Research Proposal on Educational Leadership Essay Example

Research Proposal on Educational Leadership Essay Educational leadership is the set of activities and decisions aimed at the organization of the educational institution, students, teachers and parent for the single purpose – improvement of the educational process and knowledge of students. Every educational institution from high school to college and university has its own principle or a head, who is responsible for the management. It is really difficult to organize the educational process adequately and make it meet all the latest requirements of time, economic, scientific and cultural levels. There is so much information nowadays that is it difficult to define the useful data from the unnecessary facts which are not valid enough. So, school administration is supposed to control the type of the material which will be presented to students and compose appropriate curricula which will include all the necessary disciplines for students. Educational leadership touches upon not only the principle or the head of the institution, but upon all the active members of the teaching staff and parents who contribute into the development of the institution. Parents and teachers have the same right to suggest possible changes into the curricula and time management. It is important to organize the educational process in such a way to keep the student interested and involved into the process all the time. With this purpose numerous extra classes and various sections and sports activities after classes. The problem of educational leadership is closely connected with such disciplines as pedagogy, psychology, political science, management and business. We will write a custom essay sample on Research Proposal on Educational Leadership specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Research Proposal on Educational Leadership specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Research Proposal on Educational Leadership specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Educational leadership is an important topic which is worth investigating, because the level and prestige of the educational institution depends directly on the administration and the manner of their management. In order to complete high-quality research paper on educational leadership a student should investigate the topic deeply and analyze it from all sides and then he will be ready to draw his own conclusions and define the advantages and disadvantages of the modern educational management and complete a good educational leadership research proposal presenting the ideas and methods which can improve the current situation in this sphere. A student is supposed to introduce the purpose of the research, methodology of the investigation and the list of the used sources which prove that much work has been done to conduct the proper research. When there is a problem connected with research proposal writing, the Internet becomes the best helper, because one can find a high-quality free example research proposal on educational leadership and understand how to compose the paper correctly. A free sample research proposal on educational leadership prepared by the professional writer can assist with formatting, data analysis and persuasive manner of writing. NOTE!!! All free sample research proposals and examples on Educational Leadership are 100% plagiarized, we are here to help you! EssayLib.com is a leading research proposal writing service, which can offer you the solution you have been looking for. With thousands of written research papers and proposals for Master’s and PhD degrees, we can give you exactly what you need at very affordable prices. Our experienced writers will prove you that high quality and exclusivity is a trademark of our products. We can guarantee your confidentiality and promise you strict on time delivery. There are many reasons for EssayLib.com to become your favorite research proposal writing service, but all we are asking you – just give us a try!

Earl Giles Assessments Of and How For Learning

Earl Giles Assessments Of and How For Learning Earl Giles Assessments Of and How For Learning Earl Giles Assessments Of and How For Learning Teaching and learning are ongoing interactive process that takes place in the classroom between teachers and students. Assessment relates to gathering data of this process, which expresses teaching and learning outcome. The data is then analyzed, which reveals success and failure of both teacher and student, areas of improvement, whether teaching method is suitable for students, how the students are thinking, how are they visible during teaching. Collected data can also discover many other additional perspectives. Earl Giles in the article â€Å"An-other Look at Assessment: Assessment in Learning† implies a new concept of teaching and learning assessment (Earl Giles, 2011). Educational assessment so far has been described using phrases: assessment of learning, assessment for learning and assessment as learning. The cornerstone of this new concept is in the proposition â€Å"in† to describe educational assessment. The authors suggest that teachers need to find a way of â€Å"being in† assessment while assessing knowledge and skills of students. Assessment of learning, also known as summative assessment largely determines learning outcome at the end of the teaching program. Assessment for learning also known as formative assessment evaluates both teachers and students’ activities undertaken by them. Formative assessment is conducted in interactive process from teacher to student and student to the teacher, as well as from student-to-student. It evaluates teaching planning, and students thinking and learning process. The aim of this assessment is not grading, but to increase the student’s self esteem. Earl Giles describes asses sment is an experiment with living individuals, which involves thinking and strategizing of language use and activity of participants (Earl Giles, 2011). That is why; the concept uses the term â€Å"being-in†. This idea reveals how well a teacher is â€Å"being-with†, and â€Å"being-in† relationship with the students. The concept evaluates both teachers and students â€Å"being- in† assessment. The â€Å"being-in† assessment includes: focusing on students’ learning process, seeing and reading them, responding and acting on what is noticed, and recognizing their changes and growth. live CHAT

UK, USA and UAE Cybercrime Law Essay Example | Topics and Well Written Essays - 1000 words

