Hippotherapy and Cerebral Palsy

Hippotherapy and Cerebral Palsy Mediation Analysis Foundation Jane Walters is a multi year old young lady and has a finding of left sided spastic hemiplegia, a type of Cerebral Palsy. Jane has two more seasoned sisters who go to horse riding exercises at their neighborhood pens. Jane has as of late communicated an enthusiasm for going along with them to her folks. Anyway her folks are stressed that in light of her analysis she won't have the option to stay aware of her kin. Anyway Jane is exceptionally free youngster and she doesnt accept that she is any unique in relation to other offspring of her age. Conclusion Cerebral Palsy (CP) alludes to non-dynamic conditions portrayed by weakened willful development or act, and coming about because of pre-birth formative abnormalities or postnatal CNS harm (Reed, 2013, pp. 38-47). As per the National Institute of Neurological Disorders and Stroke (2008), all things considered, a kid with CP will have other clinical issue, for example, intellectual debilitations, seizures, deferred development and improvement. Spastic conditions, for example, Jane’s happen in excess of 70 percent of CP cases. Spastic hemiplegia is a sort of CP that normally influences the arm and hand on one side of the body, however can likewise incorporate the leg. . The spasticity makes a condition of opposition against any scope of movement, this obstruction at last speeds up that development (Reed, 2013, pp. 38-47). Youngsters with spastic hemiplegia will by and large walk later and stealthily due to high heel ligaments. Regularly the arm and leg on the child’s influenced side are shorter and more slender (National Institute of Neurological Disorders and Stroke 2008). Effect of Right Hemisphere Brain Damage The essential driver of CP is harm to white matter of the mind this is regularly brought about by strange mental health, a seep on the cerebrum, or cerebrum harm brought about by an absence of oxygen in the cerebrum, by and large brought about by a troublesome birth. Jane has left sided spastic hemiplegia, demonstrating that harm to the cerebrum has happened on the correct half of the globe. It was felt critical to consider extra inconveniences identified with right sided cerebrum harm to guarantee we know about Ellie’s level of working truly, subjectively and behaviourally. Those that may identify with Ellie’s case are recorded underneath, nonetheless, perceive that each case must be dealt with separately; the indications and seriousness will change for every person. Consideration Trouble focusing on an undertaking or concentrating on what is said or seen. Observation Visual observation shortages making an individual experience issues seeing and preparing any data on the left visual field (left-sided disregard). For instance, people with right half of the globe harm may experience issues with perusing words on the left half of a page, eating food on the left half of their plate, or recognizing the left half of their body Thinking and critical thinking: Trouble distinguishing that there is an issue and creating arrangements. Memory: Trouble reviewing recently learned data and learning new data. Social correspondence Trouble deciphering conceptual language, for example, representations, making deductions, and getting jokes; and issues understanding nonverbal signs and keeping the standards of correspondence Association: Trouble with methodicallly masterminding data and arranging, which is regularly reflected in correspondence challenges, for example, inconvenience recounting to a story with occasions organized appropriately, keeping up a theme during discussion. Understanding Trouble perceiving issues and the effect on day by day working. Direction: Trouble reviewing the date, time, or spot. The individual may likewise be perplexed to self (ASHA 2014). Clinical Considerations for Therapeutic Riding Individuals with cerebral paralysis experience issues organizing and delivering intentional, utilitarian developments. A few people have a lot of muscle tone, for example, those with spasticity. Their muscles hold their appendages in rather hardened stances and it is hard to loosen up these muscles. Along these lines, the rider can't move his appendages effectively aside from toward the path the spastic muscles pull. Different kinds of tone irregularities incorporate fluctuating tone, as observed in athetoid cerebral paralysis and hypotonia, or too little tone. Tone is a subtle thing to measure. Utilizing treatment procedures to briefly make tone progressively ordinary doesn't out of nowhere bring about typical, facilitated development designs. Truth be told, expanded tone might be the aftereffect of pathologic shortcomings in other muscle bunches combined with the typical human want to move. Muscle filaments are known to change after some time, bringing about expanding, age-related trouble in looking after stance. The facts may prove that irregular tone, particularly spasticity, is an anomalous reaction to ordinary sensation, for example, contact and development sensation. Orthopedic issues happen in individuals with cerebral paralysis, maybe halfway in view of the communication of the strange neurologic framework with the muscles, joints and delicate tissues. The unusual, generally unbalanced draw of spastic muscles combined with absence of ordinary development and weightbearing can bring about dynamic scoliosis and disengaging hips. Different joints, for example, wrists, elbows, knees and lower legs, can lose adaptability and scope of movement. Notwithstanding these components, the musical movement, shape, warmth and intrinsically persuading nature of the pony can be useful to individuals with cerebral paralysis for the duration of their lives. Restorative riding can encourage subjective and sensorimotor advancement in youth, help build up an awareness of other's expectations, fearlessness and reasonable play in immaturity and give deep rooted entertainment and game. It can do this while invigorating the great stance, parity and adaptability required for utilitarian freedom off the pony. Riding works best for keeping up scope of movement and joint adaptability if an all around adjusted, right stance on the pony is consistently an objective. There is not a viable alternative for a pony with great, symmetric development. Numerous riders with cerebral paralysis can accomplish ordinary parity, stance and development on a pony if the teacher takes a long, slow methodology, concentrating on stance and arrangement. These are not treatment objectives. Great stance, without hands balance and an after seat are requirements to riding easily and comfort for the rider and the pony. Riding meetings for individuals with cerebral paralysis ought to never bring about expanded tone and distress. Ask the rider (relative or individual consideration partner) how he feels after the meeting, when hes at home. Are the muscles loose or tight? On the off chance that spasticity is more regrettable after the meeting, decline the measure of incitement. Concentrate on less impulsion, all the more extending and unwinding, all the more straight-line work and less circles. Utilize a pony with a more extensive base and a smoother walk. Offer a chance to sit and rest subsequent to getting off. Attempt a seat with a calfskin or manufactured spread so the riders seat and legs will adhere to the seat better, which will expand his solidness and reduction stress. Late articles by Ruth DismukeBlakely, SLP/CCC, in AHA News and NARHA News, demonstrate that the development of the pony in hippotherapy meetings can build the amount, quality and volume of vocalization in the rider. For youngsters with cerebral paralysis, the pony is a brilliant inspiration for discourse, while the ponies development can improve the coordination of breathing, gulping and sound creation. The pony normally propels youngsters with cerebral paralysis to move, investigate and contact. Utilizing the pony as an enormous, delicate, rhytiunic and typically moving gross-engine stage, where the youngster is welcomed and helped to investigate, can be considerably more valuable than figuring out how to ride. Teachers can empower development and ideally disengage it from the dread of disappointment. The outcome is self-assurance and mental fortitude on and off the pony. The rider with cerebral paralysis profits by advance planning in numerous territories. Extending before jumping on the pony, as suggested by a physical advisor, can diminish the warm-up time on the pony. When rehearsing walk-end changes, the educator or specialist can utilize: Prepare to walk, Prepare to end, Get prepared to hold up. These preliminary expressions permit the rider to get ready or set the stance expected to achieve the undertaking. In the event that the rider has diminished or deviated scope of movement at the hips and knees, select the pony that suits the issue so the rider can sit effectively in great arrangement without being pulled aside. In the event that the hip is somewhat separated (subluxed), the sort of pony is basic. The absence of scope of movement, spasticity, the ponies common shape and development can all possibly intensify the subluxation. When all is said in done, the rider with cerebral paralysis who has orthopedic issues at the hips or spine may profit enormously from meeting with a physical advisor who can help the teacher in making a proper riding program. - Liz Baker, PT, NARHA Medical Commitfee Chairman http://www.cpparent.org/hippotherapy/articles/cp.htm Bissell, C. 2015. Cerebral Palsy and Therapeutic Riding [Online]. Accessible at: http://www.cpparent.org/hippotherapy/articles/cp.htm [Accessed: 29 April 2015]. Hippotherapy Hippotherapy is a type of physical, word related and language instruction that utilizes equine (horse) development to create and improve neurological and physical working by diverting the development of the pony. Hippotherapy is based on the idea that the individual’s neuromuscular improvement is upgraded when their body makes acclimations to the step, beat, musicality, redundancy and rhythm of a horse’s development. What is hippotherapy? In today’s world, youngsters with cerebral paralysis frequently advantage from a few conventional medicines and treatments intended to enormously improve their capacities, and by expansion, their personal satisfaction. A few treatments †suc

