After the Sirens

As soon as the radio is switched on it is described as screaming and it startles the man. He also recognized the radio announcers voice but it this was the first time his voice did not sound upbeat and happy as it usually was during his morning show. The author also describes his voice as Cracking with hysteria (Hood, pig. 161) which clearly sets the mood in the story. The way his voice is described stresses the role that the announcer plays in this story.The radio announcer uses repetition right from the beginning of the story and creates suspense, when he repeats This not an pig. 160) three times. He also repeats This Is an air raid pig. 160) twice right after the radio Is turned on. He continues with the count down right until ten seconds before the bomb hit. The radio announcer sets this man Into action to save himself and his family. The man responds Immediately by telling his wife not to ask questions and to dress her self and the baby In many layers of heavy clothing.While she Is doing that he gathers up food, Hater. Canned goods and two can openers. The radio announcer also helps the man to decide where they should take cover in the house because he reported the target and the man knew where the blast would be coming from. The radio announcer helped them survive. I was captured immediately by his voice and was taken on a Lorene of anticipation and suspense.

Explaining a Concept Research Paper Essay Example | Topics and Well Written Essays - 1000 words - 2

Explaining a Concept Research Paper - Essay Example The act of illegal immigration is increasingly becoming common in the United States and the authorities this has rang an alarm to the natives concerning the overwhelming presence of aliens in the country (Kimmel and Alan 54). The controversy with the situation is that others are of the opinion that most of those who are in the US illegally do no pose any threat to the people and it should not be blown out of proportion that they compromise the security situation in the country. This has sparked a heated debate on whether the stay is actually against the law or not, even with the spirited debate, there are stringent policies that guides entry into the US and those found without a legal document that backs their stay in the US are charged in the courts of law. How the illegal immigrant come to the US Just like any other country, for one to get immigration to the US legally, there are processes to follow, these processes constitutes quotas that will review the individual applications to allow one to go to the US or decline it because of factors that they always cite. For one to be cleared then, it means they have passed all the criteria that are set by the country, in this particular case the US. Some of the factors that are considered include reason for the visit to US. The immigration department is always very particular about the reason as to why some one want s to go to the US and will evaluate the sustainability of the reason to keep you in the US among other things before you can be given a green like to make your visit. Getting US citizenship is through the greed card, this is the sure way by which those who are want to be legal citizen of the US from alien places can consider. The problem with the green card is that most of the people are considering going to the US as citizen that the green card alone cannot grant all of them a chance given the limited number of the slots (Kimmel and Alan 59). It therefore means that most of the people who has the wish to go to the US cannot make it on competitive grounds and have to look for other option available. The fact that greed card is competitive and not all the people can be served by it, that situation has made it possible for these unqualified persons to be in the US illegally. Given the competitiveness of the green card, most of the applicant who does not succeed opts for the temporary visas to be in the US after which they get a job with the temporary visa and eventually apply for the green card. The concept of illegal immigrant in the US is totally misunderstood, people tend to think that when we are talking about illegal entry into the US we are referring to a number of people who have hid themselves behind the big tracks at the borders of the US to get into the country illegally. The picture of how illegally people are accessing the US according to most people is that in which one is hiding or using other faulty means to get into the country, this is not the case. Actually, in the r eal sense, most of the US illegal immigrants use a legal system initially to go to the US. In most cases, these people use the temporary document to go to the US, they obtain temporary work visas, and sometimes it is the touring visas. The problem is that they do this under disguise; their actual intention is not to return to their home country but to stay in the US for unforeseeable period. In this relation, most of the people

Human Resource management (Workplace Bullying) Essay

Human Resource management (Workplace Bullying) - Essay Example At a time when employee loyalty is an important aspect of organizational strategies, it wise that all organizations shun work place bullying to ensure that employees are committed to the long term plan of the organization and that they perform optimally to achieve the goals of goals of the organization. Research by McCormack, Djurkovic and Casmir (2014) proves that organizations that provide a healthy work environment for the employees profit from optimal work output and perform better than those that pay little attention to work behaviour. Therefore, organizations must design strategies to ensure that work place bullying is shunned to pave way for optimal employee performance. Although the term bullying is common in management, it is clear that it is broad and refers to different aspects of organizational behaviour. Bullying or mobbing refers to situations in which a worker is subjected to long-lasting, recurrent, and serious negative or hostile acts and behaviour that are annoying and oppressing. Evidently, there are various forms of work place bullying within organizations. McCormack, Djurkovic and Casmir (2014) identify few including threats of professional status, threat to personal standing, overwork, destabilization and underpayment as various forms of bullying within many organizations. Among many researchers, there seems to be a consensus that work place bullying as the abuse of power that subjects employees to psychological, emotional or physical torture during their duties in the work place (Namie, 2003: Pfeffer, 2007). Often, those who have more powers in the organization abuse those below them by the way they handle them or even communicate du ring normal duties. Researchers such as McDonald, Backstrom and Allegretto (2007) have paid attention to underpayment as one of the forms of bullying within modern organizations. While this may be controversial, it is clear that in the endeavour to minimize expenditures within the competitive business