UK, USA and UAE Cybercrime Law - Essay Example To this effect, communication, business and financial transactions, international trading, storage and distribution of private and public records and even the dispensation of employment duties are exacted online, in these states. Nevertheless, given the high financial and security stakes that have come to stalk the Internet, cybercrime has become increasingly common and complex. To this effect, high-tech cyber based crimes such as terrorism, computer intrusions, espionage, identity theft, child pornography and fraud have become a major concern to the US and the UK. For this reason, the US and the UK have made legislation to counter and extirpate cybercrime, albeit these laws have their strong and weak points. This study aims to spot the light uponthe major cyber attacks, and associated threats in the UAE, US and UK and makes SWOT (strengths, weakness, opportunities, and threats) analysis of the current cyber crime laws and suggests approaches and mechanisms needed to improve the effe ctiveness of the cyber act. INTRODUCTION The phrase Cybercrime refers to any legally proscribed action that is performed over the Internet, a local network or the computer or any other device that can support the Internet, a local network or function of a computer. ... Because of this, it becomes clear that the concept of cybercrime and laws on cybercrime are state-specific. The leaps in the communication and information technology have promoted new technological trends like the internet spread, social networks, cloud computing, and VOIP like never happened before. The introduction of information technology solutions including e-commerce solutions, social networks, and on-line banking solutions has opened the door widely to the growing number of cyber terrorism threats and cyber attacks. Despite the rise of the cyber crime rates in UAE, the shortcomings in development of cyber crime laws and legislative provisions that regulate the up-mentioned technologies usage are huge.According to recent survey conducted by Norton, Bulent Teksoz, Chief Security Strategist, Norton outlines the total cost of cyber crime in the UAE - found to be $626m per year(Teksoz, 2010).Hence, the need to initiate a nation-wide act to counter the cyber crime, either on the nat ional and cross-border levels,arises. The state-specific nature of cybercrime in turn brings about an aspect of variance and makes it possible to identify the pros and cons and strengths and weaknesses of these cybercrime laws, as shall be seen forthwith, in the cases of the US and the UK. Meanwhile, Trend Micro published a study in 2009, which reported the number of computer system crashesin the UAE as a result of cyber attacks reached 248,000, accounting for 20 percent of the total cases in the GCC countries(Ajbaili, 2009).Few countries in the region, such as; UAE, and Saudi Arabia, have drawn up cyber laws in an attempt to fight the cyber crimes (Bednarski, Chen, Chen,

Employees Performance & Assessment system used in your organization Assignment

Employees Performance & Assessment system used in your organization - Assignment Example This has thus forced organizations to ensure proper training and support for those conducting the assessment, and assessing the risk possibilities to reduce legal liabilities. A job performance evaluation system is only considered effective if it can clearly show employees responsibilities, motivate them, show their contribution and give information that can be useful in making personnel decisions. This essay will evaluate the forced distribution system of performance evaluation, its advantages, disadvantages and ways of improving the system. In a forced distribution evaluation system the managers are expected to distribute ratings for the evaluated employees, into a pre-specified performance distribution ranking as described in Concise Blackwell Encyclopedia of Management by Cooper & Argyris. Meisler defined forced distribution performance evaluation as; It's a workforce-management tool based on the premise that in order to develop and thrive, a corporation must identify its best an d worst performers, then nurture the former and rehabilitate and/or discard the latter. It's an elixir that in these slow-growth times has proved irresistible to scores of desperate corporate chieftains - but indigestible to a good many employees (44-49). Just like the name suggest this system forces the managers to ensure that the performance evaluation reflects the true performance of each member within the organization. This system aims to improve overall productivity within the organization. Most organizations have developed their own criteria of ranking, which functions by developing the criteria and employees and ranked according to it. The performance criteria can either be in terms of goals or expected behavior expected of the employees. Microsoft organization rates its employees using a unique scale. Their 5 point scale ensures that employees also get a ranking for being either the most valuable or the least valuable in terms of performance. Through lifeboat discussions man agers will decide on the rankings by choosing the employees that they consider as the most valuable (Abelson,1). This form of ranking allows for determination of the least performing employee, because of this some organizations use the same system as a means of determining which employees are to be laid off. This ranking that allows for firing of workers has led the forced distribution system to be termed as ‘rank and yank’ system (Osborne & McCann, 6- 9). This system though employed by some organizations has both positive and negative features. It is imperative when considering an evaluating system to use in an organization to look at both of these features. This enables an organization to decide on which best fits the organization and will ensure that the employees feel secure in the workplace and promotes effectiveness and productivity. One of the advantages of fixed distribution performance evaluation system is that is that the use of this type of system can help to ensure that common errors that occur during performance evaluation are eliminated. These errors include; poor rating of the employees, or leniency errors whereby the employees are rated questionably well. The latter is the most common, and it is found in most cases that an employee is

