Health and Social Care Essay Example for Free

Health and Social Care Essay Introduction Social policy refers to the issue of addressing the needs of the society by the state. It takes care of the welfare aspects of the people that are based on some strategies, ideologies, regulation and undertakings. This phenomenon has reached a global scale nowadays. Social policy has now a wider span and has expanded its horizon to enhance the welfare of the general people. Marshall (1950) devised the idea of social citizenship that paved the way to the welfare provisions. These rights were focused on the economic independence and a minimum standard of life for the citizen. Health is now considered something beyond the physical aspect. It has mental, psychological, social implications. Health and welfare are the result of some sophisticated relations of socio-economic issues and the sufficiency of amenities provided (Atkinson et al., 2001). The existing social and health care system was actually established in 1948 the formation of which started before the Second World War. It got a new dimension in the later part of the century where the community took the roles of the institutes and the control shifted to the private sectors. Though it has some loopholes during the course, it has gone through several significant changes. This study will discuss the important landmarks in the history of UK social policy and provisions along with a critical evaluation and the recent achievements in this regard. It will also focus on the factors behind the formation of the policies and their impact on the service users. Task 1 historical and CONTEMPORARY LANDMARKS in social welfare provision 1.1 historical and CONTEMPORARY LANDMARKS in social policy Prior to and during the Second World War The Poor law was the sole social care facility that was provided prior to the Second World War which basically focused on the senior citizen and the incapacitated. It made it mandatory for each community to give benefit in the form of less charge for the deprived class. This law was later renamed into Public Assistance which was the result of Local Government Act, 1929. Subsequently, the facilities were open for everyone irrespective of disability and were applicable for people who did not have the money to pay for health care. (Pat Thane, 2009) The Disabled Person’s Employment Act, 1944 made it mandatory for the companies to give jobs to people included in Disabled Persons Register which should be minimum three percent of their employment. (Barnes, 1991) The National Association for Mental Health was later established in 1946 which had a movement for improved facility for the mentally disabled patients. National Health Service and the National Assistance Board The Poor law was terminated with the introduction of the National Assistance (NA) Act in 1946 which came into practice two years later. National Assistance Board (NAB) came into existence with the advent of this particular act. National Health Service took the hospitals under them which also came into being in the same year as NAB. NAB was later substituted by the Supplementary Benefits which merged with the Department of Health and Social Security in the year 1968. (Burt et al., 2003) After the Second World War The Mental Health Act came into being in 1959 that targeted to give the mentally disabled people a space in the society. It was the contribution of The National Assistance Act 1948, amended in 1962 that gave incentive to the native authorities to facilitate the senior citizen and people with disability with food, pastime facilities and to chalk out a decade long plan to enable them to stay in their respective residents for a period according to their will. (Pat Thane, 2009) In1968, Health Services and Public Health Act took the services to the senior citizens the and the people with disability to another level by offering extensive services like washing,  stewards, recreation and help in their home. (Bauld et al., 2005) In order to facilitate a social service division in every community, the Local Authority Social Services Act came into being in 1970. This was aimed at establishing a system where there is a collaborative and wide ranging arrangement for the entire social care system that will address the issues of people and give assistance to them who are in need of them. This division was given the duty of domestic aid, housing, food and entertainment facilities. The native authorities were made bound to make a catalogue of the incapacitated people and the services were to be exposed to the common mass. Invalidity Benefit came into existence in 1971which was later modified three years later which had the provision for Invalid Care Allowance In order to provide assistance to the people who wants to take the service of the local provider or a provider of their own choice of healthcare instead of the hospitals, District Health Authorities were given the authority in 1983 to give more finance to those people. In order to take care of the issue of make advancements in the service of the senior citizens and the people with disability, a series of papers addressed these issues to facilitate an improved service to the public. (Pat Thane, 2009) In an attempt to give more effort to the service to the people with disability, Disabled Persons Representation Act, 1986 was introduced so that they are taken into consideration more than before during the policy formulation. It gave the local bodies the duty to evaluate the requirement of the people with disability in terms of the social service and take care of these needs and let them know about the offers and facilities the local bodies are going to provide. (Daunt, 1992) In 1996, the Community Care Act was implemented to facilitate the people in need of social service with the und so that they can pay for the services. There are several another acts that were introduced to enhance the social care to the UK people; they are the following: Carers (Recognition and Services) Act, 1995 Mental Health (Patients in the Community) Act, 1995 Disability Discrimination Act, 1995 Carers and Disabled Children Act 2000 Special Educational Needs and Disability Act, 200 Private Hire Vehicle Act, 2002 Disability Discrimination Act (amended) 2005 Disability Equality Duty (DED), 2006 Welfare Reform Act 2007 1.2 factors influencing the development of policy legislations The provisions regarding healthcare and welfare are mainly designed to provide the people with the economic assurance in case of any illness, disease, aging or lack of financial crisis due to the lack of a job. There are several types of allowance which is provided when a person is ill or out of job which are backed up by the insurance arrangements of the state. In the period after Second World War the state was more e focused on giving jobs to everyone. It was supported by the free education system and academic allowances. The prime attention of that period was basically the fund to the domestic arena, healthcare all around the country and obviously jobs to everyone. The employers and the government word collaboratively in this regard. task 2 origins of social policies 2.1 PROCESS in key Health and Social Policy legalization The act is often preceded by a bill. The health related bills are presented in front of the parliament. Health and social policies are basically the activities and steps taken by the state to achieve a certain result in the national health scenario. The entire arrangement and structure of the health sector is deeply influenced by the act and legislation. These procure of formulating the policies may vary in nature. The place for the policy formulation and structure along with the attributes of the strategy has implication in the development of these acts. The whole procedure of policy formulation and implementation needs to be apprehended properly so that it  become convenient to make use of the resources and bring significant modifications in the healthcare provisions. These processes have number of stages. It starts with the design of the policy. In tis frost stage, lots of insights and information regarding the need of the service receivers are received. It takes into consideration the intention and the expected results are determined and according to them the appropriate steps are taken to make sure the required inputs are arranged. Secondly, the designed policy is practically applied by speeding the policy. It takes active measures to execute the policy. The final stage includes assessment and adjustment where the policies are scrutinized and modified according to the need of the situation. 