Corporations Law Preliminary Issues

Question: Examine about theCorporations Lawfor Preliminary Issues. Answer: Presentation Dr Dawes, Mr Foster, Mr Huckenfusser and Mrs Duck subsequent to having managed certain portions of MMM later on auctions them off after accepting some crucial data of the equivalent from the inside wellsprings of GML and furthermore earned benefits in the managing. They would not have been qualified for these benefits had they not got the data from GML. From that point, some of them have gotten at risk under the common punishments as revered in the Corporation Act. Fundamental Issues There are a few breaks of laws in the given circumstance. There are a few people who have abused the data that they got from GML. However there are other people who have exchanged the portions of MMM to determine individual gains and advantages out of the data that they got. In spite of the fact that there may be some a direct result of whom no burden was caused to the organization overall however it ought to be noticed that if the minutes of the gatherings of GML would not have been accessible to them, they would not have picked up these benefits[1]. In this way, the issues that emerge in this issue might be delineated as follows: Regardless of whether Dr Dawes has acquired an obligation under the Corporations Act for the advantages that he has drawn on account of the speculations made by his better half in the supplies of MMM? Regardless of whether Mr Foster has brought about any risk for having managed in insider exchanging and making his new organization QECG purchase portions of MMM and along these lines become obligated for indictment? Regardless of whether any misappropriation of position has been made by Mr Huckenfusser and whether the individual picks up that he has inferred have made him subject for arraignment against him? Regardless of whether there is any obligation of Mrs Duck and on the off chance that anything incorrectly has been finished by her in putting resources into the portions of MMM on getting data about the up and coming benefits from Mr Huckenfusser? The realities in the issue are obviously demonstrative of the way that a portion of the individuals as recognized above are chiefs while others are pseudo executives and some are even basic workers of the organization. In this way, all can't be managed under the arrangements of chief is impossible here. Along these lines all the issues must be examined freely in this issue. There may be a few people who are at risk for common punishments while there may be other people who have been an accessory in the issue and have in truth not negated any law[2]. Every one of these issues will be indisputably decided in the wake of making an examination of the arrangements of Corporations Law and making a note of the penetrated arrangements of the law. Potential Breaches of the Corporations Law So as to effectively achieve a suit against a chief or official of an organization, certain fundamental things should be demonstrated under Section 183 of the Corporations Act. These are: That at the pertinent time, the individual against whom the suit is being organized was an official of the organization under total authority[3]; That the supposed individual straightforwardly gained the data himself; That he could acquire the data in view of his situation as a chief or official of the organization and had he not been in that position, he would not have gotten the data; That the individual asserted utilized the data that he received[4]; That the ill-advised use being referred to was made legitimately by him with the goal that he could pick up something for himself in the issue; A similar data that he has utilized could likewise have been utilized by him to make some damage or disservice the company[5]. Dr Dawes in the given occasion got the data about the potential advantages of contributing the supplies of MMM on the grounds that he was getting a charge out of the situation of a chief of the organization and was likewise an individual from the directorial meeting. He had given a reasonable sign to the organization that he was pronounced wiped out and was not left with any benefits. Hence, it very well may be said that no material realities were disguised from the organization by Dr Dawes. After procuring data about the portions of MMM, he prompted his significant other to make an interest in the offers. He likewise came to think about the conceivable fall in the costs of the offers due to his position and along these lines requested that his significant other auction the offers that she had purchased. A decent measure of profits were acquired by her by method of this exchange. It ought to be noticed that however benefits were inferred by Dr Dawes in the issue, no impediment was ca used to the organization in view of his activities. All that Dr Dawes did was he put his cash in the loads of the organization and his better half inferred benefits out of it. It ought to likewise be noticed that Section 183 gets material just in those conditions when advantages are determined by a chief or an officer[6]. Be that as it may, in view of his bankruptcy, Dr Dawes was not qualified to turn into an executive and to clutch his directorship, no consent was taken from ASIC as well[7]. Subsequently, it very well may be said in this issue Dr Dawes isn't obligated to get any affable punishments in the issue. Mr Foster was a previous executive of the organization and he obtained the data of the supplies of MMM due to his position. He from that point left GML and joined QECG as a chief and utilized the data he picked up in GML for the upside of QECG. He prompted the Board in QECG to put resources into the portions of MMM and when he did this, he was not related with GML at all. Notwithstanding, it can't be denied that the data that was gotten by him was simply because of his invaluable position and had he not been available in the gathering, he would have not thought about it[8]. Along these lines, there is no uncertainty over the way that he utilized his position and abused the assembled data there[9]. There was no choice in the hands of QECG to think about the stock valued had Mr Foster not enlightened them concerning it. There is sign of abuse of data and however weakness was not caused to GML in the issue, yet the activities of Mr Foster have made him at risk for insider exchanging. Th us, considerate liabilities have been brought about by him in this circumstance. Mr Huckenfusser is in the situation of a worker in GML and is neither an official nor an executive there. In light of his work profile, he assembled the data about the stock costs of MMM and gave this snippet of data to an outcast Mrs Duck. This data was let out just with purpose to increase individual preferred position and to set off his obligations in the issue. Mrs Duck has no activity or risk in this since that whole she did was she looked for from some free money related guidance from her sibling in-law[10]. In any case, it is significant here that Mr Huckenfusser prevailing with regards to giving this data in light of his position and this is a penetrate of trustee obligations that have been given to him. In this manner, it tends to be said that however Mrs Duck isn't at risk in the issue, Mr Huckenfusser is. Safeguards Dr Dawes acted sincerely in the issue and however he increased fiscal bit of leeway his liquidation was known to GML. In spite of the fact that specific arrangements of law have been contradicted by him, he isn't liable under law and can guarantee insusceptibility under Section 1317S[11]. Mr Foster in the issue has no accessible cures and he can just express that GML didn't bring about any misfortunes in light of his activities. Be that as it may, this is certifiably not a substantial resistance and there should be a free procedural examination taken up by ASIC in the matter[12]. Mrs Duck has absolute insusceptibility in the issue since she isn't in relationship with GML[13]. She just accepted money related venture counsel in the issue in total great confidence. In view of the counsel she got, she acted and thus she has not penetrated any law or arrangements of the Corporations Act[14]. Cures There are sure affable cures in the issue. As and when a penetrate of obligation is demonstrated, the Courts can pick on any of the accompanying cures: For negation of the law, a financial punishment adding up to $200,000 might be forced; The denounced might be approached to pay remuneration for harms under Section 1317E of the Corporations Act as a common punishment; The executives may likewise confront preclusion in the issue from the administration of other companies[15]. End Hence, in this issue, it tends to be finished up saying that there are sure individuals who have stranded the arrangements in the issue yet there are additionally some who have not made a break under Section 183 of the Corporations Act. Thus, polite punishments can be forced in the issue. However, it ought to be noticed that procedural procedure must be freely taken up in the issue by ASIC before any penetrate is pronounced in the issue. References Australian Securities Investments Commission v DB Management Pty Ltd[2000] HCA p.7. Australian Securities and Investments Commission v Lanepoint Enterprises Pty Ltd (Receivers and Managers Appointed)[2011] HCA p.18. Boral Besser Masonry Ltd v Australian Competition and Consumer Commission [2003] HCA p.5. Braun, D., Oehmichen, J., Wolff, M. what's more, Yoshikawa, T. (2014). At the point when Elites Forget Their Duties: The Double-Edged Sword of Star Directors on Boards.Academy of Management Proceedings, 2014(1), pp.10613-10613. Chapman, G. (2005).Report on Australian Accounting Standards postponed in consistence with the Corporations Act 2001 on 30 August and 16 November 2004. Canberra: Commonwealth of Australia. Google Inc. v Australian Competition and Consumer Commission[2013] HCA p.1. Hackner, D. (2010). Going on Rounds: May's ICU Director Contributions.ICU Director, 1(3), pp.135-136. Keay, A. (2014). The Public Enforcement of Directors' Duties: A Normative Inquiry. Customary Law World Review, 43(2), pp.89-119. Lichtenberg, J. (2010). Negative Duties, Positive Duties, and the New Harms.Ethics, 120(3), pp.557-578. Lim, E. (2013). Chiefs' obligations: inappropriate purposes or inferred terms?.Leg Stud (Soc Leg Scholars), 34(3), pp.395-418. Woods v W Cook Builders Pty Ltd (in liquidation)[2008] HCA p.27. Mamutse, B. (2014). Chiefs Duties.The Law Teacher, 48(3), pp.376-

Blog Archive MBA News HBSs New Dean Speaks (and Writes!)

Blog Archive MBA News HBSs New Dean Speaks (and Writes!) Harvard Business School recently announced its new Dean,  Nitin Nohria a veteran of HBS for more than   twenty years and  most recently  the Richard P. Chapman Professor of Business Administration and co-chair of the Leadership Initiative who will replace departing Dean, Jay Light.   In a recent letter to HBS alumni, Dean Nohria expresses his perspective on the role of HBS in the business community and the world, stating, “It is through your lives that we deliver on our mission of educating leaders who make a difference in the world. Today, the need for leadership has never been greater. I believe in my heart that business has a crucial role to play in addressing societys most difficult challenges.” Dean Nohria  continued with his vision for HBS’s leadership “I believe our next century will be characterized as one of innovation and inspiration. We can, and must, be a beacon for management education in the world.” Dean Nohria also recently  taped a video greeting, in which he expresses a desire for HBS to increase its focus on international business and continue conducting cutting-edge research and developing leaders who create prosperity and make a positive impact on society. Share ThisTweet Harvard University (Harvard Business School) News

Show Choir - 2695 Words

Show Choir Learning Design Information Project Title: Show Choir Developer(s): Amy Hanson Development Date: 06/15/1998 Revised By: Amy Hanson Revision Date: 10/19/1998 Organization: Shawano-Gresham School District Department: music Instructional Area: Music Arts Instructional Level: 6-8 Total Credits: 0 Target Population 6th-8th grade students Course Description Show Choir is an elective class that integrates choreography into the choral experience. A varied repertoire of 2 and 3 part music is memorized, choreographed and then performed in a concert setting. Vocal technique, developing the ensemble and dance are the main emphasis of this class. Various†¦show more content†¦Develop ability to sing and dance alone and in a group Procedure b. Sing accurately and with proper breath control Procedure c. Match pitch accurately Procedure d. Demonstrate correct singing posture Process e. Perform music expressively Concept f. Participate in solo and ensemble alone or in a small group Procedure 3. Sing with technical accuracy Properties Domain: Psychomotor Level: Practice Difficulty: Medium Importance: Essential Linked Core Abilities Utilize informational resources for life-long learning Communicate effectively through speaking and writing in all areas Use problem solving skills in real world situations Criteria - Criteria - Performance will be satisfactory when: o learner sings correctly alone and in their section Conditions for Assessment - Competence will be demonstrated: oShow MoreRelatedShow Choir : A Long Struggle With Many Roadblocks1946 Words   |  8 PagesShow Choir The road to show choir nationals was a long struggle with many roadblocks. There were many times when I dreaded going to rehearsal, and when I got there, I just wanted it to be over so I could leave. Show choir started to feel like a chore to me and I didn’t enjoy it like I did last year. That is, until March 31st. 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Before that he taught High School Choirs, and Conducted church choirs and a twin cities based chamber choir. He has a very good musical education with high degrees from Northwestern University, and the University of Southern California. Dickau’s compositions appear in many different venues. He commissions in many differentRead MoreThe Role Of Choral Music And How Communication Occurs Within The Choral Setting1515 Words   |  7 Pagesshould show the variety between ancient choral music and that of the common era. With this understanding in mind, therefore, one can enter the discussion of communication with amenable thought. Communication To begin with, it is important for one to understand how choral assembly can be related to communication, and how communication occurs in the choral setting. There are three major varying ways this happens: choir to the audience, director to the choir, and choir member to the choir memberRead MoreConcert At The Pennfield Performing Arts Center1518 Words   |  7 Pagesfeaturing specific choirs, such as the composition Girl Power, which featured the Women’s Choir. This was an evening full of medleys with unique twists that made the concert quite entertaining. Having never attended a choral concert, other than ones that I have personally performed in, it was very nice to enjoy one as an audience member! There were quite a few aspects of this performance that I enjoyed! The first being that all five choirs performed with choreography. This made each choir active in theirRead MoreRace, Gender, And Women892 Words   |  4 Pageshowever, there was only a few women in pants; all women wore shirts that did not show very much (if any) cleavage—some women (around ten) wore black, white, gray, or brown veils over their heads—at first I believed that the veils were a sign that the women wearing them were preparing to become nuns; however, several small children were wearing the veils over their heads, and according to Lauren, the veils are symbolic—they show respect to the Saints and God by allowing women to observe submissiveness andRead MoreThe Performance Of The Symphony1242 Words   |  5 Pagestheme of the symphony revolved around the human conditions and unity (Swafford, 2014). I think the performance of the orchestra was above average. I enjoyed all aspect from when the conductor was welcomed by members of the orchestra to when the choir joined towards the grand finale. Both the orchestra and the audience played their role exceptionally. I watched the orchestra play over and over trying to grasp the meaning of every movement while enjoying the choral. By looking at the members ofRead More A Report on Lifeline for Children’s Choir Directors Essay3119 Words   |  13 Pagesexaggerating consonants as they whisper words. (ps. 22-3) This reminds me of the Fred Warning emphasis on good pronunciation. She gives some reasons why a children’s choir may sing flat or sharp, and then gives some mechanistic ways to fix them. (p. 27) A choir director must fix his own hearing, before they can get to ’first base’, with their choir members. They can do this by listening to some Bach chorales, then leave them for a week, come back and play them several times, then write them down on a manuscriptRead MoreArticle Critique Of Joshua Palkki1232 Words   |  5 Pagesunderstand and meet the needs of their Latino/a students, and Palkki (2015) researches approaches that would aid music educators, specifically high school choir directors, in reaching and serving this population in his article â€Å"If it fits into their Culture, then they will have a Connection: experiences of two Latina students in a select high school choir.† Palkki (2015) presents a qualitative case study regarding two Latina students in which Palkki (2015) seeks to learn about their choral experiencesRead MoreEssay about stretching865 Words   |  4 PagesMonday, November 6, 2000. In performance was Kantorei directed by Janna Brendell, ECU Men’s Ensemble Blackbeard’s Ghost directed by Sean Berg, ECU Concert Choir directed by Matthew Harden, and special guests Leesville Road High School Chorus directed by Diane Covington. The whole program was entertaining and very impressive. All the choirs were very professional in both their physical appearance and their sound. In each group the first impressions, which are so important to a performance, were

Literature Review. In The Field Of Neonatology, Researchers

Literature Review In the field of neonatology, researchers need to come to a consensus regarding the management of neonates given antimicrobial agents. According to Soll Edwards, physicians initiate most antibiotics for suspected infection of early onset sepsis rather than proven infection, leading to overuse of medications (2015). Antibiotics are begun empirically based on risk factors such as maternal signs and symptoms (Soll Edwards, 2015), even when the overall effects are more concerning considering the likelihood of an infection is small (Higgins et al., 2016). Schulman et al. (2015) Puopolo et al. (2011) believe that extra doses of antibiotics increase the patients’ cost and length of hospitalization in addition to†¦show more content†¦As a result, there is a need to study variation in thresholds for starting and stopping antibiotics and also emphasize the importance of only using potential harmful therapy when there is a clear benefit (Soll Edwards, 2015). Antimicrobial resistance. Overtime, microbes adapt to certain drugs causing them to mutate and resist drugs that would otherwise kill them or limit their growth (CDC, 2017). This resistance makes it harder for the body to fight infection since the existing drugs are less effective. Antimicrobial resistance affects over two million people in the US every year and of these two million, more than 23,000 die as a result (Michaelidis et al., 2016). Seemingly, the number one cause of antibiotic resistance is use of antibiotics, followed by the spread of resistant strains (CDC, 2017). The CDC also claims that resistant organisms require more costly and toxic alternatives and therefore, doctors should only prescribe antibiotics in appropriate durations when needed (2017). Colgan Powers (2001) adds that appropriate prescribing of antibiotics may slow the rate of resistance. Unfortunately, physicians do not optimally prescribe antibiotics about half of the time (CDC, 2017), so antimicro bial resistance continues to be a growing issue in the field of medicine. Average length of stay and cost of hospitalization.

