Children Therapy Vs Adult Therapy

Counseling children/adolescents can look very different than counseling adults due to many aspects. Adults have their way of life set In a way that Is hard to change as they get older, but kids are learning who they are and are more open to change. Children start their life depending on others as adults have learned how to live independently. Children and adolescents also cope with their hardships and do not realize that they need help as they have not learned who they can go to if they are having problems.Counseling children/adolescents need certain training and skills to each a level of success that we are looking for in a session. The way of thinking for an adult and a child are deferent in so many ways. The adult brain in adults is fully developed and they are set in their ways that can be hard for a counselor to change. It is hard to transform an adult person when they have gone their whole dealing with issues In a way that may be harmful to themselves or others. Adults have gon e their whole life learning who they can trust and who they cannot trust which makes It difficult for the counselor to gain that trust In an adult client.Children have an easier time trusting as It often takes Just a few minutes to open up to a counselor. Changes in the brain structure and function occur during childhood and adolescence (Henderson & Thompson, 2010). Since their brain is still developing they have not learned their way of handling certain emotions as mentioned in Jean Piglet's four stages of cognitive development. Counselors have to work In a different way when dealing with the thinking processes of adults versus children. Dependency changes to an independent frame of mind as a person gets older.Kids depend on their parents for the basic needs as stated in Measles hierarchy of needs which are physiological needs, safety needs, love and belonging, self-esteem, and self- actualization. These needs must be met for us to become self-actualization and reach our full poten tial In all areas of development (Henderson ; Thompson, 2010). Adults that did not meet the lower level of physiological needs such as food, shelter, water, and warmth, may not have met their higher order needs such as self-esteem or love and belonging.People that do not have their basic needs met when they ere younger, may have a hard time with their feelings about themselves or others later on in life. Adults realize that certain things in their lives are not going as they would like, so they wonder whether a counselor could help them. If they realize that they have a problem, they decide on their own to request a counseling session. Children however, never realize that they are having trouble and never think of asking their caregiver to request help for them.Children live with their issues, no matter how serious they may be, and they don't have the Ingenuity to go see a oneself. Instead, the parents or other people close to them notice something Is wrong. Counseling children that do not realize that they need help, makes It harder for the counselor to explain to the person why they are In the session. This can place. Adults usually go to counseling because they have made the choice to go there on their own. Having the client realize that they need help makes it easier on the counselor in the session, but this can come with some push back when dealing with children.Counseling children can come with some adversities which unsolder new to the profession may not be ready for and lack the skills needed to take on these challenges. I feel that building a solid foundation with a kid is important early on in their counseling experience and I would like to learn more about strategies and conversations that would help build that relationship. I have built great relationships with my students at school, but that did take some time which I will not have that much time in a counseling session.Having conversations about their troubles may be hard for a kid to put into wo rks or expressions, so I need o learn how to have a conversation with a child that allows expressing their feelings. I would also like training on the legal issues on what needs to be reported to certain agencies so that I know what to legally do in certain situations. Kids these days are getting their hands on drugs that are new developed each day and I would like training on drugs that I need to be aware of so that I am keeping up with the latest drugs that a client may be trying out. In conclusion, counseling children and adults have their differences.

Homework Essay

Chapter 18 p534 1.What is the key assumption of the basic Keynesian model? Explain why this assumption is needed if one is to accept the view that aggregate spending is a driving force behind short-term economic fluctuations. The Keynesian model shows how fluctuations in planned aggregate expenditure can cause actual output to differ from potential output. This method is necessary because if it were not used companies would have to change prices every time there was a possible change in demand or quantity shift in inventory. With this method short term economic flux can happen when the a company does shift their price to meet demand. 3. Define planned aggregate expenditure and list its components. Why does planned spending change when output changes relatively infrequently. What accounts for the difference? This is a total planned spending on goods and services including; consumption, investment, government purchases and net ports. If spending change happens infrequently then added goods go into inventory causing company to spend capital on invested inventory. Consumption function accounts for the difference between changes in expenditure. Chapter 19 1. Why does the real interest rate affect planned aggregate expenditure? Give examples. Because the raising or lowering affects the cost of borrowing, which affects consumption and planned investment (which all is a part of aggregate expenditure). If the Fed raises rates the housing market will slow down buying. If the Fed lowers rates more people are likely to buy homes and refinance. 2. The Fed faces a recessionary gap. How would you expect it to respond? Explain step by step how its policy change is likely to affect the economy. The Fed’s position is to eliminate output gaps and maintain low inflation. To eliminate a recessionary output gap, the Fed will raise the real interest rate.

Radical Feminist View on Porn

Radical feminists overall would have a very negative view towards pornography as a whole. They would frown upon child pornography and the kind of pornography that places the male gender in the driving seat and where men are under control.The reason that Radical feminists would have a negative outlook on pornography that places men under control is because this school of thoughts view is that the only way to achieve gender equality is through eliminating the assumption that women are only good for sex and reproduction. They feel that there is a subordination of women through sexuality and reproduction. Therefore they would view pornography of the above nature as supportive of the exact kind of thinking that they are trying to eliminate.Radical feminists also feel that the family system plays a very large role in either encouraging the objectification of women or in eliminating it and thus due to their high regard for family functionality they would also have an extremely negative outl ook towards child pornography as well as the fact that Radical feminists celebrate their roles as mothers, and no mother would like to see their child fall victim to child pornography or take part in the viewing thereof, not only for the child’s mental safety but also to avoid them growing up and falling victim to the view that woman are only good for sex and reproduction by the exposure of this kind of pornography.My criticism however of this school of thoughts view point is that Radical feminists have an extremely negative outlook towards men and their passion to eliminate heterosexual parenting and male sexuality is in some ways seeing men as the problem and painting all men under the same brush which is unfair towards the male gender as a whole because not all men objectify women in demeaning way.I also feel that through their efforts to try and abolish male sexuality and separate the link between their bodies and sex is only shooting themselves in the foot for through th e viewing of heterosexual porn these woman may find that they might just discover their sexuality and could come to feel empowered by their beauty and could then see their bodies as a beautiful thing instead of seeing their bodies as the problem. Some Radical feminists feel that reproduction can occur through a test tube rather than their womb and feel this way as an effort to remove the link between their bodies and reproduction but this would mean that sperm donators would be need and this would be objectifying men’s sperm so to speak. However due to their negative view towards men Radical feminists might just be supportive of lesbian porn and might see it as empowering towards women.

Letter to the editor Essay Example | Topics and Well Written Essays - 750 words

Letter to the editor - Essay Example The students are up in arms because they claim the university president’s position suggests that deaf individuals â€Å"need to be fixed† and are in some way deficient, inferior, or second-class to other students. The university president’s position, on the contrary, is that all individuals should have access to any avenue of coping with deafness; she claims that the university should endorse freedom of choice with regard to cochlear implants. She states that no one option or approach with regard to surviving as a deaf student should be mandated universally by the university. My own opinion on this issue is that the deaf students protesting at Gallaudet are wrong and that they are trying to impose one perspective: deafness is a personal identity similar to sexual orientation, for example. I believe the students’ position is restrictive, defensive, and inappropriate for a university to uphold. The students’ position is restrictive of personal freedom in that it seeks to limit the choices that a deaf student and his/her family face with regard to the student’s coping strategies. The Gallaudet protestors claim that there is only one righteous way to manage deafness, namely by accepting one’s deafness and committing to living with the disability as a kind of personal destiny. While I am totally supportive of any pride that deaf individuals may feel about their strengths and virtues in managing the disability while living in a deaf community, attending a deaf university, and communicating in American Sign Language at high levels of proficiency, I find their attempt to force all deaf persons to follow a similar path highly dogmatic and obstructive. Vermeulen, Bon, Schreuder, Knoors, and Snik completed a study on reading comprehension with two groups of 16 children. Pre-lingual deaf children with cochlear implants were

Hemorrhage Research Paper Example | Topics and Well Written Essays - 500 words

Hemorrhage - Research Paper Example Often considered the â€Å"fourth trimester† of pregnancy, the postpartum period encompasses the first six (6) weeks after childbirth. After the delivery, the woman begins to experience psychological and physiological changes that return the body into the pre-pregnant state. These changes often occur without difficulty. However, factors such as blood loss, trauma, infection and fatigue place the woman at high risk, making the postpartum period a crucial time. Postpartum haemorrhage is considered one of the leading causes of maternal deaths, accounting approximately 30% of all pregnancy-related deaths. A study was made in aiming early identification of postpartum haemorrhage with the end view of preventing its occurrence and if not, to provide prompt intervention and prevention of its life threatening complications. It is vitally important to identify those women at increased risk of a postpartum hemorrhage, as well as understanding and carrying out expectant and active management of the third stage of labor. Regardless of the cause, the woman is in danger of developing hypovolemia, a system-wide decrease in blood volume from too much blood loss. If the blood loss continues, the woman may develop hypovolemic shock, which is characterized by a weak and thread and rapid pulse; hypotension; cold and clammy skin; and changes in level of consciousness. These findings may occur abruptly and be dramatic if the blood loss is large and occurs quickly. The woman who experiences postpartum haemorrhage is also at risk for developing anemia from the blood loss. Active management comprises one of the most important sets to prevent these complications. An effective measure that can be delivered by trained health care providers linked with essential supplies in all the settings that women give birth. It includes administration of uterotonic agent; after the cord is clamped, placenta delivered by controlled cord traction with counter-traction on the fundus; uterine massage

Risk in a New Era of Catastrophes Essay Example | Topics and Well Written Essays - 1250 words