Macroeconomic Analysis of South Africa Research Paper

Macroeconomic Analysis of South Africa - Research Paper Example Hospitality Segment in South Africa Similar to any other industry, the hospitality industry has to face a significant impact due to the economic condition in any country. The economic conditions prevailing within an economy determines the trend of travel and thus the profitability of hospitality sector. Hotels require a major financial investment. Nevertheless, financial suppliers necessitate guarantee that the hospitality organizations are satisfactorily feasible to repay the invested amount. The situation of hospitality market is generally determined by income per room and occupancy rates. Increasing occupancy rate in hospitality industry denotes high demand which can open the opportunity for new entrants in the hospitality industry. It is worth mentioning that the hospitality industry is directly related with national as well as distant travelling trends for tourists and commercial visitors (PwC, 2011). Hospitality organizations can gain high return on investment in the presence o f strong and healthy economy. For instance, the macroeconomic factor such as growth rate has major impact on the travel because it entices and preserves customers and drive sales within the industry. Furthermore, the condition of economy creates an impact on both domestic as well as global corporate travel. It is in this context that South Africa has satisfactory demand for hospitality services. With the virtues of the macroeconomic environment prevailing in the business context of South African hospitality industry, the number of overnight visitors in South Africa has increased considerably from 2004 to 2006 by almost 10.23 million. The increase in number of travel has accelerated the room occupancy rate as well as hotel revenue (PwC,...This paper is one of the best examples of the macroeconomic analysis of South Africa, and the overview of its current state of hospitality segment. Even though the financial structure of South Africa is improving, it is facing two most important macroeconomic problems (i.e. unemployment and electricity) which can have a substantial impact on the industrial development of the economy. The paper analyzes the extent of these problems and how the government reacts with the problems through developing macroeconomic policies. Furthermore, the paper also describes the hospitality industry in South Africa and its relationship with current macroeconomic issues faced by the country in order to understand the potentiality of instigating a new venture in the particular industry. South Africa is regarded as the economic centre of the African continent. It has outstanding and advanced legal structure. The financial system of South Africa is observed to be in a healthy position. South Africa is not only considered as a major developing economy, but is also as the gateway to other African markets. In the region, South Africa plays a vital part for energy generation, transportation, industrialization and hospitality services. Similar to any other industry, the hospitality industry has to face a significant impact due to the economic condition in any country. The economic conditions prevailing within an economy determines the trend of travel and thus the profitability of hospitality sector. Analysts predict that South Africa will remain economically attractive for tourism and hospitality sector. Even though there are some unemployment and electricity shortage issues in the country, its overall market attraction is satisfactory.

Diversity, ethics and anti discriminatory practice

Diversity, ethics and anti discriminatory practice The purpose of this learning and development plan is to understand the importance of equality, diversity and human rights in the practice of social work. I aim to indentify, recognise and respect diversity and equality using theories and ideas that will relate to why oppression, discrimination and prejudice occur in todays society. I will also write about how I am aware of my own personal prejudices and dilemmas and how I aim to challenge oppression/discrimination with the use of anti-discriminatory practices. Language is legislation, speech is its code. We do not see the power which is in speech because we forget that all speech is a classification and that all classifications are oppressive. The word Oppression in the English language means; the act of subjugating by cruelty a feeling of being oppressed kept down by unjust use of force or authority; the tyrants oppression of the people (Hyperdictionary, 2000- 2009) It is viewed differently by Feminists and by Marxists. Marxism believes that it is a class issue. They suggest women, gays or people of non-white skin should be subordinate to the Bourgeoisie, that Capitalism shapes and depends upon oppression for survival and the struggles of the oppressed cannot be carried out across all classes. The Bourgeoisie has various means to keep down the lower class (poor) by squeezing more profits from then. The working class are the oppressed class; they often have bad housing, education and therefore poor job opportunities than the middle or upper class of the Bourgeoisie. (DAmato, 1999) Marxists argue that the eradication of racism, sexism or homophobia will mean that a capitalist government will have to be overthrown; however, they will never tell the oppressed this, but will advice them that the revolution is coming and they need to wait. They see the struggle against all forms of oppression is essential to the struggle of socialism. Carl Marx the founder of Marxism ignored and downplayed oppression as he came from a privileged background. (DAmato, 1999) Radical feminists believe that women are oppressed within the patriarchal system (males are viewed as superior to females), that marriage and family are a result of capitalism. Women have a common bond with each other no matter the age, race or class. Women need to take control of their lives; they need to separate themselves from the things that have oppressed them. (Zieber, 2008) Socialist feminists say that women are oppressed because of dominance and economic inequality that every form of oppression is a feminist issue and women are a subordinate class by the power positions males have in society. (Holmstrom, 2003) I myself have experienced being oppressed by males. I live with my partner on a farm and we have people (mainly men) come to work there. Some men do not think I should not be working in a male environment, that I cannot be driving a tractor, working out in the fields or when I am quality controlling their work with the livestock. If their work is not up to the right standard I tell them, they often tell me I am wrong and try to speak to another person (a male), who then will often relay the same as what I have already said. If it persists I will speak to my manager, who then speaks to them. Culture also comes into the equation at work as they often come from a different country; therefore they have different beliefs on what work women should do. I feel disempowered and start to question myself about my work, but I carry on with my work as it is the end product which counts and people who buy the products are happy. Prejudice means a hostile attitude towards a group of people or a person, pre-judging them based on a stereotype (Billingham et al, 2008), for example a prejudice of mine is that since being made redundant from a previous job and it went over to India, I now assume that each job I have it will eventually be taken over by a person in another country. I know this may not be the case in the future. Some psychotherapists believe that prejudice is a learnt process (nurtured), an indirect view of this is an experiment by Barrett Short (1992) found that young English children aged between and 10 years had a clear preference for different European people in countries e.g. the Germans were liked the least and the French were one of the most liked. The children had decided this even if they did not know much about the people, culture or the country. Sherif (1961) researched at how prejudice is caused in society between different groups. Their aim was to investigate if intergroup conflict happens when a group competes with each other over resources which are scarce. They looked at twenty-two 11 year olds, who were well adjusted and came from a middle class home environment. The boys who were selected to take part in the experiment were sent to a summer camp in America, where they were divided into two groups not having any knowledge of the other group and were given group names; Eagles and Rattlers. The boys would then create a group bond and identity in the first week. The second week experimenters set up competitions with between the two groups, where prizes were offered to members of the winning group. The experimenters found that there were strong feelings developed between the two groups, which lead to hostility and fighting towards each group. The conclusion to this experiment was that conflict can arise from competition over prizes as these were the scarce resource (only the winning group received them). (Sherif, 1961) In 1979 Tajfel Turner developed the Social Identity Theory to understand the psychological basis of discrimination in a group. What they found was that a person can have several selves and depending on the social context it may trigger an individual to act differently, that individuals will categorize themselves, then will seek to get positive self-esteem within the group. An example of this from my past is when I was younger I used to hang out with a group, if a higher ranking group member fell out with someone of a lower rank then I would often side with the person who was higher even if I knew they were wrong, making ourselves feel good we would put the other person down, making our self-esteem greater than theirs, that way I would still be in the in-group- and not in the out-group being ostracised. To make the best of a workforce people need to know about equality and diversity, how to act within the laws of society. Everyone has the right to equal opportunities no matter their religion, sexual preference or culture at work, home or whist on the street. Equality protects people that can be discriminated against. Diversity, however, is a range of conditions or characteristics in todays society e.g. race, people need to respect individual differences. When a workforce or person embraces equality and diversity they comply with anti-discrimination legislation and they can emphasize the positive benefits e.g. they can draw on a wider talent of resources. (Skills for Business, n.d) In 1950 the European Convention on Human Rights was written to prevent the repeat of the oppression of individual rights after the 1st world war, it stated that everyone has a right to have enough food and a shelter, the United Kingdom signed the convention in 1951. Since then there have been many laws and legislations come into force against discrimination, some of which are; Equal Pay Acts 1970 1983 Prohibiting discrimination of people on the grounds of sex to pay and their terms of contract Sex Discrimination Act 1975 Prohibiting discrimination of a persons sex or their marital status. This applies to males females or if they have had gender reassignment surgery. Race Relations Act 1976 Prohibiting discrimination of race, colour, ethnic origin or nationality of a person. Amendment in 2000 There is a duty on public authorities to have due regard to eliminate unlawful discrimination and to promote equality. Disability Discrimination Act 1995 2005 Prohibiting discrimination against a disabled person. Authorities have a duty to promote equality with disability. (Bayne et al, 2010) How do I aim to challenge discrimination and promote equality my personal life and within my job role as a social worker? As a social worker I would try to empower the service user by focusing on their strengths, guiding them to reach a solution, give them the correct advice, be honest and reliable no matter what kind of background they come from. If I come into contact with someone who discriminate against another, I aim to challenge them, ask them why they feel that way, find out if there are any reasons as to why they feel that way and try to get them to think about their views and try to change them for the better. I will also think about the impact a service user will have on being excluded from a community or group, I will try to get them included back within their community by arrange for them to help out/volunteer on a local project, by being included back into the community it may help if they have any mental health issues. Word count 1560

