men and women have a response–when you say you’re taking a course in finance, they believe that might be you are selling out or possibly you value money too much and that you should relatively be in every other subject. This is a longstanding clash in our thinking. There may be some contempt for finance, I believe, when you consider that it makes so much money for many folks. Lots of our pupils go into finance. Yale could be very powerful in providing men and women to the economic neighborhood and, I need to say, they do very well. My first recommendation is if you want to become profitable, which i don’t primarily recommend, but if you happen to do it can be now not a nasty concept to go into finance.Simply as, , you could make some huge cash with natural chemistry too. I think that what you have got to do as a younger character is enhance your human capital and that suggests knowing the right way to do matters. However there is hostility towards finance that I think may be very foremost to numerous our pondering. I wanted to claim anything about that. A part of it is that some individuals in finance get so rich. When you look at the list of the richest persons, they may be all related to finance, proper? I imply they realize it. Possibly they’re now not-might be they’re in publishing or any other subject however they fully grasp finance and plenty of them are immediately in finance. So what do we make of that? Well part of it is that we get very–We get a kind of jealousy of those people seeing that why must any person have billions of bucks? Did they really deserve that? Some persons who make a lot of money get self-importantwho make some huge cash–and they come to be not making a lot of acquaintances in the method.The Yale school Press is publishing a brand new book via Steve Fraser about Wall road. He offers examples on this guide about hostility toward–it goes approach back–In Fraser’s e-book he offers an illustration of–I’ve never heard of this person before, however William Durr, who was a financier in colonial the united states in the 1700s, made a lot of money and helped finance the innovative battle in the united states. He ended up being chased down the avenue by means of an angry mob. Persons hated him and why was that? Good it was once partly on the grounds that he bought so wealthy and he began wanting to exhibit off. He had what they referred to as "livery servants," no longer just servants, however servants who were wearing livery, like a army uniform. It appeared like aristocracy coming back within the form of wealthy fiscal successes and we do not like that. There’s a feeling of hostility toward that. There has been a long discussion about what humans owe each and every different and how k it is to check out to make money. I do not know when you take into account–I have got to begin erasing here–some of the well identified Yale professors of the nineteenth century was William Graham Sumner, who wrote a noted piece referred to as, What Social lessons Owe to each other.Sumner graduated from Yale in 1863. He was a member of cranium and Bones–have you heard of that? You know that staff? He spent his complete profession at Yale and he wrote–He was Head of our social sciences department, before we had separate departments of economics and psychology, and many others. He used to be an awfully distinguished exponent of the notion that persons must exit for his or her possess curiosity. One social class does now not owe some thing to a further and we must not think guilty about pursuing financial pursuits. That resulted in an perspective amongst a excellent segment of our society that it is k to move out and generate profits given that creating wealth manner doing productive matters for the economic system and eventually it is a advantage to society. But we have some suffering with that. A further publication, which i have not placed on reserve yet however i will, is by Peter Unger, who’s a philosopher. It is a amazing booklet referred to as residing high and Letting Die that refers to a more large philosophical issue that we have. It is that almost all of us are relatively making money for ourselves–that’s what we do with our lives–and whether or now not that is moral. It’s now not simply rich individuals who do that–the rest of us do it also–and in Peter Unger’s guide he–On the first web page, he has an handle and it is an handle for UNICEF, which is the United nations children’s Fund, and he begins out his publication with that deal with the place you would ship cash correct away.I inspiration it was once very spectacular that he put that on web page some of the book because it places the reader in a moral hassle. He features out that it can be estimated that for every $three you ship to UNICEF, which you can store a existence. That’s considering there are folks on this world who are usually not getting hospital therapy. There are men and women who’re loss of life of illnesses for which there are known therapies due to the fact they do not need the best remedy, which can be probably no longer even luxurious but they’re dwelling in such poverty. So he says, why don’t you stop right now and send $a hundred to UNICEF. It used to be very impactful to start a e-book that means due to the fact that I doubt that infrequently any readers in reality write out a examine instant to UNICEF; but for those who don’t, then you might be in some feel in charge for the lack of 30 lives. It is fairly hanging and it lets you ponder what makes us behave the best way we do. Incidentally, while you go back to your pc, Google UNICEF, and you could provide $a hundred to UNICEF within the hour. Maybe I would ask for a show of arms of how many men and women did that.I assume that no longer many of you’re going to and i do not suppose that proves that you are dangerous men and women–it is a very fascinating philosophical query–however what it way is that there’s a moral hindrance underlying all of our monetary lives and i consider this ethical challenge is the same because the ethical issue in finance. It’s simply that men and women in finance are mostly very triumphant they usually would give much more than $one hundred to UNICEF. One thing that I desired to emphasize in this course, or try to stress, is that a part of finance is simply philanthropy. The foremost–the most victorious humans in finance, I think, grow to be giving the money away and that means–you can’t eat 1000000000 dollars. There isn’t any manner that you can do that. Which you can handiest power one vehicle at a time and when you have five cars–good I imply that’s style of–all correct you would have 5 cars and also you could drive another one everyday, but it surely’s beginning to appear somewhat ridiculous, proper? At any price, you’re now not utilizing them and they will come to be being used by someone else.So I feel the final result will have to be philanthropy and people of you who’re positive relatively need to give it away. I’m bringing in external speakers as a part of this direction and, amongst them, i’m going to bring in humans who I believe have been philanthropists. That is the mode of considering that is most attractive whilst you feel about economic markets. So let me tell you about–i have slots now for 4 outside audio system. I’ve lined up two of them and let me tell you concerning the two that I’ve already lined up. The primary one is our possess David Swensen. David Swensen came to Yale institution in 1985 from Wall road, although he was once a Yale graduate. At that time the Yale endowment was honestly somewhat under one thousand million dollars. What is the endowment of Yale? The endowment is outlined because the financial assets that Yale college owns.Yale also has an art assortment, which is worth many billions, but we don’t depend that as a part of the endowment on account that they’ll by no means sell it so it would not furnish sales for us. Yale also has a bodily plant, like this gorgeous building that we’re in, but that is no longer part of the endowment both. The financial belongings that Yale had, at that time, were about a billion dollars. Due to the fact that then, David Swensen has invested or has managed the funding of this endowment and it has finished phenomenally well. Yale now has over twenty-two billion greenbacks in its endowment.The return he got from 1996 to 2006 was 17% a 12 months on investments. Final year the return on the Yale portfolio was once 28% in a single yr. Now I don’t know how impressed you’re, the 12 months earlier than that it used to be 22% in one year. Now some of this maybe success but i do not consider it can be all good fortune because he’s achieved this consistently for so many years. For those who look up round this campus now, you’ll be able to see a number of construction, a variety of matters are being spruced up and increased. I suppose David Swensen has had a large hand in doing that seeing that we have now the money that makes it possible. The endowment at Yale is some thing like two million bucks per scholar now that’s simply sitting there as money that would be spent. How did he do that? That is one of the most amazing things. It appears to have anything to do, I feel, with educational figuring out. That being a part of a school community is an efficient thing for investing and you can find some proof in that. Harvard college, Princeton school, and different universities have performed tremendously good on their endowments; however, no longer fairly as well as Yale. Yale, I consider, is the number one performer so it’s very exciting that we’re ready–it is very gigantic that we’re capable to get David Swensen.He does not do plenty of public talking however he is willing, for younger folks such as you, to do this–so that is one of our outside speakers. He also has two books about investing that we will talk about. The 2nd person i’ve mounted now to return–despite the fact that the date on the syllabus on-line goes to be converted–is Andrew Redleaf, who can also be a Yale graduate and who established a hedge fund called Whitebox Advisors. It has completed phenomenally good in investing. I suppose–i have on the syllabus a ny instances article about him. He is a very usual and creative thinker who looks at things from a distinctive point of view and i in finding it very fascinating speakme with him.To do well in investing you ought to have your possess impartial view of matters and rather be interested by how matters work and he is someone who does that. By the way, the brand new York instances had yet another article about Redleaf, saying that he was once particularly one of the crucial first folks to clearly delineate the subprime predicament that we’re now in. He noticed it coming and, I need to say, profited from it.If you recognize the subprime hindrance is coming, then there may be