Stock Market And Macroeconomic Variables In India - Free Essay Example

Sample details Pages: 15 Words: 4496 Downloads: 10 Date added: 2017/06/26 Category Statistics Essay Did you like this example? ABSTRACT The present paper is aimed at studying the nature of the causal relationship between stock prices and macroeconomic aggregates in India, if any. By applying the techniques of unità ¢Ã¢â€š ¬Ã¢â‚¬Å"root tests, cointegration and the Granger test the causal relationships between the NSE Index à ¢Ã¢â€š ¬Ã‹Å"Niftyà ¢Ã¢â€š ¬Ã¢â€ž ¢ and the macroeconomic variables, viz., Real effective economic rate (REER), Foreign Exchange Reserve (FER), and Balance of Trade (BoT), Foreign Direct Investment (FDI), Index of industrial production (IIP), Wholesale price index (WPI) using monthly data for the period 1st April 2006 to 31st March 2010 have been studied. The major findings of the study are (i) there is no cointegration between Nifty and all other variables except Wholesale price index (WPI) as per Johansen Cointegration test. Therefore causal relationship between such macro economic variables having no cointegration with nifty is not established. (ii) Nifty does not Granger Cause WPI and WPI also does not Granger Cause Nifty. Don’t waste time! Our writers will create an original "Stock Market And Macroeconomic Variables In India" essay for you Create order Key Words: Granger Causality, Macroeconomic Variables, Cointegration, Stock Prices JEL Classification: G1, E4 Introduction The movement of stock indices is highly disposed to the changes in rudiments of the economy and to the changes in future prospects expectations. These expectations are influenced by the micro and macro fundamentals which may be formed either logically or adaptively on economic fundamentals, as well as by many subjective factors which are unpredictable and also non quantifiable. It is believed that domestic economic fundamentals play seminal role in the performance of stock market. However, in the era of globalisation and integration of world economies, domestic economic variables are also subject to change due to the policies adopted and expected to be adopted by other countries or some global events. The common external factors influencing the stock return are stock prices in global economy, the interest rate, foreign investment and the exchange rate. For illustration, capital inflows and outflows are not determined by domestic interest rate alone but also by the changes in the inte rest rate by major economies in the world. Recently, it is experienced that contagion from the US sub prime crisis has played significant movement in the capital markets across the world as foreign hedge funds unwind their positions in various markets. Other burning example in India is the appreciation of Indian currency due to increased inflow of foreign exchange. It has resulted in a decline in the stock prices of major export oriented companies especially in Information technology and textile sectors. The modern financial theory concentrates upon systematic factors as sources of risk and contemplates that the long run return on an individual asset must replicate the changes in such systematic factors. This implies that securities market has an important relationship with real and financial sectors of the economy. This relationship is generally viewed in two ways. The first relationship considers the stock market as a leading indicator of the economic activity in the country, wher eas the second relationship focuses on the possible impact the stock market might have on aggregate demand, predominantly through aggregate consumption and investment. The first case states that stock market leads economic activity, whereas the second case suggests that it follows economic activity. Knowledge of the sensitivity of stock market to macro economic behaviour of key variables and vice-versa is important in many areas of investments and finance. This research may be helpful to comprehend this relationship. Since the decade of 1990 in India, a number of measures have been adopted for economic liberalization of the country. Coupled with this various other steps have also been taken to strengthen the stock market such as opening of the stock markets to international investors, increase in the regulatory power of SEBI, reforms in the capital markets, trading in derivatives, etc. These measures have resulted in noteworthy improvements in the size and depth of stock markets in India and they are beginning to play their due role. Presently, the movement in stock market in our country is viewed and analysed carefully by a large number of global players. An understanding of the macro dynamics of Indian stock market can be valuable for traders, investors and also for the policy makers of the country. Results of the study may help in diagnosing whether the movement of stock market is the result of some other variables or it is one of the causes of movement in other macro variable in the economy. The study also expects to explore whether the movement of stock market is associated with the economy. In this context, the purpose of this paper is to explore such causal relations for India for the period of 2006 to 2010. The complete paper is organised in the four sections. Section I provides review of selected literature on the causal relationship between stock prices and macro economic variables. Section II discusses the data and explains the methodology for testing the stationarity, the existence of cointegration, and the direction of causality if any. Section III reports the results and their interpretation. Finally, Section IV deals with the concluding remarks. I. Review of Literature Many empirical studies have been conducted to study the causal relationship between stock market and macro economic variables. In retrospect of the literature, a number of hypotheses support the existence of a causal relation between stock prices and economic variables. Ma and Kao [1990] unearthed that a currency appreciation has a negative effect on the domestic stock market for an export-dominant country and a favourable effect on the domestic stock market for an import-dominant country, which appears to be consistent with the goods market theory. Bahmani and Sohrabian [1992] establish a bi-directional causality between stock prices (Standard Poors 500 index) and the effective exchange rate of the dollar in the short period of time. However, co-integration analysis did not reveal any long run relationship between the two variables. Abdalla and Murinde [1996] in their research study the relationship between exchange rates and stock prices in the emerging financial markets of India, Korea, Pakistan and the Philippines. As per their study granger causality tests results show uni-directional causality from exchange rates to stock prices in all the sample countries, except Philippines. Ajayi and Mougoue [1996], show significant interactions between foreign exchange and stock markets by using daily data for eight countries, while Abdalla and Murinde [1996] document that a countryà ¢Ã¢â€š ¬Ã¢â€ž ¢s monthly exchange rates tends to lead its stock prices but not the other way around. Pan, et al. [1999] examined the causal relationship between stock prices and exchange rates with the help of daily market data and found that the exchange rates Granger-cause stock prices with less significant causal relations from stock prices to exchange rate. They also find that the causal relationship has been stronger in the aftermath of the Asian crisis. Malliaris and Urrutia [1991] observed that the performance of the stock market might be used as a leading indicator for real economic activities in the United States. For the United Kingdom, Thornton [1993] also found that stock returns tend to lead real income. In related work