Self Reflexive Aspects of Singing in the Rain Essay

Singin’ in the Rain (MGM, 1952) is an American musical comedy directed by Gene Kelly and Stanley Donen. The film comically emulates the transition from the production of silent movies to ‘talkies’ in Hollywood during the 1920s. The narrative follows a successful silent film star named Don Lockwood (Gene Kelly) and his glamorous blonde on screen partner Lina Lamont as they attempt to adapt The Duelling Cavalier a silent film, into a talking film. However, the shrill sound of Lamont’s voice cast serious doubt of the potential success of the film. Lockwood’s musically talented sidekick Cosmo Brown (Donald O’conner) suggests that the film be turned into a musical, and recommends Lockwood’s love interest Kathy Seldon (Debbie Reynolds) perform†¦show more content†¦At the conclusion of the musical number Cosmo flips off the illusionary backdrop of a hallway. This example demonstrates how the text reflects its own making and works to d emystify the illusions of Hollywood. The back stage pass that is granted to audience uncovers the modes of Hollywood production and replaces it with musical performances. Throughout Singin’ in the Rain self referential techniques are employed to signal to the audience that the film is a metafictional text. The text consciously advises the audience that what they are watching is not real, consequently disrupting the illusion of the fourth wall. Ingersoll (1999, p.385) describes metafiction as â€Å"a fictional text that draws attention to itself as a text in a variety of ways†. An example of this can be identified during the opening scene when Don Lockwood explains his rise to fame story. The character looks directly into the camera as he speaks, breaking the illusion of the fourth wall and acknowledging the audiences existence. This technique is markedly different from the established convention of the audience ‘eaves dropping’ on characters that ordinarily function within a three walled environment (Auter amp; Davis 1991, p.165). Singin’ in the Rain acknowledges the audience and itself as a work of fiction self-refer entially, as a result the audience are no longer voyeuristically watching, they are being spoken to. The term genre is used within film studies to refer toShow MoreRelatedIgbo Dictionary129408 Words   |  518 Pages............................21 6.2.8 Aspect and tense in the indicative mood.....................................................................................................22 6.2.8.1 Simple versus Perfect aspect ................................................................................................ 22 6.2.8.2 The Simple Aspects: Progressive versus Non-Progressive ................................................ 23 6.2.8.3 The Perfect aspects: Completive and Incompletive ........Read MoreDeveloping Management Skills404131 Words   |  1617 Pages40071 173—dc22 I. Cameron, 2009040522 10 9 8 7 6 5 4 3 2 ISBN 10: 0-13-612100-4 ISBN 13: 978-0-13-612100-8 B R I E F TA B L E O F C O N T E N T S Preface xvii Introduction 1 PART I 1 2 3 PERSONAL SKILLS 44 Developing Self-Awareness 45 Managing Personal Stress 105 Solving Problems Analytically and Creatively 167 PART II 4 5 6 7 INTERPERSONAL SKILLS 232 233 Building Relationships by Communicating Supportively Gaining Power and Influence 279 Motivating Others

Company Law for Flitcrofts Case - MyAssignmenthelp.com

Question: Discuss about theCompany Law for Flitcrofts Case. Answer: The Doctrine of Capital Maintenance In corporate law, one of the most important regulations is the capital maintenance doctrine. It states that any organisation has the right to receive the necessary compensation for its issued shares, and the affiliates will be paid the received capital only under certain conditions. The capital is accumulated by the organisation for the security of the companys beneficiaries. In order to ensure lawful dispersion of the capital, the proceedings are managed by the Court (Tomasic 2015). The case Trevor v Whitworth (1887) saw the establishment of this doctrine. A company owned by the House of Lords could not procure its own shares to prevent a decrease in their capital. Moreover, there was an implication that no capital would be given to the affiliates without the Court imposing a decrement. Jessel M.R. cited the key features of this doctrine in the context of the Flitcrofts Case. The following are the key features: firstly, shares cannot be bought by an organisation itself. Secondly, the reimbursements from the proceeds are the rights of the stakeholders. Thirdly, no monetary aid is to be issued by any organisation for buying its own shares. The legal rules regarding write-offs in the reserves of a company are also charted out by this doctrine. Initially, the doctrine had been established over the Company Act 2006 in England (Arnold 2017). In Australia, monetary aid to free and re-buy shares, problems related to the payments from the proceeds and the reduction in the share values of a company all are taken care of by this Act. Under sections 256A and 256C of corporate law, the Corporations Act 2001 of Australia introduced this Capital Maintenance Doctrine. It intends to safeguard the interests of the beneficiaries and the stakeholders, and makes sure that the negotiations between them are fair and just (Knapp 2013). If the stakeholders agree, the organisations share capital can be decreased, provided it does not bring about a compromise in the organisations ability to give them the funds, as mentioned in Section 256 C (Islam 2015). Section 256 B and 257 A enable an organisation to reduce their share capital and buy its own shares back, respectively. This provides improved security to the beneficiaries. To conclude, the doctrine was unsuccessful in providing legal immunity to the beneficiaries despite the many changes. The theories outlined by the doctrine can, however, be achieved by profitable and compliant methods. The Australian corporate law needs to implement a more efficient system to reconstitute any organisations limitations, thereby warranting an efficient strategy of growth. References Arnold, A.J., 2017. Capital reduction case law decisions and the development of the capital maintenance doctrine in late-nineteenth-century England.Accounting and Business Research,47(2), pp.172-190. Islam, M.S., 2015. The Doctrine of Capital Maintenance and its Statutory Developments: An Analysis.Northern University Journal of Law,4, pp.47-55. Knapp, J., 2013. A Reconsideration of Consolidation Accounting Requirements and Pre?acquisition Dividends.Australian Accounting Review,23(3), pp.190-207. Tomasic, R., 2015. The Rise and Fall of the Capital Maintenance Doctrine in Australian Corporate Law.

Crime and Society

There is no society that has never experienced crime in its lifetime. For example, it is argued that just as the human body has some organs which tend to cause problems to people, the same case applies to societies. There are those people who always engage in activities that cause problems to other people who live within the same society.Advertising We will write a custom essay sample on Crime and Society specifically for you for only $16.05 $11/page Learn More Therefore, just as some organs in the body can be removed in order to improve the health of a person, the people who cause problems in the society can also be removed so that the society can be peaceful (Fitzgerald, 2010). Most of the tribes that are characterized by trust and close family ties also encounter similar challenges. There are those people who disobey the traditions that are set by the society. Most civilized societies describe people who do things contrary to the expectations of other people as criminals. The government is a very important body that plays a very important role with respect to combating crime. It is therefore true that there can be no government if there is no crime (Alice, 2010). People normally have different opinions on whether crime is healthy for any society (Susan, 2011). There are those people who describe their society as healthy while others regard it as unhealthy. This view depends on their opinion on crime. However, most people see their societies as healthy despite the fact that there are incidences of crime which happen inside those societies. This indicates that some forms of crime are important for a society to grow. If there was no crime, there would be no need to govern people. A criminal is a person who needs to be punished, controlled and stopped because his actions bring undesirable effects to the society (Why Care, 2012). In the modern society, people have become too much dependent on laws and regulations. People have develop ed the habit that they must be governed and regulated so that they can live in harmony with each other (Vito Maahs, 2011). For example, most of countries which do not have stable governments are characterized by various forms of violence. It is therefore important for such countries to have a stable government which would regulate the inhuman activities that people in such countries engage in (Why Care, 2012). Every culture has criminals and it is the duty of the people to make sure they eradicate all the criminal deeds observed in the area.Advertising Looking for essay on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More However, the fatal mistake that people make is to think that they have powers which enable them to differentiate between good and evil. This then makes them to think that it is their responsibility to punish others for the crimes committed. However, almost every person in every society has at one time engaged in a criminal activity. This therefore means that before people judge others for committing criminal activities, they should also ensure that they completely refrain from criminal activities. This would make it easy for them to combat crime easily in the societies where they live (Zen, 2009). However, since not everybody is able to refrain from committing crime, crime has therefore been accepted as way of life in different societies. The various measures that people adopt to reduce crime in their areas include electing a government that is committed to handle criminals, practice community policing, or having a group of people who are adequately trained to guard the society from any criminals who might attack the society (Susan, 2011). It is accepted that there is no society where crime does not exist. The people who engage in criminal activities are therefore said to inflict punishments upon themselves. Despite the fact that crime is an acceptable reality in every society, people e ngage in activities aimed at regulating the criminal activities which criminals engage in. This is because, if criminals are allowed to continue in harmful activities without anybody intervening, there is likelihood that the good people in the society would suffer huge losses. To minimize the losses that people encounter as a result of criminal activities therefore, it becomes important for governments and the people to invest resources and time in order to ensure that criminal activities are easily manageable (Vito Maahs, 2011). The different crimes that criminals commit include murder, robbery, rape, and drug dealings. All these crimes inflict huge losses to the victims (Viviene Cree, 2010). It therefore becomes important to have a body such as the government which would regulate all the activities of criminals. It is the responsibility of the government to take care of its population. It is supposed to ensure that there is peaceful coexistence among the people in the country (S usan, 2011). To do this, the government ensures that the security personnel such as the police and the army are hired and given relevant training in order to ensure that criminal activities are brought down as much as possible within a country (Vito Maahs, 2011). The government therefore invests a lot of funds and time in training and equipping the police and the army with the relevant tools so that they can tackle criminal activities easily and effectively.Advertising We will write a custom essay sample on Crime and Society specifically for you for only $16.05 $11/page Learn More Any criminal activity is normal in every society (Zen, 2009). This statement serves as a guide to many people by helping them understand that crime is present everywhere and people should therefore adopt all the measures possible to ensure that bring down all crime incidences significantly. This would enable the members of every society to live in peaceful coexistence with ea ch other. References Alice, C. (2010). Interesting Perspective- Crime is Normal. Web. Fitzgerald, M. (2010). Crime and Society: Readings in History and Theory. New York: Routledge. Susan, E. F. (2011). Is it a Waste Time for Government to Spend Money on Criminals? Web. Vito, G. F., Maahs, J. R. (2011). Criminology: Theory, Research, and Policy. London: Jones Bartlett Publishers. Viviene, C., Cree, E. (2010). Sociology for Social Workers and Probation Officers. New York: Taylor Francis. Why Care. (2012, March 6). What are the Causes of Crime. Web.Advertising Looking for essay on social sciences? Let's see if we can help you! Get your first paper with 15% OFF Learn More Zen, K. L. (2009). Why is Crime Healthy for Society? Web. This essay on Crime and Society was written and submitted by user Jefferson Burt to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.