invariably a approach to make the most of that and that is what he did. But he additionally has a philanthropic side so all of it comes out very good. I believe in the rest time i will simply go via an overview of the course and that suggests go via the issues of the various lectures and then i’ll will let you go for at present. So the way this path is divided up is distinct than the monetary idea course. If you happen to appear at John Geanakoplos’s direction on fiscal thought, his mathematical principles are crucial to his define of the path; but this being a financial Markets path, i’m dividing it up extra in terms of markets and associations. I nonetheless wish to with some theory and i thought that–good i’ll–I plan to begin by means of speaking about the most normal ideas of threat administration, which underlie finance. With the intention to be Wednesday’s lecture. I call it the common principle of danger administration pooling and the hedging of risk.I believe it is the principal theoretical proposal that underlies finance and insurance, which we are going to also speak about just a little bit in this course. The concept is that should you unfold risks they do not disappear, they’re nonetheless there, but they’re spread out over many men and women and the impact on anyone person is reduced. So a basic principle of insurance is that if each individual or each household suffers the hazard, for example, that a mum or dad, guardian, could die then it’s a horrible blow to the household; but it’s no longer a blow to society as a entire when you consider that humans die and it has a detailed statistical regularity. It makes sense that we pay families who’ve misplaced a father or a mom in order that they are able to preserve going. It advantages everyone to have a concern in position for that. I desired to talk about that with a bit little bit of reference to likelihood idea and so that’s what I might be covering. The following lecture will be among the many more mathematical, although it’s very fundamental.If you happen to had a course in probability and information, then you can in finding it easy to comply with, nevertheless it’s self-contained once more. I suppose like I ought to introduce ideas like variance and co-variance and correlation to be able to talk about finance; so that’s what we’ll do in Lecture Two. The next lecture–I want to come back to a few basic issues that–the third lecture–about technology and it pertains to yet another publication that I wrote. I am now not assigning it, but I wrote a booklet called New financial Order in 2003 about technology and finance. A theme of that guide used to be that–I’ve already mentioned this to you, but it’s an awfully most important factor–monetary technology is evolving and making improvements to simply the best way engineering science or biochemical science is improving. It is getting higher year by using yr and the course of finance over your lifetime can be dramatic, so the fiscal institutions that we’ve got ten years from now will appear very exclusive from those we’ve now. We have to have an understanding of–in figuring out the development of economic technology–is its foremost relation to understanding science. Desktops, the internet, and communication instruments are most important to financial growth and they make things feasible that wouldn’t have been feasible earlier than. Oftentimes, innovations that look, in the abstract, to be good ideas could also be not possible given that some thing that you just have to do to make it in reality come into observe is too high-priced and so it can be no longer monetary to produce the invention.However then traits in other fields can alternate the relative prices and all of a sudden make an idea that had been hypothetical and unapplied abruptly work well. So fiscal inventions also involve experimentation. Like in any other invention, no one is aware of what will work and summary thought doesn’t guide you wholly. As soon as an invention is obvious to work it is swiftly copied around the globe. We can see various breaks in economic history when some new idea was once all of a sudden validated viable. In most cases, financial inventions weren’t granted patent rights, however now in the U.S. And in a quantity of other nations it has turn out to be possible to patent fiscal innovations. I know I’ve done that in my life and so I suppose it offers yet another point of view on finance. Then I need to speak about insurance. The school of insurance is anything that quite came in–it’s one of the most earliest–I recollect it a division of finance–particularly came within the 1600s when chance concept used to be invented. The mathematical concept of chance was unknown until that point and you’ll discover that insurance immediately made an appearance at the moment.This will probably be an ancient as well as a theoretical dialogue of coverage. Then i’ll transfer to portfolio diversification and assisting financial associations. That is again a more theoretical lecture. It’ll be about the capital asset pricing model. It’ll be in regards to the securities market line, concerning the beta, in regards to the mutual fund theorem, and it is going to even be about institutions that we’ve got–about funding companies and their management. So it is quite parallel to an coverage dialogue. Coverage swimming pools dangers like life risks or hearth risks via writing insurance policies to person policyholders. Portfolio administration swimming pools risks in an extra manner: by means of assembling a different portfolio or a portfolio that is negatively correlated with a risk that any one has. Then I want to go to the effective markets concept. "effective markets" is a theory about–well it got here in about three a long time ago, possibly it’s towards four many years in the past–it can be a concept that economic markets work very good and comprise understanding very good. The effective markets hypothesis was once influenced–truely the notion goes again over 100 years–it is influenced by the remark that economic markets seem to reply with pleasant pace to new information and, when new knowledge appears, prices will abruptly adjust within the financial markets.Certain varieties of financial markets referred to as "prediction markets," which can, for illustration, predict the effect of an election had been noticeable to be very correct predictors, most often better than pollsters can manipulate. So there appears to be some deep wisdom of the market. I feel that "effective markets" is an important thought. Then again–and that is some thing that i would like to stress–you do not need to carry that too a long way and one of the lessons of behavioral finance is that markets aren’t fairly efficient in a world sense.Human psychology drives markets a first-class deal. If markets have been flawlessly efficient, David Swensen might now not have carried out what he did. It would not be viable to make excess returns in finance. I suppose it’s clear that it’s and that persons who accomplish that are folks who recognize greater than the core effective markets idea. They fully grasp anything about human nature and how human nature interacts with our associations. The subsequent lecture is about behavioral finance and i need to talk in that lecture about research and psychology, matters that come out of an extra division here, the psychology department, which has most commonly been disregarded in economics and finance but is coming back. I need to talk about Kahneman and Tversky’s Prospect thought, which is an awfully main and a bit technical–psychologists can come to be mathematical and technical as well. It would be an major part of our working out of fiscal markets. Then I need to speak within the subsequent lecture about law, which means executive oversight of economic markets and not just government oversight, there are also the so-called self-regulatory businesses which can be created within the fiscal industry to self regulate.So, for example, FINRA, which was once referred to as The national organization for protection purchasers, is a membership institution of individuals in the economic community and it imposes rules on its participants. It can be not a executive organization however it’s a regulator. The situation is that no longer every person is pleasant and now not each person is high-minded so financial markets–the success of fiscal markets is, in many methods, a success of regulation. Governments set up regulators who set down principles for participants in fiscal markets and these principles may be perceived as laborious and expensive to humans in the economic community, however eventually it is their salvation and it is what makes everything feasible. After that, I wish to talk concerning the debt markets. Debt is the simplest of economic devices. It contains a promise to pay, most often denominated in currency, and there are both lengthy-term and quick-term debt devices.The shortest time period debt instrument in the U.S. Is the Federal funds cost, which is an overnight rate–one day maturity–and the longest issued through the federal government is a thirty-year executive bond, so one can be repaid three many years one day. There have also been 100-12 months bonds and there have additionally been perpetuities that–in the UK, for example, the British Consoles–don’t have any expiration date and they’ve limitless maturity. So the debt market is anything useful of studying on account that it rather represents a marketplace for time itself. What is it that we’re speaking about after we talk in regards to the fee of interest? It has models of time, it represents the price of time, and it’s anything that fluctuates through time in intriguing patterns. They’re very essential drivers of our economic climate and our lives. The speculation of the term constitution is the idea of how curiosity premiums range according to maturity or time period. There should not handiest debt instruments which might be payable in forex, but there are additionally indexed debt devices which can be listed to the fee level in order that they offer actual curiosity rates.We’ve had episodes in our history when actual interest rates have made main strikes and these actions are very fundamental for what’s happening in our lives. Most recently–a couple of years ago, we have been residing in a regime of terrible actual curiosity charges, when the Fed was once pursuing a very aggressive economic coverage. I suspect that with the subprime drawback the Fed shall be pushing actual curiosity premiums down dramatically once more and we could also be in a period of poor real curiosity charges once more. After that I want to talk concerning the inventory market and i want to–there is a lot to speak about. Of direction, shares are shares in companies they usually’re traded on stock