Viet Nam :: essays research papers

The media has made sure that all of us are aware of the Vietnam conflict. Readers and movie goers the world over are now familiar with America's suffering in Vietnam and the problems American veterans have endured as they attempted to adjust to civilian life. Although all life is irreplaceable, the fact remains that the United States lost fewer than a million men in the Vietnam conflict and their social institutions and infrastructure remained relatively intact. The Vietnamese, however, lost two million men and their culture, society, landscape and tradition were literally obliterated. Despite this destruction, their side of this horrendous story has seldom been told. Worse yet, when it is told, they are often portrayed in the most unattractive of all light. Until only a few years ago, the Vietnamese were portrayed by the media as a faceless people with no identity; entities not worth caring about. The turning point came with the publication, in Dutch, of Duong Thu Huong's Blind Paradise in 1994. This landmark book was followed by Bao Ninh's The Sorrow of War. War novels deal, superficially, with war. But underneath all the blood and horror and carnage lie far deeper social and human issues. The best novels of war, such as Erich Maria Remarque's All Quiet on the Western Front and Ernest Hemingway's For Whom the Bell Tolls, as well as Bao Ninh's The Sorrow of War, also deal with the makeup and morality of a culture or a society gone wrong. The protagonist of these books, whether real or fictional, often endures a harrowing personal struggle through both a public and private hell and usually undergoes some sort of redemption, even if that redemption results in death. Born in 1952, Bao Ninh served in the Glorious 27th Youth Brigade during the Vietnam conflict. Of the five hundred youths who went to war with this brigade in 1969, Bao Ninh was one of its ten survivors, so it is not unusual that war should be the subject of his first book, considering the impact it has had on his life. Semi-autobiographical in nature, the protagonist of The Sorrow of War, Kien, is the lone survivor of his brigade and a ten year veteran of the war. As the book opens he is serving as part of an MIA body collection team. It is through his memories that we slowly learn how the war has devastated his youth and the youth of his countrymen.

