Beloved by Toni Morrison Essay Example | Topics and Well Written Essays - 1250 words

Beloved by Toni Morrison - Essay Example Years later, Beloved, literally believed to be Sethe’s daughter returns to haunt her home in Cincinnati. One major theme of the novel is the mother-daughter relationships. Sethe and her children share strong maternal bonds that prevent her development by inhibiting her individuation. This strong bond is the one that pushes her to kill her own daughter rather than let her go into slavery (Bloom 58). Sethe and Beloved are both emotionally impaired due to Sethe’s enslavement that separates them and makes Sethe not to provide maternal care for her, thus loses her sense as a mother, while Beloved lacks familial identity. The other theme is the impact of slavery, which is mainly psychological. The experiences of slaves cause them to repress the bad memories in trying to forget the past, a repression that causes a fragmentation of their personalities thus loss of their real identities. This is the case with Denver, Paul D, and Sethe, who experience the loss of identities but B eloved makes them accept their past memories and helps them reintegrate their original selves. The relationship between the slaves and white people in the Beloved is not one that augurs too well. This is because the whites use the black people as slaves, and make them feel inferior to them. For instance, Sethe’s memories of her oppression by the whites are what make her prefer to see her children dead rather than go to suffer at the brutal hands of the masters. The white looks down on the slaves, and treat them inhumanely without minding their lives. This reveals when Seethe’s breast milk is stolen from her, denying her child her right. However, some whites treat their slaves better such as Mr. and Mrs. Garner, and do not oppress them at all. This results in some slaves hating and rebelling against the whites while those treated well love their masters. From the moment Beloved re-appears in Sethe’s life, her life begins to change. She first looks at her daughter as just that; her long dead daughter who has come back, but she later comes to realize that she is more than that. One, her coming back arouses painful memories such as her milk being taken away from her, plus when Nan nursed her daughter together with white babies. Second, she comes to realize that Beloved represents her African mother, and is a reminder of what a mother should be. This is because she realizes that her mother was hanged because she could not run away without her (Grade Saver). Denver easily recognizes her sister because they had an intimate oneness, and Denver had even drank her blood, making them one flesh. The Beloved has a structure that is largely loose in that it does not proceed continuously in one line but employs the use of much storytelling and flashbacks. Paul D is the one who introduces most of the flashbacks such as his life in Kentucky, Delaware, and the Ohio River. When it is not flashbacks, the author uses different characters to narrate stories and keep the plot going. There are narrations by Paul D, Denver, Sethe, Beloved, and other characters. Morrison assumingly employs the variation in structure to accommodate various characters to capture more experiences so the learner is exposed to more of what slaves endure. Memory has two functions in the Beloved novel. One, the author uses re-memory, which is

A Study on the Self-Perception of Young Female and Male Students from Literature review

A Study on the Self-Perception of Young Female and Male Students from Somali Ethinic Group in Britain Today - Literature review Example It will attempt to unravel current and pressing issues and problems of the Somali youths and delve into potential recommendations to improve their situations. a. Rationale Caught in unending violence and conflict situations which victimized thousands of Somali from their original home of abode, thousands of them immigrated to Britain to liberate themselves from seemingly unending atrocities and economic decadence. Such diasporas to better their lives and from wanton discriminatory chaotic situation of the past unfortunately resulted to identity confusion as new generation now lacked appreciation of their cultural and original identities. This is illustrated in the absence of direct and contextual experience in their homeland after years of enjoying relative peace as an asylum in Britain. Long detachment of these naturalized Somalis from their original homeland introduced young generation to British culture although there is no explicit claim of such identity as Brits are prominently known of their milky white skin, quite a contrast of Somali’s black skin-tone. Neither do they identify themselves with African lineage. As a consequence, there is a need to bridge intergenerational cultural gaps of adults and of the new generation, where the latter struggle to integrate themselves within British community. Youths and children felt that they are discriminated, as there is apparent perception of dearth of support to mainstream or socially accept them. To cite an example, youths and children felt that there is lack of educational support for them to learn English as language and they felt they are unfairly prejudiced in their daily affairs with other people. b. Significance This study is significant because it will empirically contribute to existing literatures and researches relating to the condition and perception of Somali youths as migrants within United Kingdom. It will also serve as evidence how conflict-situations compromised the identities of people and lost their very selves in a social quagmire and in an unending quest for peace. As part of the outcome of the study, researcher will attempt to make recommendations for policy advocacy and social action. It will also motivate government to look into the plight of Somali youths, prominently tagged as asylum seeker, to respond on their urgent concerns and problems. c. Motivation Youths are said to be the future of the world. There education and value formation are crucial to make themselves complete, instead of being fragmented due to confusion of identities while and at the same time marginalized by the system where it seek protection. Such dilemma will have serious implication to their worldviews, may frustrate them, and if not seriously dealt with will impact to desired societal interaction and to social fabric in the nearest future. Even in the simplest humanitarian consideration, language is important to communicate and to nurture mutual understanding. Hence, efforts should be m ade to bridge understanding, to educate them of their roots to inculcate better understanding of their identities, and to holistically develop them while in the process of integrating themselves in the British society. d. Potential Users This research study will be useful for the following: a. Professionals who are interested to know young Somali’s self-perceptions; b. Researchers and policy makers of the