and Chang and Pinegar [1989] also concluded that there is a close relationship between stock market and the domestic economic activity. Chen, Roll, and Ross [1986], Bodie [1976], Fama [1981], Geske and Roll [1983], Pearce and Roley [1983], Pearce [1985], James et. al. [1985], and Stulz [1986] and many papers have tried to show empirical associations between macroeconomic variables and security returns. Bodie [1976], Fama [1981], Geske and Roll [1983], Pearce and Roley [1983] and Pearce [1985] document that inflation and money growth has an inverse impact on equity market. Many experts however believe that positive effects will outweigh the negative effects and stock prices will eventually rise due to growth of money supply [Mukherjee and Naka, 1995]. Mukherjee and Naka [1995] reveal in their study that cointegration relation existed and positive relationship was found between the Japanese industrial production and stock return. However, Cutler, Poterba, and Summers [1989] (CPS) find that Industrial Production growth is significantly positively correlated with real stock returns over the period from 1926 to 1986, except the 1946- 85 sub-period. In context of developing countries Mustafa, K et al. [2007] have done a study to investigate the empirical relationship between the stock market and real economy in Pakistan economy by taking up various variables like per capita GDP, output growth to represent the Real economy and stock market liquidity, size of stock market representing the Stock Market. Cointegration and Error Correction Model Technique has been adopted to establish the empirical relation, if any between the two from the time period 1980- 2004. Husain, F. [2006] examined the causal relationship between stock price and real sector variables of Pakistan economy, using annual data from 1959-60 to 2004-05. It studied the causal relationship between them using various econometric techniques like ECM, Engle-Granger co integrating regressions and Augmented Dickey Fuller (ADF) Unit Root tests. The study indicates the presence of a long run relationship between the stock prices and real sector variables. More recently, Humpe, A., et al. [2009] have tried to relate the macro economic variables with long term stock market movements in US and Japan within the framework of a standard discounted value model by using monthly data over 40 years. A cointegration analysis has been applied to model the long term relationship between the industrial production, money supply, the consumer price index, long term interest rates and stock prices in US and Japan. The authors have found a significant relation between the macro economic variables and stock market in the long run. In Indian context, Abhay Pethe and Ajit Karnik [2000] has investigated the inter à ¢Ã¢â€š ¬Ã¢â‚¬Å" relationships between stock prices and important macroeconomic variables, viz., exchange rate of rupee vis-ÃÆ'  -vis the dollar, prime lending rate, narrow money supply, and index of industrial production. The analysis and discussion are situated in the context of macroeconomic changes, especially in the financial sector, that have been taking place in India since the early 1990s. Chakradhara Panda, et al. [2001] explored the causal relations and vibrant interactions among monetary policy, real activity, expected inflation and stock market returns in the post liberalization period by using a vectorà ¢Ã¢â€š ¬Ã¢â‚¬Å"autoregression (VAR) approach. The major findings of their study are (i) expected inflation and real activity do affect stock returns, (ii) monetary policy loses its explanatory power for stock returns when expected inflation and real activity are present in the system, ( iii) the relationships of monetary policy, expected inflation and real activity with stock returns lack consistency, (iv) there is no causal linkage between expected inflation and real activity. Bhattacharya and Mukherjee [2002] studied the nature of the causal relationship between stock prices and macro aggregates for the period of 1992-93 to 2000- 2001. The results of their study show that there is no causal relationship between stock price and macro economic variables like national income, money supply, and interest rate but there exists a two way causation between stock price and rate of inflation. Their result further points that index of industrial production lead the stock price. Kanakaraj, A. et al. [2008] have examined the trend of stock prices and various macro economic variables between the time periods 1997-2007. They have tried to explore upon and answer that if the recent stock market boom can be explained in the terms of macro economic fundamentals and have concluded by recommending a strong relationship between the two. As per the review of the literature there is no unanimity with regard to the causal relationship between key macro between key macro economic variables and stock prices. This relationship is different in different stock markets and time horizons in the literature. This paper makes an attempt to add to the existing literature by providing robust result which is based on more than one technique, about causal links for a period of 4 years monthly data. II. Empirical Methodology and Data For drawing useful inferences time series analysis must be based on stationary data series. Generally a data series is said to be stationary if its mean and variance are constant (non-changing) over a given period of time and the value of covariance between two time periods depends only on the distance or lag amid the two time periods and not on the actual time at which the covariance is computed. The correlation between a series and its lagged values are assumed to depend only on the length of the lag and not when the series started. This property is known as stationarity and any series obeying this is called a stationary time series. To test the stationarity of a series three unit root tests have been applied. Stationarity of the time series has been tested by using Augmented Dickey Fuller (ADF) and Phillips Perron (PP) tests. [Dickey and Fuller (1979, 1981), Gujarati (2003), Phillips and Perron (1988), Enders (1995)]. For testing null hypothesis of stationarity, KPSS test has also been applied for robustness [Kwiatkowski, Phillips, Schmidt. and Shin (1992)]. Augmented Dickey Fuller (ADF) Test Augmented Dickey-Fuller (ADF) test has been carried out which is the modified version of Dickey Fuller (DF) test. ADF makes a parametric correction in the original DF test for higher-order correlation by assuming that the series follows an AR (p) process. The ADF approach controls for higher-order correlation by adding lagged difference terms of the dependent variable to the right-hand side of the regression. The Augmented Dickey-Fuller test specification used here is as given below: p à ¢Ã‹â€ Ã¢â‚¬  yt = ÃŽÂ ±0 + ÃŽÂ »yt-1+ ÃŽÂ £ÃƒÅ½Ã‚ ³ià ¢Ã‹â€ Ã¢â‚¬  yt-i +ut (I) i=1 Phillips-Perron (PP) Test Phillips and Perron (1988) adopt a nonparametric method for controlling higher-order serial correlation in a series. The test regression for the Phillips-Perron (PP) test is the AR (1) process. The ADF test amends for higher order serial correlation by adding lagged differenced terms on the right-hand side and the PP test makes a correction to the t-statistic of the coefficient from the AR(1) regression to adjust the serial correlation in ut. The correction is nonparametric in nature. The important plus of Phillips-Perron test is that it is free from parametric errors. Phillips-Perron test allows the disturbances to be weakly dependent and heterogeneously distributed. In view of this, PP values have also been checked for stationarity. KPSS Test A major criticism of the ADF unit root testing procedure is that it cannot differentiate between unit root and near unit root processes especially