Revisiting Day of the Week Effect in Indian Stock Market

In recent years the testing of market anomalies in stock returns has become an active field of research in empirical finance and has been receiving attention not only from academic journals but also from the financial press as well. Among the more well-known anomalies are the size effect, the January effect and the day-of-the week effect. According to this phenomenon, the average daily return of the market is not the same for all days of the week, as we would expect on the basis of the efficient market theory. The objective of this paper is to examine the existence of day of week effect in Indian stock market.Daily closing prices of S&P CNX Nifty index have been analyzed over fifteen years period commencing from January 1994 to December 2008. A set of parametric and non parametric tests has been used to test the equality of mean returns and standard deviations of the returns. The mean returns on Monday and Tuesday are negative while on Wednesday these are highly positive. Also, the i mpact of introduction of rolling settlement on the stock returns is observed. The results show that before rolling settlement came in 2001, Tuesday was showing highly negative returns and Wednesday highly positive.But after the introduction of rolling settlement, the seasonality in the distribution of the mean returns across different days of the week ceased to appear. Thus the markets have become more efficient over a period of time. KEY WORDS: Market Efficiency, Calendar Anomalies and Day-of-the-Week Effect INTRODUCTION A Stock Exchange is a common platform where buyers and sellers come together to transact in securities. It may be a physical entity where brokers trade on a physical trading floor via an â€Å"open outcry† system or a virtual environment.The Stock Exchange, Mumbai (BSE) and the National Stock Exchange (NSE) are the India's two leading stock exchanges. Indian security market is one of the oldest markets in Asia. It has come a long way from earlier days of flo or trading to the present day screen and net based trading. This study is an attempt to have a deeper insight in to the behaviour and patterns of stock price distribution in the Indian stock market. The price of a security should vibrate around its intrinsic worth in any efficient market.In finance, the efficient-market hypothesis (EMH) asserts that financial markets are â€Å"informationally efficient†, or that prices on traded assets, e. g. , stocks, bonds, or property, already reflect all known information. The efficient-market hypothesis states that it is impossible to consistently outperform the market by using any information that the market already knows, except through luck. Therefore, the past price movements can in no way help in speculating the prices in future. The price of each day is independent. It may be unchanged, higher or lower from he previous price, but depends upon new pieces of information being received each day. So seasonalities cannot be used to form ulate trading strategies to earn abnormal returns according to efficient market hypothesis theory. Calendar anomalies are cyclical anomalies in returns, where the cycle is based on the calendar. It describes the tendency of stocks to perform differently at different times. For example, a number of researchers have documented that historically, returns tend to be higher in January compared to other months (especially February).There are three types of efficiencies as explained in efficient market hypothesis. So calendar anomalies mainly explain weak form of efficiency which says that previous price changes or changes in return are useless in predicting future price or return changes. Some of the calendar anomalies are Month-of-the year effect, Month-of-the quarter effect, Week-of-the month effect, Day-of-the-week effect or Weekend effect, Monday effect, Hour-of-the-day effect or the End of the-day effect, holiday effect and turn of the month effect etc. Among them the day-of-the-week effect is most widely documented across the countries and markets.In context to stock market the majority of research findings, indicates that the stock returns remain low or negative on Monday. This paper examines the day-of-the-week effect in Indian stock market, using S;P CNX Nifty data of last fifteen years from January 1994 to December 2008. REVIEW OF LITERATURE There is an extensive literature on the day-of-the-week effect in the stock returns. This section examines a few research works on the day of the week effect in Indian and international stock markets. Ziemba (1993) investigated the weekend hypothesis for the Japanese market using daily data from 1949 to 1988.Tuesday recorded negative returns following a one day weekend and Mondays declined after two days weekends. Balaban (1994) found day of the week effect in an emerging stock market ISECI of a developing country Turkey for the period 1988 to 1994. Highest returns on Friday and lowest returns on Tuesday were observed. Mishra (1999) studied day of the week effect in Indian stock market using Sensex and Natex for the period 1986 to 1998 indicating the presence of day of the week effect in Indian stock market. Friday returns were found highest and significantly different from the mean returns of other days. Hence there exists a Friday effect.Berument and Halil Kiymaz (2001) tested the presence of the day of the week effect on stock market volatility by using the S;P 