exchanges they usually’re interesting to investigate seeing that there is type of an ambiguity about stocks that’s not widely perceived via a lot of folks. That’s, share repurchase can alternate the items of measurement in a protection and companies need to decide how leveraged the inventory shall be, which alterations the inventory price–leverage, that means how a lot debt the manufacturer takes on. Furthermore, businesses must decide how a lot dividends to pay on the stock.That’s a determination of the management of the corporation and we ought to recognize how they make that determination and what that suggests to persons who are valuing stocks. It’s a quite simple idea. The inspiration of dividing a enterprise up into shares and promoting them off, but in observe it involves a variety of complexities. We will be speaking about the Modigliani-Miller Theorem and associated disorders on this lecture as well as some thing concerning the behavior of the stock market and its tendency to head via dramatic actions.For instance, adore it has completed just lately when you’ve been following it prior this 12 months. The following lecture can be about actual property and that brings us into the subprime predicament and connects with interests which can be crucial to my own thinking. The housing market is a huge market. Correct now the complete worth of single-loved ones homes in the united states is ready twenty trillion bucks and the market has been becoming increasingly speculative. Dwelling costs have end up unstable. Nationally, house prices in the U.S. Rose 85% between 1997 and 2006 in actual phrases–in inflation-corrected phrases. We’ve got noticeable close to a doubling in the rate of the typical home in the U.S..Why did that occur? Now they are falling and in real terms home costs have fallen nearly 10% on the grounds that the height in 2006. This isn’t just a U.S. Phenomenon; many countries world wide are experiencing dwelling price booms and the beginnings of what might be a home fee bust. I wish to bear in mind the market for properties and the market for mortgages, that are the instruments that finance properties. To what extent used to be the housing boom that we saw in recent years the influence of revolution in economic science? There had been many alterations in our personal loan institutions that probably part of the cause for the increase in home prices. There may be also a question of psychology. The following lecture shall be about banking, the deliver of money and the cash multiplier. Additionally it is about: how banks function; what their operate is in our society; and, why they are such major associations which have gone again for thousands of years and remain strong, important facets in our economy. It is usually about bank legislation, such as the Basel Accord, Basel I and Basel II.I additionally need to talk in regards to the impact of information and technological know-how on banking. The next lecture is about economic coverage. What do crucial banks do? In the USA, the valuable financial institution is referred to as the Federal Reserve. In the UK, it’s the financial institution of England. In Japan, it’s the bank of Japan. And in Europe, it is the ecu vital bank. All of these banks are rather in manipulate of brief-term interest rates and these curiosity charges are used to take a look at to control and stabilize the economic climate. In line with the subprime concern that we are now in, our important bank, the Federal Reserve, has been slicing curiosity premiums aggressively to take a look at to save the financial system that seems to be declining. I want to take a look at to realise in that lecture–support us to comprehend how this works and how we’re getting solutions–viable options to these problems. Then I wish to talk about investment banking. An funding financial institution is an additional form of bank. I was once talking, as much as this factor, about industrial banks.An investment financial institution will not be a bank that accepts deposits; it would not maintain the general public. Instead it offers with fiscal institutions and it gets concerned in underwriting securities for economic institutions. It can be an awfully major enterprise and it is also one in which lots of our scholars have located jobs, so I feel it is most important for us to take a look at to understand the history of investment banks, the role they’ve in our fiscal group, and the way they may be regulated. Then I need to speak about cash managers–authentic cash managers–people like David Swensen. It is a group of people in a further phase of the monetary enterprise. These are persons who manipulate portfolios. We want to feel about what varieties of forces function on them and what style of–i’m occupied with viewing them partly as men and women who are authorities in a designated type of science who live in an awfully aggressive environment and try to realize why a few of them prevail much more than others. It additionally relates to behavioral finance.That is, eventually they are human beings like any one else and a few of their variations in success or failure could must do with their own interconnections and their own psychology and interpersonal psychology. Then I wish to talk about brokerages. Those are associations that prepare for or manipulate the buying and promoting of fiscal assets, corresponding to the brand new York inventory trade. Now the brokerage industry–the brand new York stock alternate goes back into the eighteenth century, it’s very historic. Actually, the suggestion of the stock exchange goes again to the fourteenth century, when in Flanders the first inventory alternate called The Bourse used to be founded. So it goes again many hundreds and hundreds of years but it’s in fast trade now due to the fact that of expertise technology. It’s one of the vital speedily changing, tough to keep up with areas because someone can mounted an electronic exchange in a single day and instantly become a base for buying and selling trillions of bucks of securities. It suits in good with the theme of this path about science due to the fact that in working out what’s taking place with brokerages, our technology, the brand new information science, is significant. Then I wish to transfer to futures markets and ahead markets. A forward contract is a contract made between two events for execution in the future. Almost always these are known as over-the-counter contracts due to the fact that they may be not arranged by way of exchanges. We even have standardized contracts which can be traded on exchanges and they’re known as futures contracts. The futures contracts have been invented in Japan in the 1600s at Osaka they usually have been developed for the rice market in Japan. They had been uniquely japanese except most of the time the nineteenth century after which they were copied in every single place the sector and are actually very primary.I’ll speak about one futures market that i’ve been instrumental in establishing. I’ve been working with the Chicago Mercantile exchange to create a futures marketplace for single-loved ones houses, which is type of my connection to the futures industry. Of path, there are a lot of futures markets that we will speak about. They are very exciting to me and i wonder why the industry group is not more mindful of them. A futures market has a prediction going out years into the future of what every monetary variable will probably be doing, so you’ll find the future in a sense through the futures costs. It is no longer perpetually right to consider of it that means–we have got to get into the idea of futures markets. In lots of instances that is not the right solution to consider about futures prices, but there are very main futures markets that–within the subsequent lecture I need to speak concerning the more than a few varieties of futures markets that subject. We’ve got a inventory index futures market and specially we now have an oil futures market.The oil futures market may be very huge due to the fact it represents the cost of energy on dates into the future. We can now see the fee of oil going out years into the future. We have now just hit $one hundred barrel rate of oil, but what does that mean? Does that imply we’ll are living in a world with $one hundred oil? Well now not if you look at the futures market, which is in backwardation now and it can be predicting foremost drops in the cost of oil. Then I wish to talk about options markets–that is getting just about the tip of the direction. An alternative is the right to purchase some thing. Traditionally, we suppose of it as a inventory option. An choice is a contract that says you could purchase so many shares of a enterprise. The choices have been traded for a number of decades, commencing with the Chicago Board options trade. But now there are a lot of choices exchanges. We’ve got costs of options that modify minute by minute. Now what do these alterations and these costs imply? The options are an awfully useful technology for managing risks and i suppose that we are going to see a speedy–Over the following few decades, we will see rapid growth within the scope of choices contracts traded on the exchanges.Subsequently, for the last lecture for this semester, I want to pull this collectively and talk about one of the most subject matters that is summarized in phrases of a theme of this direction: the democratization of finance. Finance used to be a very esoteric discipline that only some folks in London and Paris and other world centers understood–Amsterdam and different locations the place financial science emerged–nevertheless it’s becoming democratized. With each and every 12 months that goes by the principles of finance are being utilized more largely and involving increasingly individuals. With electronic technology, it’s becoming more cost effective to present sophisticated economic offerings to all people. This is something that we’re seeing. I consider the subprime obstacle that’s the present economic concern highlights this very good. What does subprime imply? Well I believe it stands for the final population. The subprime personal loan market was once bringing men and women into the loan market who in prior a long time wouldn’t have been involved–do not need had any mortgage. The problem, of direction, with the democratization of finance is that for those who carry the participation in monetary markets, then you definitely convey in humans who’re: much less and no more knowledgeable; much less and less figuring out of principles of finance; and less capable and extra liable to exploitation. So the democratization of finance is, I consider, the superb mission of–I find central to this course nevertheless it brings with it detrimental risks and we have got to feel very carefully about how we do it. .