Policy Brief ( 2 pages (1.5 line spacing) and the third page for Essay

Policy Brief ( 2 pages (1.5 line spacing) and the third page for sources only ) please please please i want and need to get full mark. thank u very much - Essay Example benefits for Vermont State, and the state should continue educating and encouraging its residents to take advantage of the Medicaid program (Sara, 2013). The state of Vermont has always prioritized the health of its members. It extended Medicaid to parents who had a higher income than the standard eligible income limit, given that the standard limit was in many cases below half the poverty level. In addition, Vermont covered parents who did not have children, unlike other states. Additionally, the state enacted a single-payer health care legislation in 2011. It consequently established an insurance exchange to meet the requirements of the ACA act until it applies for a waiver on the implementation of the single payer system. Vermont records approximately 47,000 uninsured people. This comprises of a large number of the population, which needs to be covered, to improve their ability to access medical attention. Fortunately, for the state, following the adoption of the 2010 ACA act, this number shall reduce significantly, as the regulation encourages more people to enroll for Medicaid (Holahan, Buettgens, Caroll, & Dorn, 2012). Following the generous Medicaid program that the state of Vermont has always held, implementation of the ACA will benefit the state, as it shall spend less on Medicaid, compared to other states. The state shall adjust its current federal medical assistance percentage to match the enhanced FMAP (Manatt Health Solutions, Center for Health Care strategies, & State Health Data Assistance Center, 2012). Such adjustments shall also offset the probable increase in administrative costs, thus making the Medicaid beneficial for Vermont. Consequently, the state shall benefit greatly from the ACA act, thus boosting the economic position of the state. More to this, adopting the expansion serves the state better, given that even states that do not expand their Medicaid still contribute Medicaid funds to the federal government. Following the expansion of

Suspended Ceiling Construction

Suspended Ceiling Construction Advise the client on the selection of the proposed ceiling to be installed in the public exhibition space on the second floor where the suspended aircraft exhibit will be display and the raised access floor solution will be constructed in the offices on the fourth floor. Introduction 1.2 Suspended ceiling A suspended ceiling can be defined as a ceiling which are fixed to the framework and suspended from the main structure thus forming a void between the two components. The functional requirements of the suspended ceiling are:- Constructed on a construction grid preferably a 300mm dimensional system Resistance to impact and wear Durability to the change in climate and temperature Conforms to the building regulation code and fire rating of internal products Provide structural fire protection to steel beams supporting the concrete floor Provide acoustic control as it relates to absorption and reverberation properties Provide any sound and thermal insulation Easily constructed, repair, clean and maintain 1.3 Arrangement showing a typical isometric drawing of the suspended ceiling grid. 1.4 Sound absorption Acoustic control is a very important aspect of control for the museum of aviation building. The absorption of sound and the control of reverberation should be of heavy concern. Decibels level in the exhibition hall can reach a high of approximately 41 decibels. However, the acceptable decibel levels for and indoor environment like the museum of aviation exhibition hall should be 1.5 Design Aesthetics Design aesthetics for the museum of aviation is normally with the clients expectation of the requirements of the performance of the ceiling, and the client has three performance factors that they are expecting the ceiling to perform. The clients has indicated concerns in lighting, ventilation The final appearance for this ceiling, and to allow integration of the clients requirement depends on the type of material used. Surface finish depends on texture and colors. Cavities to allow the incorporation of the HVACs system and the accommodation of electrical and mechanical services. 1.6 Maintenance So design that an adequate means of access is provided to the void space for maintenance of the suspended system, concealed services and or lighting fittings by maintenance personnel 1.7 Integration For successful completion of this ceiling for the museum of aviation exhibition hall, interaction of the other building elements needs to be considered. Element that needs to be incorporated into the design of the suspended ceiling is lighting, sprinklers system, diffusers, column rings. Proper synchronization of these elements is very important 1.8 Sustainability Due to the increase awareness of getting people to think green and increase attention is being given to green building and sustainable design, especially as it pertains to the quality of the indoor environment and the present of volatile organic components (vocs) within it. Without the use of air conditioning system to maintain the indoor air quality to a control temperature and comfortable surrounding ventilation systems must be used. The use of artificial ventilation system should be heavily discouraged. Cost benefits are highly achieved from the use of natural ventilation systems. Being environmentally friendly for the client in this construction of the museum is a very important milestone in todays working market Armstrong ventilation system and the suspended ceiling will be used in the exhibition area of the museum building. This system allows the use of natural ventilation. Therefore reducing the use of artificial ventilation and the high cost associated with it. 2. Raised access Floor System 2.1 Introduction Raised floor system were developed in response to the high-tech boom of the 1970s The raised access floor system will be constructed in the offices of the museum of aviation building. Generally floors are to provide a level surface with sufficient strength to support the imposed loads of people and furniture, provide resistance to fire and a correct finish type of surface to receive the chosen finish. For the museum of aviation office space the Tates medium duty access floor system panels incorporated with a commercial fire proof carpet to integrate with the other parts of the building and office wall and ceiling finishes. 