Risk in a New Era of Catastrophes - Essay Example Florida is among the states that depict high probability of facing natural calamities. Insurers, in finding out the states that mostly fall victims of natural disasters, unveiled that Florida is leading in the category. This was via applying exceedance probability (EP) curves besides incorporating prediction models, which used Florida as an illustrative example (Wharton University of Pennsylvania 7). Additional states encompass New York, Texas and S. Carolina who constitute the similar category. Studies revealed a loss of at least $10billion incurred in the state where future predications showed an increase due to the augmented occurrence of the disasters. Furthermore, due to the current climate alterations, there is an increasing and evident trend of natural calamities, which sometimes their intensities are unpredictable. Global warming has greatly yielded to frequent climate anomalies threatening nations presently (Wharton University of Pennsylvania 4). These encompass hurricanes a nd tornados that lead to immeasurable property obliteration besides human deaths. Predictions by some assorted studies indicate that the trend of natural calamities may continue to augment, where the occurrence will be unpredictable, hence finding people unaware. Final stage anticipation regards the number of insured people. Studies indicate that citizens have diverse reasons that may compel them either to buy insurance or refuse to have any coverage. People’s arguments are diverse where some state that the insurance according to their income it is high-priced whereas others do not see the essence, since that is the mandate of a state, which it has to fulfill actively. Besides, those insured their coverage is insufficient especially when catastrophes occur. Since after the catastrophe, victims require numerous things besides medicine and food, in which agencies have to provide (Wharton University of Pennsylvania

Loreal Case Study Example | Topics and Well Written Essays - 750 words

Loreal - Case Study Example Therefore, expansion became and necessity and acquisitions were the means to achieve this. Acquisitions allowed L’Oreal to operate globally, becoming part of the global economy. L’Oreal’s growth strategy was to acquire smaller companies that dealt in cosmetics and other beauty products, after which the acquired products would be assimilated and expanded from within the parent company. Acquisitions meant that the brands could be taken globally, benefiting L’Oreal’s overall brand portfolio. L’Oreal established that they lacked a competitive advantage over American rivals due to their shortage of resources in the cosmetics sector. Therefore, the cosmetics sector was a form of opportunity that would enable them to increase their returns beyond the average mark. Hence, improving the cosmetics portfolio was a major motivation for acquiring foreign cosmetics companies. The adoption began with company developed brands such as Club des Createurs de Beaute, L’Oreal Paris, L’Oreal Professional and Kerastase. L’Oreal adopted Garnier and Lancome Paris in the 1960s. In the 1980’s L’Oreal consumed popular American brands such as Redken, SoftSheen-Carson, Matrix, and Maybelline (which needed reinstallation). L’Oreal also strengthened its French brands by acquiring Ralph Lauren Fragrances, which enabled it to increase its international brand portfolio for customers of various demands and preferences. In the year 2000, L’Oreal acquired Kiehl’s, a company that dealt in high quality, expensive and highly demanded luxurious products. Kiehl’s was deemed a valuable acquisition that added authenticity to L’Oreal’s luxury collection. It also enabled L’Oreal to capture more opportunities in the Consumer Division. Due to its core competencies such as its R&D function and advertising campaigns, L’Oreal was able to reinstate Maybelline and many other smaller acquisitions, enabling it to develop a more attractively priced product that captured

Ch 5 - ismg3000 Essay Example | Topics and Well Written Essays - 750 words

Ch 5 - ismg3000 - Essay Example The effective CIO should be able to steer the organization into designing strategies that match the organizations’ resources and create their competitive advantage over the rest of their competitors; and leave other responsibilities like focusing on functions, as well as portfolio and infrastructure management to duly competent IT personnel. It is so difficult to assign a quantitative value to the return on an IT investment because, as explained by Ruben, computing for the value should take into consideration varied factors that influence and affect IT within an organization. The rationale for this is that gauging the performance of IT would take evaluating the role that IT plays within a continuum. IT is never static; therefore, computing for a quantitative value captures a pre-defined time frame, which is challenging in itself. This is compounded by the fact that the elements to be incorporated in value computation differ. As disclosed, the investments in IT are already clear demonstrations of value. However, there is also a need to incorporate competitors’ reaction to a particular investment to determine the rate of return that that particular investment generated in the long run. From the researches provided with the assistance of Maggie, the â€Å"IT Doesn’t Matter† contention was actually refuted since all crucial information indicated that IT’s role in the organization is significant given the distinct value it provides. As supported from the experience of Zara, a clothing retailer, the benefits and values that IT has created in terms of immediately identifying customers’ demands and preferences in clothing styles paved the way for the organization to perfectly match these needs with the current resources. Likewise, the same experience was also disclosed from Wal-Mart in terms if using IT to create their competitive edge over their

What caused Weimar German to suffer such extreme economic dislocations Essay

What caused Weimar German to suffer such extreme economic dislocations - Essay Example In an examination of the timeline and developments during the Weimar Republic, it is easy to understand how the failure of the democratic experiment in Germany at this time did not sum up the state’s capacity to govern itself under such a pluralist system. Much of it has to do with the economic collapse that has single-handedly torn down all the institutions and factors that have held the democratic system together. This paper will investigate what led to the Weimar Republic’s economic collapse. In the process, it is expected that such examination would help to better understand the regime and its significance in the development of the German state afterwards. The Weimar Republic certainly was doomed to ill-fate from the moment of its inception because it was associated with the country’s humiliating defeat during World War I. According to a scholar, the turbulence of the post-War situation and the fragility of the political climate contributed to the weak government: Stable democratic government was in jeopardy throughout the life of the Weimar Republic. The country was governed by unpopular minority cabinets, by internally weak Grand Coalitions, or finally, by extra-parliamentary authoritarian Presidential Cabinets.1 An interesting insight was offered by Van Mises (2008) in his analysis of the Weimar’s collapse, he posits that democracy was not attune to Germany’s needs and interests as a country, at least during the regime’s period. He argued that democracy is adequate to smaller countries, whose independence is safeguarded by the mutual rivalries of the great powers, or, to nations like England and the United States, which are sheltered by their geographical locations. Van Mises stressed that Germany do not enjoy these advantages: Germany is surrounded by hostile nations; it stands alone in the world; its borders are not protected by natural barriers; its security is founded on its army†¦ It would be

Ethical Behavior in Business Essay Example for Free

Ethical Behavior in Business Essay In the business world employers and business owners should know that there is no room to be dishonest, or greedy dealing with a business. In reality people need to be held responsible and accountable for making sure that they are holding up and following ethical business practices. There is no reason that any business owner or manager should not follow the golden rule at work just like they would at home, treat people the way you want to be treated should work at all times. Thinking about the old saying â€Å"Ignorance is no excuse† would apply in business as well as in our personal life. (Mautner, 2005) It is best to study the business culture of all businesses all over the world, when dealing with International business, all avenues should be addressed before conducting business in different locations. There could be all kinds of bad business practices lawsuits if someone was to go to another country and did not understand the culture of that country. For instance in Mexico they believe that having a siesta during midday production that will help increase their production. Siesta time is usually from 12pm – 2pm and it’s the time to eat or sleep. In the United States most employers give their employees one hour for lunch, it would cause someone to lose their job if they told their supervisor that they was taking a siesta for 2 hours. That is why it is very important to study the culture and all the business practices of all countries so that companies would not be involved in bad or corrupt business transactions. Just because something is legal in the U.S. does not mean that it would be legal in another country. Most places follow different ethic rules and regulations based on their morals. When showing concern for good behavior that is the best way to describe ethics, showing consideration and making sure others are treated the same and equal are the best way to have good business ethics. It’s very much the same as the way we treat our family and friends on a day to day basis, whatever people do in life has consequences because of how we act or not act is another way to describe business ethics, mainly by following the regulations and rules that are expected to be followed by laws and other authority. Knowing that if your business earned only $10,000 for the week and you have earned only $7,000 from sales that week and your payroll office process (checks to the employees and companies that distribute products on a weekly basis) and knowing that all the checks will not clear because there is not enough money to pay all the expenses, this would be unethical and not good for the business. To have good business ethics would be shown by the views of other businesses that do take their business serious and follow the rules of good business ethics. Its best to work with people that have great business goals and taking care of the needs and necessities of the business versus working with someone that really do not care about goals only about how much money they can earn. When a business has good ethical behavior is will show because it would be positive and appropriate. Morally anyone would rather go to a clothing store that is neat and clean and the clothes are matching in colors and styles and accessories are available. As a woman I would not feel comfortable shopping in a store that was messy and not clean and everything look like it had been on the floor and not on hangers, the appearance would be unethical and I would not shop where I felt the morals were low or that the owners seem to not care or have any business ethics. The way you can tell if a business is running under good ethical business tactics would be by the employees work and the overall concept of the organizational actions. A business that does not have good ethics can be spotted right away, if the managers are lazy and don’t have any care about helping their clients or customers and the other employees act the same way, the sales will not be great because of all the negativity. When you see employees that are happy, and enjoy their jobs and all the perks and benefits they will take care of their clients or customers. Each job should make sure that all their employees, including supervisors, managers and everyone Keep high work ethics standards 100% of the time, this helps the business or organization moving in a positive direction. By keeping employees involved with the organization such as conducting training and keeping courses available to improve their performance by communication the mission, and the objectives and actions as an employee there this most definitely would keep the encouragement of positive ethical behaviors to help all benefits for the employees and the organization as well as clients or customers. It’s sad that all business and organization do not have good business ethics and that is why they have a revolving door as far as keeping good employees. Business ethics have been shown through study of all human conduct, as far as emphasis on being right or wrong, this shows that they follows the rules dealing with principles and standards by the way they handle business ethics. The principles and standards that shows marketing conduct that is acceptable is called marketing ethics and its determined by the organization different owners and stakeholders that relate to all the marketing activity. The three main principles that help a business earn trust and have long marketing relationships are the following: * Advertising * Sales * Distribution For instance Fox News Channel always seem to talk negative about democrats, or anyone that is associated with the democratic party. â€Å"I challenge anybody to show me an example of bias in Fox News Channel.† (Rupert Murdoch (Salon, 3/1/01) Ethical behavior and code of ethics requires people to act appropriate and follow the law of the land, which shows exactly what the business ethics are on a day to day basis. â€Å"Business ethics and the codes that formally define it always include elements that go beyond strict legality; they demand adherence to a higher standard† (USLegal.com) People know that we are not supposed to steal or lie to employers on their job, but they continue to do so with no regrets until they are caught. In 2002, legislation passed the (SOX) Sarbanes-Oxley Act which requires all corporation to publish their code of ethics to ensure that people who trade in stock, must publish their code of ethics with any changes to the codes when they are updated, most small businesses are not required to publish their code of ethics, only because they do not have an option with public trade. I feel that organizations should always show and perform with positive ethical conduct all the time, this shows that their business practices are consistently and appropriate for their business ethics. Whenever you see a business that is not doing well the first thing you should look at would be how ethically sound is that business, from the start of dealing with the business, if you notice the business that do not have good morale or work ethics instilled. You will find that this business do not keep employees long because the positive employees with good ethics will leave and find a company that has the needs and business ethics they are looking for as far as a good work environment. In my opinion a business that does not operate with ethics will not function right and when you earn money that has not been earned in an honest way it will not last long because people do reap what they sow, if you plant negative a crooked seeds that is what you will grow in the long run. The best policy would be for a company to have good business ethics and integrity, without these Two main factors for any business they will surely have problems with their business running without issues. The definition lists ethical as â€Å"pertaining to or dealing with morals, or the principles of morality; pertaining to right and wrong in conduct†¦being in accordance with the rules and standards, for right conduct or practice, especially the standards of a profession.†