Re-Emergence of a Two Party System essays

Re-Emergence of a Two Party System essays In 1824, there were four candidates for the President of the United States. At this time only one party existed, the Democratic-Republicans. This would soon change. The parties were soon to separate into the Whig Party and Jacksonian-Democratic Party, or Democratic Party. Northern industrialists and merchants supported the Whigs; and they were more in favor of federal government involvement in the national economy. The common people and machine politicians in the East supported the Democrats; and they believed in absolute political freedom. Some of the topics that contributed to the spilt into two parties were major political figures of that time period, the states rights debate, and economic issues, policies, and problems. The factors that contributed the most to the reemergence of a two party system were the major political figures of that time period. Some of the major political figures of that time period were Henry Clay, Daniel Webster, John Q. Adams, Andrew Jackson, Martin Van Buren, John C. Calhoun and Robert Hayne. In 1828, Andrew Jackson beat John Q. Adams in the presidential election. This led to many anti-Jackson feelings and started the roots of a new political party, which would come to be known as the Whigs. Jackson believed the main decision making power in the country should lie in the hands of the national government. Another political party was created under the leadership of Henry Clay and Daniel Webster, in 1832. They supported John Q. Adams and were anti-Jackson. Daniel Webster was the senator of Massachusetts and Henry Clay was Speaker of the House. John C. Calhoun as one of the leaders of the Democratic Party. He was vice-president under John Q. Adams. He believed that nullification was the only means of protecting Southern rights. Robert Hayne was from South Carolina and he represented states rights. He was one of Calhouns protgs. He was a senator and he blast...

Rent and Urban Economics Essay Example | Topics and Well Written Essays - 1500 words

Rent and Urban Economics - Essay Example According to this theory, there are factors which constitute the differences in locations and it includes localized materials, amenities and transport cost (Answers.com). Von Thnen posits that transportation costs constitutes or consumes Ricardo's economic rent that's why "because these transportation costs and, of course, economic rents, vary across goods, different land uses and use intensities will result with distance from the marketplace". In the table we observed differences in rates across the different locations. The theory suggests that part of this difference is accrued to the transportation cost. Real Estates including residential areas near the industrial and commercial districts are priced higher than those which are farther. This is explained by the differences in transportation cost as the former requiring minimal time, effort and financial costs in travelling. We expect that the commercial districts house the necessaries that consumers usually go to such as the office, schools, groceries, malls, shops and others. In this theory, the West End is obviously in the advantage against the City, making its rent prices higher. The difference in prices is necessary as can be explained by the simple law of supply and demand. If the rent prices are the same with the West End and the City, there will be shortage of space in the West End resulting to overcrowding while none will stay in the City. In the presence of excess demand, the owners of land will be able to increase the price, thereby creating a disparity between the West End and the City price. Simply put, the law of demand will work for the land owners, maintaining the price differences between the two locations. Amenities are also better in the West End than the City. Being the centre of industry and commerce, amenities will be located in the cities making it more attractive and nearer to residence in the West End. This adds convenience to those who are in this place, thus it has to be compensated by a higher price. Von Thnen also mentioned the difference in land use and intensity causing differences in prices (Wikimedia Foundation, Inc.). Since the land in the West end is mainly used for commercial purposes, where tenants expect a higher return than in the City, land prices can be increased. Von Thnen also mentioned the importance of centrality in pricing, saying that "it was density of population increasing the profitability of commerce and providing for the division and specialization of labour that commanded higher municipal rents" (Wikimedia Foundation, Inc.) FLUCTUATING RENTAL RATES The simple law of supply and demand can be used to explain cyclical pattern in rents. Both locations, the City and the West End show fluctuation in rental rates. Some empirical studies have identified reasons for this. We are going to study each factor and relate it to existing economic theories. It has been found that employment growth account for the fluctuations in rental rate (Robert H. Edelstein). Accordingly, employment growth affects per capita income in a positive direction. With income being a determinant of demand, high employment growth will cause high demand for housing and land. With the increased capacity to purchase, over-all demand for space will be increased thereby increasing the prices of houses, offices and lands. This is observed at the time in 1973 and 1974, in 1987-1990, 2000-20001, and 2007-2008 in

Working internationally Essay Example | Topics and Well Written Essays - 2000 words

Working internationally - Essay Example Price fluctuations are usually reduced through purchases of both long term and short term positions within the same securities. Hedge funds differ form other types of careers on the financial sector because of the nature of business. Hedge funds are not as regulated as other investment or financial institutions. Consequently, most of them may not be as well structured as the other conventional investment institutions. Hedge funds are usually centred on the hedge fund manager. This is the person who will conduct most transactions; he may be in charge of marketing, human resource, operations and many others. (Alec, 2007) However, it should be noted that in larger hedge funds, there is more division of labour as there may be operational managers and others. Even the manners of conducting business within these hedge funds will depend upon the type of organisation chosen. Therefore employees are expected to be versatile. In order to make it in the fast paced yet exiting career in hedge funding investment, one needs to be well versed with the tricks of the trade. This can only be attained through work experience. Currently, the work experience was obtained through internship at a small hedge fund company at the heart of the City. The work experience was an enriching achievement. This is because there was an opportunity to learn first hand how hedge fund companies are run. The atmosphere was extremely busy since members of staff were not too many yet the tasks at hand were quite enormous. The environment was quite stimulating because there were instances when efforts would be rewarded there and then. However, there were also some times when it would be bitterly disappointing. It was also established that the hedge fund sector requires a lot of networking. Most of the prominent personalities in the firm were deeply engaged in the hedge fund business. They had started out as graduates but made efforts to link themselves to all the right groups

Life on the Road Essay Example for Free

Life on the Road Essay â€Å"Life on the Road† was in my opinion written to entertain, but also to inform the reader about a hitch hikers life. The author explained the basics of his everyday journeys and how they affected him. He explained how he had to adapt to certain ways of living, from where he would sleep to where he was going to find food the next day. Surprisingly traveling also taught him how to better present himself. For example, he learned to stand, instead of sit while trying to catch a ride. This showed his determination and a more favorable self portrayed image. The lifestyle he was used to living had completely changed. He no longer had luxuries easily handed to him as we Americans do today. I also believed he wrote this article in order for us to recognize the small, but important factors in life that we usually miss considering the busy life most of us lead now a days. Wertz said, â€Å"I was gone only three months, but in those three months I felt heart. † (Wertz, 13). His view on society and life changed completely after his experience on the road. Being alone on the streets forced him to learn how to fend for himself and learn how to interact differently with people. Through out his encounters he learned there is many kinds of people. He met very beautiful people, overly happy people, extremely rude people, and sadly even people suffering worse than he was. Traits he never knew he had like sympathy peeked their head out and taught him that even though he was struggling, there are still a tremendous amount of people out in the world that have it worse than he did. His journey led him through many challenges, but mainly taught him more about how special life really is.

Smoking, the Wrong Choice Essay -- Rebuttal Argumentative Persuasive

There are many people today who choose the path of smoking. Many of my friends started smoking before their eighteenth birthday and some continue to smoke now. I always asked them why they started to smoke and many of them said that everyone else did so why not try it. Well that young curiosity is leading to a life-long addiction of spending more than $50 a week on cigarettes, lighting up after every few hours, and standing outside in the bitter cold freezing to have a few drags. Peter Brimelow wrote an article called Thank You for Smoking. Peter is a senior editor for Forbes magazine; this is taken from Forbes magazine on July 4, 1994. This was in my written communication book as an example of an argumentative essay. He a major claim, minor claim, and warrants, all needed for a good rebuttal essay but the support for all of these is misleading. Brimelow’s Claims and Backing This article implies that the government is doing badly by having the tobacco companies pay for smoking-related health care costs and stating that lawyers are a disease and hide the real truth about how cigarettes are not always unhealthy. This article also implies that smoking can benefit your health in some ways but also accepting The Surgeon General’s warning on various diseases caused by smoking. Peter states that â€Å"it appears the human system can clear the effects of three to five of the much stronger pre- 1960 cigarettes, if dispersed across a day, with relatively little risk.† (Brimelow 143). Peter is mistaken All smoking, no matter how much, is bad for all people and can harm the body in some way. Problems with Brimelow’s Claims and Backing Brimelow says that the government is targeting tobacco companies by having them pa... ...garette to keep you alert and awake? Knowing that when you inhale that cigarette you are inhaling a life time of buying a carton every week and taking cigarette breaks outside. Knowing that you are setting yourself up for terminal diseases such as lung cancer and emphysema both can slowly kill anyone. These diseases are proven by medical research to come from long term smoking. In conclusion Peter’s article on the positive affects of smoking is misleading. Most of his facts are not totally true. Smoking is a bad habit that not only is expensive but also kills you in the long run. Works Cited Brimelow, Peter. â€Å"Thank You for Smoking. . .?† The Genre of Argument. Ed. Irene L. Clark. Boston: Thomas- Heinle. 1998 When You Smoke, Your Family Smokes. American Lung Association. 17 Mar. 2004. http://www.lungusa.org/tobacco/fda.html#everyone

Eastern Religion Hinduism Essay

Hinduism:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Hinduism has no single prophet nor one god to worship; rather they have many metaphors for the gods. Hinduism has no beginning, founder, no central authority, and no organization. Hindus believe in one supreme being who has unlimited forms. Some of the central beliefs of the Hindus is the idea of reincarnation, in which, is the doctrine of transmigration and rebirth the idea is universal in India. The other two beliefs are the spiritual goal and the caste system. The holy texts are the Veda, the Upanishads and the Bhagavad-Grita The practices of the Hindus are the Puja in which is the prayer in the home or in the temple but it is mostly in home since the religion is very much concern with everything around life. The ceremonial practices usually take in community centers. There are three important events in ones life according to the Hindus, birth, marriage and death. Buddhism:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   Buddhism was born in the Kingdom of Sakyas, which is now the border between India and Nepal. Scholars disagree on the age of birth in which it is between 563 – 368 B.C.E. Some of the beliefs of Hindus and Buddhism interact such as the idea of reincarnation both agree with the idea of rebirth but Buddhism rejects the caste system and the Veda. Buddha means the â€Å"enlightened one† and it was a title given to the Siddhartha Gautama the founder of Buddhism. Buddha is accepted like the existence of Jesus Christ that it is accepted through faith and the disciples. It is said that Jesus might have used some of the Buddha ideas into his. The central beliefs are the four truths and the eightfold path. The teachings are in the Dhammapada, in English know as â€Å"words of doctrine†, â€Å"way of truth† or â€Å"the path of truth† The practices of Buddhism is a part of life including diet, the job, trade or profession, daily meditation and giving offerings at a shrine, temples, or monasteries. Confucianism:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The belief was started in China around the sixth or fifth century B.C.E by Confucius; a major part of the belief is it emphasis on learning and the source of values. The religion has two sets of books; the major five classics including I Ching, Shu Chang, Shih Ching, LiChi, and Ch’un-Ch’iu.. This religion is more of an ethical movement because it lacks sacraments and liturgy. There are four types of Confucianism schools and marriage and funeral could be done though other religious ministers or priests. Taoism:   Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚  Ã‚   The foundation of Taoism is attributed to Lao Tzu and his writings called the â€Å"Classic Way of Power† Taoism is based on the individual and tended to reject the organized society. The key concept is that of non-action or the natural course of things. It is a direct link to yin and yang. It also obtained many things from the Buddhist perspectives. The central beliefs they don’t have prayers because it beliefs in the natural things and that there is no god. They are compassionate people and is more about a philosophical movement instead of a religion.   The purpose of the rituals is the concern of having immortality and the purpose was to live longer. It is believed that elements of Shamanism, which it is more related. Taoism is based on energy.