2.2 Design Aesthetics Floor finishes are usually applied to a structural base but may form part of the floor structure as in the case of the floor for the museum of aviation offices , access floor system are non structural components. Most finishes are chosen to fulfill a particular function, and clients taste and style such as Appearance-mainly chosen base on there aesthetic appeal and effect but must have some wearing properties High resistance-chosen mainly for their wearing and impact resistance properties and for high usage areas such as kitchens and offices. Hygiene -chosen to provide an impervious easy to clean surface with a reasonable aesthetic appeal. 2.3 Integration Integration of the floor system and other supporting elements of the office such as ceiling, furnitures and wall finishes need to be coordinated to enhance a constant and pleasing aesthetic look throughout the museum. Material selection should be closely coordinated with the clients expectation and the required final finishes. Tates floor solution provides a wide variety of colours and finishes to fit any design solution. 2.4 Sound Insulation Noise is produce by vibrating object which cause tiny particles of air around it to move in unison. These displace air particles collide with adjacent air particles setting them into motion and in unison with the vibrating object. This continuous chain reaction creates a sound wave which travels through the air until at some distance the air particle movement is so small that it is inaudible to the human air. Taking this into consideration transmission of noise and improvement the acoustic comfort in the office and other parts of the building can be achieved by the reduction of vibration. Vibration can be reduced or eliminated by adhering to the following Selection of the adequate flooring panels and thickness Distances between the floor joists 2.5 Fire protection Fire is every one business, just as safety is every ones concerned. Interior finish is subject to a wide range of building code requirements pertaining to fire. The combustibility of an interior finish material is rated by testing the flame spread of the surface of the material. Therefore the combustion rating for the museum of aviation internal finish should be rated zero (0) on the combustion of materials scale. Tates floor solution is zero combustible hence our selection of it use. 2.6 Durability Strengths of material is and important part in the durability of any material. As it applies to the floor panels, the durability depends on a number of factors which is as follows. Size of the floor joist Thickness of the floor panels Composition of the floor material Distance between the supporting pedestals All these factors will determine the dead load, imposed load and the superimposed load that the floor can carry; Tates medium duty or heavy duty panels selected for the museum of aviation office floors have these performing characteristics. 2.7 Maintenance Cleaning Maintenance in general to any component or system is surely the life span of it. Raised access floor systems maintenance is limited to cleaning of the floor surface on a schedule maintenance plan. In the construction phase of the raised access floor system, maintenance should be incorporated from the design phase to allow service technician the ability to access their cables and all other data or telecommunication line, via access panels non-destructively to the floor system. 2.8 Recommendation and Conclusion Appraisals of various raised access floor systems were conducted, but after careful consideration the Tates raise access floor system is the most suited solution for the office of the proposed museum of aviation building. Tates floor system is light weight and ease to handle. The panel is also 100% interchangeable and the frame on which these panels are constructed has an excellent grounding and electrical continuity. Tates floor system is also completely non-combustible and has very good anti-static properties. Load bearings capabilities for various load requirements Manufacturers portfolio This manufactures portfolio contains information on the products and components that are incorporated into the raised access floor on the fourth floor and suspended ceiling systems on the second floor in the proposals for the museum of aviation building 1. Raised access floor system Your clients and tenants expect your guidance to design and spec workspaces that accommodate todays technology and environmental issues as well as tomorrows. An under floor service distribution system provides a state-of-the-art solution to the complexities of HVAC, power, voice and data cabling systems, and the customary limitations these systems present to building owners and architects charged with meeting the ever-changing needs of building inhabitants. With Tates Interiors as your trusted partner, you can demonstrate to your clients that you bring expertise to the table to: reduce construction cost; provide flexibility in future re-configuration save unnecessary costs involved in moving walls and internal wiring, cabling and HVAC systems; reduce lost productivity and speed revenue generation as tenants and work teams more quickly move into upgraded space provide high-technology solutions utilized by the worlds leading technology brands and most sophisticated companies; introduce underfloor systems that enhance the beauty of the work environment; expand floor-to-floor space for more attractive and up-to-date interiors; provide green office environments for better air quality; improve the comfort level of individuals as they work; and, allow tenants to adapt cost-effectively as technological advances change the ways in which they must work. Our access floor systems assure strength, stability and efficiency, which substantially contribute to a buildings structural integrity and value. Every system component has been designed, developed and rigorously tested to ensure that overall performance exceeds even the most stringent international standards. Architects and building owners have relied on tates Interiors since 1975 to assist in their client needs assessment, design cost-effective custom solutions, provide the highest quality installation that doesnt