500 market index during the period of January 1973 and October 1997. The findings showed that the day of the week effect is present in both volatility and return equations. While the highest and lowest returns were observed on Wednesday and Monday, the highest and the lowest volatility were observed on Friday and Wednesday, respectively. Further investigation of sub-periods reinforced findings that the volatility pattern across the days of the week was statistically different.Sarma (2004) examined seasonality across the days of week in Indian stock market using BSE indices- SENSEX, NATEX and BSE 200. Highest variance on Monday was found and weekend effect was confirmed by this study. Nath and Dalvi (2004) examined the day of the week anomaly in Indian stock market for the period from 1999 to 2003 using index S;P CNX NIFTY data. The study found that before introduction of rolling settlement in January 2002, Monday and Friday were significant days. However after the introduction of the rolling settlement, Friday became significant. Mondays were found to have higher standard deviations followed by Fridays.Davidsson (2006) found evidence of day of week effect in S;P 500 index. Davidsson found Wednesday was the weekday with highest rate of return and Monday was weekday with lowest rate of return. Also Monday was the only day with negative rate of return. Wednesday’s returns were found approximately four times of Monday’s returns. Badhani (2008) examined the presence of day-of-the-week effect on stock retu rns, trading volume and price volatility at the NSE during the period of 10 years from 1995-2005. Wednesday effect was found during earlier weekly settlement regime which now disappeared.Monday and Tuesday returns were consistently low but during recent sub period these were not significantly different from other days of week. Also on Monday the average trading volume was significantly low and price volatility was high consistently across the entire sample period. Mangala (2008) examined day-of-the-week effect in sub periods in Indian stock market using S;P CNX Nifty data. Highest returns on Wednesday and lowest on Tuesday were observed. Also findings showed that seasonality in return distribution across weekdays was confined to pre rolling settlement time period; thereafter seasonality vanished.DATA AND METHODOLOGY This study covers a sample period of fifteen years from January 1, 1994 to December 31, 2008 comprising a total of 3695 observations(days). The stock prices are represen ted by S;P CNX Nifty index. The closing values of this index have been obtained from the official website of National Stock Exchange (www. nseindia. com). There was trading on certain weekly closing days (i. e. 18 Saturdays and 3 Sundays); these days have been excluded from the sample. During the above sample period of fifteen years many structural changes also took place in the market.For example rolling settlement was introduced in place of weekly settlement system. Therefore, the behaviour of stock prices has been studied on an yearly basis so as to gauge the impact of these changes on the stock prices. Measuring the Daily Returns Daily percent return on the index for a given day of the week has been calculated by subtracting the closing price of the previous trading day from closing price of that day, then dividing the resulting no. by closing price as on the previous trading day and multiplying by 100. Rt = Pt-Pt-1 * 100 Pt-1 Rt is daily return on the share price index for day tPt is the closing value of index for the day‘t’ and Pt-1 is the closing value of the index for the preceding day. Hypothesis and Testing Procedure The null hypothesis is that there are no differences in the mean daily returns across the weekdays. The non parametric Kruskall- Wallis (H) test has been applied to test seasonality in returns across weekdays to test the hypothesis. Null hypothesis is: – Ho:  µ1=  µ2=  µ3=  µ4=  µ5 Here,  µ1,  µ2†¦Ã‚ µ5 represent mean returns of different trading days of week. It means that mean returns across all the five days of week are equal. Alternative hypothesis is: – H1:  µ1?  µ2?  µ3?  µ4?  µ5It implies that there is significant difference in mean returns across the trading days in a week. Different statistical tools have been used to find the results like mean, standard deviation, range, skewness ; kurtosis etc. Then the most scientific and logical non-parametric Kruskall-Wallis (H) test h as been applied to check the hypothesis. The Kruskall Wallis test requires the entire set of observations being ranked – higher the value, higher is the rank and vice-versa- then arranged into nj ? 5 matrix where nj represents the rank of the return and columns represent the day of the week (Monday through Friday).The value of H is calculated by formula: |H |= |12 |( |[pic] |(Rj)2 |) |  Ã¢â‚¬â€Ã‚   |3(N+1) | | | |[pic] | | |[pic] | | | | | | |N(N+1) | | |nj | | | | | | | | | | | | | | Where: Rj= sum of ranks in the jth column nj = number of cases in the jth column N = sum of observations in all the columns The calculated H value has been compared with the table value of the chi-square(? 2) distribution with (k-1) degree of freedom, where k stands for the number of trading days in a week.Hence H0 is rejected if H;gt; ? 2 H0 is accepted if H;lt; ? 