Impact of Discount rate Changes on Stock Market Return

Impact of Discount rate Changes on Stock Market Return CHAPTER 1 Stock market plays an important role in the economic development of a country. Stock exchange performance has attained significant role in global economics and financial markets, due to their impact on corporate finance and economic activity. For instance stock exchanges enable firms to acquire capital quickly, due to the ease with which securities are traded. Stock exchange activity, thus, plays an important role in helping to determine the effects of macroeconomic activities. Stock market returns are the returns that the investors generate out of the stock market; it can be in the form of dividends or profits, as a company gets its dividends and profits in the form of their share holders in the secondary market. Well there is a definite change in the market as with the behavior changes with the discount rate, changes can be technical or non-technical. Technical changes refers to the internal changes and non-technical as external changes which are mostly related to the behavior and response of the customers and consumers. Equity returns also measured by the industrial index respond rather rapidly to the unexpected announcements of discount rate changes. Not only affecting equity returns, the unexpected discount rate changes also contribute to higher market volatility. An unexpected discount rate change also induces trading which is more supportive of the contention that public information causes price changes with trading. Increased trading volume due to unexpected public information, however, occurs only in the current period. Whenever, the market is not efficient, stock prices adjust to new information slowly and it is possible to generate abnormal profits. Financial market volatility is important for investors confidence, for port-folio selection, and for the pricing of both primary and derivative securities. Market volatility is not related to existing public information such as expected discount rate change announcements. Karachi Stock Exchange 100 Index  (KSE-100 Index) is a  stock index  acting as a standard to compare prices on the  Karachi Stock Exchange  (KSE) over a period of time. In formative representative companies to calculate the index on, companies with the maximum  market capitalization  are selected. On the other hand, to ensure maximum market representation, the company with the maximum market capitalization from each sector is also incorporated.. 1.2 Problem Statement To study the impact of discount rate changes on stock market return 1.3 Research Hypothesis: The expected discount rate change announcements have impact on stock market return. 1.4 Outline of the Study The aim of the study is to observe Impact of Discount rate Changes on Stock Market Return. This Study is observing on Karachi Stock Exchange (KSE). The  Karachi Stock Exchange  is a  stock exchange  situated in  Karachi,  Pakistan, established on 18 September, 1947 it started with 5 companies with a capital of Rs. 37 million. It is Pakistans biggest and oldest stock exchange, with a lot of Pakistani as well as overseas listings. Its present premises are placed on Stock Exchange Road, in the heart of Karachis Business District. KSE starts with a 50 shares index. As the market develops a representative index was needed. In poor political condition, social issues, financial and other problems, KSE played a very important role in the financial system of Pakistan. KSE 100-index showed a return of 40.19% and became the sixth best markets in the year 2007. It gets a biggest milestone by touching of KSE-100 Index level of 15,000 for the foremost time in the history of Karachi sto ck exchange on 20 April, 2008. On the other hand, the raise of 7.4 percent in 2008 build-up the best performer in all the emerging market. The KSE 100TM Index closed at 9645 points on 19 June, 2010. Although by 30th July total market capitalisation of the KSE reached Rs2.95 trillion, approximately around 35 billion dollars CHAPTER 2 LITERATURE REVIEW As it can be figured out by the models of stock market and about the interest rates, value of share in the stock market, maturity of the bonds with short run and long run and the value of the capital as well as the factor of production, All these things influence a great deal towards the changes as well as the demand and supply model. Equilibrium is also there, which is basically an intersection, the point where the quantity of supply equal to the quantity demands. Output and interest rates plays a bigger role in the discount changes, as from the different policies, laws and models have been mentioned in the previous studies. If prices are fixed country can never faced inflation because of the nominal and real rates. Output depends on the stock market and fiscal policy (Blume, 1994). The stock market is the ratio of steady-state profit to the steady-state interest rate. If the money increases in the market the steady-state effects are quite clear, Output and stock market are higher in the equilibrium. The higher money stock lowers the real interest rate and thus the cost of capital. This was all about a monetary expansion under fixed price. We find that in the pre-79 period, there was no securities market response to either technical or nontechnical changes, while in the post-79 period there was no response to technical changes (Hardouvelis and Gikas, 1987). Discount rate changes will affect market rate and equity returns if such changes brings information about either short- or long- run monetary policy objectives. So an in increase in the discount will definitely help to attract more and more people towards the policy, and there will be a huge amount of change in the customers and clients response towards it. As a result, current (spot) and expected short-term rates rise in reaction to reduced short-run money growth. Long-term rates and forward rates may also increase to reflect the higher expected short-term rates. It doesnt have much impact over the long-term rates as it has on short-term rates just because the monetary policy and consumers response (Maberly, 1992). Short term rates makes more people attractive and kind of working well for the secondary markets, so mostly they all rely on the short-term rates, as they prefer short-term rates than long-term rates. And short-term is the one which affect a great deal. The impact of discount rate changes on equity prices can operate through two possible channels. This is most readily seen by viewing the value of the firm as the present value of its future net cash flows. To some extent discount rate increases (decreases) result in increases (decreases) in interest rates. It has also based on the capital or investment as well, capital can fall or rise just because of the stock prices, stock prices has an ultimate effect on capital and economic activity can be disturbed too, that also can be altered due to this price change. If the capitalization rates and cash flow expectation are affected by discount rate changes, these effects will also work in the same direction. From previous studies we have an i dea that stock prices declines to be associated with discount rate increases (Ederington and Lee, 1993). Considering the New York stock exchange, the stock return data are the daily percentage return on the New York Stock Exchange value-weighted index and is denoted SP. The interest rate data are for constant maturity Treasury securities and include eight different maturities: 90-, 180-, and 360-day bills and three-, five-, seven-, ten-, and twenty-year bonds. These rates are obtained from DRI, who compile them from the Federal Reserve Board Statistical Release from DRI. These eight interests are used to calculate seven forward rates in addition to the 90-day bill rate. The stock price coefficient for the post-79 period suggests a 1 percent increase (decrease) in the discount rate will result in a decline (increase) of 1.06 percent in stock prices. A similar finding in reported for the interest rate data. Only one interest rate series evidences a significant market reaction in the pre-79 period, while six of the eight interest rates indicate a significant market response over the post-7 9 period (Gerety, and Mulherin, 1992). Although the early researches result indicates that the real issue is whether the observed announcement effect, regardless of the monetary policy regime, indicates market inefficiency. In classification of the discount rate changes from the previous discussion we have evaluated that to assess properly the announcement effects of discount rate changes, it is necessary to distinguish technical from nontechnical changes. There are several short comings with this approach that limit its usefulness in predicting discount rate changes and cast substantial doubt on the assumption of discount rate erogeneity (Lee and Bong, 1992). Researches rely on two different methods to classify discount rate changes. The best model, both in terms of in-sample fit and prediction of actual discount rate changes, related changes in the discount rate (measured in basis points) to the spread between the Fed Funds rate and the discount rate. Nonetheless, if the model incorporates the relevant information set, then by construction the forecast and optimal predictions based on available information and, therefore, rational. Through the study of different modules we came on to know in conclusion that the purpose of this has been to reconcile previous findings of both an endogenous discount rate and discount rate announcement effects with market efficiency (Harris, 1986). By classifying discount rate changes as either technical or non-technical, and recognizing that the latter are (at least) partially endogenous, it is argued that, within the framework of market efficiency, the discount rate can fail tests of statistical erogeneity and still exhibit announcement effects. The empirical evidence of this paper supports this view and suggests that previous studies were missing specified by not controlling for the purpose of discount rate change. The evidence also implies that the common assumption contained in virtually all theoretical and empirical macroeconomic models, that the discount rate is either purely endogenous or purely exogenous, is inappropriate. This also specifies market only react when there appears to be a shift in policy- in the discount rate. At least from this standpoint, one cannot rule out the discount rate as a useful tool of monetary policy. Eventually, our results support the existence of efficient markets based on the dual findin gs that only nontechnical changes are characterized by announcement effects and that virtually the entire market adjustments occurs by the end of the announcement day (Jones, 1994). From previous studies the issue of monetary neutrality has long been debated by financial economists. There was evidence been brought in to the market which says that increases in the growth rate of money raises stock returns? Monetary policy affects the real economy, and whether its effects are quantitatively important, remain open questions. These questions by examining the effects of monetary policy innovations on stock return data. Theory posits that stock prices equal the expected present value of future net cash flows. To examine the relationship between