2.2 INFLUENTIAL factors behind a parliamentary act Health and social welfare related issues are fundamentally influence by the people themselves. But the policy and parliamentary act are also affected by the assessment and the understanding and decision of the people concerned with the policy formation. There is also the consideration of the limitation of resources. In addition, the thinking process and the principals have a role to play. These policy makers have their own set of view and philosophies that are influenced by their allegiance to their respective parties (Ungerson, 1997). There are various modes of accomplishing the policies which can be customary or contemporary. There is also pressure from the activists and communities. Unexpected situations and likelihoods of events also play a role in the policy making process in the health care and social policy which may result in a very unscrupulous decisions and polices. (Spanswick, 2003) 2.3 the impact of the Act on service users The health and social care acts have positive effect throughout the UK history. These acts have helped to give people access to their fundamental right of health care, specially the older generation and the disabled people. (Foster et al., 2001) It has given the UK healthcare and welfare a solid structure. Health acre and social care had been two isolated entities, courtesy of the acts. But tis disintegration created a problem of lack of coordination. This disintegration was done in terms of the strategies and control of the bodies but they have been integrated to better serve the people. 2.4 POLITICAL leaders’ contriburion on policies Political leaders have vital contribution in helping the country recover from the adversities and downturn in the economy that resulted from the havoc of the Second World War. They help made the legislations to bring major changes in the social policies that had a foundation that predates the war. These politicians help pass the Health Act 2009 that aimed to take the National health Service to an advanced level to provide better facilities and service to the common mass.. In 2008 they passed Health and Social Care Act that had a vital contribution in revolutionizing and incorporating health and social care. The 2006 Health Act came up with the regulation that prevented public smoking and set the age restriction for smokers that was applicable to the seller of tobacco products. It also took care of the management of the medication and observation of transactions with pharmaceutical goods. (Hochschild, 1995) 2.5 improving the CARE WITH the on-going policy changes The policies that are concerned with the people’s welfare are always vulnerable to adjustments and amendments. Any vital change requires a lot deliberation and it has the risk of producing debate. The Medicare Program, introduced in 1965, has seen much modification since its inception which has helped the public to have access to better services. Further elective packages have been introduced by the authority to add to the convenience of people. (Alber, 1995) Task 3 impact of social policies on users of health and social care services 3.1: contemporary policy developments and implementation The healthcare authorities and the social care bodies make sure everyone is treated with equality regarding the services. The strategy and regulation is designed in such a way that ensures service receivers get the service  maintaining their freedom and self-esteem. The state does its best to offer the widest range of services. They disseminate information to the public about the heath related issues and they also inform about the nourishing ingredients of a meal. Through the various programs, people are encouraged to maintain a healthy lifestyle and children are imparted education. About the health related issues. There are many joint venture sin the health and social care sector they provide employment along with the measures to improve the social care sector and take care of issues like health discriminations, infant health and adolescence health, health of senior citizens and so on. (Mason and Smith, 2005) 3.2 Measuring the impact of policy initiatives on service users There are lots of evaluation methods that are being followed by the USA government to ensure the effectiveness and the efficiency of providing services to the service users. Evidence based policy making is one of the major force for the best quality policy appraisal in the U.K. This policy making systems require policy maker and implement authority of all of these policy to utilize and use the information from different source including evaluation of the past rules and policy, statistics data, academic report and researches, economics rules and theories, national statistics, consultation with expert or agents etc. even the public expenditure, expending and the taxation also take part in this process. The UK Government has already undertaken, and also they are presently undertaking some random proscribed trials of policy steps. 3.3 the impact of a specific policy At 1999, The NSF or The National Service Framework for the mental health published. It is it is the central element for the working age adults regarding the policy of government. Beside this, this is plan or program for ten years improvement of the metal health care in UK. This NSF also described how this policy, system and the improvement will happen and the evidence relating this also given in NSF (CSIP/NIMHE, 2007). Though NSF is focusing on the decreasing of the smoke rate among people but it is not a  comprehensive or massive activity of improving health care like general health acre. Eight different pilot studies on the subject of improvement of the physical health care have been studied by the public health committee of the English strategy. (Beecham, 2005) 3.4 policies in improving the quality of life Policies can play a virtual role in the improvement of the service user’s quality of the life. Participating interest group like patient organization is very effective in this regard. The focus was later concentrated in the cut down of taxes, the reduction of interference by the government and the reduction in the government expenditure in 1975. But it had to take some portion out of the welfare budget. Currently, the state is more focused on providing people with employment rather than providing them with abundant allowances and benefits. There have been many regulation and law which are introduced to address the issues of labor, healthcare and social care nowadays. (Gulliford and Morgan, 2003) Task 4 Recent developments in health and social care policy 4.1 recent development in health and social care policy It deals with many different things like voluntary sectors in welfare, the role or the part of religion etc. Also it deals with free worldwide secondary education and many more. Indigence is one of the primary causes of sickness. The poor and broken law authority started to evaluate hospitals for the sick people. Health and social care policy deals with the rules and the policies, system regarding people welfare state. Most of the average report founded on three assumptions which is health services, family allowance and full employment. Beside all of these things current period achievement is the pensions, insurance, tax credits, supplement to the family income etc. All of these this is the implement of current era of time. It also deals with the health and social care initiatives, social and labor inclusions, important legislation initiative, and rights etc. The announcement done by the Peter Lilley will help get the harmony to the benefit system. These