when using short samples of data. This prompted the use of the KPSS test, where the null is of stationarity against the alternative of a unit root. This guarantees that the alternative will be accepted (null rejected) only when there is strong evidence for (against) it [Kwiatkowski, Phillips, Schmidt. and Shin (1992)]. Co-integration Test Using non-stationary series, cointegration analysis has been used to examine whether there is any long run equilibrium relationship. For instance, when non-stationary series are used in regression analysis, one as a dependent variable and another as an independent variable, statistical inference become tricky [Granger and Newbold, 1974]. If two variables are cointegrated, they would on average, not drift apart over a period of time this concept provides insight into the long-run relationship between the two variables and testing for the cointegration between two variables. In the present case, Johansenà ¢Ã¢â€š ¬Ã¢â€ž ¢s Maximum Likelihood procedure for Cointegration has been applied. Granger Causality Test The dynamic linkage is examined using the concept of Grangerà ¢Ã¢â€š ¬Ã¢â€ž ¢s causality test (1969, 1988). Granger causality test is applied on a stationary series. This test analyses the fact that between two given factors which one is the causing one and which factor is getting affected by another. The test is based on following two regression equations: n n Yt = ÃŽÂ £ ÃŽÂ ±i Xt-i+ ÃŽÂ £ ÃŽÂ ²j Yt-j+ u1t __________________________________ (II) i=1 j=1 n n Xt = ÃŽÂ £ ÃŽÂ »i Xt-i+ ÃŽÂ £ ÃŽÂ ´j Yt-j+ u2t __________________________________ (III) i=1 j=1 In the two equations given above it has been assumed that disturbances u1t and u2t are not correlated with each other. Equation (II) postulates that current Y is related to its own past values as that of X and next equation (III) postulates a similar behaviour of X. There are following four possibilities of cause and effect: Unidirectional causality from X to Y is indicated if the estimated coefficients on the lagged X in equation (II) are statistically different from Zero as a group (i.e. ÃŽÂ £ÃƒÅ½Ã‚ ±i à ¢Ã¢â‚¬ °Ã‚   0) and the set of estimated coefficients on the lagged Y in equation (II) is not statistically different from zero (i.e. ÃŽÂ £ÃƒÅ½Ã‚ ´j à ¢Ã¢â‚¬ °Ã‚   0). Unidirectional causality from Y to X is indicated if the estimated coefficients on the lagged X in equation (III) are statistically different from Zero as a group (i.e. ÃŽÂ £ÃƒÅ½Ã‚ ±i à ¢Ã¢â‚¬ °Ã‚   0) and the set of estimated coefficients on the lagged Y in equation (III) is statistically different from zero (i.e. ÃŽÂ £ÃƒÅ½Ã‚ ´j à ¢Ã¢â‚¬ °Ã‚   0). Feedback, or bilateral causality is suggested when the sets of X and Y coefficients are statistically significant different from zero in both the regression equations. Independence is suggested when the sets of X and Y coefficients are not statistically significant in both the cases. Lag-Length Criteria Determination of the lag length of an autoregressive process is one of the most difficult tasks in applying econometrics techniques. To overcome this difficulty various lag length selection criteria (Akaike Information Criterion, Schwarz Information Criterion, Hannan-Quinn Criterion, Final Prediction Error, Corrected version of AIC) have been proposed in the literature. Asghar and Irum have compared Akaike Information Criterion, Schwarz Information Criterion, Hannan-Quinn Criterion, Final Prediction Error, Corrected version of AIC for lag length selection for three different cases that is under normal errors, under non-normal errors and under structural break by using Monte Carlo simulation. The study shows that the performance of all these criteria improves with an increase in the sample size. For sample size of 30, although AIC and FPE have the highest probability of correct estimation but all other criteria also perform very well. For sample size equal to 60, probability of correct estimation for HQC is highest but AIC and SIC also has probability of correct estimation close to that of HQC. For large sample size (120 or greater) performance of SIC is the best. This shows that AIC and FPE are efficient but not asymptotically consistent where as SIC, AIC and HQC are asymptotically consistent criteria. Liew and Khim [2004] have carried out this stud y for both normal and non-normal errors. They found that HQC is the best for large samples. In the present study lag length is determined on the basis of Hannan-Quinn Information Criteria. III. Empirical Analysis The descriptive statistics for all four variables are calculated and presented in table 1. These variables are Real Effective Economic Rate, Balance of Trade, Foreign Exchange Reserve and NSE Nifty. The skewness coefficient, in excess of unity is taken to be fairly extreme [Chou 1969]. High or low kurtosis value indicates extreme leptokurtic or extreme platy-kurtic [Parkinson 1987]. Generally values for zero skewness and kurtosis at 3 represents that the observed distribution is normally distributed. It is seen that the frequency distribution of the above mentioned variables are not normal. Jarque-Bera statistics also indicates that the frequency distribution of the underlying series does not fit normal distribution. Further, the coefficient of variance indicates that the Foreign Direct Investment, Balance of Trade, Foreign Exchange Rate and Nifty are relatively more volatile in comparison to Index of Industrial Production, Wholesale Price Index and Real Effective Exchange Rate. Table 1: Descriptive Statistics BOT FDI FER IIP NIFTY_CL REER WPI   Mean -33750.19   8658.104   1046881.   273.6208   4205.306   97.51708   224.6375   Median -29714.00   7836.500   1166866.   269.2500   4305.400   97.56500   226.5500   Maximum -15376.00   22529.00   1301645.   347.3000   6144.350   106.0900   250.5000   Minimum -69925.00   2405.000   690730.0   225.2000   2674.600   87.48000   199.0000   Std. Dev.   14217.27   4646.714   214050.1   26.96276   872.2687   5.679449   15.35988   Skewness -0.759591   0.869245 -0.452362   0.620278   0.098875 -0.074652   0.116621 Co-eff. of Variance -42.125 53.66896 20.44646 9.854061 20.7421 5.824056 6.83763   Kurtosis   2.751454   3.416896   1.530345   3.330791   2.359419   1.856711   1.689008   Jarque-Bera   4.739378   6.392298   5.956823   3.296808   0.898900   2.658803   3.546204   Probability   0.093510   0.040919   0.050874   0.192357   0.637979   0.264636   0.169805   Sum -1620009.   415589.0   50250309   13133.80   201854.7   4680.820   10782.60   Sum Sq. Dev.   9.50E+09   1.01E+09   2.15E+12   34168.56   35760076   1516.039   11088.51   Observations   48   48   48   48   48   48   48 The first and simplest type of test one can apply to check for stationarity is to actually plot the time series and look for evidence of trend in mean, variance, autocorrelation and seasonality. If any such patterns are present then these are signs of non-stationarity. The seven time series displayed in figure-1 exhibit different such patterns. Foreign Exchange Reserve, Index of Industrial Production and Wholesale Price Index seem to exhibit a trend in the mean since they have a clear upward slope. In fact, sustained upward or downward sloping patterns (linear or non-linear) are signs of a non-constant mean. The time series on Balance of Trade, Nifty and Real Effective Economic Rate in the figure contain an obvious trend in both mean and variance. This is a sign of non-stationarity. Figure 1: Dataset Graph Apart from visual inspection, formal test for stationarity is essential to opt for appropriate methodological structure. As a first step, we tested all the variables (Balance of Trade, Foreign Exchange Reserve, Foreign Direct Investment, Nifty, Real Effective Economic Rate, Index of Industrial Production and Wholesale price index) for stationarity