Demetrius Griggs Essay Example for Free

Demetrius Griggs Essay Krak! had many symbols presented throughout the book. The symbol that held the most meaning to me while reading this book is, The Sea. The book starts at sea, with the story ‘Children of the Sea’, and the Sea proves to be very important to the people of Haiti in their struggle to escape a difficult situation. The sea is how the Haitian immigrants will travel in their attempt to escape a corrupted government. The sea becomes life and death, survival. In the story of â€Å"Children of the Sea† the sea holds lots of meaning, and the meaning is very different for each person who is out at sea. For the young man escaping after police raid his radio station, he sees the sea as opportunity. The opportunity to escape a corrupt country and continue his life, but the sea also provides heartache, as this is what separates him from the love of his life. Being at sea also gives the young man hope that one day he can make a better life for himself, as most immigrants flee to America in the hope to live a more promising life. The only way he is able to have some peace with his time at sea, is the notebook he has, where he writes to his love back at home. He tells her of the women on the boat who tell stories and sing, in an attempt to control the seasickness most of them are experiencing. He describes being at sea as lost time, stating in one of his many letters, â€Å"sometimes it feels like we have been at sea longer than the many years that I have been on this earth† (14). He is only aware that a day has passed by the raising and setting of the sun. I have always thought of the sea as something beautiful, mysterious even. The sea to me has always provided me with opportunity, the opportunity to experience something new, to explore. But this does not prove to be the same for the people on the tiny boat who are struggling to stay alive. It never occurred to me that the sea, is not always beautiful to everyone, it holds despair, fear and represents death in some cases. The scared passengers on the boats do not know what will happen until they reach land, nor do they know what will happen once they reach their destination. The fear of, how they will provide for themselves, what will they do for food, where they will live, sets in. I cannot imagine going day by day not knowing what will happen or if I will even survive to see another. I remember being so excited to come to New York for the summer before I would officially start school in the fall. It wasn’t until I was in the airport in New York that I realized I was officially on my own in a brand new city. Not knowing what the next day would hold or what I would get to experience had me a bit nervous. It was a good feeling to know I was getting to live a new life, but the uncertainty of that new life was shell shocking. However, I did have a place to stay, I knew where my food would come from, and I had the means to speak to my family whenever. These are things that I once took for granted. Knowing what was going to happen next. Along with providing opportunity for some of the passengers on the boat, the sea also symbolizes death. The sea holds the bodies of many refugees of Haiti who were not able to survive the difficult conditions of the boat. The young man is a witness of a live birth and death. Celianne is a young pregnant girl on the boat who was raped by the police of Haiti at 15 years old. As it seems she is having the worse time on the boat, not bringing any of her own food, she barely eats. The baby that she gives birth to does not survive. Having to throw her baby overboard was too much for Celianne, as she too follows her baby into the sea. â€Å" There was no question of it. The sea in that spot is like the sharks that live there. It has no mercy† (26). In â€Å"Nineteen Thirty-Seven,† the symbol of water and death is represented again. This time however a river stands in the way of life. The Massacre River is the river that separates Haiti from the Dominican Republic, a place where all Haitians living there were ordered to death. The young girl that writes the boy tells the story of going on a pilgrimage to the Massacre River with her mother and other women. She learns that her life was almost taken there, as her mother was pregnant with her. â€Å"We were saved from the tomb of this river when she was still in my womb† (40) Trying to escape the Dominican Republic to return to Haiti, many women lost there lives in that river to the El Generalissimo’s soldiers. Each year they would visit that River, dressed in white dresses to pay respect to the family members who were killed in that river, and also o remember how lucky they were to make it through the river and back to their terrifying country. The wearing of the white dress when the women would visit the Massacre River, reminds me of my family when we visit my grandfathers at their burial site. We would each wear something in memory of my grandfathers. Whether it is something he gave us, or a hat that we use to wear while watching our favorite basketball team play, we each had our own little tribute to them. The white dresses where their tribute to their lost relativities who did not make it across that river. Danticat did a great job incorporating symbols into these stories. Showing how everyday things we pay no attention too, hold so much more meaning then just what they are meant for. As Americans we see the sea and ocean as beautiful and relaxing, soothing. It is a place for us to escape our lives for a week long vacation, to have fun and forget about what is going on back home. I have never stopped to think that this does not prove to be the same for immigrants. The escape they are seeking is very different then the escape of an American on vacation. To them it is more a matter of life or death.