2 The value of H in our study is taken as the critical value at 1% as well as 5% level of significance. Further Dunn’s mul tiple pair comparison test based on rank matrix built in K-W test has been used to find seasonality by a pair wise multiple comparison procedure. It identifies whether particular day of the week differs from other days of the week. The test procedure relies on Kruskall-Wallis rank sum Rj. The data in the rank-day matrix prepared for ‘H’ test is used for this purpose. For a given level of ? decide ?  µ ? ? if |Ru-Rv| ? Z [? /k(k-1)] [N(N+1)/12]1/2 [1/n µ + 1/nv]1/2 Where,  µ = 1, 2†¦Ã¢â‚¬ ¦k-1 v= +1,†¦Ã¢â‚¬ ¦. k k = 5 N = total number of observations n µ = corresponding number of observations in the uth column nv = corresponding number of observations in the vth column Ru = Average K-W rank sums in the uth columns of the rank matrix Rv = Average K-W rank sums in vth columns of the rank matrix Z[? /k(k-1)] = the upper percentage point of the unit normal distribution for a given significance level for 99 percent confidence level is 2. 575 Further the retu rns have been analyzed for two sub-periods i. e.Sub period-1 before rolling settlement (weekly settlement period) ; sub period-2 after the rolling settlement was introduced. In weekly settlement time period, Tuesday used to be as the settlement day on NSE. In 2001, rolling settlement was introduced which shifted settlement cycle from a fixed day of the week to fixed settlement lag. Tuesday settlement might be the possible reason for the observed seasonality in stock returns. DATA ANALYSIS Here the day of the week pattern of the S;P CNX Nifty data from January 1994 to December 2008 has been tested, results of which have been depicted in Table 1.It is observed from the table that the mean returns on Monday i. e. -0. 08563 percent are minimum followed by Tuesday. Mean returns on Wednesday, Thursday and Friday are positive out of which Wednesday’s return with 0. 303 percent is maximum across all the days of the week. The mean return on Wednesday is about 8 times the overall mean return. The variation in mean returns measured in terms of standard deviation is found maximum on Monday (1. 870303 percent) followed by Friday (1. 740897 percent). It shows that trading on week start and week end is more volatile than other days of week.Skewness is positive only on Wednesday while other days of week have negatively skewed distributions. Kurtosis tells us the extent to which a distribution is peaked or flat topped when compared with a normal curve. The return distribution on Monday, Tuesday and Friday is leptokurtic while on Wednesday and Thursday are platykurtic. Through table it is also observed that range on Monday is highest which is also a measure of Dispersion. There is a significant difference in mean returns across different the different days of the week as evident by K-W (H) statistics (21. 78) which is highly significant at 1 percent level of significance. Therefore the null hypothesis of equality of mean returns across various days of the week stands rej ected. |Table 1. Summary Statistics of Daily Stock Returns of S;P CNX Nifty(Jan 1994-Dec. 2008) | |   |Monday |Tuesday |Wednesday |Thursday |Friday |All Days | |Mean |-0. 08563 |-0. 07615 |0. 30300 |0. 1895 |0. 03221 |0. 03838 | |Standard Deviation |1. 87030 |1. 50858 |1. 62655 |1. 55153 |1. 74090 |1. 66944 | |Skewness |-0. 71612 |-0. 15909 |0. 40400 |-0. 05609 |-0. 35999 |-0. 24662 | |Kurtosis |4. 29741 |4. 47636 |1. 79652 |1. 53957 |5. 66062 |3. 98682 | |Range |7. 54838 |8. 29523 |7. 9590 |6. 30507 |7. 83089 |20. 53297 | |No. of Observations |741 |742 |740 |744 |728 |3695 | |K – W(H) Statistics 21. 278* | * Significant at 1 percent level for 5-1 degrees of freedom Table 2 represents actual and expected multiple comparison values as per Dunn’s multiple pair comparison test to study pair wise comparison among different days of the week. This test is based on rank matrix built in Kruskall Wallis Test.The calculation of actual and expected values is shown in table 3 wh ile the deviation of actual from expected ranks is shown in table 3. So it is observed from the table 3 that there is inequality in Monday – Wednesday, Tuesday – Wednesday, Wednesday – Thursday and Wednesday – Friday pairs as these are showing positive deviation of absolute rank sum values from the corresponding Z value or expected value. It means these pairs are showing more inequality in returns than expected and Tuesday – Wednesday is showing highest positive deviation. Also it is observed from the table that Wednesday appears in all above pairs.It means Wednesday returns are significantly different from the other days of week. Wednesday is showing highly different mean returns from rest of the days. So a trading strategy of buying on Tuesday and selling on Wednesday may help an investor to earn abnormal returns. |Table 2. Actual and Expected Multiple Comparison Values | | | |   |Actual |Expected | |   ||RU ?Rv| |Z |[N(N+1)/12]1/2 |(1/nu+1/n v)1/2 |Z[N(N+1)/12]1/2 (1/nu+1/nv)1/2 | |Monday-Tuesday |40. 64 |2. 575 |1066. 799 |0. 0519 |142. 6521 | |Monday-Wednesday |197. 07 |2. 575 |1066. 799 |0. 0520 |142. 7620 | |Monday-Thursday |30. 38 |2. 575 |1066. 799 |0. 0519 |142. 5697 | |Monday-Friday |50. 24 |2. 75 |1066. 799 |0. 0522 |143. 3388 | |Tuesday-Wednesday |237. 71 |2. 575 |1066. 799 |0. 0520 |142. 7070 | |Tuesday-Thursday |71. 02 |2. 575 |1066. 799 |0. 0519 |142. 5147 | |Tuesday-Friday |90. 88 |2. 575 |1066. 799 |0. 0522 |143. 3114 | |Wednesday-Thursday |166. 69 |2. 575 |1066. 99 |0. 0519 |142. 6246 | |Wednesday-Friday |146. 83 |2. 575 |1066. 799 |0. 0522 |143. 