mainly decrease the dependenc y of the benefit by helping the person or people in their work. (Judge, and Bauld, 2006) 4.2 the  differences in formation and adaption At this 29th century the social and the health care system policies initiative reached the rural and far areas of the United Kingdom. The main goal of this initiative of the health and social care is to provide the health and social care services to the society for the wellbeing of the society without considering the financial condition of the people. The main goal of this initiative is to provide state edification, pension and the universal health care to the citizen of the country. Similar to Japan the heath care of USA is being dominated and maintained and controlled by the different kind of insurance scheme=where state do not play any part. Social and health care is a contract between the individual citizen and the government in Scotland. But it’s straight forward in English policy where government ensures the commitment to give better health and social service rather than improving the policy itself. So it is more effective for the citizen of the country. This is a genera l contract between the service user or the citizen and the government service providers. Conclsuion The main focus of the healthcare and social care has been the equality of access recently. All the acts and polices are aimed at proving people with the most fundamental services and making sure that no one gets deprived (Exworthy et al.,2003). The undertaking of the major policy matters has been done in collaboration and various bodies across the state and government have put a lot of effort to take the healthcare and social care to a new dimension. Reference Alber, J. (1995). ‘A Framework for the Comparative Study of Social Service’s’, Journal of European Social Policy 5 (2): 131–49. Atkinson, M. et al. (2001) Systematic review of ethnicity and health service access for London. University of Warwick: Warwick. Bauld, L. et al. (2005) Promoting social change: the experience of health action zones in England. Journal of Social Policy 34 (3):427-445. Barnes, C. (1991) Disabled People in Britain and Discrimination: A Case for Anti-Discrimination Legislation, Hurst and Co in association with the British Council of Organizations of Disabled People, London. Beecham, J. (2005) Access to mental health supports in England: crisis resolution teams and day services. International Journal of Law and Psychiatry, 28: 574-587. Burt, J. et al. (2003) The relationship between use of NHS Direct and deprivation in southeast London: an ecological analysis. Journal of Public Health Medicine 25 (2):174-176. CSIP/NIMHE (2007) Mental Health: New Ways of Working for Everyone. Progress Report 280692, Department of Health: London. Daunt, P. (1992) Meeting Disability: A European Perspective, Cassell Education, London. Exworthy, M. et al. (2003) Tackling health inequalities in the United Kingdom: the progress and pitfalls of policy. Health Services Research 38(6, pt 2): 1905-1921. Foster, J. et al. (2001) A qualitative study of older peoples views of out-of-hours services. British Journal of General Practice 51 (470): 719-723. Gulliford, M. and Morgan, M. (2003) Access to Health Care. Routledge: London. Hochschild, A. R. (1995). ‘The Culture of Politics: Traditional, Post-modern, Coldmodern, and Warm-modern Ideals of Care’, Social Politics 2 (3): 331–45. Judge, K. and Bauld, L. (2006) Learning from policy failure? Health action zones in England. European Journal of Public Health 16 (4):341-3. Marshall, T. H. (1950) Citizenship and Social Class. Cambridge : Cambridge University Press. Mason, A. and Smith, P.C. (2005) Description of the Benefit Basket, England. Report prepared for the HealthBASKET project, funded by the European Commission within the Sixth Framework Research Programme Spanswick, M. (2003) Access to health care: vulnerable groups in society. In: Public Health and Society, Ungerson, C. (ed.) (1997), ‘Social Politics and the Commodification of Care’, Social Politics 4 (3): 362–82 Thane P.(2009). History and Policy. MEMORANDUM SUBMITTED TO THE HOUSE OF COMMONS HEALTH COMMITTEE INQUIRY: SOCIAL CARE. 67 (1): 140-145

Thomas Berry :: essays research papers

Human Condition Through Thomas Berry   Ã‚  Ã‚  Ã‚  Ã‚  Normally, I don’t agree with Thomas Berry, but I agree with his quote â€Å"†¦inner anxiety and even†¦doubt ourselves and the meaning of it all.† Thomas Berry put the dimension of contemporary existence, future orientation, and placed it in what I consider a perfect statement. When we hit this realization of perplexity within our future, we will be in such awe. People will become over capacitated with the diversity of every day life. We will deviate into a whole different culture. Thomas Berry’s statement was well conceived.   Ã‚  Ã‚  Ã‚  Ã‚  As in human condition, the journey symbol portrays an internal struggle. Also it depicts some form of transformation. Another thing appearing in both is a theme of endearing negativity. We know, or thing we know, all that we have is adequate. He puts this in a sense of hysteria with what we incur during our journey. He tells us that we live n an unacceptable situation and that we must undergo transformation. In my experiences, I have not yet covered this conflict in the large scale he puts it on.   Ã‚  Ã‚  Ã‚  Ã‚  When referring to spirituality, I believe that Berry places a strong emphasis on faith. In order for us to encompass happiness we must have a strong divinity towards spirituality. Spirituality in a certain religion. Spirituality in ourselves, others, etc. We also must have an awareness for the other divinities. The usual sense of religion relates to a general sense of faith. It is less than expected to pay homage to your god or belief. Berry’s sense of religion inquires that belief of faith as well.   Ã‚  Ã‚  Ã‚  Ã‚  I don’t agree with Berry’s view on spirituality. I feel as though his belief would make all that I learned redundant. I feel as though people holding this view have either a horrible view on life or are stuck in a religious domicile. In his writings, Berry makes it seem like joy is not meaningful unless there is a downside to it.

The Small Things in Life That We Own Are the Most Precious

Argumentative Writing- Oct/Nov 2012 Paper 33- ‘The small things in life that we own are the most precious’. Do you agree? How many of you have an award sitting on the dusty shelf in the front of you, reminding you of your previous achievements? Or a framed certificate hanging on the wall of your room? These memories mean so much because they represent a proud moment in your journey. The small things we own in life is what we hold nearest to our hearts. In our daily lives, we throw many things away: worn out clothing, used stationery, and torn footwear, but never will you see the traces of a trophy or a certificate lying in the trash bin.Why? Because these mementos, which date back to our childhood, represent an occasion, a symbolic moment. I remember when I received a blue ribbon for participating in an All Summer Gymnastics Club, and I kept it all these years, as a reminder of what I have accomplished, and as a memory of all the fun times I had been through. As humans, memories are the most important to us, because they only live within the recesses of our mind. In line with obtaining tokens of our personal achievements, we also possess certain items of sentimental value. A pearl necklace or a well-kept diary that is passed on to you acts as a mark of love and warmth.The smallest things we have acquired and collected over the years are the ones we cherish our whole life. It is often thought only the big moments in life are looked back upon, however this is a false impression, as small things in life: the ribbons, pictures, medals, and mementos all reflect on a memory or moment in life, which should be given equal value or even more than the bigger ones. To sum up, I feel the smallest gifts hold the most importance. They carry our values and our honor within them thereby making them our most precious possessions.

To Consider the Influence of Legislation in Relation to...