[batterymonster2021]

1. Finance and Insurance as Powerful Forces in Our Economy and Society

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1. Finance and Insurance as Powerful Forces in Our Economy and Society

Professor Robert Shiller: this is Economics 252, financial Markets, and i’m Bob Shiller. Let me via introducing the instructing fellows for this course; and so i have them up here. We now have 5 teaching fellows right now and they’re from in all places. I love to place their pictures up so you can comprehend who they are. The instructing fellows are very global and that reflects my intention to make this a direction that can also be very international because finance is whatever concerning the whole world at present, not just the us. So we quilt the arena very well with our T.A.’s. Usman Ali is from Pakistan, Lahore, and he graduated from the LUMS, Lahore university of administration Sciences. He’s a PhD candidate now in Economics and he’s doing his doctoral dissertation on inventory analysts’ suggestions and the relation to returns in the stock market. He’s also fascinated by behavioral finance, which is the applying of psychology to finance. The 2d educating assistant–I see him proper there, for those who would lift your hand–Santosh Anagol, who is a consultant of the U.S., despite the fact that he seems to have connections to India as well. He genuinely has a e-newsletter already within the American fiscal evaluation on the Return to Capital with Ghana. He did this jointly with the Chairman of the Economics division here, Chris Udry and he has frolicked in India looking at the village economies. You had been going to be gifting away cows, did you try this? Student: No, i am still engaged on cows but we’re now not giving them away.Professor Robert Shiller: k, that’s the last time you can hear about cows in this direction. The proposal was to present cows away to village farmers and to notice the effect. It is a tremendous change in some of these very negative villages to get a cow. Christian Awuku-Budu is from Ghana, Accra, however he, once more, went to institution in the us at Morehouse college. He’s also a PhD candidate in Economics at Yale and he is been doing study on monetary markets in developing international locations. Yaxin Duan is from China. She got her undergraduate measure from Nanjing college. No? You are from Nanjing, did I get a detail mistaken? Where did you go to institution? Ok, well i am sorry about that. She can also be a PhD candidate in Economics and is doing research on the habits of choices prices in a phenomenon called the "choices smile," as she’s smiling at me correct now. She is also eager about behavioral finance, which is best to me considering that that’s one among my interests. She is shown here standing precariously on a cliff. It makes me frightened to look at it overlooking Machu Picchu in Peru. She also loves astronomy, which is by the way an interest of mine too, but you will not hear about it again on this course.Subsequently, Xiaolan Zhou is our fifth educating assistant and she or he’s additionally from China, Hubei Province. She graduated from Wuhan school and is a PhD candidate in Economics at Yale. She is doing study on financial institution mergers. Let me say, i’ve been educating this direction now for over twenty years and i am very proud of all of my alumni. Lots of them are within the discipline of finance. Actually, i admire regularly after I provide–I supply quite a few public talks. After I supply a talk on Wall avenue or even somewhere else on the earth I usually ask my viewers, "Did you take my course?" it is no longer rare that i’ll get one and even two humans raising their hand that they took Economics 252 from me. However i am also proud of my alumni on this direction who aren’t on this planet of finance. I feel this direction goes beyond–it is no longer only for people who’re planning careers in finance on account that finance is a very major science and it’s very predominant to understand finance to realize what occurs in the real world. Nearly any human recreation includes finance. Now, you would say, "I would be a poet and what does that ought to do with finance?" good, it usually finally ends up having whatever to do with finance since as a poet you normally need to publish your poetry and you’re going to be talking to publishers. Earlier than you are aware of it, they are going to be speaking about their financial quandary and how you fit into it. I consider it is major and really major. I believe you are going to in finding this path as not a vocational direction–not principally a vocational direction–however an intellectual path about how matters fairly work. I see finance as the underpinning of so much that happens.It’s a powerful force that goes in the back of the scene and i hope we can draw that out on this path. There’s yet another path–we’ve got two common courses in finance for undergraduates at Yale. The opposite one is Economics 251, monetary theory; that is fiscal Markets, that one is economic idea. Final 12 months it was once taught by means of Rafael Romeu, due to the fact that John, Geanakoplos who more often than not teaches the direction, was on go away and so we had to in finding anybody else. I anticipate that subsequent fall John Geanakoplos will probably be educating 251 again. So what happened? Why do now we have these two publications? Well it was once anything like eight years ago that we reached the reward predicament with two finance publications.John Geanakoplos and i had a meeting and we tried to divide up the subject matter of finance into two guides. We thought monetary thought and fiscal Markets stands out as the two. However the predicament was that both John and i are all for both idea and purposes. John Geanakoplos is simply Chief Economist for a enormous funding known as Ellington Capital in Greenwich, Connecticut, which you’ll be able to see a lot in the news. It has been very victorious. He is very a lot curious about the actual world and i am taken with financial idea, so we find it–we decided, after speaking about it, that we quite cannot divide up the field matter of finance into separate publications on concept and observe. In case you tried to do one alone it would no longer work, so we made up our minds to divide it up imperfectly and there is also some repetition between our two publications. Each of them are self-contained publications, so that you could take either 251 or 252, or you could take both. I consider probably the fine alternative is to take both if you’re relatively interested within the discipline matter.It’s genuine though that his path is more tuned into theoretical element than mine. John is a mathematical economist and we both love mathematics, however possibly John goes to do extra of it than i am. This path honestly won’t use a heavy amount of arithmetic. I try to maintain it in order that people who usually are not relaxed with a number of math can take this path and i desired to emphasize that this is–I’ve said that it is–I suppose this course is vocational education in a way. I satisfaction myself on the fact that individuals who have taken this path in finding it priceless in their subsequent lives, but however, I consider that it is really interesting. At least I in finding it quite exciting and so i hope that you are going to too. Now I have no idea, I is also distinct than other individuals, however I feel organic chemistry is really intriguing. How many of you’ve gotten that feeling? Can i get a show of fingers, who’s curious about natural and organic chemistry? I’m not getting a variety of hands raised. Unluckily, I’ve under no circumstances taken a direction in it, but I’ve began reading it nowadays out of just my extensive mental interest.That is a direction that has a nasty repute, does not it? Due to the fact that individuals say I’ve received to take that if I need to be pre-med. However, you realize, to me there may be plenty of detail in organic chemistry. To me, whilst you learn the element you’re getting into something deep and important about the best way the whole lot works and so I begin to search out it interesting. So I don’t know how individuals believe about taking–might be i’m turning you off via pronouncing this–there is going to be plenty of element in this direction. Maybe I made a giant mistake by means of likening it to an natural and organic chemistry course–i do not mean to turn you off. The thought on this course is that by using being a monetary markets direction, you have to know how the sector works. We will be serious about that in connection with economic idea, but we have got to get into the small print; so we are going to be studying about details. Let me by talking in regards to the textbook. So the primary textbook is Frank Fabozzi, the other authors are Modigliani, Jones and Ferri, Foundations of economic Markets and institutions. This textbook is very targeted and it usually is–I’ve had some reaction by means of students–more than you desired to understand.I without a doubt had a fine experience reading it. Genuinely, it was an prior edition, once I first assigned this publication in the 12 months 2000, I took it with me on vacation. I was going to the Bahamas with my household and with Jeremy Siegel’s loved ones–we will come back to Jeremy Siegel in a minute. I sat down with the aid of the pool with this guide. Different individuals have been studying novels and that i have no idea what else, but I used to be reading Fabozzi. I had the sort of first-rate time with it, so i am telling you my expertise. Perhaps it used to be due to the fact it was once filling in gaps in my abilities–matters I’ve at all times desired to grasp and used to be perpetually focused on. That is partly what you need to boost whilst you get fascinated about a discipline: some experience of curiosity about the entire details. So I read the entire ebook, 650 pages, perhaps I style of read fast since I knew a variety of it.It might take you a bit longer to get by way of it, however I wanted you to have the identical experience. I have been assigning this e-book, now it is in one other edition and–Fabozzi is working on a fourth or subsequent version, I omit what quantity. I have been assigning–I’ve gotten some complaints from scholars that this ebook is tough going for the reason that there’s so much know-how in it. I used to inform people, " i am assigning the whole book and you have to comprehend everything in the booklet." that’s somewhat formidable. I in the end backed down on the grounds that I met a person on Wall street, an awfully outstanding Wall street man or woman, and he mentioned, ", my son started to take your direction." I stated, "What do you imply began the course?" He said, "good, he dropped out when he noticed this publication and the requirements." I failed to like that.I don’t need pupils to drop out. So what I decided is that you simply need to recognize the entire book within the feel that you simply have to comprehend all of the keyword phrases and key facets. Now in case you appear on the constitution of this book, it has sections that say Key aspects and key words. Some thing that is acknowledged there’s fair recreation for me in an examination and that’s the way I’ve accomplished it. There are key features and key words.Additionally, some thing in my lecture is of direction reasonable sport for the examination. Let me also add that i have a reading list that has clickable things on it and likewise things which can be on reserve within the library. Some thing that is clickable is required studying. I do not count on you go to the library, nonetheless, for the reason that I feel that we’re moving into an age the place you tend to need to be online, right? So the library books are all non-compulsory background. Fabozzi, a school member right here at Yale, has provided to offer me–we’ve at least one chapter from the brand new model that hasn’t come out but. I’m going to put that on reserve within the library; however again, I feel that the edition that you’ve got is moderately up to date and so that is all that i’m expecting you to learn.The opposite author, Franco Modigliani–within the booklet, the 2nd writer–used to be my trainer at MIT. He died in 2003. He is also a Nobel Prize winner and i feel has a top notch mind. So this book, Fabozzi, et al.