The Four Key Steps In Hiring And Keeping Top People :: essays research papers

The Four Key Steps In Hiring And Keeping Top People â€Å"When you hire the best, the rest is easy!† We have heard this phrase many times, but how do we put this concept into action? We know that hiring the best people is vital to the success of your business, especially for fast growing businesses. And certainly, your customers have high service expectations. So†¦how do you hire and keep top people? Let’s start from the beginning. The job description: Often overlooked, the job description sets the tone for success when hiring new people. Start by making certain your job descriptions are accurate, up-to-date and reflect your expectations. This is an important step, as it ensures consistency in your hiring practices and says your company is well run. Tip From The Coach: During the initial interview, be certain to present the job description, so the applicant will have a clear picture of your expectations if your company does hire them. This also helps to generate a more comprehensive conversation regarding the position being offered. The interview game plan: Prepare a detailed interview game plan, to be used by each person doing the interviewing for your company. This game plan must include: how to evaluate a resume, sample questions to be asked during the interview process, a detailed presentation of compensation, how to do reference checks, and any final hiring details (i.e. company benefits, policy and procedures, etc.†¦). Tip From The Coach: In addition to the in-person interview, consider the use of written tests and/or assessments to aid in your hiring process. This is key to hiring top people and will help to establish performance standards when hiring new employees. Fast-track training: Develop a detailed training checklist for all newly hired employees. This should include: an orientation for the first day, a plan for the first week, an outline for the first month, and a recap of the first 90 days that includes expectations for their performance. Tip From The Coach: By building a thorough and consistent training program, you will quickly develop top performers for your company, a â€Å"win-win† for all. Grow and groom: To hire and keep top people, you must provide a career path to help your best people grow and to be groomed for additional responsibility. This starts in the hiring process, so consider if the person you are hiring has the skills for the current position and might also have the skills for a next level promotion.

Epifanio de los Santos Avenue

How shameful a Filipino would be, not knowing his nations own history. The history that brought his parents and his own freedom. Who would even forget the sacrifices that former President Corazon â€Å"Cory† Cojuangco Aquino had given not only for her own good but also for the improvement of the next Filipino generations. Corazon Aquino had been known because of her nonviolent revolution held at Epifanio de los Santos Avenue Quezon City, Metropolitan Manila , with the help of 2,000,000 Filipino citizens as well as several political, military and religious figures, such as Cardinal Jaime Sin who had push their way for a democracy from the hands of an authoritarian President. This revolution had last for four days it is popularly known as EDSA Revolution or People Power and also named as Yellow Revolution because of the scattered yellow ribbons. This protest had been brought by the years of corruption in Marcos government. This history had been shortened and summarize for the leaders of this nation to realize the importance of the freedom that they’re enjoying now, not only for the leaders but also for the citizens of this nation. No one wants to suffer the pain that other countries have to suffer just for them to get there freedom. No one wants to be a slave or to be a prisoner that can be raped, tortured, and can even be killed, killed by the same color, the same nationality and by the same blood that runs through the veins of every Filipino. No one will never give up his or her own freedom just for money, for jewelry and not even for power. No one don’t want to lost it even the highest leader of this nation would not give it off. Remember the quote â€Å"The Filipino is worth dying for†? This quote is given Benigno â€Å"Ninoy† Aquino Jr. when he was interviewed about the death threats his receiving from the military and other pro-Marcos group including former First Lady now Congresswoman of Ilocos Norte Imelda Marcos. August 21, 1983, after a three-year exile in the United States, he was shot at Manila International Airport now known as Ninoy Aquino International Airport (NAIA). His assassination gave shock to many Filipinos, who lost confidence in the Marcos Administration. His assassination caused the economic problems of the country to deteriorate even further, and the government plunged further into debt. And by the end of the year, the country was bankrupt, and the economy contracted by 6. 8%. The assassination of Benigno Aquino also gave Corazon Aquino the guts to continue what her husband had started. â€Å"Money is the root of all evil† seems that it’s true. Even now in the present we hear news about the execution of witnesses and deaths of innocent citizens just to cover up the sins of a suspect or even a leader who wants to eliminate his opponents.