Use the case study to illustrate your understanding of the influence of underpinning legislation in relation to how social care intervention could improve their quality of life. To consider the influence of legislation in relation to social care, the case of Mary who has been diagnosed with dementia will be used to explain how legislation is used. Within social work, law is very important as it is used to provide guidance and duties for the local authorities and professionals in how to proceed with a case. In this case social care intervention would be appropriate for Mary as she has significant care needs. She is often confused by her surroundings, she needs assistance during the night, and she is at risk of neglecting herself and†¦show more content†¦There are many things that must be taken into account when making these decisions. Considerations must be taken of the wishes and feelings of the service user, any beliefs or values that the service user may hold; such as Marys religious beliefs and also the information given by carers or family that know the service user well (Brammer; 2010, 483). In this case the decision made is for her to go to a residential home that is nearer to her daughter so that she is able to see her regularly; this is a catholic home which would suit Mary’s religious beliefs. For a carer or professional to decide whether or not someone who lacks capacity should go into a residential home, the Deprivation of Liberty Safeguards (DoLS), is used to ensure that this decision is lawful. This is introduced in the MCA 2005 and in this case Mary is unable to make reasonable decisions regarding her welfare due to her lack of capacity (Johns, 2009, 35-36). However, the decision to place Mary in a residential home is depriving her of her liberty which is a basic human right, as stated in the Human Rights Act 1989. The DoLS legislation allows carers and/or professionals to be able to act to ensure that â€Å"a care home or hospital only restricts someones liberty safely and correctly, and that this is done when there is no other way to take care of thatShow MoreRelatedDeveloping Management Skills404131 Words   |  1617 PagesSoftware Services Printer/Binder: Edwards Brothers Cover Printer: Coral Graphics Text Font: 10/12 Weidemann-Book Credits and acknowledgments borrowed from other sources and reproduced, with permission, in this textbook appear on appropriate page within text. Copyright  © 2011, 2007, 2005, 2002, 1998 Pearson Education, Inc., publishing as Prentice Hall, One Lake Street, Upper Saddle River, New Jersey 07458. All rights reserved. Manufactured in the United States of America. This publication is protectedRead MoreMedicare Policy Analysis447966 Words   |  1792 PagesI 111TH CONGRESS 1ST SESSION H. R. 3962 To provide affordable, quality health care for all Americans and reduce the growth in health care spending, and for other purposes. IN THE HOUSE OF REPRESENTATIVES OCTOBER 29, 2009 Mr. DINGELL (for himself, Mr. RANGEL, Mr. WAXMAN, Mr. GEORGE MILLER of California, Mr. STARK, Mr. PALLONE, and Mr. ANDREWS) introduced the following bill; which was referred to the Committee on Energy and Commerce, and in addition to the Committees on EducationRead More_x000C_Introduction to Statistics and Data Analysis355457 Words   |  1422 PagesPrinter: Courier Corporation/Kendallville  © 2008, 2005 Duxbury, an imprint of Thomson Brooks/Cole, a part of The Thomson Corporation. Thomson, the Star logo, and Brooks/Cole are trademarks used herein under license. ALL RIGHTS RESERVED. No part of this work covered by the copyright hereon may be reproduced or used in any form or by any means—graphic, electronic, or mechanical, including photocopying, recording, taping, Web distribution, information storage and retrieval systems, or in any other manner—without

How Stock Prices React To Information - Free Essay Example

Sample details Pages: 17 Words: 5234 Downloads: 6 Date added: 2017/06/26 Category Statistics Essay Did you like this example? INTRODUCTION Case studies, introduced back in 1969, produced useful evidence on how stock prices react to information. Many studies focus on returns in the short window (several days) about clean of the event. The advantage of this approach is that, because expected daily returns are close to zero, the model for the expected return does not have a major impact on the findings of abnormal returns. Don’t waste time! Our writers will create an original "How Stock Prices React To Information" essay for you Create order The assumption in studies that focus on short return windows is that there were delays in price response event is short-lived. There is a developing literature that challenges this assumption, arguing instead that stock prices adjust slowly to information, so that one must examine returns over long horizons to show full-size market inefficiency. If someone said to accept its conclusions, many of the recent studies on long-term returns suggest market inefficiency, namely, long-term under reaction or overreaction to information. It is time, however, to ask whether this literature, viewed as a whole, suggests that the efficiency should be rejected. The answer should be a solid, no, for two reasons. First, the efficient market generates categories of events that individually suggest that prices are over-react to information. But in an efficient market, it is obvious: Under-reaction will be around as often as over-reaction. If the anomaly is divided between the accident under-reaction and overreaction, they are consistent with market efficiency. We will see that even clear about the division between overreaction and underreaction is a good description of the menu of existing anomalies. Second, and more importantly, if the long-term return anomalies are so large that it cannot be attributed to the case, then even split between over-and under-reaction is a Pyrrhic victory for market efficiency. We will find, however, that the long-term return anomalies are sensitive to the methodology. They tend to become marginal or disappear when exposed to different models for expected (normal) returns or when different statistical approaches are used to measure them. Thus, even viewed one by one, most long-term return anomalies can reasonably be attributed to chance. The problem in the development of the overall perspective of long-term return studies is that they rarely test specific alternative to market efficiency. Instead, the alternative hypothesis is unclear, the market inefficiency. This is unacceptable. Like all models, market efficiency (the hypothesis that prices fully reflect the available information) is a wrong description of the pricing. Following the standard scientific rule, however, market efficiency could be replaced by a better specific model of price formation, itself potentially rejectable by empirical tests. Each alternative model has a difficult task. Please specify the errors in information processing, which have the same investors under-react to certain types of events and over-reaction to others. The alternative must also clarify the observed results better than the simple story of market efficiency, ie the expected value of abnormal returns is zero, but chance generates deviations from zero (anomalies) in both directions. From the literature, the irregularity was not settled on a concrete alternative to market efficiency, to get the ball rolling I assume that reasonable alternatives must choose between over-reaction or response. Using this perspective, we review existing studies, without questioning their applications. Each mechanism of organized marketing assets or financial liabilities is determined on the financial market. It is a market in which financial assets and liabilities are traded (Richard and Bill, 2006). Financial assets in this area includes all forms of securities, ranging from ordinary derivatives. Performance, it is widely used can be seen as the ability to achieve the desired result of the action or not waste energy (Encarta Dictionary, 2009). In other words, it has to do with how resources are used efficiently, the extent to which something is good. Financial market efficiency can be said to include as financial assets and liabilities are exchanged efficiently and productively the funds invested in financial market instruments. However, the