result in a call-back, and maintain their raised access floors to maximize its wear-life. Excellent project management and scheduling enhance you and your clients experience of the worlds most renown high quality access floor systems. And youll appreciate the broad range of choices you can provide your clients with Tate Access Floors. Youll find high-end finishes for executive offices and boardrooms, attractive design choices for lobbies and other public spaces, as well as highly functional options for call centers and telecom and computer rooms, including: Steel Carpet tile Wood laminate Marble Rubber Vinyl laminate Glass PosiTile Additionally we work with architects and building owners to bring their computer rooms and other areas into ADA and OSHA compliance, from consulting and planning to retrofit and installation of new flooring systems. The pressure is on you from all directions, a reality we understand. We know that as general contractor, youre expected to bring design concepts into reality within time constraints and engineering limitations, not to mention tight budgets. So every supplier you select must get it right the first time, from delivery of goods to picture-perfect installation and clean up. Youll appreciate our track record for performance excellence, from a thorough needs analysis that prevents work interruptions and change orders that cause costly delays for you, to highly trained and experience crews that know how to work safely and productively to install underfloor systems that create the look and high functionality your clients expect. Of the 7,000-plus jobs weve installed, less than 2 percent of those required a single call back to make adjustments, a client service record of which we are extremely proud. Youll find a broad range of choices you can provide your clients with Tate Access Floors, from high-end finishes for executive offices and boardrooms, and attractive design choices for lobbies and other public spaces, to highly functional options for call centers and telecom and computer rooms, including: Steel Carpet tile Wood laminate Marble Raised Floor Cleaning Maintenance Tates Interiors has installed and maintained computer floors and office for close to 30 years. We know that it takes specially trained individuals and a full line of computer floor components to get the job done right the first time. We have full service capabilities including manpower and a complete inventory of components in Houston, Dallas and Uk. We can offer immediate response to your needs for service on computer room floors or raised floors in your office areas. To maximize your investment in your raised access floor, regular maintenance is a must. No one understands the Tate Access Floor product better than our trained personnels. We can help you extend the wear-life of your raised flooring with: Panel rotation for even wear Understructure adjustments Replacement of broken edge trim Replacement of warped panels Refurbish delaminated panels Sub-micron filter vacuuming Sealant applied to subflooring Spot cleaning to remove stains Professional surface cleaning Detail cleaning of entry points Tates under floor cleaning service helps protect your employees from airborne contaminants which can also clog circuitry, increase the risk of fire, lead to accidental halon discharge and contribute to a range of health problems and increased employee absenteeism. A regular maintenance program will keep your computer floor looking like new, and create a pleasant and professional environment staff, management, and clients will appreciate and respect. Our cleaning also satisfies many insurance audits, which may help reduce the cost of insurance. You can opt for an annual, semi-annual or quarterly cleaning and maintenance contract for both surface and under floors, as well as order spot cleaning as needed. Remember: Dust and dirt are abrasive to floor surface and harmful to sensitive equipment. Wax build-up inhibits static dissipation Loose edge trim or rocking panels can lead to a trip hazard and increased liability. The following details are showing the versatility of the tates access floor system and its access panels for maintenance and easy installation of services

courteous :: essays research papers

Being courteous is an act of being respectful and by using good manners towards people. Treating people with courtesy can show many different feelings towards the person being acted upon. In the play Othello by William Shakespeare there are many characters in the play that use and don’t use acts of courtesy. The focus of this issue is the question of, do the men in the play show courtesy towards the women in the play? Othello is the main character, and Iago is a solider in his army. Iago was passed a position of lieutenant to another solider named Cassio. This action made Iago very angry and jealous, so he would seek a sort of revenge throughout the play. In the play Othello Iago, a respected individual, shows very little respect towards women in the play. In lines 103 through 125 in Act 2 scene one Iago is very disrespectful towards the women in the play. In Iago’s speeches, especially in lines 109 through 119, Iago acts in a very heavily manner towards Desdemona, and Emilia in these scenes throughout the play. In the opening acts we learn that Othello is a respected man, and a leader of an army. He lives out a long history of heroic stories and epics that make women woo over him. He marries Desdemona, while carrying a relationship with Emilia, the wife of Iago. Iago finds out about a past relationship with Othello and Emilia and becomes jealous and seeks revenge again. Iago then thin ks of a way to make Othello jealous. Iago shows no remorse towards anyone in these situations and uses not only his wife but also Desdemona to seek revenge on Othello out of jealousy. Throughout act 2 Iago talks to and about women in a very rude DuBois 2 manner. In line 115 Iago states, " â€Å"You rise to play, and go to bed to work.† This statement was primarily directed towards Desdemona and Emilia but, also includes all women at this time period. This means that a woman’s main purpose is to please a man and that’s it. Iago also shows little respect for the leaders of his army, like Cassio his former lieutenant. He uses Cassio to make Othello jealous and then this makes Othello angry at Cassio. Cassio also shows little some disrespect towards women as well. In act 3 tension arises between the crowd and at the end a former prostitute of Cassio approaches him and he deliberately eases her by telling her that he hasn’t seen her in awhile because he is under a lot of stress lately.