Human Beings Can Never Reach Perfection - 1804 Words

Salvador Dali once stated, â€Å"Have no fear of perfection - you’ll never reach it†. What is perfection, exactly? According to the English Dictionary, perfection is â€Å"The condition, state, or quality of being free, or as free as possible, from all flaws or defects†. The definition, itself, saying â€Å"...or as free as possible†¦Ã¢â‚¬ , states that being completely perfect is impossible. Perfection is merely a goal that no one can reach. Why is it that human beings can never reach perfection? Simply because of sin. No matter how many do-overs, chances, redoes, or tries a person receives, they will never reach the state of perfection. Going back to the beginning of time where Earth was first created by Yahweh, the world was a sinless and perfect place. Yahweh says in Genesis, â€Å"Now the earth was formless and empty, darkness was over the surface of the deep, and the Spirit of God was hovering over the waters†. Yahweh later went on creating the earth, and then when it came time to create the human race, he created them in his image to do good works for His kingdom. He blessed His new creation, told them, â€Å"Be fruitful and increase in number; fill the earth and subdue it. Rule over the fish in the sea and the birds in the sky and over every living creature that moves on the ground.† He continued, â€Å"I give you every seed-bearing plant on the face of the whole earth and every tree that has fruit with seed in it. They will be yours for food.† Yahweh gave them everything they needed to dwell onShow MoreRelatedDescartes 4th Meditation Essays802 Words   |  4 Pagesmistakes if he is a product of this perfect being. First, he knows that God would not deceive him, since the will to deceive is a sign of weakness or hatred, and Gods perfection would not allow it. 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The choices faced in stock investment - Free Essay Example

Sample details Pages: 12 Words: 3503 Downloads: 7 Date added: 2017/06/26 Category Finance Essay Type Research paper Did you like this example? Choosing the right stock for investment is usually a hard and a difficult decision for investment and portfolio managers as the action of selecting a stock to buy is not that easy due to the different perspectives that need to be evaluated before taking the action of purchasing a stock. The decision to purchase stock includes the necessary evaluation of several perspectives, this leads to Data Envelopment Analysis (DEA) which is considered a multi-criteria decision-making tool that can select the most efficient stocks from a large combination of stocks. In this chapter, the usefulness of Data Envelopment Analysis as an efficiency measurement tool used for ideal stock selection and portfolio construction is presented several studies are presented which examines the effect of corporate action announcements on share prices and trading activities. Don’t waste time! Our writers will create an original "The choices faced in stock investment" essay for you Create order This subject has encouraged researchers to publish many theoretical and empirical studies for more than 40 years. In literature, the majority of studies found that corporate action announcements such as dividend, capital increase, and earnings per share (EPS) announcements, have strong effects on the share prices and trading activities, and that these effects appear in a predictable manner around critical dates; and therefore, it is important for the trading desk in any firm to have access to accurate and timely data on such corporate actions in order to conduct proper and more efficient trading strategies. However, a more careful look at literature reveals a vast amount of contradictions in the empirical studies done on corporate action announcement. This chapter tackles the background overview of these studies and shows the contradictions between them. This chapter starts with a brief about Kuwait economy then an overview about the Kuwait Stock Exchange, its regulation and the t rading rules in Kuwait Stock Exchange. Then in the following part 2.4, the concept of stock selection is discussed via highlighting the validity of different methods used for stock selection .Part 2.5 gives an overview about Data Envelopment Analysis, its history, models and its strengths and limitations. This chapter ends with part 2.6 that shows previous researches that examined the use of Data Envelopment Analysis as a useful tool for stock selection. 2.2 Kuwait Economy Kuwait is considered a geographically small country (ranked number 157 worldwide), but with a high crude oil reserves of about 102 billion barrels (9% of world reserves), petroleum accounts for 50% of GDP, 95% of export incomes. Kuwaiti government estimation is to increase oil production to 4 million barrel/day by 2020. High oil prices was the reason behind the ability of Kuwait to bypass the economic crisis, where in 2008 it reported a 10 successive years of budget surpluses before reporting a budget deficit in 2009. In 2009 the Kuwaiti government allocated $140 billion for a five year plan in order to diversify its income via attracting more investment, and increasing the private sector participation in the economy.