exchange of securities in respect of funds can not be made only at the price willingly accepted by both parties, while the price is determined mainly by the value and scope of information available on the market for investors. This document d iscusses the performance of financial markets, however, explore the theories and assumptions, and explaining in detail all the terminology (majorly prices and information) relating to the efficiency of the financial market. LITERATURE REVIEW There have been extensive results on the effectiveness of the financial market. This led to the development of various theories, such as determination of the value of securities, the impact of information on share prices, dividend policy, to name a few. DEFINITION OF FINANCIAL MARKET Financial markets, as per Olowe, 1997, are mechanisms in which the surplus and deficit units can be connected economy by buying and selling financial claims. Furthermore, he argues that the primary function of financial markets is to allow the funds effectively allocated from the surplus units in the economy, the deficit units for productive investments. Richard and Bill, 2006, view of the financial market, like any market mechanism for financial assets and securities. They further explain that there is often no physical market transactions are conducted via telephone or computer. Is any market in which financial assets and liabilities are traded and the mechanism through which corporate financial managers have access to various funding sources and instruments. Capital markets, however, operate in two ways: Primary market providing new capital for enterprises and other activities, usually in the form of issuing shares to new or existing shareholders or loans. It provides the focal points for lenders and borrowers to meet. First of all, new sources of funding is raised in this market. Secondary market trade existing securities, thereby allowing investors to supply the existing holdings at will. Active in the secondary market is a prerequisite for efficient primary market and, as no investor will want to stick with investments that cannot be implemented if desired. Institute of Chartered Accountants of London describes the financial market, with the means provided by the financial system for the creations, care and distribution of financial assets and liabilities. The market according to the institute, has two major segments, money and capital markets. Money market offers the opportunity to raise short-term investments and funds. Tenor, which from day to day varies from about a year or two years. Exchange financial instruments on the market include treasury bills, bills, treasury certificates, securities, etc., the capital market on the other hand are the mechanisms, institutions and structures in which the medium and long term funds are collected and made available for businesses, government and individuals . Capital markets is that the instruments which are already provided are outstanding. OVERREACTION AND UNDERREACTION One of the first papers on long-term return anomalies wrote by DeBondt and Thaler (1985). We find that when stocks are ranked on three to five years past returns, past winners are usually the future losers, and vice versa. Attributed to these long-term return reversals to investor overreaction. In forming expectations, investors give too much weight to past performance of companies and too little to performance instead of the mean return. DeBondt and Thaler seem to argue that the overreaction to past information about the general assessment of behavioral decision theory of Kahneman and Tversky (1982). So could be that the overreaction to the prediction of behavioural finance alternative to market efficiency. In most cases, however, the anomalies literature has not accepted the discipline of an alternative hypothesis. An exception is Lakonishok et al. (1994). They argue that the indicators of stock prices proxy for past performance. Companies in the high proportion of earnings in the financial market instruments. These are securities or financial instruments traded on financial markets and the already mentioned, the two major segments of financial markets money and capital markets, the instruments traded in the money market are as follows: Treasury securities those short-term obligations of the federal government to the holder a specified sum of money after a certain number of days in question. Treasury securities are of two types depending on the denomination and maturities. While Treasury yields are generally low fixed and matures about 91 days of issue of certificate treasury share similar features with it, but a longer duration and higher fixed rate. Certificate of deposit (CDS) these are the revenues of banks deposit liabilities of a specified interest rate for a specified period of time. CDS is an interbank asset and serve as a means of channeling cash surplus of commercial banks, commercial banks, who are the main issuers of these types of devices. When the bank promises to pay the principal and interest at maturity, usually 3-36 months, with the name of the negotiable certificate of deposits. However, if the CD features of the deposit receipt, and are generally held to maturity, while, they are called non-negotiable certificates of deposits. Non-negotiable certificates of deposits is also maturity of up to 3-36 months. Commercial paper this is an unsecured short-term bills issued by the company to interested investors for a cash discount for a specific term. Investors in commercial paper loans are usually worth individuals or institutional investors. This is usually for a duration ranging from 30-270 days. Commercial paper dealer, however, classified documents and the documents placed directly. Securities dealer commercial paper investors placed through the dealer, which can be placed directly under a bank notes, commercial papers directly to the investors of the company issuing the documents, which require the issuer to maintain dress trained personnel who have a good knowledge of financial markets and good relationships in the markets. In all cases, the commercial paper investment of the investors, who borrow in the credit market without security, or even negative pledge. Commercial paper traded only on the primary market. Bankers Acceptances also known as the draft bill adopted by the drawee bank determines that a certain amount to be paid after a certain period of time. Adopted by writing the word your means the whole face of the draft with authorized signature. If this is done, the invoice, you should be the beneficiary of a discount rate. This financing through international trade credits. It is also intended to finance trade in goods in bonded warehouses, and in particular the credit created by the bankers acceptance self-liquid short-term loans. The maturity range of 90-180 days, or sometimes 30 to 270 days. Bank deposits this place is the base of the investors / depositors of the bank agreed rate of interest. Bank deposits are divided into call deposits / savings account deposits and fixed deposits. Call made deposits with agreed maturity date, and should be terminated by both parties at any given notice to the other party to an agreement based on the period of notice, the deposit liabilities of deposit and the bank for a specified period a specified rate of interest, which can be fixed or variable. The maturity of deposits vary from a few days a number of years. The deposit must be certified or non-receipt or certificate of deposit. Derivatives they are using, or losing or speculation from hedge against movements in currencies and interest rates. These financial instruments whose value are derived from underlying securities, which allows an investor to gain exposure to the performance of the underlying securities without having to physically. If a profit, there may be a hidden risk in derivative markets. Financial experts term financial weapons of mass destruction, and describes as hell, which is easy, and almost impossible to quit. Examples of derivatives, forward contracts and contract options for the future. CAPITAL MARKET INSTRUMENTS Debt Securities long-term loans are raised by a company or the government, which interest is payable, and a fixed rate. The nominal value of debt instruments, the