by applying ADF, PP unit root test and KPSS stationarity test. The result of ADF, PP and KPSS statistics are given in table-2. On the basis of ADF statistics and PP test, all the series are found to be non-stationary at levels except Foreign Direct Investment which is significant at one percent. Further, ADF statistics and PP test rejects null hypotheses of unit root in case of first differences for all the variables. In the end, KPSS test is also applied which has a null hypothesis that series is stationarity. In this case, all variables are non stationary in levels (except nifty) and stationary in first differences. Assuming all the varia bles are non-stationary at levels and stationary at first differences on the basis of ADF, PP, KPSS tests and visual inspections, Johansenà ¢Ã¢â€š ¬Ã¢â€ž ¢s approach of cointegration and Granger causality test have been applied. Table 2: Unit Root Test Variables Null Hypothesis: Variable is non-stationary Null Hypothesis: Variable is non-stationary Null Hypothesis: Variable is stationary Augmented Dicky Fuller Test Statistic Phillips-Perron Test Statistic Kwiatkowski-Phillips- Schmidt-Shin test statistic Level First Difference Level First Difference Level First Difference t- statistic p-value t- statistic p-value t- statistic p-value t- statistic p-value LM-Stat. LM-Stat. BOT -2.389654    0.1500 -7.779047* 0.0000* -2.389654    0.1500 -7.724768* 0.0000* 0.515649** 0.043815 FER -1.795759 0.3781   -5.191802* 0.0001* -1.651677    0.4488 -5.360630* 0.0000* 0.759324* 0.341829 NIFTY_CL -1.638304    0.4554 -6.201501* 0.0000* -1.727747    0.4110 -6.205292* 0.0000* 0.145549 0.086579 REER -0.958878    0.7602 -5.515513* 0.0000* -1.236302 0.6510 -5.591141* 0.0000* 0.422529*** 0.184626 IIP 0.234639 0.9719 -8.117466* 0.0000* -1.213731 0.6609 -13.32941* 0.0000* 0.823505* 0.133640 WPI -0.812230 0.8061 -3.547469** 0.0109** -0.756054 0.8220 -3.643894* 0.0085* 0.860559* 0.046077 FDI -3.962301 0.0035* -10.05718* 0.0000* -3.955949 0.0035* -10.26543* 0.0000* 0.378648*** 0.065507 Asymptotic critical values*: 1% Level -3.48 -3.48 0.74 5% Level -2.88 -2.88 0.46 10% Level -2.57 -2.57 0.35 Figure 2: Dataset Graph To explore whether there is any long-run relationship between Indian stock markets and macro economic variables such as exports, exchange rate, index of industrial production, foreign direct investment, interest rate and money supply, Johansenà ¢Ã¢â€š ¬Ã¢â€ž ¢s cointegration test has been applied. The number of lags in cointegration analysis is chosen on the basis of Hannan-Quinn Information Criterion. Before discussing the results, it is important to discuss what it implies when two variables are cointegrated and when they are not. When two variables are cointegrated, it implies that the two time series cannot wander off in opposite directions for very long without coming back to a mean distance eventually. But it does not mean that on a daily basis the two series have to move in synchrony at all. When two series are not cointegrated it implies that the two time series can wander off in opposite directions for very long without coming back to a mean distance eventually. As is concluded by unit root tests that all the variables considered except the Foreign Direct Investment (FDI) are I(1), while the FDI is I(0). So for the testing of cointegration among the variables, the FDI is dropped from the further analysis. Results indicate that Nifty and Wholesale Price Index may be cointegrated in the long run as the results vary depending on the varying assumption about trend and intercept. However, all other variables and Nifty are not cointegrated in the long run under all assumptions. In case of Balance of Trade Nifty, Foreign Exchange Reserve Nifty, Real Effective Exchange Rate Nifty and Index of Industrial production à ¢Ã¢â€š ¬Ã¢â‚¬Å" Nifty, there is no evidence of co-integration. (See table-3). Table 3: Johansen Co-Integration Test: Nifty and Other Macro Variables (Number of Cointegrating Relations by Model) Data Trend: None None Linear Linear Quadratic Test Type No Intercept Intercept Intercept Intercept Intercept No Trend No Trend No Trend Trend Trend NIFTY_CL à ¢Ã¢â€š ¬Ã¢â‚¬Å" BOT(1) Trace Max Eig 0 0 0 0 0 0 0 0 0 0 NIFTY_CL à ¢Ã¢â€š ¬Ã¢â‚¬Å" FER(1) Trace Max Eig 0 0 0 0 0 0 0 0 0 0 NIFTY_CL à ¢Ã¢â€š ¬Ã¢â‚¬Å" REER(1) Trace Max Eig 0 0 0 0 0 0 0 0 0 0 NIFTY_CL à ¢Ã¢â€š ¬Ã¢â‚¬Å" IIP(2) Trace Max Eig 0 0 0 0 0 0 0 0 0 0 NIFTY_CL à ¢Ã¢â€š ¬Ã¢â‚¬Å" WPI(2) Trace Max Eig 0 0 0 0 0 0 1 1 2 2*Critical values based on MacKinnon-Haug-Michelis (1999) **Appropriate lag is given in parentheses on the basis of Hannan-Quinn Information Criteria Table 4: Pairwise Granger Causality Tests Lags: 2   Null Hypothesis: Obs F-Statistic Prob.     D(WPI) does not Granger Cause D(NIFTY_CL)   45   0.38604 0.6822   D(NIFTY_CL) does not Granger Cause D(WPI)   0.99976 0.3770 Since there is no evidence of cointegration in the macro economic variables and Nifty series the test of Granger Causality is not applied between Nifty and such variables except Wholesale Price Index which is cointegrated with Nifty under the model of Linear Trend Intercept and Quadratic Trend Intercept. The test results in table 4 suggest that we fail to reject the null hypothesis of Granger non-causality from WPI to NIFTY_CL as well as the null hypothesis of Granger non-causality from NIFTY_CL to WPI. The results suggest that the NSE Index Nifty neither leads Wholesale Price Index nor Wholesale Price Index lead the Nifty. This implies that the stock market cannot be used as a leading indicator for future growth in wholesale price index in India. IV. Concluding Remarks The purpose of the present study is to explore the relationships between stock prices and the key macro variables representing real and financial sector of the Indian economy. These variables are the index of industrial production, foreign exchange reserves, foreign direct investment, balance of trade, real effective exchange rate, wholesale price index and NSE Nifty. The present analysis is based on monthly data from April, 2006 to March, 2010. Although there seems to be a significant relationship between macro economic variables and stock market but results of our study show that stock market boom is not much supported by the real economic fundamentals. Even there is no sign of causality between the variables which are integrated of same order which further concretizes the issue that stock markets in India are in their childhood phase as their impact on real economic variables is less as that in developed countries and moreover effect of real economic variables is almost nil on stock market index in case of causality. To solve this problem monthly data was used from April 2006 to March 2010 and the basic and believed to be à ¢Ã¢â€š ¬Ã…“indicatorà ¢Ã¢â€š ¬? variables were used and studied and analysed by first applying the basic statistical and analytical tools such as unit root test, cointegration and finally Granger causality. The results shows that series of variables used are not stationary at levels but at first difference. Further, there is no evidence of cointegration among the economic indicators chosen and Indian stock market except with inflation (Wholesale Price Index). Granger Causality test was applied between the two variables found integrated of same level I(1) i.e. Nifty and WPI. The analysis pointed that there are no sign of causality between the two variables and neither Nifty Granger causes WPI nor WPI causes Nifty. Thus implying that real sector is not causing the vibes in stock market and even the volatility in it is due to some other external factors and not these real economic factors. Adding to it, is one more reason that just 2 to 3% of the Indian population invests in stock market which makes it not so good representative of the Indian financial health.