Evidence From Csi Index Future And Hsi Index Finance Essay - Free Essay Example

Sample details Pages: 31 Words: 9429 Downloads: 2 Date added: 2017/06/26 Category Finance Essay Type Narrative essay Did you like this example? The CSI 300 index future was launched by China Financial Future Exchange in April, 2010 after four years of mock trading. It has been traded for just more than two years by the time of writing. The underlying asset of CSI 300 index future is the CSI 300 index which is consist by the 300 selected companies list on either Shanghai or Shenzhen stock exchange. Don’t waste time! Our writers will create an original "Evidence From Csi Index Future And Hsi Index Finance Essay" essay for you Create order These companies covered more 60% of the market value and can be seen as the representatives of the market general performance. As the only practical tool to short in Chinese stock market after the last put option expired in 2008, the CSI index future plays a prominent role since its birth and develops quickly. Chinese stock market is different from most of the developed market in structure since most of its participants are individual investors.(Ba and Chu, 2008) The high entry standard of the index future market makes its participants distinguished from those in the underlying market. The asymmetrical structure caused an unbalanced problem between the future and spot markets. According to the report from Haitong Securities(2010), the annualized arbitraging return reached 120% in the first three months. The unbalance attracted massive arbitraging which signified the volatility of the market and made the CSI index experienced a sharp drop in that period. Such return dropped quickly to 15% in one year time and stabilized to about 5% percent recently. Such phenomenon makes the trading data from the first year unsuitable to study the market with purpose of studying the normal trading. During recent years, as more and more mainlands companies being selected into Hang Seng Index and because of the growing capital flow between Hong Kong and mainland China, the interactions between the two markets is becoming more and more significant, which will surely affect the trading activity in the two index future markets. Although the market depth and the level of internationalization are quite different, such phenomenon provides a good chance to study the growth and characters of Chinese index future market based on the comparison with the Hangseng index future market. Hong Kong market is one of the most deeply traded markets in the world. The stock market in Hong Kong has a history of more than 100 years. The Hang Seng index future has been traded since 1992, and is one of the most influential index future markets in Asia. In the recent years, as more mainland companies becoming the constituent stocks and the surging of mainland economy, the relationship between the mainland market and Hong Kong market is much more significant than before. Such tendency is likely to be continued, which makes it meaningful to study the relationship between the two index future markets. This study focuses on the characters of volatility in both markets from the view of different types of participants. In the modern financial market, the volatility is much more essential than the direction of the price. The hedgers build positions on future to get rid of the volatility; the speculators and arbitragers seek profit from volatility. The volatility is the most essential element in future market, the monthly clearing policy makes the buy-and-hold strategy impractical. Meanwhile, different traders eye on volatilities based on different time span. Most of the speculators and arbitragers put the intraday volatility as their first concern for daily trading. While volatility based on daily data are essential for the investor and also for speculators to make trading plan. Both types of volatilities are studied in the literature. The Garman-Klass Volatility(1980) is used in order to study the intraday volatility. The literature compares the covariance between the volatility of the index future and underlying market, and investigates the interactions between the two markets volatility. This can give a basic sense of the maturity of arbitraging and the effectiveness of hedging in the two markets since in a mature index future market, the intraday volatilities of the future market and the spot market should be highly correlated regard to speedy arbitraging. As stated above, the arbitraging in CSI 300 index future market has just stepped out of the infant stage in the recent year. The study explores the covariance between the volatility of future and spot markets and compares the results get from CSI and Hang Kong markets. VAR model is used twice. The first model aims at studying the causality between the intraday volatility with trading volume and market depth. The second model is used to study the lead-lag rela tionship of the intraday volatility in the two markets and then add volume and open interests as exogenous variables to study their influence on the daily movement. Impose response function is generated to study the path of information flow between the future market of mainland China and Hong Kong. The result suggests that higher margin should be left for the hedgers in Chinese stock market, and compared with the developed market in Hong Kong, the arbitraging return is still higher in China. The result from this study supports the opinion that the Chinese stock market can bring significant influence to the Hong Kongs market in recent years. The shock in the intraday volatility of Hang Seng index future will bring impact to the CSI 300 index future in the reverse direction. But the impact is not significant. Both markets can digest the shock from their own quickly. The overshot will come in the second period on both paths. The intraday volatility in the market is found to be granger caused by the log form of volume and open interest. The Phillip-Perron(1988) test and ADF test are used to test the stationary of the closing price. Surprisingly, the results indicate there is no unit root in both series of data, but most of the financial data are not stationary. The main reason for this can be due to the short time span. The limited number of daily data cannot reflect such relationship significantly. However, the shortage in data wont influence the process to study the volatility prediction. The trading volume and open interest is separated into expected portion and unexpected portion. To do the volatility production, the ARMA(2,1)-GARCH(1,1) model and ARMA(2,1)-EGARCH(1,1) model are recognized as the most useful tools. The unexpected portions are set as exogenous variables to explore whether they can influence the trading activity. The expected volume and open interest are dropped since the series got in CSI 300 are showed to be un-stationary. The same procedure is used to process the data from both markets in order to make comparison. The result demonstrates that the impacts brought by unexpected open interest are in different directions in the two markets. For CSI 300 index future, the unexpected open interest can positively affect the volatility while such impact is negative in Hong Kong. Such difference is due to the fact that the Chinese stock market is relatively much more independent than the stock market in Hong Kong. The frequent jumps in opening price make the open interest of Hang Seng index future does not abbey the common rule since traders are less willing to hold positions overnight. The literature is aimed at exploring the relationships between volatility, trading volume and open interest from aspects of different groups of traders. The following part of the literature is structured as follows: A review of the theoretical and empirical study on volatility of index future would be given in the beginning. The source and a basic analysis of the data would be stated in the section of data and descriptive statistics. In the section of methods and methodology, a preliminary description of the methods involved will be given and comes with an explanation and theoretical consideration of the econometric models. The intraday volatility study based on VAR model focuses on whether there are significant relationships with trading volume and open interest and its lagged terms, and how a given extent of shock can affect the path of the intraday volatility between CSI 300 index future and Hang Seng index future. The results are stated and interpreted in empirical result. The co nclusion is based on a summary of findings and recommending procedures and will come in the end. Literature review The literature mainly focus on exploring the relationship between volatility, volume and market depth in CSI index future market and compare the results getting from HSI index future market. The former studies have documented a positive relationship between volatility and volume. The recent studies on the causality relationships between trading volume and volatility can be dated back to the study done by Bessembinder and Seguin(1993), their result shows the relationship is a mixture of contribution, which supported the hypothesis made by Clark(1973). Massive studies have been published based on their study. Later studies put more indicators into model. Chartrath et al.(2003) studied the importance of open interest in commercial future market and stated that the open interest reflects the trading activities from large hedgers. For index future market, the open interest also indicates the behavior of large hedgers who have a significant position on underlying stocks. Bessembinder and S eguin suggested open interest is the best indicator for market depth. They separate the volume into two parts, the expected portion and the unexpected one. Using a method similar to GARCH, among the eight markets they studied, a strong positive relation between contemporaneous volume and volatility was found. They also find a negative relationship between volatility and both portions of open interests. Later on, more studies were done based on Bessembinder and Seguins study. For example, Watanabe (2001) studied the same topic in Japanese market and indicated that a significance positive relationship lies between volatility and expected open interest. The study concluded that such difference is due to the different regulatory structure. Pati and Kumar (2007) found that the volume and open interest are much stronger determinants of future price volatility than the time-to-maturity effect in Indian index future market. Two competing hypothesis can be found about the volume-volatility relationship. The first is the Mixture of Distribution Hypothesis'(MDH) (Clark, 1973). It suggests that a stochastic process can be found in return series. Such process is conditional on the information inflow and with changing second moment which can be judged as the intensity of information arrival. If such causality holds, new and unexpected information will bring contemporaneous and positive change to volatility and volume. Another hypothesis is raised by Copeland (1976), which is called Sequential Information Arrival Hypothesis (SIAH). It suggests that the new information is not spread simultaneously to all the traders but with a sequential process. Both trading volume and price movements will be affected by such procedure, which will also leads to a contemporaneous and positive change to volatility and volume. However, such statement is criticized to be less sound by later studies. Tauchen and Pitts (1983) stated that returns volatility, trading volume and market depth are closely related regarding to their study. They argued that traders will revise their asset valuations after the arrival of new information. The disagreement among the traders is the causes for volume. Kyle (1985) gave a more widely accepted definition of market depth. By Kyles study, market depth should be interpreted as the order flow required moving prices by one unit. The reason to use open interest as a representative is that the change in open interest is endogenous to the change in order flow. Kyles study pushed the research on the relationship between futures price volatility and trading activity to a further step. Another theory developed in this area is one called the dispersion of beliefs which is first promoted by Harris and Raviv (1993). They demonstrated that the dispersion of beliefs is the driving force of the additional volatility and additional expected volume. Excess volatility and volume is because of t he greater level of disagreement in the market. They suggested that such phenomenon is caused by the fact that although informed traders tends to trade in a small range of price; the herding behavior of the uninformed traders would push the volatility to a higher level. Many later studies take liquidity into consideration. Its reasonable for the researchers to foucs on trading volume as a representative of liquidity and a signal of information flow when they study the financial market. Significant relationships between volume of transactions and the volatility of returns are found in many former studies. An early study done by Karpoff (1987) gave the following study a preliminary insight into such relationship and its importance. He suggested that the study on modern financial market should have an insight into the structure of the market and the speculative distribution should be paid attention to. Its of significant importance to study the bi-direction relationship between price and volume. Such information are accessible to all the traders and the traders in the markets believe that the understanding of the intrinsic causality would help to their success in the market. Karma (1993) suggested that the open interest could be considered as the repre sentative of the market depth. The information about the daily activity can be drawn by monitoring the fluctuation of open interest after a whole days trading. The study done by Gwilym et al (1999) examined the similar relationship in FTSE 100 index future using five minutes data. Evidence from the estimation of GMM suggests that a significant positive and contemporaneous correlation is existed between volume and volatility. Wang and Yau (2000) on SP 500 index future for the period 1990-94 indicates that contemporaneous volume can bring a strong positive effect on price volatility, while the effect from past volume is negative and relatively small. Jacoby, Fowler and Gottesman (2006) gave an theoretical argument on how the liquidity issue can effect financial asset pricing. They took the spread cost into consideration and build an adjusted CAPM model based on liquidity. When study Yen and Chen (2009) studied the relationship between volatility, volume and open interest of Taiwan index future market and find that significant relationship is existed among the daily volatility, the lagged total volume and the lagged open interest. Pati (2011) later studied the relationship between the future trading activity and volatility in price of the Indian stock future. Using the method