3938 | |Thursday-Friday |19. 86 |2. 575 |1066. 799 |0. 0521 |143. 2015 | |Table 3. Deviation of Actual from Expected Rank Differences | |Monday-Tuesday |-102. 12 | | | |Monday-Wednesday |54. 308 | | | |Monday-Thursday |-112. 190 | | | |Monday-Friday |-93. 099 | | | |Tuesday-Wednesday |95. 03 | | | |Tuesday-Thursday |-71. 495 | | | |Tuesday-Friday |-52. 431 | | | |Wednesday-Thursday |24. 065 | | | |Wednesday-Friday |3. 436 | | | |Thursday-Friday |-123. 41 | | | Table 4 represents the yearly distribution of mean returns on S;P CNX Nifty for different days of the week from 1994 to 2008. Also to test whether these differences in the mean returns on different days are statistically significant or not, the non parametric ‘H’ statistics has been used. The table value of the chi-square (? 2) distribution at 1 percent level of significance is 13. 277 and at 5 percent level of significance is 9. 488. If we look at year wise KW statistics, up to year 1999 ‘H’ statistics is highly significant and after 1999 it is insignificant. |Table 4.Yearly Distribution of Mean Returns on S;P CNX Nifty by Day-of-the-Week | |(January 1994 – December 2008) | | | | | |Year/Day |Monday |Tuesday |Wednesday |Thursday |Friday |KW Statistics | |1994 |0. 47012 |-0. 16573 |-0. 36687 |0. 01075 |0. 32745 |9. 945** | |1995 |-0. 51580 |-0. 33583 |0. 25709 |-0. 6627 |0. 11756 |11. 145** | |1996 |-0. 35599 |-0. 35342 |0. 53600 |0. 18662 |0. 07796 |10. 114** | |1997 |-0. 46253 |-0. 14396 |1. 04706 |-0. 16222 |-0. 06761 |19. 917* | |1998 |-0. 12914 |-0. 52606 |0. 78280 |-0. 15417 |-0. 22507 |13. 245** | |1999 |-0. 00553 |0. 07532 |0. 98097 |0. 10327 |-0. 00305 |14. 48* | |2000 |-0. 16997 |-0. 28629 |0. 49777 |-0. 10239 |-0. 16992 |4. 989 | |2001 |-0. 21325 |0. 11775 |0. 30553 |0. 08010 |-0. 60214 |4. 987 | |2002 |0. 00508 |-0. 15830 |-0. 05939 |0. 07054 |0. 22584 |4. 226 | |2003 |0. 15214 |0. 13598 |0. 26208 |0. 13987 |0. 38014 |2. 323 | |2004 |-0. 4126 |0. 26824 |0. 04482 |0. 02138 |0. 07889 |1. 236 | |2005 |0. 29696 |0. 04875 |0. 02291 |0. 08195 |0. 18711 |1. 806 | |2006 |-0. 09098 |0. 01140 |0. 22203 |0. 22753 |0. 33653 |1. 198 | |2007 |0. 24310 |0. 32425 |0. 02874 |0. 30801 |0. 02442 |2. 139 | |2008 |-0. 36369 |-0. 13064 |-0. 04547 |-0. 5441 |-0. 24632 |1. 46 | | All Years |-0. 08563 |-0. 07615 |0. 30300 |0. 01895 |0. 03221 |21. 278* | | | | | | | | | |*Significant at 1% level | | | |**Significant at 5% level | | |Further entire study period has been divided into two sub periods: Period 1 (January 1994 to Decemeber 2001) and period 2 (January 2002 to December 2008). Period 1 represents the time when weekly settlement was operational and during this time frame NSE had fixed settlement day – Tuesday. Period 2 represents the time period when rolling settlement was introduced in place of weekly settlement cycle. | | | | | | | | |Table 5.Mean Daily returns on S;P CNX Nifty by Day of the Week for Sub-Periods | |   |Monday |Tuesday |Wednesday |Thursday |Friday |KW Statistics | |Subperiod-1 |-0. 17276 |-0. 20228 |0. 50504 |-0. 01304 |-0. 06810 |42. 752* | |Subperiod-2 |0. 00197 |0. 05294 |0. 09734 |0. 03923 |0. 12735 |2. 84 | | | | | | | | | | | |*Significant at 1% level | | | It is analyzed from the above table that in sub period 1 (1994 to 2001) all days except Wednesday gives negative rate of retu rn. This is clearly the impact of Tuesday settlement that returns on Tuesday are lowest and on Wednesday it is highest positive. It means beginning of settlement cycle ives maximum returns while last day of settlement cycle called settlement day gives lowest returns. Also a very high value of KW statistics i. e. 42. 752 represents a high degree of seasonality in sub period 1 (before rolling settlement time period). To bring more frequency in the transactions and to bring Indian markets at par with the international markets rolling settlement on T+5 basis was introduced in December 2001. So in sub period 2 when rolling settlement was introduced, returns on all the days have become positive and Friday is giving maximum returns and Monday is giving lowest returns.This hints towards the presence of some sort of weekend seasonality. But the value of ‘H’ statistics is very low i. e. 2. 684. From this it can be inferred that the return distributions are not significantly diffe rent across the week days and the null hypothesis stands rejected in the sub period 2. Thus it may be concluded that with the introduction of rolling settlement on NSE the stock markets have become more efficient. CONCLUSION During the period 1994 to 2008, S;P CNX Nifty index recorded highest positive returns on Wednesday and most negative returns on Monday with highest volatility on Monday and Friday.It means week start and week end tend to be more volatile in Indian stock market. Also it has been analyzed that Wednesday is giving significantly higher returns than other days of the week which points towards the existence of Wednesday effect in Indian stock market. There was presence of day of the week effect in pre-rolling settlement period which gradually phased away with the introduction of the rolling settlement. Markets have become efficient after rolling settlement has been introduced.So in present scenario we can’t rely on a trading strategy formulated on the basis of historical return movements on different days to earn abnormal returns as seasonality has disappeared in the recent years of the study period.

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