Essay on The Silken Tent - 613 Words

The Silken Tent By: Robert Frost Robert Frosts sonnet The Silken Tent sets up an analogy between a girl and a silken tent. Before I start to analyze the poem, I will give a brief explanation of what a sonnet is. In the book Literature and Its Writers it gives a great definition on page 750 it explains that a sonnet is short- generally fourteen lines long - and is written in a regular rhyme sequence, it is one of the richest and most durable forms of lyric poetry. The difference between a sonnet and other lyrics of poetry is the way the poet works with its theme. The Silken Tent She is as in a field a silken tent A At midday when a sunny summer breeze B Has dried the dew and all its ropes relent, A So that in guys†¦show more content†¦Also, there is an end rhyme occurring at the end of the lines of the poem which puts it in the ABABCDCDEFEFGG form. In line nine there is a pause in the middle of the line that is called a caesura. With words such as gently, strictly, loosely, slightly shows that Rober t Frost was using assonance in his poem. When reading this poem you will get a very vivid image of a warm summer morning because of the words sunny, summer and dried the dew. A girl is in a field running carelessly with a silk dress on that sways as the breeze blows. She is tall and slender as a cedar pole. Who has a very carefree spirit is strictly held by none. A girl who is completely at peace because everything in her life is going well by countless silken ties of love and thought to everything on earth the compass round. In conclusion, Robert Frost uses the form of a sonnet to express his unique visuals of a lady who just lives life for what it has to offer day by day to her best advantages. Using visual and aural imagery to make us understand just how great life canShow MoreRelatedThe Silken Tent, By Robert Frost950 Words   |  4 Pagesâ€Å"The Silken Tent,† written by Robert Frost, portrays the many mysteries of the human mind and its need for attention. Frost explains the meaning through an iambic pentameter rhyming style, as well as, a variety of poetic devices. The poem stands out through the use of a sonnet style to have numerous different meanings. Robert Frost uses extended simlies and sensory imagery in â€Å"The Silken Tent† to discuss the tenacious nature of a woman’s individuality. The scene begins at midday in a field with anRead MoreEssay on Figures of Speech in Poetry741 Words   |  3 Pageswrote a poem about marriage titled Habitation. In this poem Atwood turns all of the negative aspects of marriage into one final positive. She states that marriage is just not shelter but it starts before that. Marriage is not a house or even a tent it is before that, and colder. She talks about being on the edge of the forest, the desert, and even a receding glacier. This metaphor gives the reader an image of standing in an open field facing a deep, thick forest; or at the edge of the desertRead MoreRobert Frost And Modern Poetry1245 Words   |  5 Pageshe fell in love with. This poem is called The Silent Tent. The most noted and revered line in this poem is actually the first, â€Å"She is as in a field a silken tent†. This signifies the fact that Frost chose to compare Kay (the woman he fell for) to a silken tent. Frost may have chosen for the tent t o be silk to express the soft beauty of Kay; after all, silk is normally described as beautiful, soft, and smooth. As the poem The Silken Tent goes on, the metaphors become complex and more and moreRead MoreRobert Frost s Poetry Style1228 Words   |  5 Pageshe fell in love with. This poem is called The Silent Tent. The most noted and revered line in this poem is actually the first, â€Å"She is as in a field a silken tent†. This signifies the fact that Frost chose to compare Kay (the woman he fell for) to a silken tent. Frost may have chosen for the tent to be silk to express the soft beauty of Kay; after all, silk is normally described as beautiful, soft, and smooth. As the poem The Silken Tent goes on, the metaphors become complex and more and moreRead MoreEssay On Olena983 Words   |  4 Pagesbelieve that the blood and death brought by this war served Nix and Her goals. The captured priestess had made one request of the King of Olsa when she had been brought into his camp and been given a place to stay. That request she had made was that the tent be placed directly onto the open earth. No flooring. No footprints but her own in the fresh snow. She had been advised that the show would not last long with the flaps closed and that it would just make the earth muddy underfoot in a short time, butRead MoreThe Silk Road Essay1623 Words   |  7 Pagesand prevented the Romans from gaining control of the trade routes that led east. Trade along the Silk Road increased during this time other civilization’s goods were seen incorporated in other empires. At the battle of Carrhae, Parthian armies used silken banners imported from China; starting around 100 BCE, China began to import horses from Fergana; in the Xiongnu tombs of Noin-Ula, archaeologists have found cloth from Central Africa and Syria; and in the steppe tombs of Pazyryk, Persian carpets wereR ead MoreThe Poetry of Robert Lee Frost810 Words   |  3 Pagesand began reading his poems aloud at public gatherings. He suddenly had many family disasters. Frost’s youngest daughter and wife died, and his son committed suicide, soon after which another daughter institutionalized. Darker poetry, such as The Silken Tent and I Could Give All to Time, resulted. After World War 2, his poetry releases became very occasional until a series of health problems, ending with an embolism, killed him on January 29, 1963 in Boston. He was 88 years old. The first of Frost’sRead MoreThe Silk Road Essay1857 Words   |  8 Pagestaking routes through India. Trade along the Silk Road increased during this time other civilization’s goods were seen incorporated in other empires. At the battle of Carrhae (modern-day Haran, in southeastern Turkey), in 53 BCE, Parthian armies used silken banners imported China; from around 100 BCE, China began to import horses from Fergana; in the Xiongnu tombs of Noin-Ula, archaeologists have found textiles from Central Africa and Syria; and in the steppe tombs of Pazyryk, Persian carpets were foundRead MoreFrost, By Robert Lee Frost1565 Words   |  7 Pagesvolume is incredibly more somber compared to the others as at his prime, Frost was enduring many hardships, such as the passing of his daughter and the death of his wife. After the production of the major poems in â€Å"A Witness Tree† such as â€Å"The Silken Tent† and â€Å"I Could Give All to Time† Frost‘s poetry production would no longer become routine. After a seemingly futile attempt to mediate between superpowers during World War Two, Frost’s last reading occurred in December of 1962, and the followingRead MoreWhat Makes A Person Happy? Essay1462 Words   |  6 Pagesriver. They were happy and giggling loudly. This made me think, how can this family be so happy in this river? The river was clearly dirty, but still, they were laughing in joy. I began to ponder on this. I couldn’t help but feel remorse for them. The tents of blankets, and children running barefoot along the river gave me a sense of peace. They were poor, yet happy. â€Å"It’s hard to get a job in Philippines,† my mother told me, â€Å"You have to work hard because the government never helps you.† I questioned

Singapore Business Law Ashley and Adam