introduced by Bessembinder and Seguin, the unexpected volume has a much more significant impact on volatility than the expected volume. The expected portion of open interest has a significant negative relationship with volatility while its unexpected part does not. Such result is bit different from Bessembinder and Seguins study. Such difference is contribute d to the characters of emerging market by the author. Li(2011) examines the secular relationship between the liquidity of cash market and the volatility of stock index futures in New York Stock Exchange (NYSE). The result suggests that the quarterly expected volume has a significant explanatory power for the daily volatility of main stock index futures based on the companies list on NYSE. The studies about causality between the indicators of the spot and future markets can also be found. Chang and Chou (2000) studied the relationship open interest of SP 500 future market and the volatility of the underlying market, the result indicates that there is a positive relationship between the two variables. Such relationship can be interpreted as the increased volatility in the underlying market induces a higher need for hedging. Later on, Chartrath et al. (2003) further studied this issue, they separated the trader into four groups as CFTC does, which including commercial producer and cons umers, spreaders, non-commercial reportable traders and other traders. Using the weekly report from CFTC, they concluded that the unexpected change in the commercial positions has a positive relationship with intraday volatility of the future and its underlyings market. Juan(2009) examines the lead-leg relationship in the SP 500 index future market and suggested that a unidirectional directional relationship between future market volatility and the spot market volatility. Among the most recent studies, the VAR, GARCH and VECM methods are widely involved. Bonilla and Sepulveda(2011) did a study across the stock markets in seven emerging economies, and try to compare the prediction power of the linear and nonlinear GARCH models. The result suggests that the basic GARCH model is preferable compared to the nonlinear EGARCH model. Yen and Chen use the lagged trading volume and lagged open interest as exogenous variables in the variance equation of the GARCH model. The reason for using lagged terms is that volume itself is partly determined by the volatility. They found significant relationship between the three variables. The similar method is used in this paper. LR test is used to select the best way of GARCH model specification. Wang(2011) used the GARCH methods to study the pricing behavior of FTSE Xinhua China A50 and H-Share Index Futures Markets. The result shows that the component GARCH model can help to improve the pricing performance of the Hemler -Longstaff model and the autocorrelation and regression results suggest high persistence in mispricing. Gulasekaran, Pattnayak and Samirana(2007) examines the lead-lag relationships between the spot index and futures index of the Hang Seng Stock Average using VAR and ECM method. ECM method is found to be the best. Yen and Chen use both the symmetric and asymmetric component GARCH models to study the effects that volume and open interest can take in the volatility predictions. They find that the augmented models are the best in forecasting the volatility in all three index future markets in Taiwan. Chang(2012) studied the volatility in crude oil future using EGARCH model. The result suggests that an asymmetric response to basis from covariance and conditional mean, while the response of transition probability is symmetric. Tokat and Tokat(2010) did a research on the Turkish index future market and investigated the effects of the future trading volume on spot market volatility. The li terature used the FIGARCH model in order to assess the sensitiveness of market to the information flow. They found a long memory process in volatility, which is a common case in emerging market. The result indicated that the trading volume in the future market contribute to the volatility process of the underlying market. A unidirectional causality is also found which goes from future trading volume to spot market volatility. Fung, Liu and Tse(2010) examined the information flow and market efficiency the Chinese and American metallurgical futures markets over a ten-year span using VECM method. The results showed that the two markets are cointegrated and are comparably efficiency in incorporating information. Pati and Kumar put trading volume and open interest into the augmented GARCH(1,1) model as the exogenous variables in the covariance equation, the asymmetric problem is detected from the coefficient of open interest, they use the EGARCH(1,1) to accommodate the asymmetric bias. T he splined-GARCH model is undertaken by Li in his research; a unit GARCH and a slow moving component are considered. The influence from the change in macroeconomics can be measured in this case. The CSI 300 future market has just stepped into its third year. The study on this market is limited because of the short time span. The researchers in China began to focus on the volatility study since the introduction of the index future. Among those studies, the relative topic is done by Yang, Yang and Zhou(2012) who studied the intraday price discovery and volatility transmission in CSI future and underlying market. The ECM-GARCH method is used in the literature. The result from cointegration analysis shows that the index future market is not informational dominant in transmitting long-run information and price discovery. The shortcoming of the research is that the model used cannot take the dynamic short-run causality between the two markets into consideration. Wen, Wei and Huang(2011) examined the speculative efficiency and hedging effectiveness of CSI future market, their study compare the four ways of hedging; OLS, the symmetric bivariate GARCH, the asymmetric bivariate GARCH and time-varying copulas and find that CSI 300 index future price is cointegrated with the underlying index and is an unbiased estimator. The hedging effectiveness is nearly 91% which is enough to avoid the systematic risk. For the data collected from the first years trading, the OLS is the best way of forming hedging strategy. Wu (2011) studied the characters of CSI 300 index future based on GARCH model. ARCH (4) effect is found in the data selected from the sample period. The basic GARCH model and the nonlinear GARCH models are used to detect the certain GARCH effect in volatility. The result suggests that obvious GARCH effect can be found in CSI 300 index future. The leverage effect is existed but not significant. The study also finds that the effect from large shock is dismissed very slowly and presents a high level of persistence in CSI 300 index future market. In this study, following issues will be focused on: The covariance between the intraday volatility of the future and spot would be detected and compared between the two markets. A basic image of the efficiency of price efficiency can be got through this. The bi-directional causality between the intraday volatilities in CSI 300 index future and Hang Seng index future market. The impact from market depth and liquidity will be considered. The GARCH and asymmetric EGARCH effect would be detected based on daily return. The market depth and liquidity would be considered as exogenous variables. Data and descriptive statistics The data used in this literature is daily data collected from Wenhua Financial Database, including daily opening price, daily closing price, daily high, daily low, daily open interests and daily trading volume of the most commonly traded contracts in CSI 300 index future market and Hang Seng index future market. The similar data of the two underlying markets are collected except for the open interest which is specific data of future markets. The CSI 300 future market was launched in April, 2010. Its the first index future in mainland China. However, considering the shortages of the first years trading stated in the introduction, only the data of the most recent year is selected, which starts from 9th, May, 2011 till 12th, May, 2012. The data includes the open price, close price, daily high and low, volume of both the future and spot markets in China and Hong Kong. After excluding the unmatched date between both markets, 238 observations are selected in the end. The data are collected from traded contract the most recent month. A few adjustments are made in order to get rid of the disturbance caused by spillover. For CSI 300 future market, the expiration date is the third Friday of the current month. There are significant breaks in trading volume and open interest during the expiration weeks. The traders are rolling their positions from the contract of current month to the newly traded contract of next month. However, theres no change in participants and money involved during this procedure. For certain reason, the trading volumes and open interests of the two contracts are added together to match the data out of expiration week. The information of price is not changed since the difference between the two contracts is tiny. Hang seng index future contract is expired on the second last trading day of the contract month. The same adjustment is made to the data of the expiration week. The daily return is generated by the following equation: Rt=ln(Pt/Pt-1) , where Pt is the closing price of the calculated date. The same method is used to generate the daily return of all four series. The daily volatility is measured using Garman-Klass volatility. The Garman-Klass volatility is considered to be the best way to measure intraday price fluctuations since the methodology only considers those indicators which are accessible and meaningful to all investors. The Garman-Klass volatility is calculated as: Where u is the normalized high, which is the difference between daily high and opening price, d is the normalized low, which is difference between daily low and the closing price c is the normalized close, which is the difference between the opening price and the closing price. Descriptive statistics for return series are reported in Table 1 and for volatility series are reported in Table 2. Table 1 Future Contract CSI 300 Future(ifr) Hang Seng Index Future (hsir) Sample Size 238 238 Mean (%) -.07334 -.06208 Max (%) 5.63168 5.4778 Min (%) -3.51382 -5.82703 StD (%) 1.36183 1.56378 Skewness .446049 -.32872 Excess Kurtosis 1.380664 1.761591 Table 2 Future Contract CSI 300 (gkvif) Hang Seng Index (gkvhsi) Sample Size 238 238 Mean (%) .01341 .00883 Max (%) .09837 .2173 Min (%) 6.19e-04 3.43e-04 StD (%) .01348 .01643 Skewness 2.578952 9.305583 Excess Kurtosis 9.37267 119.3573 DAgostino test(1990) is used to test normality for both the return and volatility series, the results showed in Table 3 showed that for all these for series, the null hypothesis has been rejected which means that they are not normally distributed. The skewness and excess Kurtosis are significant. In Table 1, the mean daily returns of both CSI 300 future(-0.073%) and Hang Seng index future(-0.062%) are close to zero which is typical for financial data. The slightly negative number may be attributed to the asymmetric bias in market due to human behavior. The standard deviation is slightly larger for Hang Seng Index Future(1.56%) compared to CSI 300 Future(1.36%). Both markets return exhibits excess kurtosis which is commonly seen in financial data series. The fat tail is appeared to be more obvious in Hong Kongs market with an excess kurtosis of 119.3573 compared with 9.37267 in Chinas index future market. The data stated in Table 2 indicates that the intraday volatility is higher in CSI 300 Future market (0.013%) compared to Hang Seng Index future market (0.009%). The standard deviations of the two markets are nearly the same, which brings a basic sense that the daily fluctuations of the two markets may be correlated. The index future market in Hong Kong reflects a much higher kurtosis (119.36) than the same market in mainland China (9.37). Such phenomenon can be caused by the reason that in most cases, the opening price of Hang Seng Index is highly e correlated with the former days performance of American stock markets which are closed 4 hours before the Hang Seng index future begins to be traded. However, according to Hwang(2012), Chinas stock market is the only marketin Asia which doesnt have a significant linkage with the American stock market. The jumps in opening price induce a much higher kurtosis for data from Hang Seng Index Future. Table 3 Variables Pr(Skewness) Pr(Kurtosis) chi2(2) Probchi2 Ifr 0.006 0.002 17.15 0.002 Hsir 0.037 0.000 16.92 0.0002 Gkvif 0.000 0.000 154.18 0.0000 Gkvhsi 0.000 0.000 416.94 0.0000 Before moving to the future steps, the stationary needs to be checked for all the variables that would be used as exogenous variables in regression later. The Phillip-Perron test and Augmented Dickey-Fuller test are both used to assess the stationary of volume and open interest across the both markets. The volume and open interest data are processed into logged form. The results are stated in Table 4. Table 4 ADF test Phillip-Perron test Volume OI Volume OI CSI 300 -6.186*** -1.717 -56.049*** -5.792*** -5.071 -1.273 Hang Seng Index -6.935*** -5.047*** -80.710*** -6.960*** -50.819*** -5.292*** Superscript ***, **, *, represent 1%, 5%, 10% significance level. The results from both tests show that the total volume is significant at 1% level for both markets. However, the open interest data from CSI 300 future market is not significant at any level while the open interest data from Hong Kong market is significant at 1% significant level. Since the null hypothesis of unit root cannot be rejected for the open interest data of CSI 300 future, this series cannot be used as an exogenous variable in the later model. The unit root effect in CSI 300 market is caused by the significance growth in open interest during last year. The Figure 1 exhibits this rapid growth. The reason for the growth can be due to two main reasons. One is that the index future market has just stepped out its infant stage, the rapid growth in the number of participants and the increasing use of hedging strategy both contribute to the growth in open interest. Secondly, the Peoples Bank of China increased the reserve requirement ratio six times from 19% to 21.5% percent in the first half of 2011, which significantly decrease the market liquidity. The interbank offered rate (SHIBOR) reached its peak at an average of 4.56% in June 2011. The reverse case happened since the end of the same year. Till May, 2012, the RRR has come back to 20%. (from the database of Eastmoney.com) Mostly, the open interest is more sensitive to the fluctuation in liquidity than volume. This effect may also bring the unit root effect to the data. Methods and methodology Garman-Klass Volatility There are various way to measure volatility. Among those methods, Parkinsons High-Low Volatility Estimator (PHLE) and Garman-Klass Volatility (GKV) are