Limited Household Participation in the Stock Market Phenomenon Analysis

LIMITED HOUSEHOLD PARTICIPATION IN THE STOCK MARKET PHENOMENON ANALYSIS TABLE OF CONTENTS 1. INTRODUCTION3 2. FACTORS THAT DETERMINE STOCKHOLDING DECISION OF HOUSEHOLDS4 2. 1. Wealth4 2. 2. Intelligence quotient (IQ) and cognitive skills4 2. 3. Education4 2. 4. Country4 2. 5. Information availability and ease to trade6 2. 6. Market trust6 2. 7. Age7 2. 8. Marital status7 2. 9. Sociability (social interaction)8 2. 10. Personal values9 2. 11. Life satisfaction9 2. 12. Health10 2. 3. Risk aversion10 3. CONCLUSIONS12 4. REFERENCES13 1. INTRODUCTION There are a lot of researches made to investigate the reasons why households participation in the stock market is relatively low. According to the numbers, only 21% of EU households participate in stockholding (European Survey of Consumer Finances, 2009). This looks irrational because the majority of the society members do not capture their chance to win additional benefits from their wealth in the stock market.The purpose of this exploratory research is to provide general insights about current status of households stock market participation and explain the variables that have effects on stockholding decision by households. Currently, the households investment level can be treated as market inefficiency due to irrational or unconscious households behavior. However, there is a number of external factors that influence the decision making in this field too.The statistics from variuos countries imply differences even among highly developed countries with similar GDP per capita like Italy with 14% and UK with 26% households stockholding level (European Survey of Consumer Finances, 2009). This means that there are externalities that lead to such differences and not just irrational households behavior determine the situation. To draw the full picture, this research focuses on both types of factors – internal and external. The following chapters include short analysis of the main factors that have impact on household st ockholding decision and the summary. . FACTORS THAT DETERMINE STOCKHOLDING DECISION OF HOUSEHOLDS 2. 1. Wealth Wealth refers to accumulated tangible and intangible assets. It is obvious that for stock investing households need to have some tangible assets to buy stocks. Therefore, wealth is one of the main factors that determine whether a household can actually invest, or in other words, convert savings to investment. According to the survey, 31% of respondents in EU state that they have some savings but do not participate in any kind of investing (European Survey of Consumer Finances, 2009).Households starting to invest face a number of costs such as time spent to understand the stock market system, get familiar with markets situation and trading flow. It may seem that the knowledge gain does not cost anything but there are opportunity costs when it comes to time. Other than that, there are also some direct tangible costs like transaction costs, taxes and other fees for the brokera ge. Of course for wealthier households this kind of barriers are less relevant, however, poorer households might be considering if possible benefits outweigh the costs. . 2. Intelligence quotient (IQ) and cognitive skills IQ is probably the most common measure to assess human intelligence. There is no doubt that beneficial stockholding requires appropriate level of intelligence to make good investing decisions. According to recent researches, there is a correlation between IQ and participation in stock market (IQ and Stock Market Participation, 2011). Households’ heads with higher IQ tend to diversify, hold mutual funds, more stocks and eventually bear lower risks with higher returns.In addition to IQ, it is worth to mention cognitive skills that have impact on participation and successfullness of stockholding. Good cognitive skills lead to lower time costs for getting knowledge and higher awareness that are so crucial for investing. 2. 3. Education In general, education prov ides a lot of advantages for societies and its members. Self development is crucial to gain cognitive skills, general knowledge, increase awareness and gain variuos experiences. These are the traits necessary for successful participation in stock markets.It is proven that education has positive correlation with households stockholding participation. More specifically, even one additional year of schooling increases the possibility of participation by 7% – 8% (Stock market participation and household characteristics in Europe, 2010). Moreover, decisions making of educated households’ heads are more rational. 2. 4. Country As it is mentioned in the introduction, different countries have created different environments for stock markets and, therefore, this is one more factor that can influence households stockholding decision.More specifically, governments can influence investment climate by adjusting such variables as taxes, laws, infrastructure, education, general count ry’s stability and even more. The Figure 1 below represents country specific percentage of households having direct and indirect stockholdings between 2006 and 2007 (Stock market participation and household characteristics in Europe, 2010). Figure 1. Stock market participation and household characteristics in Europe, 2010. In order to improve the opportunities for households to participate in tock markets, while at the same time to make it easier to enter the above-mentioned markets to new entrants, and to improve the conditions of participation for existing participants, and finally – to ensure the stability of financial markets, government often takes appropriate actions, whose has a relatively high impact on the further development of stock markets. Government must ensure the macroeconomic stability of financial markets, while at the same time they must ensure the existence of an open economy.A theory of an open economy is very important on the development of stock markets, because only in this case people and companies can freely trade in goods and services with other people and businesses, so that has a major impact on the growth of financial markets. Another neccessary condition for the success