monetary policy and stock returns, a variety of empirical techniques are employed. The size portfolios are useful for investigating why monetary policy matters, if in fact it does. If monetary policy has real effects, one reason for this could be that it affects firms balance sheets. To investigate whether monetary policy affects size and industry portfolios, both impulse responses and innovation accounting methods are used. Al l the results in table one to four measures the effects of monetary policy shocks on nominal stock returns. In considering the question of monetary neutrality, we are interested in whether monetary policy affects real stock returns. Thus rather than complicate the analysis by considering the best way to measure expected inflation we focus on results using nominal returns. Through the different systems results reported are robust to minor changes in the specification. When total reserves are dropped, employment growth or unemployment is used instead of industrial production growth, the non stationary variables are first-differenced, and the number of lags is changed (Marshall and David, 1992). There was another approach to identifying monetary shocks is Data and Methodology which is been made to the use of Federal Reserve statements and other historical documents over the period to identify exogenous changes in monetary policy and the responses of real variables. This narrative approach has recently employed to assemble a much larger sample of monetary policy shocks. An alternative way is used to test whether monetary policy affects stock returns (Morse, 1981). A growing number of papers in both the economics and finance literature focus on the effect of economic news on asset returns. Nonetheless, there seems a wide gap between these two literatures. These elements of surprise in one particular type of news announcements of short-term interest rate decisions made by the Open Market Committee affect the volatility of the stock market in the short term. Relationship between monetary policy and daily stock market volatility from two vantage points: days around regularly scheduled meetings of the stock market committee, the main monetary policy making body and days of actual policy decisions involving the target level of the federal funds rate (Fama and Kenneth, 1995). Turning to the days of actual policy decisions regardless of whether they were announced on regularly scheduled meetings days. Some evidence was found that such decisions tend to boost volatility in the stock market. The effect of policy decisions is greatest that exclude those decisions that were fully anticipated by market. Besides identifying monetary policy announcements as an important source of short-run volatility in the stock market, this will also addresses broader issues in the finance literature. In particular, higher interest rates induce higher leverage ratios, which in turn increase the risk associated with holding stocks and the volatility of stock returns (Patell and Wolfson, 1984). In examining the relationship between the stock market and fiscal policy, all models combined two different approaches widely used in the monetary economics and finance literature. In particular, in analyzing the markets response to scheduled and unscheduled announcements, a potentially interesting issue is whether the corresponding impulse response functions for volatility are significantly different. Other issues that also merit further consideration include a closer look at the relationship between first- and second- moment responses to policy news and the explicit analysis of risk premiums around announcements days (Penman, 1987). From all these models and theories, have come to know that anything that happens in the secondary market, it does have an impact over the entire economy as we have gone through from the different examples across the world. Even if it is pre-announcement, monetary policy or whatever, stock market does change its state according to the circumstances and events. Pre-announcements are also made as precautions that are for safety announcements for the share holders of the companies. Due to this they can easily draw their amount and will not have to see further more difficulties. Unpredictability or volatility is always there in the market, when the investors just to keep on guessing for the right time to invest and stock holders wait for the right time to buy shares of the companies and all this process makes things more complicated especially for the investors and then it effects the stock market. Monetary policy on the other hand takes things more attractive for the investors and share holders that they believe their money is in safe place so they would love to invest as long as they are sure about the monetary policy (Stoll and Whaley, 1990). Policies are always made for the betterment of the people who are your clients or customers as per organization requirements, it also refers to the trust that how much they trust on their policies that people could come and invest. Banks do the same thing; the only thing they sell is trust, because as many people trust on you as they will go on to be their customers. Many of the sources indicate that there is a connection between news and stock prices, finance literature highlights that too. The finance literature focus on economic announcements per se, without controlling for the element of surprise in such announcements, might help to explain why so many studies have failed to find a significant link between market volatility and economic news. Either by implicitly assuming that the conditional volatility of stock returns is time invariant or by simply leaving its time-varying nature unspecified, monetary economists have failed to consider a potentially significant effect of policy surprises on the short-run behavior of the market (Wood and McInish, 1985). Equity returns also measured by the industrial index respond rather rapidly to the unexpected announcements of discount rate changes. Not only affecting equity returns, the unexpected discount rate changes also contribute to higher market volatility. An unexpected discount rate change also induces trading which is more supportive of the contention that public information causes price changes with trading. Increased trading volume due to unexpected public information, however, occurs only in the current period. Whenever, the market is not efficient, stock prices adjust to new information slowly and it is possible to generate abnormal profits. Financial market volatility is important for investors confidence, for port-folio selection, and for the pricing of both primary and derivative securities. Market volatility is not related to existing public information such as expected discount rate change announcements (Richard Roll and Stephen Ross, 1986). CHAPTER 3 RESEARCH METHOD This chapter explains the methodology used for the research study. The main research data set is used in this paper consist of KSE 100 index listed on Karachi Stock Exchange. It is the data for last ten years 2000 to 2010 for every monetary policy has been announced Data would be collected through the website and business recorder website. This chapter also discusses the methods to evaluate validity and reliability of research for the factors associated with the Impact of Discount rate Changes on Stock Market Return. 3.1 Method of data collection: The secondary data which was used in this research was available on the website of Karachi Stock Exchange from 2000 to 2010. 3.2 Sample size and Sampling Technique: In this research, data from the year 2000 to 2010 has been taken as a sample size. The data collected through Karachi Stock Market and State Bank of Pakistan 3.3 Instrument of Data Collection: This research was carried out through Secondary Data. 3.4 Statistical tool used: In order to measure the relationship between the variables stock market return and discount rate and impact of discount rate change on stock market return, Regression is used as a statistical tool in this research. SPSS software is used to evaluate the relationship between the two variables CHAPTER 4 RESULTS Hypothesis Testing Ho: The expected discount rate changes announcements have impact on stock market return. Table 4.1 From the above Durbin Watson value, it has been clarified that there was an existence of auto correlation in the data set. In order to resolve the issue we have generated the lag variables of the dependent variable up to the level 2. Table 4.2 Form the above table we can observe the value of the Adjusted R Square is .934 or 93.4%. It means that 1 unit change in the set of independent variables brings out the 93.4% change in the variation of dependent variable. With the inclusion of the lag variables in the data set, the problem auto correlation has been resolved. The Durbin Watson value mentioned in the above table is 1.964 closer to 2. Value closer to 2 means that there is no auto correlation exists in the data set. Table 4.3 From the above table we can observe that the significant value of the above ANOVAs test model 2 is less that 0.05. It means that the data is suitable for the application of regression model. Table 4.4 The above table shows the coefficient value of the analysis. As it can be observed that, the significant value of the discount rate is less than 0.05 it means that the change in discount rate has a significant impact on the stock therefore; the Null hypothesis is not rejected. At 95% confidence interval level the significant value of alpha/constant is 0.000 it means that the in the absence of all the variables the minimum return of the KSE is equal to the alpha value. The Beta value of lag 1 is 5376.550 it means that the today returns from the stock market is dependent on the stock market returns after the announcement of last monetary policy. For e.g. if the current stock return are equal to 1 the stock returns after the announcement of the next monetary policy is 5376.550 times of the current stock returns. The relationship of the lag 2 stock returns is vice versa of the lag 1 stock returns. It has a negative relationship with the current stock returns. Graph 4.1 The above diagram shows the trend of the KSE index and the change in discount rates for the last 10 years in the country. On a whole an upward trend has been observed in the KSE 100 index it is due to the increase in the FDI investments as well as the development in the financial sectors. The change in the discount rate shows overall a mix trend, we can observe a huge peaks and valleys in the graph. In our research, we have not found any significant relationship among the announcement of change in discount rate and stock returns. Some of these factors are political situation of the country, foreign direct investments, Law and order situation and most importantly exchange rate. Collectively, all these factors are contributing in the stock returns. However, change in the discount rate do impact the stock returns but, not in the short run, in the long run the chances are quite high that it does impact on the stock returns in Karachi Stock market. The reason behind the Long term affect i s that, the change in the discount rate affects the profitability of the companies in the next coming quarters so, immediately the affect in the stock returns are not massive that are in the long run. 4.2 Hypotheses Assessment Summary The hypotheses of this research study are based on variables like stock market return and discount rate intraday. The significant value is less than 0.05 It means that the data is suitable for the application of regression model. S.NO. Hypotheses T SIG. RESULT H1 the expected discount rate changes announcement have impact on stock market return. 