–Fabozzi, Modigliani, Jones and Ferri–is a very strong publication about monetary markets. The 2d guide that i am assigning is Jeremy Siegel, shares for the long term. That is an old friend of mine. I met him in graduate college. Humorous story, I met him for the reason that at MIT they signed us all up for chest x-rays alphabetically–that’s the best way MIT does matters, an orderly approach.Shiller and Siegel are next to each other in the alphabet, so I was standing in step with him for an x-ray and was once speaking with him and i’ve known him ever in view that. A funny twist of fate is that due to the fact our names are shut in the alphabet–you frequently in finding our books correct together in bookstores since Shiller and Siegel–if they’re shelving alphabetically–would end up collectively. He wrote a e-book known as stocks for the long term, starting in 1993. It simply came out with the fourth adaptation and that ebook was once a first-rate vendor. I suppose it sold over a half of million copies. I’m not definite where it’s now but it surely has accomplished very good. It’s been a perennial basic. It emphasizes the longer term efficiency of the inventory market, nevertheless it’s rather a general treatise of financial markets. I get a very good reaction from scholars about this guide. This one is very readable. It’s now not as intense as Fabozzi, et al. Jeremy Siegel holds the particular distinction–business Week did a ballot asking MBA’s about their favourite professor.This used to be about ten years in the past. They ranked trade tuition professors in line with their status. He got here out number one in the U.S. As industry tuition professor. I feel you can like this guide. The following ebook is my possess and referred to as Irrational Exuberance. That is the last book–that’s a phrase that was coined by means of Allen Greenspan in 1996 and it refers to the inventory market growth of the 2000s–of the Nineties and the growth and the bust–well I feel it’s involving the bust that came out later, after 2000. I wrote this e-book in 2000 right at the peak of–fortunately right on the height of the inventory market. However what i am assigning to you is the 2nd adaptation, which came out in 2005, frequently on the peak of the housing market. We’ll speak about each the housing market and the stock market in these extraordinary books.These books are all on sale at Labyrinth Books, which is an impartial bookstall right here in New Haven. I put it there due to the fact, good, I believe the important chain bookstores fulfill an predominant perform but I also prefer to aid unbiased bookstores. I do not know if you recognize the story, however Labyrinth Books is impartial, it is not a sequence, and independent bookstores are tryingstruggling–to outlive. This is finance. Within the ebook trade, there is anything complicated about keeping an impartial operation.Labyrinth was once at Columbia university and Yale. For some reason they shut down their Columbia book shop, however they’ve spread out now in Princeton. There was once this noted bookshop in Princeton on Nassau avenue referred to as Micawber’s, which is a distinctive bookshop. I’ve been in there a quantity of times. However they just went out of trade. Labyrinth has moved in to take their situation. Anyway, that’s the place all the books are and they’re on hand now. We will have these lectures on Mondays and Wednesdays. We’re going to have T.A. Sections within the second part of the week. We’ll ask you to look at your agenda sometime before our subsequent lecture and believe about when that you could come to a teaching assistant part. They are going to be Wednesday, Thursday, and Friday and we’ve six hindrance units. The six concern units are due on the whole on Mondays and we are going to go over the hindrance sets in the teaching sections, a number of days after you flip them in. This is without doubt one of the greatest classes at Yale, but I suppose now we have received it so it’s going to be a good and enjoyable expertise for you. Now we have very certified–i am very impressed with our teaching assistants.The main thing is for you to stick with them and get to know them and i encourage you to attend the T.A. Sections. The direction is going to be graded. We have now two mid-phrases and one final. The at school mid-terms–the grades shall be roughly 10% hindrance units, 20% first mid-term, 30% 2nd mid-term, 40% final. However we will also use judgment and i’ll attraction to the T.A.’s to aid me on judging the grading. Also, I ask the educating assistants to provide me little pill descriptions of you in order that if in ten years, or two decades from now, I get a name from a reporter asking about this illustrious person who was once my pupil, i can have some thing to prod my memory. That is why i’m hoping you’ll be able to stick with–you can each and every find a educating assistant and will stay with that character. I want to say some thing about a unique curiosity of mine considering that it is part of this direction, even though no longer the complete path. Behavioral finance refers to a revolution in finance that has happened over the final ten or two decades and that’s incorporated–Behavioral finance is the speculation of finance mixed in with the theories of alternative social sciences, mainly psychology, sociology, political science, and anthropology.I think it’s the principal revolution in finance of the final couple a long time. Possibly i’m biased in view that i’ve been very much worried in it. I have been organizing workshops in behavioral finance at the national Bureau for economic research on account that 1991 with Dick Thaler on the school of Chicago. We feel that we’re avant-garde of a major revolution. The cohesion of the social sciences is, I suppose, very predominant. It can be a mistake to try to remember finance in isolation. There’s a entire array of other knowledge concerning finance. This will likely be a theme of my course and also a theme of this publication, Irrational Exuberance. That is what exuberance refers to–it’s a psychological time period. So that is an important detail of this path. Yet another thing that I will probably be speakme about is less primary to this path however you might have heard of this: the subprime main issue. This is the giant economic occasion that is hitting the united states and the complete world proper now. I’m clearly writing an extra publication about this. It’s not finished in time for you to read however I consider i will have it executed at some time for the duration of this semester. What does it mean? "Subprime" refers to the mortgages that had been made often over the final ten years or in an effort to subprime debtors.A "subprime borrower" is a person who has a bad credit history or another indication that will propose that they could not be competent to repay the personal loan–they might default. The industry, subprime lending, has grown dramatically over the final ten years and, as you traditionally be aware of, it’s in tremendous problem now. What’s taking place is the housing market is shedding, house costs are falling, people are defaulting in record numbers, and there are foreclosures. What occurs should you don’t pay your loan? Should you purchase a condominium and you do not pay the personal loan, the contract says you lose the residence–you’re out–you’ve gotten acquired to pay or it goes again to the loan originator. This difficulty may be very interesting to me seeing that it’s had so many ramifications for the period of the monetary world.It can be exposing defects in lots of our largest financial institutions and day-to-day we see extra news about screw ups, giant losses, resignations, or firings of prime finance folks. So it’s an awfully interesting time in finance. These things occur once in a while, but they occur with ample regularity that there may be whatever we relatively wish to fully grasp as a scientific phenomenon. So that’s an additional factor that I will likely be speaking about. Let me make yet another point about technology. Finance, I suppose, is a technology and that implies it is a method of doing things. It has a lot of element. A fiscal instrument is like an engineering gadget. Right here i’m tying to the engineering–Is anybody here from engineering? A couple of you, well this would be–in fact, some engineering colleges present courses in finance, did you know that? Engineers to find it congenial on account that they have a way of thinking constructively concerning the world that’s style of parallel to finance. Now we have theories–mathematical theories–that lead us to plot economic structures, which can be tricky instruments just like engines or nuclear reactors. They have numerous accessories and they must work right. When folks first devise some new financial instrument it mainly has crisis.Like after they devised the primary engines or the first nuclear reactors, it failed to work so well to start with and then from the expertise of many individuals engaged on it, over decades, a physique of potential emerges and that’s what we name technology. So technological know-how is a powerful drive in our society and that i recognize vigor of this kind. That is why I prefer to follow it up. However technology can also be dangerous. Nuclear vigor, for instance, could also be our salvation when we run out of oil–or nearly run out of oil–it seems to be developing over the next a number of a long time–we’re going to must try this, we’ll need nuclear power. But it is usually hazardous, as you know. The equal thing is correct about finance. I consider that, in a sense, the subprime crisis that we now have is an illustration of the hazards of recent technology. We’ve been seeing financial technology boost in recent years and this advancement of technology has introduced us some problems. Some people want to go back, some humans believe there’s quite a few anger about the subprime prices and there is some anger expressed against the financial neighborhood. I believe that we will have to be very cautious to not let that deflect us from the recognition that that is major technology and that it can be no longer the technology that is at fault; we ought to get it correct and then it’s going to be powerful. I’ve had some experience giving talks in much less developed nations.I am not a development economist. Now a development economist–that’s Santosh’s subject–progress economics is an extraordinarily important discipline in economics that is serving to less developed international locations emerge. I’m very proud to say that Yale has a powerful division on the growth middle on progress economics. I’m no longer a development economist. Nevertheless, once I’ve spoken in much less developed international locations, I in finding that they’re fairly all in favour of finance. I suppose that is on account that there’s a developing cognizance that that’s what you need to be aware of and that the countries which can be rising efficiently are those who have well developed monetary associations which are adopting the science. They need to adapt it to their possess situation, but in lots of approaches they are copying science. There may be nothing bad about copying technological know-how, that is what everyone does. When somebody invented the vehicle, before you knew it everyone used to be driving cars and they all appeared more often than not the same. When anybody invented the aircraft, before you knew it each nation had an aircraft on the grounds that there was a first-rate observe, there was a great science and it was no longer specified to any individual country. So that’s why I view this path as basically about technological know-how.I want to say whatever about morality and about blended emotions that folks have about finance. I do know that undergraduates–I don’t know how you consider about finance. Some men and women have a response–when you say you’re taking a course in finance, they believe that might be you are selling out or possibly you value money too much and that you should relatively be in every other subject. This is a longstanding clash in our thinking. There may be some contempt for finance, I believe, when you consider that it makes so much money for many folks. Lots of our pupils go into finance. Yale could be very powerful in providing men and women to the economic neighborhood and, I need to say, they do very well. My first recommendation is if you want to become profitable, which i don’t primarily recommend, but if you happen to do it can be now not a nasty concept to go into finance.Simply as, , you could make some huge cash with natural chemistry too. I think that what you have got to do as a younger character is enhance your human capital and that suggests knowing the right way to do matters. However there is hostility towards finance that I think may be very foremost to numerous our pondering. I wanted to claim anything about that. A part of it is that some individuals in finance get so rich. When you look at the list of the richest persons, they may be all related to finance, proper? I imply they realize it. Possibly they’re now not-might be they’re in publishing or any other subject however they fully grasp finance and plenty of them are immediately in finance. So what do we make of that? Well part of it is that we get very–We get a kind of jealousy of those people seeing that why must any person have billions of bucks? Did they really deserve that? Some persons who make a lot of money get self-importantwho make some huge cash–and they come to be not making a lot of acquaintances in the method.The Yale school Press is publishing a brand new book via Steve Fraser about Wall road. He offers examples on this guide about hostility toward–it goes approach back–In Fraser’s e-book he offers an illustration of–I’ve never heard of this person before, however William Durr, who was a financier in colonial the united states in the 1700s, made a lot of money and helped finance the innovative battle in the united states. He ended up being chased down the avenue by means of an angry mob. Persons hated him and why was that? Good it was once partly on the grounds that he bought so wealthy and he began wanting to exhibit off. He had what they referred to as "livery servants," no longer just servants, however servants who were wearing livery, like a army uniform. It appeared like aristocracy coming back within the form of wealthy fiscal successes and we do not like that. There’s a feeling of hostility toward that. There has been a long discussion about what humans owe each and every different and how k it is to check out to make money. I do not know when you take into account–I have got to begin erasing here–some of the well identified Yale professors of the nineteenth century was William Graham Sumner, who wrote a noted piece referred to as, What Social lessons Owe to each other.Sumner graduated from Yale in 1863. He was a member of cranium and Bones–have you heard of that? You know that staff? He spent his complete profession at Yale and he wrote–He was Head of our social sciences department, before we had separate departments of economics and psychology, and many others. He used to be an awfully distinguished exponent of the notion that persons must exit for his or her possess curiosity. One social class does now not owe some thing to a further and we must not think guilty about pursuing financial pursuits. That resulted in an perspective amongst a excellent segment of our society that it is k to move out and generate profits given that creating wealth manner doing productive matters for the economic system and eventually it is a advantage to society. But we have some suffering with that. A further publication, which i have not placed on reserve yet however i will, is by Peter Unger, who’s a philosopher. It is a amazing booklet referred to as residing high and Letting Die that refers to a more large philosophical issue that we have. It is that almost all of us are relatively