of any stock market is its repayment of stock dividends culture – before making any type of investment it must be ensured that stockholders will be allowed to get their dividends at a pre-determined time and at a pre-determined amounts.Talking about ensuring the fair trading process, European Union in 2004 released the EU’s Markets in Financial Instruments Directive (MiFID) (this directive was implemented three years later, in 2007), in order to open the door to the creation of new trading platforms directly operated by intermediaries, and in 2008, nine major investment banks (BNP Paribas, Citi, Credit Suisse, Deutsche Bank, Goldman Sachs, Merrill Lynch, Morgan Stanley, Societe Generale and UBS) has launched new pan-European equities tr ading platform (based in London) called â€Å"Project Turquoise†.Has this directive had an impact on stock markets? Yes. The issuance of this directive led European Union to increase competition and consumer protection in investment services. In order to complete this section about relevant government efforts, we must conclude that the relevant government actions truly has a significant effect on the growth of stock (and bond) markets, promotes fair trade among all countries included in the process of buying / selling stocks, and eventually – influences country's economic level to ncrease. But are these actions sufficient enough in order to ensure the increase of the involvement of households in the stock markets in the future? 2. 5. Information availability and ease to trade Technologies and their development have huge impact on everyday households life. Although nowadays the majority of wealthy households have ability to use the Internet, two decades earlier this was different and households participation in stock market rate was different too.The research of impact of the Internet to stock market participation reveals that there are strong evidences that the Internet penetration contributed to increased amount of households participating in stock market (Stock Market Participation and the Internet, 2008). According to the same research, the usage of the Internet increases the possibility to have stocks by 7%. This is mostly because of ease of stock trading (online trading), lower transaction costs and lower information costs. 2. 6. Market trustTrust is important factor for household’s decision to invest in stock market. Financial markets involve much risk and uncertainty. To tell the truth, the majority of households whose invest in stocks don't fully understand how the capital markets actually function. There needs to be some faith and certainty in this process. If it is known that a certain person or a company is unreliable and untrus tworthy, you, simply, don’t want to have any kind of business and common interests with them. The same is with households.In deciding whether to buy stocks, investors takes into account the risk of being cheated, so those households, whose generally are more trusting, are also more likely to invest in the financial markets, and those who are less trusting are less likely to invest in the market. Collapses of financial markets and its key participants – individual companies’ (when fraud was initiated and tolerated by heads of major companies) not only lowers the distribution of expected payoffs, but at the same time reduces the confidence in the system, which generates these enefits. A great example – company â€Å"Enron†. â€Å"Enron† was one of the biggest U. S. energy companies, however, when it was revealed lots of obscure in accounting procedures (it can be considered as a fraud), performed in 1990 on both â€Å"Enron† and its par tner, accounting company â€Å"Arthur Andersen†, there was a bankruptcy initiated on â€Å"Enron† – it was the largest bankruptcy in U. S. history. Share price fell from $ 90 to a few cents, and since those shares was considered to be very reliable, this bankruptcy was considered as disaster in the financial world.Company’s shareholders lost nearly $11 billion. What do you think, what impact do these examples of companies’ breakdowns have on the growth in confidence in financial markets? 2. 7. Age Another interesting fact in observing limited household stock market participation phenomenon – age. One of the factors that influence household’s decisions about stockholdings is the age’s effect on risk tolerance. There was a research done, in order to identify the risk tolerance level within specified age groups, and it showed that the risk tolerance decreases within the age.According to a research done by Rui Yao, Michael S. Gutte r, and Sherman D. Hanna, where they analyzed the effect of race and ethnicity on subjective financial risk tolerance, measuring age as a continuous variable, found out that each year increase in age decreased a probability of taking any type of risk by almost 2 %. Another factor, having significant impact on household investment decisions according to its age, is income.As this factor was discussed at one of the beginning pages of this research paper, it is worth to remind that different age groups receives different amounts of wages, what has an impact on their ability to act and to invest in financial markets. Finally, it is an interesting fact that interpersonal trust (trust is our previously described factor due to limited household participation in stock market, but this time this factor is viewed from a slightly different perspective) is more important for stock market participation decision within younger age groups and political orientation within older age groups. . 