11.991 .000 Accepted CHAPTER 5 CONCLUSIONS, DISCUSSIONS, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion As anticipated, expected discount rate changes, representing existing public information, have no impact on the trading volume for the current period nor does for any other periods. Public information also induces trading only in the current period but not in the future periods. More trading has occurred during the decreasing discount rate periods than the increasing discount rate periods as evidenced by the significant parameter. 5.2 Discussion This research shows that the change in the discount rate shows overall a mix trend, it can be observed a huge peaks and valleys in the graph. In this research there was no significant relationship found among the announcement of change in discount rate and stock returns. The reason behind this is, other than monetary policy there are lots of other factors that are contributing towards the stock returns in Karachi stock market. Some of these factors are political situation of the country, foreign direct investments, Law and order situation and most importantly exchange rate. Collectively, all these factors are contributing in the stock returns. However, change in the discount rate do impact the stock returns but, not in the short run, in the long run the chances are quite high that it does impact on the stock returns in Karachi Stock market. The reason behind the Long term affect is that, the change in the discount rate affects the profitability of the companies in the next coming qua rters so, immediately the affect in the stock returns are not massive that are in the long run. In this research it has been identified more accurately that if and when the stock market responds to the release of the discount rate change information. More importantly, studying the market volatility and trading volume sheds additional light on the information literature. Equity returns respond negatively and significantly to the unexpected announcements of discount rate changes, while the expected changes generally have no bearing on the equity returns. 5.3 Implementations For practical implementation, this research can be used to analyze the impact of Discount rate Changes on Stock Market Return as The effect of discount rate changes on stock market returns. Equity returns generally respond negatively and significantly to the unexpected announcements; however, the effect of expected changes on equity returns is insignificant. Abnormal trading volume occurs only in period. 5.4 Recommendations Pre-announcement, monetary policy or whatever, stock market does change its state according to the circumstances and events. Pre-announcements are also made as precautions that are for safety announcements for the share holders of the companies. Due to this they can easily draw their amount and will not have to see further more difficulties. Unpredictability or volatility is always there in the market, when the investors just to keep on guessing for the right time to invest and stock holders wait for the right time to buy shares of the companies nd all this process makes things more complicated especially for the investors and then it effects the stock market. CHAPTER 6 REFERNCES Blume, L, 1994, Market statistics and technical analysis, the role of volume. Journal of Finance, 49, 153-181. Ederington, L.H and Lee, J.H, 1993, How markets process information, News releases and volatility, Journal of Finance, 48, 1161-1191. Fama and Kenneth, 1995, Size and book-to-market factors in earnings and returns, Journal of Finance, 50, 131-156. Gerety, M.S and Mulherin, H.J, 1992, Trading halts and market activity, An analysis of volume at the open and the close, Journal of Finance, 47, 1765-1784. Harris, L, 1986, A transaction data study of weekly and intradaily patterns in stock returns, Journal of Financial Economics, 16, 99-117. Hardouvelis, Gikas, 1987, Reserves announcements and interest rates, Does monetary policy matter? Journal of Finance, 42, 407-422. Lee, Bong-Soo, 1992, Causal relations among stock returns, interest rates, real activity, and inflation, Journal of Finance, 47, 1591-1603. Maberly, E.D, 1992, Odd-lot transactions around the turn of the year, Journal of Financial and Quantitative Analysis, 27, 591-604. Jones, 1994. Information, trading and volatility, Journal of Financial Economics, 36, 127-154. Morse, D, 1981, Price and trading volume reaction surrounding earnings announcements, A closer examination. Journal of Accounting Research 19, 374-383. Marshall and David, 1992, Inflation and asset returns in a monetary economy, Journal of Finance, 47, 1315-1342. Penman, S.H, 1987, The distribution of earnings news over time and seasonalities in aggregate stock returns, Journal of Financial Economics, 18, 199-228. Patell, J.M and Wolfson, M.A, 1984, The intraday speed of adjustment of stock prices to earnings and dividend announcements, Journal of Financial Economics 13, 223-252. Richard Roll, and Stephen Ross, 1986, Economic forces and the stock market, Journal of Business, 59, 383-403. Stoll and Whaley, 1990, The dynamics of stock index and stock index futures returns, Journal of Financial and Quantitative Analysis, 25, 441-468. Wood, and McInish, 1985, An investigation of transaction data for NYSE stocks, Journal of Finance 60, 723-739. Impact of Discount rate Changes on Stock Market Return Impact of Discount rate Changes on Stock Market Return CHAPTER 1 Stock market plays an important role in the economic development of a country. Stock exchange performance has attained significant role in global economics and financial markets, due to their impact on corporate finance and economic activity. For instance stock exchanges enable firms to acquire capital quickly, due to the ease with which securities are traded. Stock exchange activity, thus, plays an important role in helping to determine the effects of macroeconomic activities. Stock market returns are the returns that the investors generate out of the stock market; it can be in the form of dividends or profits, as a company gets its dividends and profits in the form of their share holders in the secondary market. Well there is a definite change in the market as with the behavior changes with the discount rate, changes can be technical or non-technical. Technical changes refers to the internal changes and non-technical as external changes which are mostly related to the behavior and response of the customers and consumers. Equity returns also measured by the industrial index respond rather rapidly to the unexpected announcements of discount rate changes. Not only affecting equity returns, the unexpected discount rate changes also contribute to higher market volatility. An unexpected discount rate change also induces trading which is more supportive of the contention that public information causes price changes with trading. Increased trading volume due to unexpected public information, however, occurs only in the current period. Whenever, the market is not efficient, stock prices adjust to new information slowly and it is possible to generate abnormal profits. Financial market volatility is important for investors confidence, for port-folio selection, and for the pricing of both primary and derivative securities. Market volatility is not related to existing public information such as expected discount rate change announcements. Karachi Stock Exchange 100 Index  (KSE-100 Index) is a  stock index  acting as a standard to compare prices on the  Karachi Stock Exchange  (KSE) over a period of time. In formative representative companies to calculate the index on, companies with the maximum  market capitalization  are selected. On the other hand, to ensure maximum market representation, the company with the maximum market capitalization from each sector is also incorporated.. 1.2 Problem Statement To study the impact of discount rate changes on stock market return 1.3 Research Hypothesis: The expected discount rate change announcements have impact on stock market return. 1.4 Outline of the Study The aim of the study is to observe Impact of Discount rate Changes on Stock Market Return. This Study is observing on Karachi Stock Exchange (KSE). The  Karachi Stock Exchange  is a  stock exchange  situated in  Karachi,  Pakistan, established on 18 September, 1947 it started with 5 companies with a capital of Rs. 37 million. It is Pakistans biggest and oldest stock exchange, with a lot of Pakistani as well as overseas listings. Its present premises are placed on Stock Exchange Road, in the heart of Karachis Business District. KSE starts with a 50 shares index. As the market develops a representative index was needed. In poor political condition, social issues, financial and other problems, KSE played a very important role in the financial system of Pakistan. KSE 100-index showed a return of 40.19% and became the sixth best markets in the year 2007. It gets a biggest milestone by touching of KSE-100 Index level of 15,000 for the foremost time in the history of Karachi sto ck exchange on 20 April, 2008. On the other hand, the raise of 7.4 percent in 2008 build-up the best performer in all the emerging market. The KSE 100TM Index closed at 9645 points on 19 June, 2010. Although by 30th July total market capitalisation of the KSE reached Rs2.95 trillion, approximately around 35 billion dollars CHAPTER 2 LITERATURE REVIEW As it can be figured out by the models of stock market and about the interest rates, value of share in the stock market, maturity of the bonds with short run and long run and the value of the capital as well as the factor of production, All these things influence a great deal towards the changes as well as the demand and supply model. Equilibrium is also there, which is basically an intersection, the point where the quantity of supply equal to the quantity demands. Output and interest rates plays a bigger role in the discount changes, as from the different policies, laws and models have been mentioned in the previous studies. If prices are fixed country can never faced inflation because of the nominal and real rates. Output depends on the stock market and fiscal policy (Blume, 1994). The stock market is the ratio of steady-state profit to the steady-state interest rate. If the money increases in the market the steady-state effects are quite clear, Output and stock market are higher in the equilibrium. The higher money stock lowers the real interest rate and thus the cost of capital. This was all about a monetary expansion under fixed price. We find that in the pre-79 period, there was no securities market response to either technical or nontechnical changes, while in the post-79 period there was no response to technical changes (Hardouvelis and Gikas, 1987). Discount rate changes will affect market rate and equity returns if such changes brings information about either short- or long- run monetary policy objectives. So an in increase in the discount will definitely help to attract more and more people