debt of the issuer of the instrument and the interest is paid at the nominal rate of interest on this amount. In most cases, debt can be exchanged. Preference Shares this is a major source of long-term financing for the company. The holders of traditional shareholders instead of dividends. Preference shares, if they are collectively entitled to the unpaid dividend for the previous periods, carried over from one period to another, until finally paid off, in which case the arrears must be paid before common stock dividends paid. As well as debt securities, preferred shares convertible. Ordinary Shares the holders of these shares owned by the company. These nominal values and the memorandum and articles of association of the companys authorized common shares of the company may issue. The ordinary shareholders of the companys remaining claims, ie, they paid dividends in other fixed obligations have been met. Convertible Securities shares of both of these hybrid securities, the functions of the fixed-income securities and equity. These securities (usually fixed-rate), which is convertible into ordinary shares in the companys choice of the right in the future. Having explained the concept of the financial market, and it is composed, it is necessary to examine whether effective or not. Before this can be done, efficiency, whereas a different connotation in different environments should be clarified in the light of the financial market. EFFICIENCY This word à ¢Ã¢â€š ¬Ã…“efficiencyà ¢Ã¢â€š ¬? is all part of the vocabulary of everyone. For most, this means that it can achieve the desired result, without or with minimal wasted energy or effort. The Encarta dictionary, 2009, is the ability to do something well or achieve the desired results will not be wasted energy and effort, that is, to what extent something is done well, or not wasted energy and effort. Overall, this is a situation where growing prosperity of the amount of productive resources and the current state of technical knowledge economy, eliminating wasted effort, and allows for additional output from the available resources to achieve this desired result, avoiding wastage and prevent losses to avoid harm. (David N.H, 2005). However, in order that the various professions that means different things, the economists are talking about allocation of efficiency the extent to which resources are allocated to the most productive use of this society with the greatest need. The engineers talk about the technical efficiency the extent to which a mechanism performs the maximum capacity. Sociologists and political scientists talk about the social efficiency the extent to which complies with the accepted mechanism for social and political values. (Richard and Bill, 2006). 6.1 Financial Market Efficiency The investment guru or financial expert, a slightly better efficiency, this also applies to the pricing and information on the effectiveness, efficiency, instead of sources of financial market instruments. It is necessary to do a quick and convenient tool to convert currency and vice versa, that the price of the securities is determined and how to manage the risks associated with the securities. This, however, with the roles of the financial market is expected to perform in the economy, according to which the Olowe, 2007, divided into three (3); 1) Allocational efficiency the role of financial markets to optimally allocate scarce savings in productive investments in such a way that benefits everyone. 2) The operating efficiency the server as an intermediary, who provide the funds from savers to investors at the least cost, which offered them a fair return for their services. 3) Pricing efficiency the role of the dominant values at which securities will be replaced if the market price of capital allocation signals. The prices of the forces of supply and demand. Fama, 1976 (the Olowe, 1997) considers the effectiveness of pricing efficiency in the processing of information. Based on what said before, we can conclude that the pricing information of the two major determinants of efficient financial markets. Thus, financial market efficiency can be defined as the market in which security prices quickly and fully reflects all available information. The market in which any device that outperforms the market to be unusable. Therefore, the efficient financial markets, the same yield for a given level of risk should be implemented for all investors. Price (E / P), cash flow to price (C / P), and the book-to-market equity (BE / ME) is generally poor past earnings growth, and firms with low E / P, C / P, and BE / ME are generally strong earnings growth in the past. Since the market is over-react to the recent growth, it is surprised when earnings growth mean returns. As a result, a high E / P, C / P, and BE / ME stocks (poor past performers) have high future returns, and low E / P, C / P, and BE / ME stocks (strong past performers) at low future returns. We also considered the poor long-term post-event returns in the stock market (IPO), and experienced their own offerings (SEO) is the overreaction camp. SEO is a strong stock returns in the three years prior to the issue. It seems safe to assume that these strong returns reflect strong earnings. It seems safe to assume that the IPO will have a strong past earnings to appear in public. If the market does not mean that the income growth increasingly means returns, stock prices at the time of the equity issue (IPO or SEO) is too high. If the market only gradually recognizes the mistake, the overreaction to past earnings adjusted for slow growth in the future. Finally, some argue that the long-term negative abnormal stock returns post-list of companies that the new list of the NYSE and Amex because of the overreaction. Companies list their stocks to take advantage of market overreaction to the recent strong performance. As it turns out, overreaction was the result of tests of long-term returns, market efficiency would be dead, replaced by the alternative behavioural DeBondt and Thaler. The fact that it was obvious during the reaction around frequently. My grandfather was in the bottom of the reaction to the events of the evidence that stock prices seem to respond to income of about one year after announced. Another impetus to the effect that the high returns of stocks over the past year, yields are typically high, as the next three to six months. Alternatively, if new tests also produce the long-term post-event abnormal returns, which suggest underreaction, indicating a positive post-event abnormal returns of divesting firms and the companies that will sell. Attributed to the result of market underreaction to the enhanced probability that after the spinoff, both the parent and the spinoff is likely to become merger targets, and the recipient of aid. Desai and Jain and Ikenberry et al. Determine that the companies shared experience in human resources, long-term positive abnormal returns before and after the split. Attributed to the post-split returns to the market underreaction to the information indicates a positive split. Lakonishok and Vermaelen find positive long-term post-event abnormal returns when companies apply for stock. Ikenberry et al. observed similar results in the open market share repurchases. The story in both cases is that while the market, responding to a positive sign for the future performance of the share repurchases. Finally, Michaely et al. finds that the basis of stock prices, appears to respond to negative information in dividend omissions, information and positive initiatives. A few of the long-term return anomalies it is not easy to classify. For example, Asquith and Agrawal et al. indicate negative long-term abnormal returns to acquiring firms following mergers. This is also attributable to underreaction of market to a bad investment decision, or overreaction to the typically strong pre-merger performance of acquiring firms, documented, and Mitchell Staford. Ikenberry and Lakonishok find a negative post-event abnormal returns of firms involved in proxy contests. A story, based on the stock exchange, responds to the poor performance of these businesses prior to the proxy of competition, but another is that the price is too responds to the proxy information that something is likely to change. Because of the