8. Mari tal status It’s not a secret that marital status is another important factor, which has a significant impact on household’s decisions whether to participate in the stock market or not. Married people are more willing to take (and share with each other) a certain level of risk than those, whose are living alone, and those, whose are living together, but are not married at all. There was a research done in order to identify the effects of marriage and divorce on financial investments.According to this research, women are more likely to invest in the stock market after their marriage, and take back their investment after divorce, while at the same time men shows quite different patterns on investment decisions. This suggests that the female gender is more risk averse than men (risk averse is also identified as one of the factors that has an impact on household’s investment decisions in the stock market), but in terms of couples who are married, a degree of risk mor e or less evenly distributes among themselves.It is worth to mention that marriage increases the likelihood of future investments in the financial markets for both men and women. There are lots of household finance literature available both online and in libraries, where it is often highlighted the differences in men and women behaviors while investing (marital status, as one of the factors having impact on households decision whether to participate in stock market or not, can be analyzed in a little bit different way.That’s true – by gender and by risk level each gender has possibility to take on themselves). According to the literature, the differences on investment preferences between men and women are more exposed, when individuals rather than married couples are being analyzed, because as it was mentioned earlier, married investors takes more risk than single investors. A distribution in risk by gender, talking in terms of marital status, is not the only reason fo r limited household participation in stock market. There an be distinguished several different factors, attributable to marital status – it‘s changes in household risk preferences, changes in background risks, and, also, changes in economic resources. 2. 9. Sociability (social interaction) Is it not true that working with a good company of friends involves more fun and at the same time the overall productivity increases? At the same time, don‘t you feel safer when you purchase a good, that was tested by people living in your environment, and it was recommended as a reliable and useful good?Another example would be a participation in any social program, where there previously participated, for example, your neighbours or friends – your decision-making process is very strongly influenced by the people of your environment, and here takes place the so-called phenomenon of word-of-mouth communication. All these examples perfectly suites to define one more factor , which explains limited household participation in stock market phenomenon – it is sociability, or, in other words, household‘s social interaction.Harvard Business School provides us with an opportunity to observe their findings about sociability‘s impact on stockholding decisions. Firstly, according to a research done, social households – those households, that has friendly and warm relations with their neighbours, are more likely to participate in stock markets, than those, whose relations with their neighbours are ruined or there aren‘t any neighbours in their environment. Secondly, as the proof of the first claim about sociability, researchers indicates that the impact of sociability is much more higher in those states with higher stock market participation rates.Quite „unexpectedâ€Å", right? Finally, they found out that differential between social and non-social households appears to have widened since 1990s. We often encounter with wor d-of-mouth communication‘s impact in our everyday‘s life, but when you are trying to assess sociability‘s influence on household decisions whether to participate on stock markets or not, you then realize the true power of a word. Word-of-mouth information sharing is key point in understanding sociability as another factor of limited household stockholding decisions, so we state that there‘s a significant impact of social interaction on such like household decisions. 2. 10. Personal values This research is gradually beginning to analyze not only the superficial factors, that affects household decisions related to stock market participation, but it also tries to look a little bit deeper into personal characteristics of an investor. One of the most important internal factor, having a great impact on investor‘s financial decisions, is personal values of an individual.A technical definition of personal values would be that it‘s the strongest internal p rovisions, having a large impact on our everyday decisions. Those everyday decisions are better know as our consumption decisions, they are also a major driver of our voting decisions and so on. Compared to other internal factors, such as risk aversion or life satisfaction (those are our next two internal factors, whose will be discussed a little bit later in this research), studies about personal values and its impact on our everyday‘s life are more preferable by today‘s researchers.According to their findings, personal values are connected to various demographic variables, i. e. Self-Transcedence and Openness to Change are the values that are proven to become more important when the level of education gets higher. It have also been proven that personal values are associated with social involvement, where, according to researchers, social involvement increases with the level of education. Finally, about two thirds of all studies shows that political orientation has stro ngest association with personal values.As every person has different values, the same is with political orientation – as there are many factors affecting citizens‘ lives, such as the income inequality, national security and so on, it is natural, however, that different values are emphasized in different environments. So what’s a true effect of personal values on investment decisions? Firstly, people with self-enhancement values of power and achievement are more likely to invest in stock markets than the others.And secondly, it is observed that personal values have a significant impact on those groups of people and their decisions, where investing in stock markets is relatively rare. 2. 