towards the policy, and there will be a huge amount of change in the customers and clients response towards it. As a result, current (spot) and expected short-term rates rise in reaction to reduced short-run money growth. Long-term rates and forward rates may also increase to reflect the higher expected short-term rates. It doesnt have much impact over the long-term rates as it has on short-term rates just because the monetary policy and consumers response (Maberly, 1992). Short term rates makes more people attractive and kind of working well for the secondary markets, so mostly they all rely on the short-term rates, as they prefer short-term rates than long-term rates. And short-term is the one which affect a great deal. The impact of discount rate changes on equity prices can operate through two possible channels. This is most readily seen by viewing the value of the firm as the present value of its future net cash flows. To some extent discount rate increases (decreases) result in increases (decreases) in interest rates. It has also based on the capital or investment as well, capital can fall or rise just because of the stock prices, stock prices has an ultimate effect on capital and economic activity can be disturbed too, that also can be altered due to this price change. If the capitalization rates and cash flow expectation are affected by discount rate changes, these effects will also work in the same direction. From previous studies we have an i dea that stock prices declines to be associated with discount rate increases (Ederington and Lee, 1993). Considering the New York stock exchange, the stock return data are the daily percentage return on the New York Stock Exchange value-weighted index and is denoted SP. The interest rate data are for constant maturity Treasury securities and include eight different maturities: 90-, 180-, and 360-day bills and three-, five-, seven-, ten-, and twenty-year bonds. These rates are obtained from DRI, who compile them from the Federal Reserve Board Statistical Release from DRI. These eight interests are used to calculate seven forward rates in addition to the 90-day bill rate. The stock price coefficient for the post-79 period suggests a 1 percent increase (decrease) in the discount rate will result in a decline (increase) of 1.06 percent in stock prices. A similar finding in reported for the interest rate data. Only one interest rate series evidences a significant market reaction in the pre-79 period, while six of the eight interest rates indicate a significant market response over the post-7 9 period (Gerety, and Mulherin, 1992). Although the early researches result indicates that the real issue is whether the observed announcement effect, regardless of the monetary policy regime, indicates market inefficiency. In classification of the discount rate changes from the previous discussion we have evaluated that to assess properly the announcement effects of discount rate changes, it is necessary to distinguish technical from nontechnical changes. There are several short comings with this approach that limit its usefulness in predicting discount rate changes and cast substantial doubt on the assumption of discount rate erogeneity (Lee and Bong, 1992). Researches rely on two different methods to classify discount rate changes. The best model, both in terms of in-sample fit and prediction of actual discount rate changes, related changes in the discount rate (measured in basis points) to the spread between the Fed Funds rate and the discount rate. Nonetheless, if the model incorporates the relevant information set, then by construction the forecast and optimal predictions based on available information and, therefore, rational. Through the study of different modules we came on to know in conclusion that the purpose of this has been to reconcile previous findings of both an endogenous discount rate and discount rate announcement effects with market efficiency (Harris, 1986). By classifying discount rate changes as either technical or non-technical, and recognizing that the latter are (at least) partially endogenous, it is argued that, within the framework of market efficiency, the discount rate can fail tests of statistical erogeneity and still exhibit announcement effects. The empirical evidence of this paper supports this view and suggests that previous studies were missing specified by not controlling for the purpose of discount rate change. The evidence also implies that the common assumption contained in virtually all theoretical and empirical macroeconomic models, that the discount rate is either purely endogenous or purely exogenous, is inappropriate. This also specifies market only react when there appears to be a shift in policy- in the discount rate. At least from this standpoint, one cannot rule out the discount rate as a useful tool of monetary policy. Eventually, our results support the existence of efficient markets based on the dual findin gs that only nontechnical changes are characterized by announcement effects and that virtually the entire market adjustments occurs by the end of the announcement day (Jones, 1994). From previous studies the issue of monetary neutrality has long been debated by financial economists. There was evidence been brought in to the market which says that increases in the growth rate of money raises stock returns? Monetary policy affects the real economy, and whether its effects are quantitatively important, remain open questions. These questions by examining the effects of monetary policy innovations on stock return data. Theory posits that stock prices equal the expected present value of future net cash flows. To examine the relationship between monetary policy and stock returns, a variety of empirical techniques are employed. The size portfolios are useful for investigating why monetary policy matters, if in fact it does. If monetary policy has real effects, one reason for this could be that it affects firms balance sheets. To investigate whether monetary policy affects size and industry portfolios, both impulse responses and innovation accounting methods are used. Al l the results in table one to four measures the effects of monetary policy shocks on nominal stock returns. In considering the question of monetary neutrality, we are interested in whether monetary policy affects real stock returns. Thus rather than complicate the analysis by considering the best way to measure expected inflation we focus on results using nominal returns. Through the different systems results reported are robust to minor changes in the specification. When total reserves are dropped, employment growth or unemployment is used instead of industrial production growth, the non stationary variables are first-differenced, and the number of lags is changed (Marshall and David, 1992). There was another approach to identifying monetary shocks is Data and Methodology which is been made to the use of Federal Reserve statements and other historical documents over the period to identify exogenous changes in monetary policy and the responses of real variables. This narrative approach has recently employed to assemble a much larger sample of monetary policy shocks. An alternative way is used to test whether monetary policy affects stock returns (Morse, 1981). A growing number of papers in both the economics and finance literature focus on the effect of economic news on asset returns. Nonetheless, there seems a wide gap between these two literatures. These elements of surprise in one particular type of news announcements of short-term interest rate decisions made by the Open Market Committee affect the volatility of the stock market in the short term. Relationship between monetary policy and daily stock market volatility from two vantage points: days around regularly scheduled meetings of the stock market committee, the main monetary policy making body and days of actual policy decisions involving the target level of the federal funds rate (Fama and Kenneth, 1995). Turning to the days of actual policy decisions regardless of whether they were announced on regularly scheduled meetings days. Some evidence was found that such decisions tend to boost volatility in the stock market. The effect of policy decisions is greatest that exclude those decisions that were fully anticipated by market. Besides identifying monetary policy announcements as an important source of short-run volatility in the stock market, this will also addresses broader issues in the finance literature. In particular, higher interest rates induce higher leverage ratios, which in turn increase the risk associated with holding stocks and the volatility of stock returns (Patell and Wolfson, 1984). In examining the relationship between the stock market and fiscal policy, all models combined two different approaches widely used in the monetary economics and finance literature. In particular, in analyzing the markets response to scheduled and unscheduled announcements, a potentially interesting issue is whether the corresponding impulse response functions for volatility are significantly different. Other issues that also merit further consideration include a closer look at the relationship between first- and second- moment responses to policy news and the explicit analysis of risk premiums around announcements days (Penman, 1987). From all these models and theories, have come to know that anything that happens in the secondary market, it does have an impact over the entire economy as we have gone through from the different examples across the world. Even if it is pre-announcement, monetary policy or whatever, stock market does change its state according to the circumstances and events. Pre-announcements are also made as precautions that are for safety announcements for the share holders of the companies. Due to this they can easily draw their amount and will not have to see further more difficulties. Unpredictability or volatility is always there in the market, when the investors just to keep on guessing for the right time to invest and stock holders wait for the right time to buy shares of the companies and all this process makes things more complicated especially for the investors and then it effects the stock market. Monetary policy on the other hand takes things more attractive for the investors and share holders that they believe their money is in safe place so they would love to invest as long as they are sure about the monetary policy (Stoll and Whaley, 1990). Policies are always made for the betterment of the people who are your clients or customers as per organization requirements, it also refers to the trust that how much they trust on their policies that people could come and invest. Banks do the same thing; the only thing they sell is trust, because as many people trust on you as they will go on to be their customers. Many of the sources indicate that there is a connection between news and stock prices, finance literature highlights that too. The finance literature focus on economic announcements per se, without controlling for the element of surprise in such announcements, might help to explain why so many studies have failed to find a significant link between market volatility and economic news. Either by implicitly assuming that the conditional volatility of stock returns is time invariant or by simply leaving its time-varying nature unspecified, monetary economists have failed to consider a potentially significant effect of policy surprises on the short-run behavior of the market (Wood and McInish, 1985). Equity returns also measured by the industrial index respond rather rapidly to the unexpected announcements of discount rate changes. Not only affecting equity returns, the unexpected discount rate changes also contribute to higher market volatility. An unexpected discount rate change also induces trading which is more supportive of the contention that public information causes price changes with trading. Increased trading volume due to unexpected public information, however, occurs only in the current period. Whenever, the market is not efficient, stock prices adjust to new information slowly and it is possible to generate abnormal profits. Financial market volatility is important for investors confidence, for port-folio selection, and for the pricing of both primary and derivative securities. Market volatility is not related to existing public information such as expected discount rate change announcements (Richard Roll and Stephen Ross, 1986). CHAPTER 3 RESEARCH METHOD This chapter explains the methodology used for the research study. The main research data set is used in this paper consist of KSE 100 index listed on Karachi Stock Exchange. It is the data for last ten years 2000 to 2010 for every monetary policy has been announced Data would be collected through the website and business recorder website. This chapter also discusses the methods to evaluate validity and reliability of research for the factors associated with the Impact of Discount rate Changes on Stock Market Return. 