used specially to measure the intraday volatility. The PHLE is calculated as: Comparing with this, the GKV which is calculated using opening price, closing price, daily high and daily low tends to contain more information into consideration. The GKV is based on Parkinsons (1976) model, which is stated as: Where u is the normalized high, which is the difference between daily high and opening price, d is the normalized low, which is difference between daily low and the closing price The original model is criticized as it failed to consider the joint effect of daily high, daily low and closing price. Using the method of analytic scale-invariant estimators, after adjust the optimal value, the formula of GKV comes as: Where c is the normalized close, which is the difference between the opening price and the closing price. The GKV as calculated for all the four markets contained in the sample, and use as the representative for intraday volatility. VAR model Following the studies of Yen and Chen (2009), VAR model is applied to study the characters of intraday volatility and the causality relationship with market depth and liquidity. The order of the VAR model should be checked in this case. The study uses the Akaike (1974) information criterion (AIC) to detect the best order. The purpose to use the information criteria is due to the common competing factors in VAR model, which is that although adding more lags will reduce the RSS, there would also be a loss of freedom. A balance needs to be found in order to justify the optimal model. Compared with Schwarz-Bayesian Information Criteria (SBIC), the AIC is more efficient. The multivariate version of the AIC is used here. The VAR model with the optimal lags would be generated to check the bi-directional relationships between volatility, volume and open interest in both markets. The specified result will be checked using Granger causality test. In the second stage, the relationships between the daily presences of the two markets will be examined using VAR model. Intraday volatilities of the two markets are used as dependent variables to test the bi-directional relationships. The other daily characters would be used as exogenous variables. AIC would be used in the very beginning in order to get the optimal lags. The generated formula would be: Where gkvif is the Garman-Klass volatility of the data from CSI 300 index future, gkvhsi is the Garman-Klass volatility of the data from Hang Seng index future, lifvol is the logged form of the trading volume of CSI 300 index future, lifoi is the logged form of the open interest of CSI 300 index future, lhsivol is the logged form of the trading volume of Hang Seng index future, lhsioi is the logged form of the open interest of Hang Seng index future. Impose response function is generated from the original VAR model. The bi-directional causality between the two markets as the impact brought by the liquidity and market depth would be studied through the statistic result generated from the impose response function. Augmented GARCH Model Symmetric GARCH model The Generalized Autoregressive Conditional Heteroskedasticity (GARCH) model is widely accepted as a useful tool in forecasting the volatility of financial time series. To be mentioned, the volatility here is different the one in the former steps. The volatility generated by GARCH model is based on the movement across a certain period. Compared to VAR model, it has a certain advantage that the heteroskedasticity of volatility is allowed. Basically, the general form of GARCH (p,q) model can be stated as: In this case, the value of the variance scaling parameter ht is based on both the past values of shocks and the past value of itself. Based on the study done by Pati (2011), the trading volume and open interest are separated into the expected part and unexpected part through a proper ARMA procedure. Such procedure can be constructed as: Similar procedure is also processed on the Hang Seng index futures data. For open interest, since mostly the expected open interest is the open interest at the beginning of each trading day, the unexpected part in just the change in open interest after one days trading. However, in this case, because it has been detected that the unit root is existed in the open interest data of CSI 300 index future, the unexpected part should be interpreted as the positions added out of the normal growth trend, which can give a more clear sense about the unexpected elements appeared in the market. In order to generate the proper form of the mean equation in GARCH model, LR test is used to select the best form from different orders of autoregressive, moving average and ARMA models. The expected form and unexpected form of the volume and open interest obtained from the former procedure would be used as exogenous variables in the variance equation. Through the result got from LR test, the is presented to be the best form for mean equation. So the GARCH model is built as: Asymmetric GARCH model EGARCH model The study of behaviour finance shows that because of irrational behaviour in the financial market, the feeling of fear tends to make the market reflect more fierce fluctuation when the trend is going down.(see Tvede, 2003) The asymmetric movement is commonly accepted by the researchers. EAGRCH model is one of the most commonly used asymmetric GARCH models. It can be presented as: Empirical results Covariance between the intraday volatility The covariance between the intraday volatility between the index future and underlying market about the two markets are presented in table 5: Table 5 CSI 300 index CSI 300 index future Hang Seng index Hang Seng index future CSI 300 index 1.0000 CSI 300 index future 0.9121 1.0000 Hang Seng index 0.3987 0.2943 1.0000 Hang Seng index future 0.4239 0.3086 0.9795 1.0000 As showed in the table 5, the covariance between the intraday volatility of CSI 300 index and CSI 300 index future is 0.9121 compared with 0.9795 of the market in Hong Kong. The smaller number indicates that the daily movement of CSI 300 index future does not match the underlying asset quite well compared with Hong Kongs market. Such result reflects that compared with developed index future market, the arbitraging activity is still under development and an abnormal return can be got through arbitraging during the sample period in Chinas index future market. There is no significant correlation between the daily movements of the two markets. The covariance between the intraday volatility of CSI 300 index and Hang Seng index is only 0.3987, while the covariance between the two index futures intraday volatilities is even smaller. Such result is mostly due to the data collected. Although same component companies are existed in both indices, the opening price of Hang Seng index is highly a ffected by the performance of US stock market in the former trading day while chinas stock market does not. (Hwang, 2012) Such result demonstrates that for hedgers, the Hang Seng index future has better hedging power than the CSI 300 index. The relatively low covariance of CSI 300 index future suggests that the hedgers in Chinas stock market should leave more margins in order to absorb the unexpected book loses when the index future does not match the underlying well. VAR Model Interrelationship between volatility, open interest and volume Using AIC, the optimal lag is suggested to be 5 in the model for CSI 300 index future and 3 for Hang Seng index future. By this way, VAR(5) model is built for the three variables of CSI 300 index future market and VAR(3) is built for the variables of Hang Seng index future. The result got from the relevant Granger test results are presented in table 6 for CSI 300 index future and in table 7 for Hang Seng index future. Table 6 Contract type Variable explained: gkvif Variable explained: lifvol Variable explained: lifoi All Ex-lifvol1 Ex-lifoi All Ex-gkvif Ex-lifoi All Ex-gkvif Ex-lifvol CSI 300 index future 1.90571 1.546 .44529 21.688*** 10.342** 8.7289** 26.775*** 19.164*** 10.197** Table 7 Contract type Variable explained: gkvhsi Variable explained: lhsivol Variable explained: lhsioi All Ex-lhsivol1 Ex-lhsioi All Ex-gkvhsi Ex-lhsioi All Ex-gkvhsi Ex-lhsivol HSI future 14.2221** 14.137*** 7.6268* 11.493* .88106 10.205** 22.102*** 2.9948 21.582*** For table 6 and table 7: *1. Exclude is used as Ex for short. 2. The value stated in the value is the chi-square statistic 3. Superscript ***, **, *, represent 1%, 5%, 10% significance level. The result shows that in CSI 300 index future market, the intraday volatility and open interest have a bi-directional relationship with the current trading volume. However, in Hong Kongs market, such relationship is now as significant. When taken the intraday volatility out of the model, the relationship becomes invalid. For the intraday volatility, the result get from data of Hang Seng index future shows that the intraday volatility in the market is granger caused by the log form of volume and open interest at 5% significant level. While no exact relationship is found in the CSI 300 index future market by any extent when using the intraday volatility as dependent variable. Turning to open interest, both markets reflect the fact that the open interest is granger caused by the intraday volatility and trading volume in the past few days. Such result can be interpreted as that in future market, the open interest is the sign of the level of the disagreement between long and short and the level of the participants enthusiasm. For example, the high intraday volatility and trading volume is always a sign of herding behaviour. The open interest shows the participants outlook towards the market after a whole days movement. High volatility and volume will make some traders want to follow the trend while some others want take profit from the call-back. The result get here shows that the herding behaviour is commonly existed in both markets. In most cases, the intraday volatility should be related with the volume and open interest in the past few days since the open interest is the fuel for the later volatility. Such relationship is showed to be significant in Hang Kong. However, no significant relationship is found in CSI 300 future market. This should be partly due to the fact that the CSI 300 index future is still under its growing stage during the last year which can be judged by the resistant growth in open interest. Such phenomenon twists the theoretical relationship. In both markets, volume is showed to be granger caused by the past open interest and intraday volatility. However, for the Hang Seng index future, the relationship is mainly caused by the intraday volatility. As showed in the table 7, after excluding the intraday volatility, the causality becomes insignificant. The bi-directional causality between CSI 300 index future and Hang Seng index future market Another VAR model is built to study the bidirectional causality between the volatilities of the two markets. As stated in the section of methods and methodology. The model is constructed as: (1) (2) Following the procedure used in the former section, the optimal lag is first to be selected using AIC. The result indicates that the optimal lag is 1 (k=1) in this case. The result from Granger causality test is showed in table 8, which indicates that the intraday volatility of Hang Seng index future is granger caused by the intraday volatility of the intraday volatility of CSI 300 index future when taking the trading volume and open interest as exogenous variables. The critical value doesnt suggest the existence of the reverse relationship. Table 8 Equation order Prob chi(2) gkvhsi 1 0.000*** gkvif 1 0.271 Superscript ***, **, *, represent 1%, 5%, 10% significance level. The coefficients and test statistics get from the VAR model are stated in table 9 below: Table 9 Dependent variable Independent variable coefficient P value gkvhsi gkvhsi(-1) 0.0301 0.618 gkvif(-1) 0.2760 0.000*** lifvol 0.0001 0.114 lhsivol 0.0002 0.000*** lifoi 0.0001 0.192 lhsioi 0.0003 0.003*** constant 0.0014 0.174 gkvif gkvif(-1) -0.0508 0.271 gkvhsi(-1) 0.0294 0.617 lifvol 0.0002 0.000*** lhsivol 0.0002 0.000*** lifoi -0.0001 0.003*** lhsioi -0.0005 0.000*** constant 0.0020 0.008*** Superscript ***, **, *, represent 1%, 5%, 10% significance level. Judged by the critical value, the coefficients on the lagged intraday volatility in CSI 300 index future market and the log form of the trading volume and open interest in the Hang Seng index future market are significant. The intraday volatility of the CSI 300 index future in the former day has a significant influence to the current days volatility in Hong Kongs market. Its a direct sign that the Chinese stock market can bring significant influence to the Hong Kongs market in recent years. Commonly, the trading volume and open interest would have direct relationship with current days volatility. Its because of the reason that the trading volume is the most direct force that can induce volatility, while high volatility will cause the herding effect which will make more traders want hold their positions overnight. The small values of the coefficients are due to the difference in order of the data. Although the causality from the intraday volatility of Hong Kongs market to Chinese mark et is not significant, all the critical values on the coefficients of the exogenous variables are significant. It should be noticed that the trading volume and open interest of Hong Kongs index future market has significant impact on the current days volatility of CSI 300 index future. This also indicates the strong correlations between the two markets in the current year. Impose response functions are generated on the original model in order to get the general path. The time span is set to be 10 which is the number of trading days in two weeks. The path is showed in figure 2 and the numerical results are stated in table 10. Table 10 step gkvhsi on gkvhsi gkvhsi on gkvif gkvif on gkvhsi gkvif on gkvif IRF 1 .029377 -.050833 .275971 .030069 2 -.013165 -.003022 .016405 -.013124 3 -.001221 .000578 -.00314 -.001229 4 .000124 .000079 -.000431 .000123 5 .000026 -3.9e-06 .000021 .000026 6 -3.3e-07 -1.4e-06 7.7e-06 -3.1e-07 7 -4.0e-07 -2.6e-08 1.4e-07 -4.0e-07 8 -1.9e-08 2.0e-08 -1.1e-07 -1.9e-08 9 4.8e-09 1.6e-09 -8.4e-09 4.8e-09 10 5.7e-10 -2.0e-10 1.1e-09 5.7e-10 From table 10, the results suggest that among all the four paths, a unit shock will die out quickly in the following trading days. After one trading week, the impact would be tiny. The most significant effect comes from the intraday volatility of CSI 300 index future to Hang Seng index future. In the next trading day, nearly 27% of the shock is remained. Such impact would be drop sharply in later periods and became negative for two days after going through the second period. The shock in the intraday volatility of Hang Seng index future will bring impact to the CSI 300 index future in the reverse direction. But the impact is not significant. Both markets can digest the shock from their own quickly. The result shows that nearly 99% of the