(CIA world-factbook, 2010) 2.3 Kuwait Stock exchange (KSE) 2.3.1 Kuwait Stock exchange overview The  Kuwait Stock Exchange  was established by law in 1977 and it is considered as the first and largest stock exchanges in the  gulf  region. Since 1977 KSE went through many changes until it was organized by an Amiri decree on 1983, where many regulations and decisions where taken by the ministry of commerce, and KSE committee to come up with the rules that can comply with the international standards in order to enhance the performance of the stock market in Kuwait. In 1990 after the Iraqi invasion KSE postponed its work till the liberation of Kuwait in 1992, and then in 1995 it became the most active market in the Arab World after the adoption of an automated trading system. In year 2000 was the start of foreigners participation in KSE via owning shares of Kuwaiti shareholding companies. James (2007) By the end 2007 KSE was ranked number 38 within the world largest stock market capitalisation with about $188 billion. (Economist, 2010) While in 2 009 it was ranked number 34 with a market capital of $96 billion. (CIA world-factbook, 2010) In 2002 KSE contained 77 listed companies ,while now in 2010 KSE contains 229 company distributed on 10 sectors which are the banking sector ( 9 companies),investment sector (51 company), insurance sector ( 7 companies), real estate sector ( 39 companies), industrial sector ( 28 companies ), services sector ( 60 companies), food sector ( 6 companies), non Kuwaities sector ( 14 company), mutual fund sector ( 1 company) and the parallel market sector ( 14 company) . (Kuwait Stock Exchange, 2010) 2.3.2 Kuwait Stock exchange regulations Upon these rules in 2007 In order to protect the rights of investors KSE Committee took the decision No. (4) for the Year 2007 which states that all listed companies in the KSE must organize their general assembly meeting at the end of each companys financial year within a period of 45 days from the KSE committee approval date on its annual financial statements, where all the companies must distribute the cash and share dividends to shareholders in a period of 10 working days after the approval taken within the companys general assembly meeting. (Kuwait Stock Exchange, 2010) 2.3.3 KSE trading rules Trading in KSE regular market is characterized by 2 main issues the first one is the ability of only trading shares in the form of units ranging from 500 shares till 80000 shares and the second is the limitation of the stock price fluctuation during a day trade where the main guide of the following rules is the price of the stock in the market as according to the price share the investor is obligated to buy and sell shares in form of units where the share prices can fluctuate 5 pricing units daily according to its category. (Kuwait Stock Exchange, 2010) Stock Price (Fils) Value Unit Unit Change (Fils) Max Daily Change (5 Units) 0.5:50 80,000 0.5 50.5 = 2.5 Fils 51:100 40,000 1 51 = 5 Fils 102:250 20,000 2 52 = 10 Fils 255:500 10,000 5 55 = 25 Fils 510:1000 5,000 10 510 = 50 Fils 1020:2520 2,500 20 520 = 100 Fils 2520:5000 1,000 20 520 = 100 Fils 5050:9050 500 50 50X5 = 250 Fi ls 2.4 Stock selection Ideal stock selection is the goal of each portfolio manger in order to reach the optimum combination of stocks to form an investment portfolio that yields the best results in terms of ROI and to increase the value of the portfolio. Michael Yan-Leung (1998) investigated the practice of investment management in Hong Kong regarding stock selection as a 142 investment managers from several categories were asked to rank the importance of fundamental analysis, technical analysis and portfolio analysis as methods for stock selection, results showed that fundamental and technical analyses comes first followed by portfolio analysis. Michael, et al. (1998) This was relevant with the survey done by Carter and Van Auken (1990) over 185 portfolio managers in the United States as the result showed that fundamental analysis was ranked number one followed by technical analysis and in the third rank came the portfolio analysis. Carter, et al. (1990) Several studies and researches have bee n done in order to evaluate these strategies. Starting with the random stock selection Hsin-Hung Chen (2008) outline Jensens (1968) New evidence on size and price-to-book effects in stock returns demonstrated that fund managers in financial service industry generally failed to outperform a random selection of stocks. (Jensen, 1968, in Hsin-Hung Chen, 2008). Ion Elena (2010) studied portfolio analysis as a strategy for stock selection via examining the efficiency of investing the whole capital in one sector and the efficiency of investing the capital in a diversified