3.1 Method of data collection: The secondary data which was used in this research was available on the website of Karachi Stock Exchange from 2000 to 2010. 3.2 Sample size and Sampling Technique: In this research, data from the year 2000 to 2010 has been taken as a sample size. The data collected through Karachi Stock Market and State Bank of Pakistan 3.3 Instrument of Data Collection: This research was carried out through Secondary Data. 3.4 Statistical tool used: In order to measure the relationship between the variables stock market return and discount rate and impact of discount rate change on stock market return, Regression is used as a statistical tool in this research. SPSS software is used to evaluate the relationship between the two variables CHAPTER 4 RESULTS Hypothesis Testing Ho: The expected discount rate changes announcements have impact on stock market return. Table 4.1 From the above Durbin Watson value, it has been clarified that there was an existence of auto correlation in the data set. In order to resolve the issue we have generated the lag variables of the dependent variable up to the level 2. Table 4.2 Form the above table we can observe the value of the Adjusted R Square is .934 or 93.4%. It means that 1 unit change in the set of independent variables brings out the 93.4% change in the variation of dependent variable. With the inclusion of the lag variables in the data set, the problem auto correlation has been resolved. The Durbin Watson value mentioned in the above table is 1.964 closer to 2. Value closer to 2 means that there is no auto correlation exists in the data set. Table 4.3 From the above table we can observe that the significant value of the above ANOVAs test model 2 is less that 0.05. It means that the data is suitable for the application of regression model. Table 4.4 The above table shows the coefficient value of the analysis. As it can be observed that, the significant value of the discount rate is less than 0.05 it means that the change in discount rate has a significant impact on the stock therefore; the Null hypothesis is not rejected. At 95% confidence interval level the significant value of alpha/constant is 0.000 it means that the in the absence of all the variables the minimum return of the KSE is equal to the alpha value. The Beta value of lag 1 is 5376.550 it means that the today returns from the stock market is dependent on the stock market returns after the announcement of last monetary policy. For e.g. if the current stock return are equal to 1 the stock returns after the announcement of the next monetary policy is 5376.550 times of the current stock returns. The relationship of the lag 2 stock returns is vice versa of the lag 1 stock returns. It has a negative relationship with the current stock returns. Graph 4.1 The above diagram shows the trend of the KSE index and the change in discount rates for the last 10 years in the country. On a whole an upward trend has been observed in the KSE 100 index it is due to the increase in the FDI investments as well as the development in the financial sectors. The change in the discount rate shows overall a mix trend, we can observe a huge peaks and valleys in the graph. In our research, we have not found any significant relationship among the announcement of change in discount rate and stock returns. Some of these factors are political situation of the country, foreign direct investments, Law and order situation and most importantly exchange rate. Collectively, all these factors are contributing in the stock returns. However, change in the discount rate do impact the stock returns but, not in the short run, in the long run the chances are quite high that it does impact on the stock returns in Karachi Stock market. The reason behind the Long term affect i s that, the change in the discount rate affects the profitability of the companies in the next coming quarters so, immediately the affect in the stock returns are not massive that are in the long run. 4.2 Hypotheses Assessment Summary The hypotheses of this research study are based on variables like stock market return and discount rate intraday. The significant value is less than 0.05 It means that the data is suitable for the application of regression model. S.NO. Hypotheses T SIG. RESULT H1 the expected discount rate changes announcement have impact on stock market return. 11.991 .000 Accepted CHAPTER 5 CONCLUSIONS, DISCUSSIONS, IMPLICATIONS AND FUTURE RESEARCH 5.1 Conclusion As anticipated, expected discount rate changes, representing existing public information, have no impact on the trading volume for the current period nor does for any other periods. Public information also induces trading only in the current period but not in the future periods. More trading has occurred during the decreasing discount rate periods than the increasing discount rate periods as evidenced by the significant parameter. 5.2 Discussion This research shows that the change in the discount rate shows overall a mix trend, it can be observed a huge peaks and valleys in the graph. In this research there was no significant relationship found among the announcement of change in discount rate and stock returns. The reason behind this is, other than monetary policy there are lots of other factors that are contributing towards the stock returns in Karachi stock market. Some of these factors are political situation of the country, foreign direct investments, Law and order situation and most importantly exchange rate. Collectively, all these factors are contributing in the stock returns. However, change in the discount rate do impact the stock returns but, not in the short run, in the long run the chances are quite high that it does impact on the stock returns in Karachi Stock market. The reason behind the Long term affect is that, the change in the discount rate affects the profitability of the companies in the next coming qua rters so, immediately the affect in the stock returns are not massive that are in the long run. In this research it has been identified more accurately that if and when the stock market responds to the release of the discount rate change information. More importantly, studying the market volatility and trading volume sheds additional light on the information literature. Equity returns respond negatively and significantly to the unexpected announcements of discount rate changes, while the expected changes generally have no bearing on the equity returns. 5.3 Implementations For practical implementation, this research can be used to analyze the impact of Discount rate Changes on Stock Market Return as The effect of discount rate changes on stock market returns. Equity returns generally respond negatively and significantly to the unexpected announcements; however, the effect of expected changes on equity returns is insignificant. Abnormal trading volume occurs only in period. 5.4 Recommendations Pre-announcement, monetary policy or whatever, stock market does change its state according to the circumstances and events. Pre-announcements are also made as precautions that are for safety announcements for the share holders of the companies. Due to this they can easily draw their amount and will not have to see further more difficulties. Unpredictability or volatility is always there in the market, when the investors just to keep on guessing for the right time to invest and stock holders wait for the right time to buy shares of the companies nd all this process makes things more complicated especially for the investors and then it effects the stock market. CHAPTER 6 REFERNCES Blume, L, 1994, Market statistics and technical analysis, the role of volume. Journal of Finance, 49, 153-181. Ederington, L.H and Lee, J.H, 1993, How markets process information, News releases and volatility, Journal of Finance, 48, 1161-1191. Fama and Kenneth, 1995, Size and book-to-market factors in earnings and returns, Journal of Finance, 50, 131-156. Gerety, M.S and Mulherin, H.J, 1992, Trading halts and market activity, An analysis of volume at the open and the close, Journal of Finance, 47, 1765-1784. Harris, L, 1986, A transaction data study of weekly and intradaily patterns in stock returns, Journal of Financial Economics, 16, 99-117. Hardouvelis, Gikas, 1987, Reserves announcements and interest rates, Does monetary policy matter? Journal of Finance, 42, 407-422. Lee, Bong-Soo, 1992, Causal relations among stock returns, interest rates, real activity, and inflation, Journal of Finance, 47, 1591-1603. Maberly, E.D, 1992, Odd-lot transactions around the turn of the year, Journal of Financial and Quantitative Analysis, 27, 591-604. Jones, 1994. Information, trading and volatility, Journal of Financial Economics, 36, 127-154. Morse, D, 1981, Price and trading volume reaction surrounding earnings announcements, A closer examination. Journal of Accounting Research 19, 374-383. Marshall and David, 1992, Inflation and asset returns in a monetary economy, Journal of Finance, 47, 1315-1342. Penman, S.H, 1987, The distribution of earnings news over time and seasonalities in aggregate stock returns, Journal of Financial Economics, 18, 199-228. Patell, J.M and Wolfson, M.A, 1984, The intraday speed of adjustment of stock prices to earnings and dividend announcements, Journal of Financial Economics 13, 223-252. Richard Roll, and Stephen Ross, 1986, Economic forces and the stock market, Journal of Business, 59, 383-403. Stoll and Whaley, 1990, The dynamics of stock index and stock index futures returns, Journal of Financial and Quantitative Analysis, 25, 441-468. Wood, and McInish, 1985, An investigation of transaction data for NYSE stocks, Journal of Finance 60, 723-739.