ambiguities in classifying certain disorders, and given the fact that the above review is certainly not complete, I will not do a number against the overreaction underreaction studies. What is important is that the literature does not lean toward the clean up of behavioral alternative to market efficiency. This will not be lost in the behavioral finance researchers who acknowledge the issue: We hope that future research will help to understand why the market seems to overreact in certain circumstances and underreact in others. (Michaely et al.). The market efficiency hypothesis is a simple answer to this question is a chance. Specifically, the expected value of zero abnormal returns, but chance generates apparent anomalies that split randomly between underreaction and overreaction. The weight of evidence of long-term return anomalies are so overwhelming that market efficiency is not viable even in the absence of an alternative working model that explains both under-and overreaction? The answer to that question is no, for two reasons: First, it is doubtful that the literature is presented in a randomly selected sample of events. Splashy results get more attention, and it encourages you to find. That the dredging of the irregularities of a rewarding profession suggested by the fact that the anomalies literature shows so little sensitivity to the other hypothesis problem. The same authors, visual events are often satisfied with the overreaction or underreaction, and are prepared to conclude that both justify the rejection of market efficiency. Second, some disorders may be evident by means of a reasonable price. Fama and French find that the long-term return reversals and the DeBondt Thaler, and conversely, to return to the Lakonishok et al. captured by a multifactor asset pricing model. In a nutshell, covariation between the returns of long-term losers seems related to the risk premium, which explains why higher future average returns than long-term winners. Fama and French discuss the fights and the multifactorial model, but the results are sufficient to illustrate an important point: Conclusions on market efficiency can be sensitive to the assumed model of expected returns. Last, but most importantly, have more or less split between overreaction and underreaction is not much support for market efficiency in the long-term return anomalies are so great they can not be attributed to chance. But it will still be viewed individually, most of the anomalies are weak. They usually disappear when reasonable alternative approaches to measure them. 6.2 Pricing of Securities Pricing is a major determinant of financial market efficiency security is discussed in relation to pricing of risk and return. Risk, which is created by many factors, such as general economic conditions, economic factors specific to security, competition, technological development, investor preferences, and all other kinds of circumstances, as defined in Van Horne, 1986, the various possible return on investment. Olowe, in 1997, also sees risk to the likelihood of a deviation from the expected return from holding a security back to the actual holding of such securities. The introduction of the risk, the investor may be indifferent as to which to invest in safety, if there is available for investment, similar yields. A conceptual framework for examining the relationship between risk and return, as they affect the pricing of security, discussed the Capital Asset Pricing Model (CAPM) and the discretionary pricing model (APM). 6.3 Capital Asset Pricing Model (CAPM) This model was developed by Sharpe (1964), Linter (1965) and Mossin (1966). It shows the expected return on the relationship between security and the inevitable risks. Provides a framework for the evaluation of the securities and can be used to find the unit cost of equity capital. CAPM, however, was the following assumptions: A time CAPM model assumes that investors are risk averse. The rice adopters and investors in the securities in the uniform requirement. There is a risk-free security, so that investors may borrow or loan an unlimited amount of risk premium rates. The securities are sold, and perfectly divisible. Even more so, to the quantities. The information is freely available to all investors. Investment restrictions cannot be neglected and no investor is large enough to affect the market price of the stock. The above assumptions are briefly assumes that there is a perfect market, and that the financial market is efficient. Thus, as the assumptions, all asset prices fall, that the security market line, while the security market line equation: E(R1) = RF + [E(RM) RF]ÃŽÂ ²1 Where ÃŽÂ ²1 = COV(R1RM) à Ã†â€™2m E(R1) = expected return on security RF = risk à ¢Ã¢â€š ¬Ã¢â‚¬Å" free rate E(RM) = expected rate on market portfolio ÃŽÂ ²1 = beta of security i COV(R1RM)= covariance of return on security i with the returns on a market portfolio. à Ã†â€™2m = variance of returns on the market portfolio Example; if the expected return on security is 24% and its beta is 1.8. show whether the security is under or overvalued if the risk à ¢Ã¢â€š ¬Ã¢â‚¬Å" free rate is 13% and return on market portfolio is 18%. Solution; E(R1) = RF + [E(RM) RF]ÃŽÂ ²1 = 0.13 + [0.18 à ¢Ã¢â€š ¬Ã¢â‚¬Å" 0.13]1.8 0.22 i.e. 22%. We conclude that it is undervalued as the expected return is 2% less than the predicted. i.e. 24% 22%. 6.4 Characteristics of CAPM The fact that not all risk-return safety concern that risk averse investors, asset should be priced to the risk-adjusted return is exactly the security market line. So the only risk is that investors pay a premium to avoid the risk of market share so that the total risk of each security in a systematic and systemic risk. A general and systematic risk affects the entire market, and irregular and the characteristic factors unique to a particular person. Effective diversification, however, reduces the overall risk of the portfolio to the point where only the regular risk remains. Measured by the weighted average portfolio beta of the beta of individual securities in the portfolio. Proportion of portfolio funds allocated to represent the weights of individual securities in the portfolio, and it represents mathematically: n ÃŽÂ ²P = à ¢Ã‹â€ Ã¢â‚¬Ëœ wi ÃŽÂ ²i i=1 where ÃŽÂ ²p = beta of portfolio p ÃŽÂ ²i = beta of security Wi = proportion of security in portfolio p Conclusion: CAPM has been derived under some simplifying assumptions, most of which do not correspond to reality. For this reason, it has been criticized on the grounds that it assumes the market portfolio of all assets stocks, bonds, property and human capital. The real-life situations, empirical tests of the CAPM tend to use proxies, such as stock market indices as the market portfolio. 6.5 The Arbitrage Pricing Model It has proposed by Rose (1976), because the dissatisfaction of the CAPM on the theoretical and empirical grounds. This is a multi-factor model (multiple-beta model), compared to the CAPM, a single factor model. The safety factor for the actual return for a state grant: n Ri = E(Ri) + à ¢Ã‹â€ Ã¢â‚¬Ëœ bijFj + ej J=1 This can be restated as Ri = E(Ri) + bi1F1+bi2F2 + à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦. + binFn + ei Ri = actual return on security E(Ri) = expected return on security i Fj = the (uncertain) value of factor j bij = sensitivity to factor j ei = the error term. It is also the security-specific return. Similar to the CAPM, we diversify the unsystematic risk, but in addition, we arrive at the market equilibrium, as individuals eliminate arbitrage profits across multiple factors. The model does not explicitly indicate what factors or economic factors or behavioral significance. However, the market return as in the case of CAPM can be one factor. The APM, therefore, suggests that the linear relationship between security returns and a few factors. The steady-state under this model, the expected return on security i E (Ri) issued by: E(Ri) = Rf +Ɔº1 bi1 + Ɔº2 bi2 + à ¢Ã¢â€š ¬Ã‚ ¦Ãƒ ¢Ã¢â€š ¬Ã‚ ¦..