portfolio where the results showed that the portfolios based on stocks from one sector showed a higher return than portfolios based on stocks from diversified sectors. Ion Elena (2010) Lukas Menkhoff (2010) concluded in his survey study about the use of technical analysis as a stock selection tool by fund managers via analyzing survey evidence from 692 fund managers in five countries, the vast majority of whom re ly on technical analysis. At a forecasting horizon of weeks, technical analysis is the most important form of analysis and up to this horizon it is thus more important than fundamental analysis. Technicians are as experienced as educated, as successful in their career and largely just as overconfident in decision-making as others. However, technical analysis is somewhat more popular in smaller asset management firms. What we find most significant is the relation of technical analysis with the view that prices are heavily determined by psychological influences. Lukas Menkhoff (2010) Going through the fundamental analysis based strategy which is defined as a method of evaluating  a security  that entails  attempting to measure  its intrinsic value by examining related economic, financial and other qualitative and quantitative factors. (Investopedia, 2010) Many studies done on evaluating the efficiency of this strategy upon them is the research study o f Jane Stephen (1989) which resulted in that if an extensive financial statement analysis is done to the data from financial statements it is possible to predict future stock returns as this fundamental measure captures equity values that are not reflected in stock prices. Jane Stephen (1989) The use of data envelopment analysis in order to analyse multiple financial ratios in order to identify the most efficient stocks will be discussed in sector number 2.5 2.5 Data envelopment analysis overview Efficiency, defined as the competency in performance, was always the goal of any productive person, firm or any other entity as efficiency can classify any unit and categorizes it in the top of the rank if it is highly efficient or at the bottom of the rank if it is inefficient. Data envelopment analysis represents one of the most widely used tools to measure the efficiency as it was described by Charnes, Cooper, Rhodes (1978) as a mathematical programming model applied to observational data that provides a new way of obtaining empirical estimates of relations such as the production functions and/or efficient production possibility surfaces that are cornerstones of modern economics (Charnes, et al., 1978). 2.5.1 Introduction Data Envelopment Analysis (DEA) is considered a recent manner of evaluating the performance or the efficiency of a group of units or entities called Decision Making Units (DMUs).In the last few years DEA was used to evaluate the performance of different types of DMUs such as health care organisations, military units, schools, firms and countries. Cooper, Seiford Zhu (2004) sited that DEA has also been used to supply new insights into activities (and entities) that have previously been evaluated by other methods. For instance, studies of benchmarking practices with DEA have identified numerous sources of inefficiency in some of the most profitable firms firms that had served as benchmarks by reference to this (profitability) criterion and this have provided a vehicle for identifying better benchmarks in many applied studies. (Cooper, et al., 2004). What makes DEA different from other methods is that it is firstly based on building frontiers and not on central tendencies and secondly its minimal need for assumptions, due to these differences, DEA shows a superior perfection in defining efficiency or in explaining why one DMU is more efficient than another DMU which is achieved via a direct way without the extensive need of assumptions required by other methods as with linear and nonlinear regression models. Relative efficiency in DEA is neglecting the need of taking into consideration a pre-measurement of relative importance to any input or output Definition 1 (Efficiency Extended Pareto-Koopmans Definition): Full (100%) efficiency is attained by any DMU if and only if none of its inputs or outputs can be improved without worsening some of its other inputs or outputs. (Cooper, et al., 2004). This definition is replaced by Definition 2 because in the majority of the cases the efficiency theoretical possible levels are unknown. Definition 2 (Relative Efficiency): A DMU is to be rated as fully (100%) efficient on the basis of available eviden ce if and only if the performances of other DMUs does not show that some of its inputs or outputs can be improved without worsening some of its other inputs or outputs. (Cooper, et al., 2004). Here it is important to mention that this definition is sparing two needs firstly is the need of weights to show the relative importance of the different inputs or outputs and secondly is the need of noticing the formal relations that are supposed to exist between inputs and outputs. 