Models of Teacher and Student Centred Learning

Models of Teacher and Student Centred Learning In this part of the essay, I will examine reasons for the shift from teacher-centered to student-centered learning and arguments to why models based approaches are considered more effective than traditional approaches, reflecting on the education value of Siedentops (1994) sport education model. Modern education is shifting from being teacher-led to being more student-centered. Traditional approaches in Physical education (PE) originally follows a sequence which begins with direct teaching of skill in isolation via teachers. This advances into drills to practice skills learned and then executed via games to apply the skills. Direct instruction and teacher-led lessons are criticised regarding the effectiveness of this model. Placek (1983) declares physical education was traditionally marginalized and administrators cared little about the content learned by students in PE, as long as classes were under control. He/she also found the primary focus of PE lessons were to teach students the skills necessary to play sport and perform the activity. Poynton (1986) states PE classes traditionally have been centralized on the psychomotor aspect of learning showing how cognitive, and socio-affective growth was not encouraged. The traditional approach is regarded unproductive/ineffective for learning; It utilizes a One-size-fits-all approach, opposing that individuals learn uniquely and produce different attitudes/behaviour patterns. Lessons using the traditional approaches are Not modified to suit developmental needs of learners and are Limited in capacity to meet diverse needs/goals. Students neglected by this approach are those with learning difficulties and unable to cope with how lessons are delivered. Students above average may consequently be disadvantaged due to unchallenging tasks. Disadvantages occur from command and practice styles of teaching, as only a single method for performing skills is illustrated, with one conceivable response accepted in return: This is ideally catered to the average student. Evidence however opposes views exaggerating the ineffectiveness of traditional approaches as theyve been effective in education for thousands of years. An advantage of this approach is students learn the appropriate content needed, to excel in the real worl d. Teachers also enforce traditional approaches when teaching as theyve encountered it in their experiences as pupils, in order to uphold the traditional approach legacy. Teachers also experience positive feelings for this approach due to previous success performing skills themselves, therefore, they understand the need to develop skills, as a focus of this approach in PE. (Capel, Piotrowsk, 2000). From calls for more models based approaches, Casey (2014) suggested that teachers are concerned that making changes to their pedagogies and curricula will only serve to break something that already works relating to how successful traditional approaches have been. Kirk (2009) examines the conditions for radical reform and introduces three potential physical education futures: More of the Same, Radical Reform and Extinction. Kirk argues more of the same is the most likely short-term future and extinction will occur if radical reform is not incorporated. Radical reform is the most likely long-term future, which advocates for a models-based approach to be put incorporated. Predominately, traditional approaches used to teach PE were direct and teacher centered in the past. However, the prevalence of model based approaches emphasizes a more indirect/student-centered approach, which has caused a shift in teaching. models-based practice is concerned with ensuring teachers and coaches have a comprehensive and coherent plan for teaching/coaching and learning (ODonovan, 2011 p.326).To overcome limitations of the traditional approach , a models -based approach has been advocated; this model proposes practicable resolutions to problems by limiting the range of learning outcomes, subject matter and teaching strategies appropriate to each pedagogical model and thus the arguments that can be used for educational value.( Kirk (2013). Physical education (PE) journals over the years have found models within this approach have proved to be effective in terms of meeting the students individual needs/differences. The models involve students in the decision-making process, which unlike the traditional approach, allows psychomotor, cognitive, and socio-affective growth. Students can exercise different ways to perform skills before they are perfect unlike traditional approaches where teachers directly introduce how skills are performed. Models based approaches proved a more effective way of teaching to understand the effectiveness and advantages of performing different moves in games. Furthermore, Models based practice prepare students with the proper utensils to incorporate the skills learned into other movements in different situations. Advantages of student-centered approaches outweigh the duration taken to apply models effectively, but certain concerns have emerged about using models based approaches. Teachers learning to implement models based approaches have found its a tedious process. However, advantages of models based approaches are justified, regardless of the time spent developing lessons. Techniques used in the models are difficult for teachers to interpret without putting exertion. Significant practice is required for teachers to effectively use models based approaches. Are models based practice a great white hope or a great white elephant? Although when models based approaches were applied, changes in attitude, positive feelings, enthusiasm, vigour and efficacy occurred; the significant issue with advocating the models was teachers lacked experience, leading them to feel like beginners. For neophyte teachers, with little or no prior experience, support was needed for the theoretical move from direct instruction to models based practices. Some teachers found it challenging and intentionally returned to old teaching methods; Others found the change happened gradually. A two-year period was the point which teachers begun to feel comfortable in the changes. To conclude, reviewed papers suggested that practitioners need to see proof from other schools that show that MBP works. Siedentop (1982), suggested replacing physical education with Sport Education. Hasties (2003) states Sport Education(SE) is a response to three major concerns of traditional physical education: the lack of content, discriminatory and abusive practices, and boring and irrelevant content.. An authentic and enjoyable environment is created when SE is used, compared to past PE lessons.SE is a curriculum and instruction model which aims to deliver authentic sporting experiences in PE. An implication of SE is it cannot be fitted easily into a short unit, multi-activity program. Lund and Tannehill (2010) that one model was not capable of delivering the entire breadth and depth of learning required in the different national contexts in which physical education curricula operate. SE emphasises strategic play through three objectives: helping students develop into competent, literate, and enthusiastic sportspeople. Competent sportspeople develop skills and strategies to participate successfull y in games. Literate sportspeople are knowledgeable regarding rules, traditions and values in sport and can distinguish good and bad sport practices. Enthusiastic sportspeople play and behave in ways that preserve, protect and enhance the sport culture (Kirk 2013). SE has six features: seasons, affiliation, formal competition, culminating events, record keeping, and festivity. In SE, units are seasons of 12 lessons or more which differs from multi-activity physical education where units are as short as four or six lessons.SE implements teaching strategies from traditional teacher-centred command styles, to more student-centred guided-discovery and problem-solving, depending on the specific context of the Sport Education season.SE allows for a greater depth of learning and better educational outcomes as students experience several roles in addition to player, such as umpire, coach, journalist, timekeeper, equipment officer and students remain in the same team for the course of the se ason. In conclusion, although models based approaches act as effective solutions to meeting students individual needs/differences and assisting teachers in developing their pedagogies in comparison to traditional approaches; Its important to note the learning process is complicated and were far from fathoming the effect of changing to models-based approaches. This essay will examine on how gender a social factor and other cultural factors such as race, ethnicity and religion intersect with gender to influence teaching/coaching practice. In physical education(PE), physical activity and youth sport, there is a focus on the pedagogies that teachers use to be effective. Teachers and coaches should recognise individuals needs , in order to implement the appropriate pedagogical encounters in sport in the form of programmes, lessons, sessions or activities(armour 2013)pg21.This focus is due to youth voices in physical education where young people tell their experiences of learning in physical education (McPhail 2011) ; This can provoke pedagogical changes. Characteristics such as gender, physical skill ability, (dis)ability, socioeconomic status and ethnicity may influence young peoples interaction, participation and performance in both physical education and sport. (Armour 2013pg 106); thus, teachers and coaches adapt their teaching practice accordingly. by implementing the three dimensions of pedagogy. According to Armour , these are: knowledge in context, learners and learning, and the teachers/teaching. Enacting this p edagogy, teaching/coaching practices can be structured to be inclusive when delivering programs/activities and teaching/coaching approaches (Armour Harris,2013) My focus here is how gender as a social factor might influence teaching/coaching practice; Gender equity in PE has been a focus of extensive research in teaching and coaching practices. Research shows females are asked questions less frequently than males in lessons, especially in maths and science which stereotypically favour males. (Fagot, 1981; Lundeberg, 1997). Males are also hindered due to stereotypes, as theyre penalised more ofter for behavioural issues than females. Stereotypical behaviours associated with females are preferred more in education, which consequently puts males at a disadvantage (Fagot 1981). Studies have demonstrated that physical education complies with this rule as theres a lack of equal treatment depending on gender. PE has been male dominated with notions where boys are perceived to have greater physical and social competence than females and where masculinity and femininity are separated, masculinity being encouraged more in sport. Masculine traits invol ve being strong, aggressive, muscular and powerful whereas Feminine traits involve bring soft, weak, passive, slim or expressive. consequently, students are refused equal opportunity to participate. When planning lessons, teachers should recognise female and male students dont experience PE equally and fairly. Female participation in PE tends to decrease during adolescence as girl will avoid being sweaty due to stereotypes such as girls dont sweat and therefore are afraid of judgement: Girls may feel uncomfortable in sports kit during puberty as their bodies may develop at different rates compared to other female peers. Perpetuation of masculinity with decrese female participation as girls should be slim, and not aggressive and muscular like boys. Gendered disengagement from PE is a concern regarding body image during adolescence. Gendered practice in PE is concerned with the type of activity where students participate differently based on gender. Activities traditionally associated with masculinity and femininity place expectations on females and males that may influence their opportunities for participation. (Valley2013). In general, in both gender groups, those who have high levels of competence also have high levels of physical activity. However,looking further into both groups, boys overall have greater beliefs regarding their physical abilities, and (are) more physically active than females. Boys generally prefer competitive sports or contact sports such as football or rugby whereas girls embody creative activities such dance and gymnastics. Thus, gendered teaching occurs when teachers engage in gendered practice. Some research has found male physical education teachers are, in general, particularly conservative when conducting lessons of dance or gymnastics to female students by showing levels of resist ance. Similarly, research found female PE teachers found delivering dance challenging due to conflict presented by the male students; Male teachers would have been more appropriate to teach boys these activities. Therefore, roles when teaching the national curriculum of PE are considered in terms of matching teachers to students based on gender when it comes to specific activities, and when planning lessons for both gender groups. The influence gender has on teaching/coaching practice can be both negative and positive. If a positive environment is created in PE, then gender should not inhibit learning. Remarkably, gender does not act independently thus its important to examine how gender intersects with other social and cultural factors such as religion, ethnicity, social class, which all predominantly interact on multiple and frequently simultaneous levels. Teachers and coaches therefore need to considers such factors into their practices (for inclusion). When gender intersects with these axes of identities, notably females are presumptively more likely to encounter multiple layers of inequity. For example, many religious requirements can impact on structures and practices in physical education. Islam emphasises modesty in dress codes for boys and girls, especially adolescents. Thus, a need for boys to cover from waist to knees and girls to cover hair, arms and legs. In teaching and coaching practice, teachers should plan inclusive lessons to meet these requirements, especially swimming where religious beliefs preclude participation rate of this group in PE. In coaching, more than teaching, Muslim girls and boys should be granted permission to wear leggings or tracksuit bottoms that cover the body more fully, which will enable them to take part, without neglecting religious requirements. Another aspect of Islam is Ramadan where students may choose to fast; this will influence teaching and coaching practice in regards to ensuring that physical activity continues, without compromising health and safety regulations. Less intense physical activity should take place during Ramadan and activities such as swimming which may compromise Ramadan should be considered; Muslim boys and girls may suffer anxiety from accidently swallowing water during swimming practices. Gender, race and ethnicity also intersect when it comes to participation. Patterns predominantly show: Black students Asian students White students Football, Boxing, Basketball, Athletics and Gym Cricket, Boxing and Gym Cheerleading, netball, football, Rugby League Golf, Hockey, Cricket, Tennis Gymnastics, Horse Riding, Swimming, Athletics, Gym Research suggests: gender and racial power relations are institutionalized in schools through sports social practices in PE classes. By encouraging students participation in specific physical activities and promoting gendered or racial physical activities (i.e., basket-ball, track and field, dance or football), boys learn to become white or black men and girls learn to become White or Black women. This may be due to stereotyping cultures with certain sports. For example: Black male students having a genetic advantage of playing basketball or running the 100 metres and Asian male students engagement in cricket; Because of this, teaching and coaching practices are affected as race and gender influence activity choice in sport. Overall, students may be racialized by parents, friends or teachers to take part in physical activities associated and stereotyped with their race and ethnicity. As a consequence, theres limited opportunities to engage in a range of sports. King (1994) argues for a racially responsive pedagogy to disrupt racial segregation and patterns of participation in physical activity often produced by teachers in physical education classes and coaches in school athletics About armours dimensions, knowledge in context is valuable in teaching and coaching practice as teachers/coaches may use it as tool for to meet the diverse needs individuals. To conclude, concerns of gender and race, ethnicity and religions effect on teaching and coaching practice need to be questioned further to improve physical education/activity and youth sport. Youth voices from different genders and races , ethnicity and religion should continually be analysed , to improve teaching and coaching practices. Understanding the intersection of gender and other factors will act as a resolution in physical education to create pedagogical change.