shock will die out in the next period. And the over shoot happened in the second and third steps. GARCH Model GARCH type model is to be good fit to the prediction of financial volatility. The first step to build a proper GARCH model is to detect the optimal form of the mean equation. Sufficient numbers of lagged terms should be added in order to remove any predictability. As stated in the section of methods and methodology, the Wald test is generated to detect the most appropriate form. In this study, different forms of ARMA models are tested to get the proper one for the mean equation. The result is showed in table 11: Table 11 ifr hsir ARMA type P value ARMA type P value AR1 0.2225 AR1 0.4330 AR2 0.4715 AR2 0.4668 AR3 0.599 AR3 0.6066 ARMA(1,1) 0.1935 ARMA(1,1) 0.5221 ARMA(2,1) 0*** ARMA(2,1) 0.0529* ARMA(2,2) 0.634 ARMA(2,2) 0.7202 MA2 0.442 MA1 0.4785 MA1 0.2103 MA2 0.4341 MA3 0.3875 MA3 0.5693 Superscript ***, **, *, represent 1%, 5%, 10% significance level. From table 11, the p value got from Wald test suggests that for both market, the ARMA (2,1) form are the best structure in forecasting the volatility. Regards to the order for the GARCH type model, the GARCH (1,1) form is lost commonly used, which is set as the basic specification of p=1 and q=1. No significant improvement in goodness of fit is showed when higher orders are adjusted. For this reason, the GARCH (1,1) is used for both markets in the following study. In order to study the impact brought by the expected and unexpected part of volume and open interest to the volatility, the original data of volume and volatility are processed by the following process as stated in the former section: The error terms are collected which are the representatives of unexpected part of the four variables. The predicted series of the dependent variables are considered to be the expected portion. Both the expected variables and unexpected variables would be put into the conditional covariance function. However, before certain steps, such variables should be checked for stationary since they are considered to be the exogenous variables in the conditional variance function. Augmented Dickey-Fuller test (ADF test) is used to achieve such purpose. The result from the ADF test is listed in table 12: Table 12 Contract type Volume Open interest Expected Unexpected Expected Unexpected CSI 300 index future -1.747 -14.266*** -0.751 -15.401*** Hang Seng Index future -7.970*** -15.235*** -6.219*** -14.580*** As showed in the section of data and descriptive statistics, the open interest of the CSI 300 index future is not appeared to be stationary, the predicted form shows the same property. Its also found that when transformed into predicted form, the unit root problem also exists in the volume data from CSI 300 index future. Since for the exogenous variables must meet the condition of stationary, these two variables cannot be put into the conditional variance equation in the later stage. Because this study is aimed at investigating the relationships and making comparisons between the index future markets in China with the same market in Hong Kong, the variables with the same definitions from Hang Seng index future are dropped from the condition covariance equation in the same way in order to make comparisons. In this case, the GARCH model is built as: For CSI 300index future, The similar model is used to process the data of Hang Seng index future. The regression results are stated in table 13: Table 13 CSI 300 index Hang Seng Index Estimators Estimation P value Estimation P value 0.0015** 0.044 -0.0011 0.148 -0.7245 0.162 -0.8294** 0.037 -0.0880* 0.091 -0.0841 0.249 -0.6661 0.195 0.7712* 0.052 -8.9295*** 0.000 -8.6458*** 0.000 -0.0611** 0.013 0.0627 0.155 0.0899 0.363 -0.0663 0.633 0.00001*** 0.000 0.00001*** 0.003 0.00007* 0.100 4.56e-6 0.726 Wald test 0.2084 0.1156 Superscript ***, **, *, represent 1%, 5%, 10% significance level. The short-run dynamics of the resulting volatility time series can be judged by the value of the ARCH and GARCH parameters. The small parameters we get here indicate that in both market, the persistence of the volatility is quite weak. The ARCH parameter of the CSI 300 indexs model is significant judged by the P value. In both markets, the sum of the ARCH and GARCH parameters leads to a percentage less than 15%, which indicates that the current volatility can only affect the volatility of the coming days to a small extent. More than 85% of the shock would die out in next period. Both of the models have negative parameters on the lagged terms of return in the mean equation. The parameter of the one-lagged term in Hong Kongs model is significant at 5% level of significance while the two-lagged term in CSI 300 indexs model is significant at 10% level of significance. The parameters of the lagged term in the mean equations indicate the persistence in the daily return. In this model, the sums of the two parameters in both markets give values more than negative 80%. The parameters on the last days return shows that the current days return could be different from the return in last trading day at a level of more than 70%, which means that in most cases, a significant portion of the movement of the market in the current day will be reversed soon. The consistency of the direction is quite weak in the short-run. The Wald test is used to check the goodness of fit. It shows that the specifications of both models are not specified well. The Model on Hang Seng Index future is better specified compared to the model on CSI 300 index future with P value of 0.1156, but both above 10% significance level. EGARCH Model ARMA(2,1)-EGARCH model is processed on the series from both markets in order to detect the asymmetric effects in the market. The regression is specified as: For CSI300 index future: The result is stated in table 14: Table 14 CSI 300 index Hang Seng Index Estimators Estimation P value Estimation P value -0.0748 0.612 0.8634*** 0.000 0.00007 0.128 0.00001*** 0.003 0.00001*** 0.000 -0.00003** 0.048 Wald test 0.0597* 0.0000*** Superscript ***, **, *, represent 1%, 5%, 10% significance level. Both models are significantly improved by using EGARCH model regarding to the p value got from Wald test. The specification of CSI 300s model is significant at 10% level while the significance of the specification on Hang Seng Index is at 1% significant level. The EGARCH term is significant in Hang Seng index futures model but not in CSI 300 indexs. The EGARCH term of Hang Seng index future is even significant at 1% significant level. This indicates that the asymmetric effect is prominent in Hong Kong. Although, the EGARCH term is not tested to be significant in CSI 300 index future, the conspicuous improvement in the goodness-of-fit suggests that the EGARCH has a relatively strong explanatory power compared with the GARCH model. After taking the asymmetric effect into consideration, in CSI 300 index future market, the regression result shows that the parameter of unexpected open is significant while the parameter of unexpected open interest does not. The parameter of the unexpected open interest is significant at 1% level. This suggests that the shock in open interest is very likely to bring impact on volatility. The positive values got on both parameters demonstrate that the shock in trading volume and open interest will influence the market in the same direction as itself. The higher value on the coefficient of unexpected trading volume suggests that the unexpected trading volume can bring stronger impact to the volatility. Such relationships are more significant in CSI 300 index future market. Both of the coefficients on the unexpected variables in the Hang Seng indexs model are showed to be significant, which means that the unexpected changes in both volume and open interest have a significant relationship with the volatility. The positive value on trading volume indicates that the unexpected fluctuation happened in trading volume will induce the change in volatility in the same direction. An unexpected increase in the trading volume will come with a higher volatility and vice versa. The coefficient on unexpected open interest is negative, which demonstrates that in Hang Seng index future market, the shock in open interest would bring fluctuation to the volatility in the reverse direction. The negative relations between open interest and volatility are seldom seen in the future market. Such difference is due to the fact that compared to the stock market in Hong Kong, the Chinese stock market is relati vely independent. Because the movement of the US stock market can significantly influence the opening price of Hang Seng index, the speculators in Hong Kong seldom leave positions overnight. This causes the fact that most of the open interest is consisted by the positions hold by investors and hedgers. The significant different structure of open interest in Hong Kong should be a reason for the unusual relationship. Such result also indicates that traders do not need to use specific strategy to react to the unexpected open interest. The bigger absolute value on the unexpected open interest demonstrates that the unexpected change on open interest brings more information compared to unexpected change on trading volume. All of the parameter values got on unexpected terms is relatively small. This is due to the difference in the numerical order among variables. The value of trading volume and open interest are significantly larger than daily return, which is different from the market in Chinas market. The result indicates that the unexpected change in trading volume conveys more information and brings larger effect to the market. Conclusion China launched the CSI 300 index future in April, 2010. Compared to the index future in some developed markets, the Chinese index future is still immature but growing in a fast pace during the last two years. The study examines the characters in the volatility of the CSI 300 index futures trading in the recent year. The Hang Seng index future market is chose to be the sample of developed market. The trading volatility of Hang Seng index future during the same period is studied in the same way in order to make comparisons. The study on volatility is mainly focused on the interrelationships between the volatility and the trading volume and open interest since its widely accepted that the latter two parameters can be judged as signs of the movement in volatility. There are mainly three types of participants in the index future market, which are arbitrager, hedger and trader. The needs and concerns of different groups of participants are considered separately. Traders can be further sepa rated into speculators and investors. Speculators care more about the intraday volatility since the intraday volatility is where the risk and volatility come from, while the latter concerns more about the volatility between a certain periods because they need to take the volatility into consideration to protect their margin. The covariance between the index future and underlying is studied based on the point that for hedgers, the matching efficiency is their first consideration. The same is for arbitragers; the arbitraging profit comes from the asymmetric movement between the index future and underlying index. The Garman-Klass Volatility is instrumented as the measurement of intraday volatility. The results shows that the covariance of the intraday volatilities between CSI 300 index future and its underlying index is relatively small compared to the result got on Hang Seng index future. It indicates that compared to the hedgers in Hong Kongs market, the hedgers in China should leave more margins in order to absorb the unexpected book loses when the index future does not match the underlying well. It also suggests that the arbitraging return on CSI 300 index future is still relatively high compared to the Hang Seng index future after one years development. Two VAR models are constructed in this study. A simple VAR is first applied to study the characters of intraday volatility and the causality relationship with market depth and liquidity. The result get from data of Hang Seng index future shows that the intraday volatility in the market is granger caused by the log form of volume and open interest at 5% significant level. While no exact relationship is found in the CSI 300 index future market by any extent when using the intraday volatility as dependent variable. The result from Hang Seng index future is reasonable since it reflects the herding behaviour which is commonly seen in financial markets. However, since a unit root problem has been detected in the open interest data of CSI 300 index future, it indicates that the fast growing pace of this market twist such relationship. The effect should be temporary. Another VAR model with logged form of trading volume and open interest as exogenous variables is used to study the bi-directio nal causality between intraday volatilities of CSI 300 index future market and Hang Seng index future market. Impose response function is generated to get the path of the information flow. The intraday volatility of the CSI 300 index future in the former day has a significant influence to the current days volatility in Hong Kongs market. Its a direct sign that the Chinese stock market can bring significant influence to the Hong Kongs market in recent years. The shock in the intraday volatility of Hang Seng index future will bring impact to the CSI 300 index future in the reverse direction. But the impact is not significant. Both markets can digest the shock from their own quickly. The overshot will come in the second period on both paths. GARCH and EGARCH model are used in the third stage. The volatility produced by GARCH and EGARCH is based on the fluctuations in daily returns which represent the volatility that can happen in a certain periods of time later. Investors always care about this volatility since it can affect the safety of the account directly. Trading volume and open interest are separated into expected portion and unexpected portion. The expected portions are dropped because expected trading volume and expected open interest of CSI 300 index future have unit root problem. Only unexpected portions are studied. ARMA (2,1) model is chose as the form for the mean equation. The asymmetric effect is found to be significant in Hong Kongs market but not in the Chinese market. However, both models show improvement in specification using EAGRCH model. The study finds that in Hong Kongs index future market, both the unexpected volume and unexpected open interest can significantly affect volatility. However, only u nexpected open interest can influence the volatility of CSI 300 index future. The impacts brought by unexpected open interest are in different directions in the two markets. For CSI 300 index future, the unexpected open interest can positively affect the volatility while such impact is negative in Hong Kong. Such difference is due to the fact that as proved by Hwang(2012), the Chinese stock market is more independent compared wi