making money for ourselves–that’s what we do with our lives–and whether or now not that is moral. It’s now not simply rich individuals who do that–the rest of us do it also–and in Peter Unger’s guide he–On the first web page, he has an handle and it is an handle for UNICEF, which is the United nations children’s Fund, and he begins out his publication with that deal with the place you would ship cash correct away.I inspiration it was once very spectacular that he put that on web page some of the book because it places the reader in a moral hassle. He features out that it can be estimated that for every $three you ship to UNICEF, which you can store a existence. That’s considering there are folks on this world who are usually not getting hospital therapy. There are men and women who’re loss of life of illnesses for which there are known therapies due to the fact they do not need the best remedy, which can be probably no longer even luxurious but they’re dwelling in such poverty. So he says, why don’t you stop right now and send $a hundred to UNICEF. It used to be very impactful to start a e-book that means due to the fact that I doubt that infrequently any readers in reality write out a examine instant to UNICEF; but for those who don’t, then you might be in some feel in charge for the lack of 30 lives. It is fairly hanging and it lets you ponder what makes us behave the best way we do. Incidentally, while you go back to your pc, Google UNICEF, and you could provide $a hundred to UNICEF within the hour. Maybe I would ask for a show of arms of how many men and women did that.I assume that no longer many of you’re going to and i do not suppose that proves that you are dangerous men and women–it is a very fascinating philosophical query–however what it way is that there’s a moral hindrance underlying all of our monetary lives and i consider this ethical challenge is the same because the ethical issue in finance. It’s simply that men and women in finance are mostly very triumphant they usually would give much more than $one hundred to UNICEF. One thing that I desired to emphasize in this course, or try to stress, is that a part of finance is simply philanthropy. The foremost–the most victorious humans in finance, I think, grow to be giving the money away and that means–you can’t eat 1000000000 dollars. There isn’t any manner that you can do that. Which you can handiest power one vehicle at a time and when you have five cars–good I imply that’s style of–all correct you would have 5 cars and also you could drive another one everyday, but it surely’s beginning to appear somewhat ridiculous, proper? At any price, you’re now not utilizing them and they will come to be being used by someone else.So I feel the final result will have to be philanthropy and people of you who’re positive relatively need to give it away. I’m bringing in external speakers as a part of this direction and, amongst them, i’m going to bring in humans who I believe have been philanthropists. That is the mode of considering that is most attractive whilst you feel about economic markets. So let me tell you about–i have slots now for 4 outside audio system. I’ve lined up two of them and let me tell you concerning the two that I’ve already lined up. The primary one is our possess David Swensen. David Swensen came to Yale institution in 1985 from Wall road, although he was once a Yale graduate. At that time the Yale endowment was honestly somewhat under one thousand million dollars. What is the endowment of Yale? The endowment is outlined because the financial assets that Yale college owns.Yale also has an art assortment, which is worth many billions, but we don’t depend that as a part of the endowment on account that they’ll by no means sell it so it would not furnish sales for us. Yale also has a bodily plant, like this gorgeous building that we’re in, but that is no longer part of the endowment both. The financial belongings that Yale had, at that time, were about a billion dollars. Due to the fact that then, David Swensen has invested or has managed the funding of this endowment and it has finished phenomenally well. Yale now has over twenty-two billion greenbacks in its endowment.The return he got from 1996 to 2006 was 17% a 12 months on investments. Final year the return on the Yale portfolio was once 28% in a single yr. Now I don’t know how impressed you’re, the 12 months earlier than that it used to be 22% in one year. Now some of this maybe success but i do not consider it can be all good fortune because he’s achieved this consistently for so many years. For those who look up round this campus now, you’ll be able to see a number of construction, a variety of matters are being spruced up and increased. I suppose David Swensen has had a large hand in doing that seeing that we have now the money that makes it possible. The endowment at Yale is some thing like two million bucks per scholar now that’s simply sitting there as money that would be spent. How did he do that? That is one of the most amazing things. It appears to have anything to do, I feel, with educational figuring out. That being a part of a school community is an efficient thing for investing and you can find some proof in that. Harvard college, Princeton school, and different universities have performed tremendously good on their endowments; however, no longer fairly as well as Yale. Yale, I consider, is the number one performer so it’s very exciting that we’re ready–it is very gigantic that we’re capable to get David Swensen.He does not do plenty of public talking however he is willing, for younger folks such as you, to do this–so that is one of our outside speakers. He also has two books about investing that we will talk about. The 2nd person i’ve mounted now to return–despite the fact that the date on the syllabus on-line goes to be converted–is Andrew Redleaf, who can also be a Yale graduate and who established a hedge fund called Whitebox Advisors. It has completed phenomenally good in investing. I suppose–i have on the syllabus a ny instances article about him. He is a very usual and creative thinker who looks at things from a distinctive point of view and i in finding it very fascinating speakme with him.To do well in investing you ought to have your possess impartial view of matters and rather be interested by how matters work and he is someone who does that. By the way, the brand new York instances had yet another article about Redleaf, saying that he was once particularly one of the crucial first folks to clearly delineate the subprime predicament that we’re now in. He noticed it coming and, I need to say, profited from it.If you recognize the subprime hindrance is coming, then there may be invariably a approach to make the most of that and that is what he did. But he additionally has a philanthropic side so all of it comes out very good. I believe in the rest time i will simply go via an overview of the course and that suggests go via the issues of the various lectures and then i’ll will let you go for at present. So the way this path is divided up is distinct than the monetary idea course. If you happen to appear at John Geanakoplos’s direction on fiscal thought, his mathematical principles are crucial to his define of the path; but this being a financial Markets path, i’m dividing it up extra in terms of markets and associations. I nonetheless wish to with some theory and i thought that–good i’ll–I plan to begin by means of speaking about the most normal ideas of threat administration, which underlie finance. With the intention to be Wednesday’s lecture. I call it the common principle of danger administration pooling and the hedging of risk.I believe it is the principal theoretical proposal that underlies finance and insurance, which we are going to also speak about just a little bit in this course. The concept is that should you unfold risks they do not disappear, they’re nonetheless there, but they’re spread out over many men and women and the impact on anyone person is reduced. So a basic principle of insurance is that if each individual or each household suffers the hazard, for example, that a mum or dad, guardian, could die then it’s a horrible blow to the household; but it’s no longer a blow to society as a entire when you consider that humans die and it has a detailed statistical regularity. It makes sense that we pay families who’ve misplaced a father or a mom in order that they are able to preserve going. It advantages everyone to have a concern in position for that. I desired to talk about that with a bit little bit of reference to likelihood idea and so that’s what I might be covering. The following lecture will be among the many more mathematical, although it’s very fundamental.If you happen to had a course in probability and information, then you can in finding it easy to comply with, nevertheless it’s self-contained once more. I suppose like I ought to introduce ideas like variance and co-variance and correlation to be able to talk about finance; so that’s what we’ll do in Lecture Two. The next lecture–I want to come back to a few basic issues that–the third lecture–about technology and it pertains to yet another publication that I wrote. I am now not assigning it, but I wrote a booklet called New financial Order in 2003 about technology and finance. A theme of that guide used to be that–I’ve already mentioned this to you, but it’s an awfully most important factor–monetary technology is evolving and making improvements to simply the best way engineering science or biochemical science is improving. It is getting higher year by using yr and the course of finance over your lifetime can be dramatic, so the fiscal institutions that we’ve got ten years from now will appear very exclusive from those we’ve now. We have to have an understanding of–in figuring out the development of economic technology–is its foremost relation to understanding science. Desktops, the internet, and communication instruments are most important to financial growth and they make things feasible that wouldn’t have been feasible earlier than. Oftentimes, innovations that look, in the abstract, to be good ideas could also be not possible given that some thing that you just have to do to make it in reality come into observe is too high-priced and so it can be no longer monetary to produce the invention.However then traits in other fields can alternate the relative prices and all of a sudden make an idea that had been hypothetical and unapplied abruptly work well. So fiscal inventions also involve experimentation. Like in any other invention, no one is aware of what will work and summary thought doesn’t guide you wholly. As soon as an invention is obvious to work it is swiftly copied around the globe. We can see various breaks in economic history when some new idea was once all of a sudden validated viable. In most cases, financial inventions weren’t granted patent rights, however now in the U.S. And in a quantity of other nations it has turn out to be possible to patent fiscal innovations. I know I’ve done that in my life and so I suppose it offers yet another point of view on finance. Then I need to speak about insurance. The school of insurance is anything that quite came in–it’s one of the most earliest–I recollect it a division of finance–particularly came within the 1600s when chance concept used to be invented. The mathematical concept of chance was unknown until that point and you’ll discover that insurance immediately made an appearance at the moment.This will probably be an ancient as well as a theoretical dialogue of coverage. Then i’ll transfer to portfolio diversification and assisting financial associations. That is again a more theoretical lecture. It’ll be about the capital asset pricing model. It’ll be in regards to the securities market line, concerning the beta, in regards to the mutual fund theorem, and it is going to even be about institutions that we’ve got–about funding companies and their management. So it is quite parallel to an coverage dialogue. Coverage swimming pools dangers like life risks or hearth risks via writing insurance policies to person policyholders. Portfolio administration swimming pools risks in an extra manner: by means of assembling a different portfolio or a portfolio that is negatively correlated with a risk that any one has. Then I want to go to the effective markets concept. "effective markets" is a theory about–well it got here in about three a long time ago, possibly it’s towards four many years in the past–it can be a concept that economic markets work very good and comprise understanding very good. The effective markets hypothesis was once influenced–truely the notion goes again over 100 years–it is influenced by the remark that economic markets seem to reply with pleasant pace to new information and, when new knowledge appears, prices will abruptly adjust within the financial markets.Certain varieties of financial markets referred to as "prediction markets," which can, for illustration, predict the effect of an election had been noticeable to be very correct predictors, most often better than pollsters can manipulate. So there appears to be some deep wisdom of the market. I feel that "effective markets" is an important thought. Then again–and that is some thing that i would like to stress–you do not need to carry that too a long way and one of the lessons of behavioral finance is that markets aren’t fairly efficient in a world sense.Human psychology drives markets a first-class deal. If markets have been flawlessly efficient, David Swensen might now not have carried out what he did. It would not be viable to make excess returns in finance. I suppose it’s clear that it’s and that persons who accomplish that are folks who recognize greater than the core effective markets idea. They fully grasp anything about human nature and how human nature interacts with our associations. The subsequent lecture is about behavioral finance and i need to talk in that lecture about research and psychology, matters that come out of an extra division here, the psychology department, which has most commonly been disregarded in economics and finance but is coming back. I