Question: Discuss about the Singapore Business Law Ashley and Adam. Answer: Introduction A contract has been defined as an agreement made among two or more individuals which was lawfully enforceable when it would be executed as per the particular necessities.[1] As agreements were stated to project and reflect the contract among the individuals. Agreements were so evidently stated to be major part in all the trade dealings as they have been fundamental in nature. Because these contracts think that all the individuals who were party to an agreement have understood the conditions which were set out in an agreement and the privileges and the duties which were imposed upon them under the contract.[2] But in order to make a valid contract there have been certain constituents such as: An offer must be made by an individual to another individual; The offer must be accepted by the person to whom such offer was made; There must be consideration in a contract i.e. something of value or price paid for the promise; There must also be an intention of parties to create lawful relationships with each other. When these four elements would be there in an agreement then it would amount to a valid contract which was enforceable under law. Although a contract could be written as well as in an oral form. So, all the constituents which were defined to be there in a written contract in order to form a valid contract such as offer, acceptance, intention and consideration; the same would be there in a verbal contract. But once a complete oral agreement has been made and initiated among two or more individuals then the agreement would be regarded as a lawfully binding and valid one as a written agreement. Also, in order to be regarded as a lawfully binding and valid agreement under the Law and to be upheld in the tribunal all the oral contracts must be complete. In other terms it could be stated that the individual who were parties top the contract must have to be recognized and considered with approval to all the conditions with respect to the service in a contract. As the intention of the parties must be clear and understood by each other for the same thing in the same sense in which it was offered by an individual to another. It was in Texaco v Pennzoil[3] case wherein it was concluded that a verbal contract was as good as the paper on which it was written. So, even the oral contract would be regarded as binding upon the parties to the contract. Literature Review It was opined by (Ryan, 2006)[4] that Law of Contract has been designed to relate to the privileges and the obligations that may occur from an agreement. (Horwitz, 1974)[5] was of the view that the growth of the modern contract law includes a promise in a promise which would maintain an action upon the matter. Though (Kronman, 1985)[6] stated that an agreement has been regarded lawfully enforceable contract, one that the state would enforce by placing its coercive powers at the disposal of the other person of the other party fails to perform. (Burton, 2008)[7] was of the opinion that though an agreement has been regarded as enforceable but it would be regarded as valid if it consists of certain elements such as offer, acceptance, consideration, intention to create legal relation, etc. On which it was opined by (Eisenberg, 1994)[8] that a major objective of the law of contract was to facilitate that the power of self-governing parties to further their shared aims was by doing contract s. (Williston, 1921)[9] affirmed that there has been a freedom to contract which was granted to the people in the context of contract Law. (Farnsworth, 1967) was of the view that all the disputes of the contract were seen to be often tur in the interpretation of th[10]e language of the contract. As (Corbin, 1993)[11] stated that there has been a modern version of the distention which has been made as he restricted the procedure of interpretation to the language of the agreement. And stated that it was the procedure whereby an individual grants a meaning to the symbols of the expression which was utilized by the other individual. (Waddams, 1991)[12] have defined in his work that there has been no general duty to disclose material facts to another individual to a proposed agreement although the law was more complex than this statement as it includes a number of techniques. (Barnett, 2003)[13] have specifically stated that there must be consent of the parties in order to forma a contra ct. (Summers, 1968)[14] specifies that individual should behave in good faith which was a minimal standard rather than having a high ideal. (Powell, 1790)[15] was of the view that a major constituent of the agreement in writing has been its denunciation of the equitable conceptions of the substantive justice as undermining the equitable concepts of substantial justice. (Fuller, 1941)[16] stated that there must be a consideration or a price paid for the promise under the law of contract. (Burton, 2008)[17] opined that there has been certain basic elements which have been kept in mind in order to constitute a valid contract whether a expressed or implied contract. Although (Goodhue et. Al., 2003)[18] it was stated that the written contract have been regarded as the high quality grapes which were more likely to be included as a section in a contract. Issue Whether there was a binding contract between Ashley and Adam or not? Rule An agreement has been regarded as a lawfully binding or valid contract which could be initiated among two or more individuals. In matters of any quarrels when the individuals who were arguing whether an agreement or the fundamentals have been broken then it may be considered to take the matter in the tribunal. As the law would consider an agreement in order to be valid of the contract which comprises of certain elements such as: Offer; Acceptance; Intention to create legal relations; Consideration.[19] In Smith v Hughes [1871] [20]it was affirmed that where a proposal states a particular mode of acceptance then only an acceptance which was communicated would be considered as valid. In another case of Tweddle V Atkinson in year 1861[21] it was stated that an individual who has not give consideration for promise which could not be enforced on promise and it was only the individual who has paid for promise as he could only enforce it. So, it could be stated that a contract which lacks in including one or more of the constituents which have been mentioned above would not be a valid agreement. In a number of individuals were seen to be unaware of the numerous manners that lawfully binding agreements. As in certain matters, the use of terms in the agreement may not be recognized as a condition of the agreement as it may rely on the intent if the individuals who were parties to the contract. Application Referring to the first situation it could be stated that there was no binding contract between Ashley and Adam as there was a offer and acceptance with a intend to create relationships but there was no consideration. So, it has been observed that there was not a binding and lawful contract between them. Conclusion So, it has been concluded that no, there was no binding agreement between Ashley and Adam in this scenario. As there was no consideration provided in this case. Issue Whether there was a binding contract between Ashley and Adam or not? Rule In order to constitute a valid contract and make it binding upon two individuals there must be different constituents which must be there such as offer and acceptance; intention to create lawful relationships, price paid for the promise. When these elements would be present in an agreement then it would be regarded as a valid contract which would be binding upon the individuals.[22] As, the statements which have been made during the course of a negotiation could conclude in a contractual term or a representation. So, if the statement has amounted to a condition of the agreement which was not fulfilled then the innocent individual may sue the person for the violation of the agreement. But if the statement was merely a representation which was presented to be untrue then the innocent individual may bring an action of misrepresentation.