2.5.2 Data envelopment analysis history It was in the mid 50s where the first approach to DEA was developed by Farrell (1957) as he was in need to create a better way to evaluate efficiency and productivity this need raised after his unsuccessful tries to simultaneously use the measurements of several inputs in efficiency measurement as he came up with an analytical approach that could solve the problem. (Cooper, et al., 2004). After Farrell studies several models and methods was developed where the first DEA model named CCR model referred to Charnes, Cooper, and Rhodes (1978) which raised in response to the thesis efforts of Edwardo Rhodes Under the supervision of W.W. Cooper, this thesis was to be directed to evaluate educational programs for disadvantaged students in a series of large scale studies undertaken in U.S. Rhodes secured access to the data being processed for that study, the data base was sufficiently large so that issues of degrees of freedom, etc., were not a serious problem despite the numerous input and output variables used in the study. Since the initial study by Charnes, Cooper, and Rhodes some 2000 articles have appeared in the literature. See Cooper, Seiford and Tone (2000). See also G. Tavares (2003). Such rapid growth and widespread (and almost immediate) acceptance of the methodology of DEA is testimony to its strengths and applicability. Researchers in a number of fields have quickly recognized that DEA is an excellent methodology for modeling operational processes, and its empirical orientation and minimization of a priori assumptions has resulted in its use in a number of studies involving efficient frontier estimation in the nonprofit sector, in the regulated sector, and in the private sector. At present, DEA actually encompasses a variety of alternate (but related) approaches to evaluating performance. Extensions to the original CCR work have resulted in a deeper analysis of both the multiplier side from the dual model and the envelopment side from the pri mal model of the mathematical duality structure. Properties such as isotonicity, nonconcavity, economies of scale, piecewise linearity, Cobb-Douglas loglinear forms, discretionary and nondiscretionary inputs, categorical variables, and ordinal relationships can also be treated through DEA. Actually the concept of a frontier is more general than the concept of a production function which has been regarded as fundamental in economics in that the frontier concept admits the possibility of multiple production functions, one for each DMU, with the frontier boundaries consisting of supports which are tangential to the more efficient members of the set of such frontiers. 2.5.3 Data envelopment analysis models BCC The BCC model is one of the most commonly used DEA models. It is credited to Banker, Charnes, and Cooper. This model differs from the CCR model in that it exhibits variable returns to scale rather than constant returns to scale. CCR Perhaps the most commonly used DEA model originating with Charnes, Cooper, and Rhodes. This model exhibits constant returns to scale. Book pdf 2.5.4 Definitions Book pdf Inputs and outputs Inputs are the resources used by a DMU in achieving its goals. Inputs are bads in that increasing levels of an input while holding everything else constant should generally result in a lower efficiency score. Outputs have the opposite property. Examples of DEA inputs might include the number of staff assigned to a team or capital expenditures in networking. Outputs might be lines of code or reduced computing time. Orientation DEA models often have two important but underappreciated variations based on the orientation of the model. An input-oriented model primarily focuses on input reduction while an output-oriented primarily model focuses on output augmentation. Returns to scale Two of the most common returns to scale assumptions are constant and variable. Constant returns to scale (or CRS) implies that doubling each of the inputs used by a DMU should double each of the outputs. Variable returns to scale (or VRS) implies that doubling each of the inpu ts used by a DMU does not necessarily double each of the outputs. weight restrictions DEA normally does not place any restrictions on the relative trade-offs between the inputs or the trade-offs between the outputs. This can lead to unrealistic or extreme trade-offs. Various weight restriction techniques can be applied to overcome this. 2.5.5 Data envelopment analysis strengths and limitations C. Strengths of Data Envelopment Analysis DAE is considered an excellent technique when used in the right position; its excellence comes from its ability of dealing with multiple inputs and outputs, it doesnt require to unify the units between inputs and outputs and that each DMU can be compared against a combination of other DMUs Although it considered a powerful tool it still have its limitations that must be kept in mind in order to decide either to use or not to use DEA ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Since DEA is an extreme point technique, noise (even symmetrical noise with zero mean) such as measurement error can cause problems. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ DEA is good at estimating relative efficiency of a DMU, but it converges very slowly to true efficiency. In other words, it can tell you how well you are doing compared to your peers but not compared to a theoretical maximum. ÃÆ' ¢Ãƒ ¢Ã¢â‚¬Å¡Ã‚ ¬Ãƒâ€šÃ‚ ¢ Since DEA is a nonparametric technique, stat istical hypothesis tests are difficult and are the focus of ongoing research. Since a standard formulation of DEA creates a separate linear program for each DMU, large problems can be computationally intensive. Naive implementations of DEA using off-the-shelf linear programming packages can result in computational problems. I have frequently seen this with respect to the Excel Solver and poorly scaled data. This has improved in recent versions of Excel (Excel 2000s Solver seems to be much more robust), but the prevalence of degeneracy and potential for cycling are still cause for concern. Book pdf 2.6 Previous studies 2.6.1 Introduction This section will highlight on the previous researches that assessed DEA as a selection tools used by portfolio managers in their investment decisions. 2.6.2 Stock selection using data envelopment analysis previous studies. The first research done to assess the use of DEA models in stock selection and to compare the performances of the portfolios constructed by DEA analysis versus stock market indices was carried out by Hsin-Hung Chen (2008). In his study Hsin-Hung Chen used two DEA models the CCR and BCC models to evaluate the efficiency of the firms listed in the Taiwan Stock Exchange to construct portfolios by selecting stocks with high efficiency from the listed stocks, where the return rates of the portfolios constructed by DEA models and market indices were compared via empirical data analysis. In this study Hsin-Hung Chen used average equity, average asset, and sales cost as inputs for the DEA models and he used revenues, operating profit and net income as outputs for the DEA models where the software DEA-Frontier was used to solve the DEA models. Hsin-Hung Chen used the historical financial ratios and stock prices of the firms listed in eight major industries on the Taiwan Stock Excha nge as the empirical data, where stocks are selected by DEA methods for portfolio construction. The empirical data used in this study covers the period from the second quarter of 2004 to the second quarter of 2007. Based on the financial data of the second quarter of 2004, stocks are selected and portfolios are constructed then the performances of these portfolios in the next quarter (the third quarter of 2004) are compared with the average returns of all stocks in the eight major industries. From the second quarter of 2004 to the first quarter of 2007, the same procedure is repeated to construct portfolios and compare their performances with average industry stock returns in the next quarter. As a conclusion of the research portfolios constructed by DEA models demonstrated good ability to create noticeably superior returns. The BCC portfolios achieved superior returns of 6.90 per cent, 3.48 per cent, 6.51 per cent and the CCR portfolios achieved superior returns of 5.86 per cent, 4 .16 per cent, 5.72 per cent for year 1, year 2 and year 3, respectively. Another research was done by Ana Lopes (2008) DEA investment strategy in the Brazilian stock market, this research assessed a multi-period investment strategy applied to the Brazilian stock market using DEA models to select efficient stocks where price to earnings ratio, beta, and return volatility for each stock where the inputs and earnings per share, and the last 12, 36, and 60 month return where the outputs. To be included in the sample the stock should belong to the IBrX-100 index (the Sao Paulo Stock Exchange value-weighted index) at the beginning of each of the 22 quarters along the period of Jan/2001 to Jun/2006. Stocks considered to be efficient were selected to make up a portfolio at the beginning of a quarter. In each of the 22 quarters DEA-portfolio was composed by an investment of the same proportion for each efficient stock so the portfolio was equally weighted. The acquisition of the stocks on the first day of a quarter and the sale on the last day of the same quarter was simulated. For the calculation of the return for each stock, the closing price on the first and last day of the quarter was used. The same procedure was adopted for calculating the IBrX100 index returns. The research results showed that during the 22 quarters the portfolio constructed via DEA performed much better than the IBrX-100 index. Lopes, Ana, Edgar Lanzer, Marcus Lima, and Newton da Costa, Jr., (2008) DEA investment strategy in the Brazilian stock market. Economics Bulletin, Vol. 13, No. 2 pp. 1-10 2.7 The Case of Kuwait