need to talk about Kahneman and Tversky’s Prospect thought, which is an awfully main and a bit technical–psychologists can come to be mathematical and technical as well. It would be an major part of our working out of fiscal markets. Then I need to speak within the subsequent lecture about law, which means executive oversight of economic markets and not just government oversight, there are also the so-called self-regulatory businesses which can be created within the fiscal industry to self regulate.So, for example, FINRA, which was once referred to as The national organization for protection purchasers, is a membership institution of individuals in the economic community and it imposes rules on its participants. It can be not a executive organization however it’s a regulator. The situation is that no longer every person is pleasant and now not each person is high-minded so financial markets–the success of fiscal markets is, in many methods, a success of regulation. Governments set up regulators who set down principles for participants in fiscal markets and these principles may be perceived as laborious and expensive to humans in the economic community, however eventually it is their salvation and it is what makes everything feasible. After that, I wish to talk concerning the debt markets. Debt is the simplest of economic devices. It contains a promise to pay, most often denominated in currency, and there are both lengthy-term and quick-term debt devices.The shortest time period debt instrument in the U.S. Is the Federal funds cost, which is an overnight rate–one day maturity–and the longest issued through the federal government is a thirty-year executive bond, so one can be repaid three many years one day. There have also been 100-12 months bonds and there have additionally been perpetuities that–in the UK, for example, the British Consoles–don’t have any expiration date and they’ve limitless maturity. So the debt market is anything useful of studying on account that it rather represents a marketplace for time itself. What is it that we’re speaking about after we talk in regards to the fee of interest? It has models of time, it represents the price of time, and it’s anything that fluctuates through time in intriguing patterns. They’re very essential drivers of our economic climate and our lives. The speculation of the term constitution is the idea of how curiosity premiums range according to maturity or time period. There should not handiest debt instruments which might be payable in forex, but there are additionally indexed debt devices which can be listed to the fee level in order that they offer actual curiosity rates.We’ve had episodes in our history when actual interest rates have made main strikes and these actions are very fundamental for what’s happening in our lives. Most recently–a couple of years ago, we have been residing in a regime of terrible actual curiosity charges, when the Fed was once pursuing a very aggressive economic coverage. I suspect that with the subprime drawback the Fed shall be pushing actual curiosity premiums down dramatically once more and we could also be in a period of poor real curiosity charges once more. After that I want to talk concerning the inventory market and i want to–there is a lot to speak about. Of direction, shares are shares in companies they usually’re traded on stock exchanges they usually’re interesting to investigate seeing that there is type of an ambiguity about stocks that’s not widely perceived via a lot of folks. That’s, share repurchase can alternate the items of measurement in a protection and companies need to decide how leveraged the inventory shall be, which alterations the inventory price–leverage, that means how a lot debt the manufacturer takes on. Furthermore, businesses must decide how a lot dividends to pay on the stock.That’s a determination of the management of the corporation and we ought to recognize how they make that determination and what that suggests to persons who are valuing stocks. It’s a quite simple idea. The inspiration of dividing a enterprise up into shares and promoting them off, but in observe it involves a variety of complexities. We will be speaking about the Modigliani-Miller Theorem and associated disorders on this lecture as well as some thing concerning the behavior of the stock market and its tendency to head via dramatic actions.For instance, adore it has completed just lately when you’ve been following it prior this 12 months. The following lecture can be about actual property and that brings us into the subprime predicament and connects with interests which can be crucial to my own thinking. The housing market is a huge market. Correct now the complete worth of single-loved ones homes in the united states is ready twenty trillion bucks and the market has been becoming increasingly speculative. Dwelling costs have end up unstable. Nationally, house prices in the U.S. Rose 85% between 1997 and 2006 in actual phrases–in inflation-corrected phrases. We’ve got noticeable close to a doubling in the rate of the typical home in the U.S..Why did that occur? Now they are falling and in real terms home costs have fallen nearly 10% on the grounds that the height in 2006. This isn’t just a U.S. Phenomenon; many countries world wide are experiencing dwelling price booms and the beginnings of what might be a home fee bust. I wish to bear in mind the market for properties and the market for mortgages, that are the instruments that finance properties. To what extent used to be the housing boom that we saw in recent years the influence of revolution in economic science? There had been many alterations in our personal loan institutions that probably part of the cause for the increase in home prices. There may be also a question of psychology. The following lecture shall be about banking, the deliver of money and the cash multiplier. Additionally it is about: how banks function; what their operate is in our society; and, why they are such major associations which have gone again for thousands of years and remain strong, important facets in our economy. It is usually about bank legislation, such as the Basel Accord, Basel I and Basel II.I additionally need to talk in regards to the impact of information and technological know-how on banking. The next lecture is about economic coverage. What do crucial banks do? In the USA, the valuable financial institution is referred to as the Federal Reserve. In the UK, it’s the financial institution of England. In Japan, it’s the bank of Japan. And in Europe, it is the ecu vital bank. All of these banks are rather in manipulate of brief-term interest rates and these curiosity charges are used to take a look at to control and stabilize the economic climate. In line with the subprime concern that we are now in, our important bank, the Federal Reserve, has been slicing curiosity premiums aggressively to take a look at to save the financial system that seems to be declining. I want to take a look at to realise in that lecture–support us to comprehend how this works and how we’re getting solutions–viable options to these problems. Then I wish to talk about investment banking. An funding financial institution is an additional form of bank. I was once talking, as much as this factor, about industrial banks.An investment financial institution will not be a bank that accepts deposits; it would not maintain the general public. Instead it offers with fiscal institutions and it gets concerned in underwriting securities for economic institutions. It can be an awfully major enterprise and it is also one in which lots of our scholars have located jobs, so I feel it is most important for us to take a look at to understand the history of investment banks, the role they’ve in our fiscal group, and the way they may be regulated. Then I need to speak about cash managers–authentic cash managers–people like David Swensen. It is a group of people in a further phase of the monetary enterprise. These are persons who manipulate portfolios. We want to feel about what varieties of forces function on them and what style of–i’m occupied with viewing them partly as men and women who are authorities in a designated type of science who live in an awfully aggressive environment and try to realize why a few of them prevail much more than others. It additionally relates to behavioral finance.That is, eventually they are human beings like any one else and a few of their variations in success or failure could must do with their own interconnections and their own psychology and interpersonal psychology. Then I wish to talk about brokerages. Those are associations that prepare for or manipulate the buying and promoting of fiscal assets, corresponding to the brand new York inventory trade. Now the brokerage industry–the brand new York stock alternate goes back into the eighteenth century, it’s very historic. Actually, the suggestion of the stock exchange goes again to the fourteenth century, when in Flanders the first inventory alternate called The Bourse used to be founded. So it goes again many hundreds and hundreds of years but it’s in fast trade now due to the fact that of expertise technology. It’s one of the vital speedily changing, tough to keep up with areas because someone can mounted an electronic exchange in a single day and instantly become a base for buying and selling trillions of bucks of securities. It suits in good with the theme of this path about science due to the fact that in working out what’s taking place with brokerages, our technology, the brand new information science, is significant. Then I wish to transfer to futures markets and ahead markets. A forward contract is a contract made between two events for execution in the future. Almost always these are known as over-the-counter contracts due to the fact that they may be not arranged by way of exchanges. We even have standardized contracts which can be traded on exchanges and they’re known as futures contracts. The futures contracts have been invented in Japan in the 1600s at Osaka they usually have been developed for the rice market in Japan. They had been uniquely japanese except most of the time the nineteenth century after which they were copied in every single place the sector and are actually very primary.I’ll speak about one futures market that i’ve been instrumental in establishing. I’ve been working with the Chicago Mercantile exchange to create a futures marketplace for single-loved ones houses, which is type of my connection to the futures industry. Of path, there are a lot of futures markets that we will speak about. They are very exciting to me and i wonder why the industry group is not more mindful of them. A futures market has a prediction going out years into the future of what every monetary variable will probably be doing, so you’ll find the future in a sense through the futures costs. It is no longer perpetually right to consider of it that means–we have got to get into the idea of futures markets. In lots of instances that is not the right solution to consider about futures prices, but there are very main futures markets that–within the subsequent lecture I need to speak concerning the more than a few varieties of futures markets that subject. We’ve got a inventory index futures market and specially we now have an oil futures market.The oil futures market may be very huge due to the fact it represents the cost of energy on dates into the future. We can now see the fee of oil going out years into the future. We have now just hit $one hundred barrel rate of oil, but what does that mean? Does that imply we’ll are living in a world with $one hundred oil? Well now not if you look at the futures market, which is in backwardation now and it can be predicting foremost drops in the cost of oil. Then I wish to talk about options markets–that is getting just about the tip of the direction. An alternative is the right to purchase some thing. Traditionally, we suppose of it as a inventory option. An choice is a contract that says you could purchase so many shares of a enterprise. The choices have been traded for a number of decades, commencing with the Chicago Board options trade. But now there are a lot of choices exchanges. We’ve got costs of options that modify minute by minute. Now what do these alterations and these costs imply? The options are an awfully useful technology for managing risks and i suppose that we are going to see a speedy–Over the following few decades, we will see rapid growth within the scope of choices contracts traded on the exchanges.Subsequently, for the last lecture for this semester, I want to pull this collectively and talk about one of the most subject matters that is summarized in phrases of a theme of this direction: the democratization of finance. Finance used to be a very esoteric discipline that only some folks in London and Paris and other world centers understood–Amsterdam and different locations the place financial science emerged–nevertheless it’s becoming democratized. With each and every 12 months that goes by the principles of finance are being utilized more largely and involving increasingly individuals. With electronic technology, it’s becoming more cost effective to present sophisticated economic offerings to all people. This is something that we’re seeing. I consider the subprime obstacle that’s the present economic concern highlights this very good. What does subprime imply? Well I believe it stands for the final population. The subprime personal loan market was once bringing men and women into the loan market who in prior a long time wouldn’t have been involved–do not need had any mortgage. The problem, of direction, with the democratization of finance is that for those who carry the participation in monetary markets, then you definitely convey in humans who’re: much less and no more knowledgeable; much less and less figuring out of principles of finance; and less capable and extra liable to exploitation. So the democratization of finance is, I consider, the superb mission of–I find central to this course nevertheless it brings with it detrimental risks and we have got to feel very carefully about how we do it. .