[23] In Oscar Chess Ltd v Williams [1957] 1 WLR 370[24] it was clearly stated that the statement in relation to the age of the car was not a condition but a representation. The representee, was a dealer of car who had the greater skill and would be in a better place to know the age of the manufacture than the defendant. Similarly, in Ecay v Godfrey [1947] 80 Lloyds Rep 286[25] it was concluded that the statement that the ship was echo was merely a representation of fact. The declaration was not adequately emphatic to amount to a condition and the recommendation to have the ship surveyed which established that the respondent did not desire the applicant to depend on the statement. Application In this scenario also, there would not be a binding contract as there was no intention and they did not agree to the same conditions as they did not agree on the same thing in the same sense. As it has been clearly mentioned that Ashley did not state what he wants and Adam did not state what he offered. Rather there was a counter offer. So, as the above mentioned constituents which forms a part of a valid binding contract were not there. There was only offer, acceptance, intention but no consideration. As consideration has been regarded as one of the constituents which must be present in order to constitute a valid contract which would be binding on both the parties. Also the fact stated was merely a representation and was not a term of the contract to which the individual was the party. Conclusion So, it has been concluded that no, there was no binding agreement between Ashley and Adam in this scenario. As there was no term and there was only a representation which was made in this scenario by way of Ashley and Adam. Issue Whether the agreement signed was binding or not and if it was then what were the options available to Ashley and Adam.Rule An agreement which was enforceable by law has been regarded as a contract. But its validity and binding nature could then be established when there were elements which were present like offer and acceptance, price, intention of the parties. Similarly, misrepresentation of age could take place in some contracts when an individual lies or otherwise deceives another individual in regard to their age in order to attain a advantage or privileges that would otherwise be denied to them. It specifically includes the term of misrepresentation in a lawful contract as minor individuals were not granted right to enter into a contract.[26] In Steinberg v Scala (Leeds) Ltd (1923)[27],it was stated that the agreement was voided as the minor was unable to keep up with costs. However, in the matter of Edwards v Carter (1892)[28] the court mentioned that the agreement could not be rejected and the contract was enforceable. Though in Reynolds v Garber Buick Co. 149 N.W. 985[29] that the applicant would be allowed to recover his price paid as a minor or child may disaffirm an agreement which was made during his minority. Application In this scenario, the contract would not be regarded as binding as the contracts which were entered with minors are not binding. And at the same time there was a misrepresentation of age as Ashley did not told Adam that she was not 18 when she entered into a contract. So, Ashley would get back her price which she paid at the same time there have been certain penalties for misrepresenting the age of other individuals could result in certain serious lawful penalties. These may include: Charges; Denial of privileges that the individual was applying for, etc.Conclusion So, it could be concluded that the contract which was signed was not binding and there have been certain options which have been mentioned to Ashley and Adam as mentioned above. The other reason was that Ashley misrepresented her age which she did intentionally as she stated that she would be turning 18 in some time so it could be stated that she was known of the fact which was negligent statement. Conclusion So, after observing and going through all the literatures and the books it could be concluded that there has been certain basic necessities which must be present in a contract in order to make it a valid and a binding one. But at the same time the people who were parties to the contract must be more than 18 years of age or they must have attained the age of majority. And if the age is not attained then the person must tell the other person with whom the contract was made in order to observe that the person did not act negligently. But such an act would be considered as misrepresentation or hiding of the facts by one person towards another. Though statement stated by one person would be merely a representation of fact and would not be regarded as term of the contract. So, on the basis of the study in the present case it was stated clearly that there was no consideration so there would not be any binding contract which was formed. Also, in order to be a binding and valid contract under law it must be understood by an individual in the same manner in which he or she has offered the proposal to the other person. But in this case the offer was made for certain goods but the offeree interpreted and asked the offeror to provide certain other goods by misrepresenting his or age. So, the person who has been found to be in breach of contract would have to compensate to the other person for the losses. As a result, it could also be stated that it could be challenging to uphold an oral agreement in tribunal because of the lack of written evidence. So, it was as a result concluded and strongly recommended that an oral agreement be instantaneously set in a written form in order to unambiguously set out the express terms or conditions of the contract, thus the same would diminish the risk and danger of misunderstandings and wrongful acts. Therefore, all the oral contracts whether written or oral would be equally enforceable under law as all the constituents have been the same in order to be valid and binding on both the individual who wants to be a part of the contract or buy or sell the products which were provided in the present case by Adam to Ashley under law. Bibliography Cases Ecay v Godfrey [1947] 80 Lloyds Rep 286 Edwards v Carter (1892 Oscar Chess Ltd v Williams [1957] 1 WLR 370 Reynolds v Garber Buick Co. 149 N.W. 985 Smith v Hughes [1871] Steinberg v Scala (Leeds) Ltd (1923 Texaco v Pennzoil Tweddle V Atkinson in year 1861 Journals Kronman ,Anthony T, Contract Law and the State of Nature (1985), Journal of Law, Economic Organization 1(1), 5. Corbin, Arthur L., and Williston, Samuel, "The Law of Contracts." (1921), 256-256. Clafornia Law Review, 82(5). Hensher, David., Gwilliam ,Ken., Burton , Mark., Smith, Neil., Didier Van de Velde, and Lasse Fridstrom. "The ideal contract roundtable." (2008) Research in Transportation Economics 22( 1): 188-194. Farnsworth, E Allan, Meaning in the Lawn of Contract (1967), The Yale Law Journal 76(5), 939. Goodhue, R.E., Heien, D.M., Lee, H. et al. Contracts and Quality in the California Winegrape (2003), Review of Industrial Organization 23 (3), 267. Fuller, Lon L., Consideration and Form (1941), Columbia Law Review 41(5), 799. Louise Ryan and Anne Golden, Tick the Box Please: A Reflexive Approach to Doing Quantitative Social Research (2006). Morton J. Horwitz, The historical Foundations of Modern Contract Law (1974), Harvard Law Review 87(5), 917. Robert S. Summers, "Good Faith" in General Contract Law and the Sales Provisions of the Uniform Commercial Code (1968), Virginia Law Review 54(2), 195. Books Arthur Linton Corbin, Corbin on Contracts, A Comprehensive Treatise on the Rules of Contract Law 6A. John Joseph Powell, Essay Upon the Law of Contracts and Agreements (1790), (Dublin: Chamberlaine and Rice) 1-2. Melvin Aron Eisenberg, Expression rules in Contract Law and Problems of Offer and acceptance (1994). Randy E Barnett. Contracts: Cases and Doctrine (2003), (Aspen Law Business). Steven J. Burton, Burton, Steven J., Elements of Contract Interpretation. U Iowa Legal Studies Research Paper No. 08-45, (2008), Oxford University Press. Websites E-Lawresources, Contract Law (2017) e-lawresources.co.uk/Contract.php In Brief, Contracts, (2017) https://www.inbrief.co.uk/contract-law/contracts/ In Brief, Fraud Fraudulent Misrepresentation The Tort of Deceit, (2017) https://www.inbrief.co.uk/offences/fraud/ Jose Rivera, Misrepresentation of Age Lawyers, Legal Match (2017) https://www.legalmatch.com/law-library/article/misrepresentation-of-age-lawyers.html Conference Papers S M Waddams, Precontractual Duties of Disclosure, (20th Annual Workshop on Commercial and Consumer Law at University of Toronto) 12 and 13 October 1990.