+ Ɔºn bn Where Rf = risk à ¢Ã¢â€š ¬Ã¢â‚¬Å" free rate Ɔºn = risk premium for the types of risk associated with particular factors. Its equation can be rewritten as: Ɔºn = En à ¢Ã¢â€š ¬Ã¢â‚¬Å" Rf where En is the expected return of a portfolio which has unit response to other factors. Example: The return of stock company is related to two factors as follows. E(Ri) = Rf +0.7Ɔº1 + 1.6 Ɔº2 + 1.3 Ɔº3 Where 0.7,1.6 and 1.3 are sensitivity coefficients associated with each factor. If the risk à ¢Ã¢â€š ¬Ã¢â‚¬Å" free rate is 12%, Ɔº1 is 7%, Ɔº2 is 4% and Ɔº3 is 6%. Calculate the expected return on the companyà ¢Ã¢â€š ¬Ã¢â€ž ¢s stock. Solution: E(Ri) = 0.12 + 0.7(0.07) + 1.6(0.04)+1.3(0.06) = 0.311 i.e. 31.1% In summary, it seems more than the CAPM, the APM allows the CAPM risk averse investors to focus more attention to the systematic risk of securities pricing and diversify the systematic risk. According to APM on the other hand, individuals across a number of factors arbitrage, arbitrage opportunities disappear when the market is in balance. However, there is consensus on these factors, the APM, and testable. Thus, CAPM can still be used in security prices. INFORMATION ON SECURITIES Information can be classified as historic, current, or expected. Only the current or previous information from some of its effect on prices. The more information is available, the better the situation means that an informed decision is more likely correct. Security prices are characterized by a random and unpredictable movements. The movement in security prices may be interpreted to mean that investors in the market, a quick note to all security-related information on prices and prices adjust quickly to such information. Thus, the effectiveness of the security prices depend on the speed of price adjustment to all available information. The more efficient than the speed of adjustment of prices. The market efficiency of the available information, however, the efficient market hypothesis reflects (EMW), the three basic forms: Weak form Semi a strong form; Strong form. 1) The weak form EMH states that current stock prices fully reflect all of the information included in the recent price movements, which makes it impossible for investors to predict future security prices and the analysis of historical prices, achieved better results than the stock market as well. Therefore, the market may be effective in this form, there is no significant correlation term average prices of securities. Even more so, if an investors trading strategy can not beat the market based on information available to him, we conclude that the market is weak form efficient. Olowe 1997, places that most of the worlds markets are weak form efficient. 2) Semi strong a form of efficiency, aims to fully reflect all publicly available information about securities. This means that the investor is unable to outperform the market by analyzing the existing company related or other relevant information. This form assumes that stock prices reflect an event or information very quickly, and therefore can not be an investor to beat the market using this information. 3) Strong form of efficiency, concerned by the fact that securities prices reflect all published and unpublished public and private information. This means that people in the private or insider information to be able to outperform the market in this form. Convincingly, Olowe, 2007 states that the following assumption is sufficient for an efficient market; Non-transaction cost of trading in securities. The information is freely available to all market participants. Each investors time horizon is the same Every single demand of investors, in particular, that the implication of the current information on the current price and selling price of each security in the future. The general assumption underlying the efficient market therefore means that the price of the securities market should be reflected in accordance with sufficient information to enable investors make informed investment decisions in these markets. CONCLUSIONS The recent finance literature seems to present a number of long-term return anomalies. Under control, but the evidence does not suggest that market efficiency should be removed. In line with the market efficiency hypothesis that the anomalies are chance results, apparent overreaction the share prices of the common information, such as underreaction. And post-event continuation of pre-event abnormal returns is about as frequent event after a reverse. The key to the long-term return anomalies are fragile. They will disappear after rather reasonable changes made in the way they are measured.

The Examination of the Residential School System in...

Education is an essential aspect in our ever-changing societies. It is used as a means of transmitting concepts, knowledge, and values, often to younger generations (Ravelli Webber, 2010). Education and schooling differ in all societies, varying based on the methods of teaching of different cultural groups. For instance, Canadian Aboriginal people were taught based on the needs of their individual families and class. This greatly differed from the European system of education, which stressed adequate involvement with all of society. Though the Aboriginal manner of education was efficient and effective, the Europeans wanted to bring a change to their previous practices. As seen in the film, Education As We See It, European missionaries†¦show more content†¦As many Aboriginals stood in the way of European economic expansion, Europeans forced the younger generation of Aboriginals to residential schools. This justified and assisted in their need to revolutionize former Aborigin al beliefs. More specifically, the correspondence principle identifies the changes Aboriginal children had to make in school in order to reflect that of the normal workplace. For instance, certain ideologies were enforced by residential schools. Aboriginal children were punished if they spoke in their native tongue, as this rule was reflected and followed in the workplace. With these regulations in place, the Aboriginal culture was on the verge of destruction, as it was nearly impossible for any future Aboriginal generations to receive proper knowledge on their native culture. More generally, conflict theory is based on social inequality, and it explains how the powerful promote their own interests at the expense of the weak (Ravelli Webber, 2010). Residential schools signify this notion, as the Aboriginals were mistreated and abused by the more powerful, prominent religious figures in the school. 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Solidarity Family and Emotional Closeness free essay sample

This view of family relations provides an important framework for understanding the roots of familism—the factors that contribute to the maintenance and/or development of loyalty within families. Emotional closeness between parents and children and its impact on the quality of the parent-child bond is explored in research into the intergenerational stake (Bengtson and Kuypers 1971; Bond and Harvey 1991) and intergenerational solidarity (Bengtson and Schrader 1982; Roberts and Bengtson 1990). For example, the intergenerational stake hypothesis explores the cross-generational nature of emotional closeness between parents and children. The hypothesis holds that: (1) parents descriptions of the relationship will be more positive than childrens; and (2) different levels of investment and development may account for these variances in relationship perceptions. The intergenerational solidarity model goes a step further, looking at emotional closeness or affect between parents and children as just one of six indicators of solidarity or integration between generations in a family. In a study examining the relationship between acculturation and family solidarity in Hispanic-American families, Julian Montoro-Rodriguez and Karl Kosloski (1998) find that for two dimensions of attitudinal familism (familial obligation and support from relatives), acculturation is positively related to familism. We will write a custom essay sample on Solidarity: Family and Emotional Closeness or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This means, contrary to assimilationist perspectives on family ties, that as Hispanic Americans become acculturated to the dominant Anglo culture, they continue to maintain and further develop loyalty to their families. That is, familism persists over time despite changes in, for example, language proficiency and preference, and ethnic origin of friends.