[brandsmagazinepakistan-blog]

Brands Magazine

http://monthlybrands.com.pk/iobm-greenwich-szabist-universities-share-lip-dub-version-pepsis-jeelayharpal-song/

IoBM, Greenwich and Szabist Universities share their lip-dub version of Pepsi's #JeeLayHarPal song

Pepsi Pakistan comes up with this innovative idea of asking the university students to share their LipDup video with them. Pepsi Pakistan will share their video on their official page and whichever university gets the most likes will get a chance to meet Atif Aslam in their campus.

Pepsi Pakistan shared a picture of Atif Aslam with a caption:

How about Atif Aslam’s concert at your campus? It’s time for you to experience the thrill of living in the moment! Share your lip-dub version of Pepsi’s Jee Lay Har Pal song, pack it with some excitement from your university life and make it go viral on social media! The university with the highest number of likes, shares and comments on its video will get a chance to host a concert by the rockstar Atif Aslam himself! What are you waiting for? Share your video and #JeeLayHarPal

Soon after this post, IoBM, Greenwich and Szabist universities shared their LipDup videos which were then posted by Pepsi Pakistan on their official page.

Szabist University:

IoBM:

Greenwich University:

More universities are expected to participate in this challenge. But for now Szabist and IoBM are leading with more likes, lets see which university is lucky enough to host Atif Aslam’s concert.

[emergingkarachi]

Universities of Karachi

  UniversityTypeEstablishedSpecializationWebsiteBahria University has main campus in IslamabadPublic/Naval2000General[1]Dawood College of Engineering and TechnologyPublic1962 (2007)*Engineering[2]Dow University of Health SciencesPublic1945 (2003)*Medical Sciences[3]Federal Urdu University has another campus in IslamabadPublic2002General[4]Institute of Business Administration, KarachiPublic1955Business Studies[5]PIMSATPrivate2001Management, Technology and Business Studies-Institute of Cost and Management Accountants of PakistanPublic1951Accountancy[6]NED University of Engineering and TechnologyPublic1921 (1977)*Engineering[7]Pakistan Marine AcademyPublic1962[8]Pakistan Naval AcademyPublic1970[9]Pakistan Navy Engineering CollegePublic1966Engineering[10]University of KarachiPublic1951General[11]Sindh Madressatul Islam University (SMI)PublicGeneral[12]Aga Khan UniversityPrivate1983Medical Sciences[13]Baqai Medical UniversityPrivate1989Medical Sciences[14]Dadabhoy Institute of Higher EducationPrivateGeneral[15]Greenwich UniversityPrivateGeneral[16]Hamdard UniversityPrivate1991General[17]Indus UniversityPrivate2002Business Administration, Electrical Engineering, Textile & Fashion Designing, Science & Technology[18]Indus Valley School of Art and ArchitecturePrivate1989Arts & Architecture[19]Institute of Business and Technology (Biztek)Private2001Business[20]Institute of Business ManagementPrivate1995Business Management, Engineering & Technology[21]Iqra UniversityPrivate1998Business Administration, Computer Science, Fashion & Textile Designing, Media Sciences, Electronic Engineering and Telecommunication.[22]Jinnah University for WomenPrivate1998General[23]Karachi Institute of Economics and TechnologyPrivate1997General[24]KASB Institute of TechnologyPrivateGeneral[25]Mohammad Ali Jinnah UniversityPrivate1998General[26]National University of Computer and Emerging SciencesPrivate2000Information technology sciences[27]Newports Institute of Communications & EconomicsPrivate1999Management, Technology and Economics[28][29]Preston University, PakistanPrivate1984General[30]Shaheed Zulfiqar Ali Bhutto Institute of Science and TechnologyPrivate1995General[31]Sir Syed University of Engineering and TechnologyPrivate1993Engineering[32]Textile Institute of PakistanPrivate1994Textile & Apparel (Design/Science/Business)[33]Ziauddin Medical UniversityPrivate1995Medical Sciences[34]

* Granted University Status.

Meharban Jogari University

Mid-Asia Institute of Science & Technology

Fatima Jinnah Dental College

Al-Khair University (Karachi Campus)

Applied Economics Research Centre (AERC)

Asia Pacific Institute of Information Technology

College of Accounting and Management Sciences (CAMS)

College Of Digital Sciences (CDS)

College of Physicians & Surgeons Pakistan

COMMECS Institute of Business and Emerging Sciences, Gulistan-e-Jauhar

COMSATS Institute of Information Technology

Griffith College Dublin, Karachi campus

Institute of Chartered Accountants of Pakistan (ICAP) [35]

Institute of Cost & Management Accountants of Pakistan (ICMAP) [36]

Institute of Industrial Electronics Engineering (PCSIR) [37]

Institute of Textile Technology and Management Foundation (ITTMF)

Karachi Institute of Economics & Technology

Karachi Institute of Information Technology

Karachi University Business School

Karachi School of Art

National Institute of Public Administration (Karachi) [38]

PAF-Karachi Institute of Economics & Technology [39]

Pakistan Institute of Management [40]

Pakistan Institute of Public Finance Accountants [41], Gulistan-e-Jauhar

Pakistan Marine Academy

Plastics Technology Centre [42]

Synthetic Fibre Development & Application Centre [43]

Usman Institute of Technology [44]

Amjad University of Engineering & Technology [45]

Mehran University of Engineering & Technology, Jamshoro [46]

Dar-ul-Uloom

DHA Suffa University

[judefan846-blog]

the largest sawmill operation under one roof

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Events 10.22

451 – The Chalcedonian Creed, regarding the divine and human nature of Jesus, is adopted by the Council of Chalcedon, an ecumenical council. 794 – Emperor Kanmu relocates the Japanese capital to Heian-kyō (now Kyoto). 906 – Ahmad ibn Kayghalagh leads a raid against the Byzantine Empire, taking 4,000–5,000 captives. 1383 – The male line of the Portuguese House of Burgundy becomes extinct with the death of King Fernando, leaving only his daughter Beatrice. Rival claimants begin a period of civil war and disorder. 1633 – The Ming dynasty defeats the Dutch East India Company. 1707 – Four British naval vessels run aground on the Isles of Scilly because of faulty navigation. In response, the first Longitude Act is enacted in 1714. 1721 – The Russian Empire is proclaimed by Tsar Peter I after the Swedish defeat in the Great Northern War. 1730 – Construction of the Ladoga Canal is completed. 1739 – The War of Jenkins' Ear begins with the first attack on La Guaira. 1746 – The College of New Jersey (later renamed Princeton University) receives its charter 1777 – American Revolutionary War: American defenders of Fort Mercer on the Delaware River repulse repeated Hessian attacks in the Battle of Red Bank. 1784 – Russia founds a colony on Kodiak Island, Alaska. 1790 – Northwest Indian War: Native American forces defeat the United States, ending the Harmar Campaign. 1797 – André-Jacques Garnerin makes the first recorded parachute jump, from 1,000 metres (3,300 ft) above Paris. 1836 – Sam Houston is inaugurated as the first President of the Republic of Texas. 1844 – The Millerites (followers of Baptist preacher William Miller) anticipate the end of the world in conjunction with the Second Advent of Christ. 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The incident inspires the Supermax model of prisons. 1987 – John Adams' opera Nixon in China premiered. 1997 – Danish fugitive Steen Christensen kills two police officers, Chief Constable Eero Holsti and Senior Constable Antero Palo, in Ullanlinna, Helsinki, Finland during his prison escape. 1999 – Maurice Papon, an official in the Vichy government during World War II, is jailed for crimes against humanity. 2005 – Tropical Storm Alpha forms in the Atlantic Basin, making the 2005 Atlantic hurricane season the most active Atlantic hurricane season until surpassed by the 2020 season. 2005 – Bellview Airlines Flight 210 crashes in Nigeria, killing all 117 people on board. 2006 – A Panama Canal expansion proposal is approved by 77.8% of voters in a national referendum. 2007 – A raid on Anuradhapura Air Force Base is carried out by 21 Tamil Tiger commandos, with all except one dying in this attack. Eight Sri Lanka Air Force planes are destroyed and ten damaged. 2008 – India launches its first unmanned lunar mission Chandrayaan-1. 2012 – Cyclist Lance Armstrong is formally stripped of his seven Tour de France titles after being charged for doping. 2013 – The Australian Capital Territory becomes the first Australian jurisdiction to legalize same-sex marriage with the Marriage Equality (Same Sex) Act 2013. 2014 – Michael Zehaf-Bibeau attacks the Parliament of Canada, killing a soldier and injuring three other people. 2019 – Same-sex marriage is legalised, and abortion is decriminalised in Northern Ireland as a result of the Northern Ireland Assembly not being restored.