11. Life satisfaction Isn’t it true that happier, more optimistic and satisfied with their life people embraces better decisions? What are the differences between pessimistic and optimistic people? – Optimists are more likely to believe that future economic conditions will improve. On the other hand, it is observed that optimistic people are working longer hours, they are more likely to remarry after divorce.So, optimism and life satisfaction are other important factors influencing households’ economy-related decisions. There was a research by Cambridge university‘s researchers done, where they found that optimism is highly correlated with stock ownership. People with higher levels of life satisfaction lives longer. Mostly. Therefore they think they are further from retirement, hence they are trying to control financial factors that are known that could affect their lifespan.It‘s a fact, that people, whose are more satisfied with their life, are working more, they are less pre-disposed towards retirement. What is more, it is more likely that one day they‘ll create any kind of business, so they‘ll become self-employed. Finally, optimistic people are more likely to remarry after divorce. All of this suggests that lif e satisfaction and optimism truly is a critical component of economic-decision making, and that those two factors plays an important role both on household decisions related to stock market participation and economic welfare of stockholders. . 12. Health Health risk is increasingly viewed as an important form of background risk that affects household portfolio decisions. According to household‘s level of health (whether it‘s poor or good) there‘s a possibility to detect whether household is willing to participate on the stock market or not – poor health is associated with smaller amount of risky assets and greater amount of safe assets. Researchers are trying to evaluate the links between health, health risk and portfolio selection.Recently it was observed that it does not matter whether households are trying to control their level of income and variety of socio-demographic characteristics, poor health decreases the probability of owning risky assets  œ for example, those households with poor health entails a higher risk of unexpected out-of-pocket medical expenditures, and prefers to own a corporate or government bond instead of holding a stock. Despite the fact that health risk quite often leads to a previously mentioned higher out-of-pocket medical expenditure risk, two possible outcomes can arise from such things.In particular, households may start changing the allocation of their financial resources, that can reduce their exposure to financial risk. On the second case, households can increase their precautionary saving, what reduces their ability to act in stock markets. At this point it is worth to mention that the intervention of government organizations reduces the impact of health risks related to household‘s stockholding decisions. That‘s why – it is observed that countries without adequate health care laws tends not to invest in risky financial assets, so this suggests an important role of such laws in shaping household‘s portfolio decisions. . 13. Risk aversion Finally, last but not least – factor, which had a significant role on this entire research. That’s risk aversion. We’ve emphasized different levels of risks on our study and their impact on household stockholding decisions, such as health risk or the age effect on risk tolerance. It has became clear that risk aversion reduces the probability of household‘s investments on risky assets. As the standard portfolio theory states, the amount of wealth a person wishes o invest in risky assets, depends directly on his degree of risk aversion, so it is logical to assume that if a person is more risk averse, he will hold safer portfolios. There was a research done several years in a row (from 1998 to 2001), where researchers found out that risk aversion has an effect not only on the structure of portfolio, but it also has an impact on the final decision whether an individual wants to become a stoc kholder (you should remember that previously we had a little discussion about that entry costs affects individuals‘ stock market participation decisions, too).Finally, talking about risk aversion‘s relation to other factors affecting stockholding decisions, it is found that risk aversion is negatively correlated with wealth. That‘s true – risk aversion decreases when wealth levels increases, and vice versa. To complete our discussion, another interesting fact – it was identified, that women are more risk averse than men, however, differences between genders, tends to be larger in single households (remember what effect on household‘s decisions on stockholding has marital status). 3. CONCLUSIONSIn general, all present researches about the topic agree that household stock market participation currently is not at the efficient point. There are a lot of complex factors that have impact on household stockholding decision and those have been discussed . However, some researchers observe even more correlations with stockholding decision and such interesting variables as race or living place but due to the limited scope of this exploratory research, these interesting factors are not taken into consideration. Needless to say, there are plenty of not mentioned factors that determine the level of stockholding.Of course, the governments are motivated to encourage investment level of households to make stock markets more efficient. There are some great examples how particular countries managed to increase the level of household stockholding over time. However, the complexity of the factors that lead to higher efficiency in each country are hard to determine and need further analysis to determine what works for each country particularly. Unfortunately, not all factors can be stabilized by the government. The global financial crisis of 2007-2008 showed that trust crisis in stock markets can not be handled so easily.Therefore, the only way to ensure sustainable stockholding growth is to adjust the system itself and add measures that could protect stockholders and decrease the possibility of such recessions. 4. REFERENCES 1. James P. Dow, Jr. , â€Å"Age, investing horizon and asset allocation†, 2008 2. George Korniotis, â€Å"Does Investment Skill Decline due to Cognitive Aging or Improve with Experience? †, 2007 3. Sule Alan, â€Å"Entry Costs and Stock Market Participation Over the Life Cycle†, 2006 4. 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