True Tragic Hero in Sophocles Antigone Antigone e Essay Example For Students

True Tragic Hero in Sophocles Antigone Antigone e Essay ssays The True Tragic Hero in Sophocles Antigone In Master Sophocles Antigone, the question of who the tragic hero really is has been a subject of debate for a great number years. Creon does possess some of the qualities that constitute a tragic hero but unfortunately does not completely fit into the role. Antigone, however, possesses all the aspects of a tragic hero. These are, in no particular order, having a high social position, not being overly good or bad, being tenacious in their actions, arousing pity in the audience, a revelatory manifestation, and having a single flaw that brings about their own demise and the demise of others around them. Antigone possesses all of these traits therefore qualifying as the tragic hero. We will write a custom essay on True Tragic Hero in Sophocles Antigone Antigone e specifically for you for only $16.38 $13.9/page Order now The first qualifying aspect is that Antigone is of a high social standing in Thebes. Creon himself refers to her as a princess though she is technically no longer one. Because of her high standing she is capable of great suffering, in that she has a lot of fame and regard to lose. Those who say Creon is the tragic hero state say that Antigone is no longer in a high position in the society, therefore does not qualify on that account. If the character had needed to be in a high political position this would be true, but they need only have a great deal to lose in their downfall. Although she may no longer hold political power Antigone is still a powerful figure in Thebes, since she was to be married to Creons son Haemon and the whole city seemed to know how tragic her life had become. Antigone and Creon would qualify as the tragic hero if the only requirement was not being overly good or bad. Creon shows his negative side when he refuses to bury Polyneices and when he speaks to the sentry. His positive side is shown in his obvious affection for Antigone and Ismene, whom he has attempted to raise since their fathers death. Antigones ungodly side is shown by her incestuous behavior with her brother Polyneices. Her positive side is shown by the way the she insists on respecting his right to be buried in the religious tradition of Greece so that his soul may live on in the afterlife. Another aspect of a tragic hero is an unwavering course of action, most likely caused by their flaw, that brings about their demise and the demise of those around them. Antigones flaw is her rash and headstrong behavior. This is the source of the conflict in the play. Had Antigone asked Creon for permission to bury Polyneices in observance of the Greek role in religious life he would have probably allowed it. Instead, she rashly decided to take matters into her own hands, most likely because of her anger in losing the true love of her life. This aspect also emerges later in the play, when Antigone decides to kill herself in the cave rather than give Creon the satisfaction of the deed. Had she not been so imprudently hasty she would have been spared her life by Creon, who was on his way to free Antigone and have Polyneices given a proper burial. Creon does not have a tenacious nature, and therefore could not be the Aristotelian tragic hero. His ineptness as a ruler is prevalent in the way he wavers on the topic of Polyneices burial. In the beginning he seems very stubborn, which some say is one of the fatal flaws that qualify him as a tragic hero, but later changes his mind. The true tragic hero would stick to their fatal flaw, like Antigone did, until their complete demise. .u817b929adff355599a1b5d981d9c58d4 , .u817b929adff355599a1b5d981d9c58d4 .postImageUrl , .u817b929adff355599a1b5d981d9c58d4 .centered-text-area { min-height: 80px; position: relative; } .u817b929adff355599a1b5d981d9c58d4 , .u817b929adff355599a1b5d981d9c58d4:hover , .u817b929adff355599a1b5d981d9c58d4:visited , .u817b929adff355599a1b5d981d9c58d4:active { border:0!important; } .u817b929adff355599a1b5d981d9c58d4 .clearfix:after { content: ""; display: table; clear: both; } .u817b929adff355599a1b5d981d9c58d4 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u817b929adff355599a1b5d981d9c58d4:active , .u817b929adff355599a1b5d981d9c58d4:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u817b929adff355599a1b5d981d9c58d4 .centered-text-area { width: 100%; position: relative ; } .u817b929adff355599a1b5d981d9c58d4 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u817b929adff355599a1b5d981d9c58d4 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u817b929adff355599a1b5d981d9c58d4 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u817b929adff355599a1b5d981d9c58d4:hover .ctaButton { background-color: #34495E!important; } .u817b929adff355599a1b5d981d9c58d4 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u817b929adff355599a1b5d981d9c58d4 .u817b929adff355599a1b5d981d9c58d4-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u817b929adff355599a1b5d981d9c58d4:after { content: ""; display: block; clear: both; } READ: Social Issues EssayAs far as the issue of arising pity in the audience and in other characters, it is clear that Antigone clearly wins over Creon in the arena of intensity of emotion. All of Thebes sympathizes with Antigone, especially after she has been sentenced to death. Haemon himself tells his father And I have heard them, muttering and whisperingThey say no woman has ever, so unreasonably, died so shameful a death for a generous act. .