History of the Second Temple Period Research Paper

History of the Second Temple Period - Research Paper Example The second temple period became complete at the beginning of the first Jewish-roman war and the demolition of the Jewish temple. During the second temple period, Judaism was faced by three main predicaments and their consequences while different groups of Jews reacted to them differently. The period began with the destruction of Jewish kingdom when the Judeans lost their land, holy city, temple and monarchy and most of them exiled to Babylon. This was followed by a theological crisis, which involved nature, goodness and power of God. They were also threatened in terms of culture, ceremonies and race since they were thrown into propinquity with other individuals and religious groups. The lack of acknowledged prophets later in the period left them lacking divine guidance at the moment when they were mostly in need of (their) support and guidance. The second crisis was the increasing authority of Hellenism in Judea that ended in the Maccabeus Revolt in 167 BCE. The final crisis involved the Roman occupation of the region. The aim of the paper is to describe the Second Temple Period from Alexander the Great to the reign of Herod’s sons. ... cond Temple Period The second temple period, which lasted 600 years, can be divided into various periods each with own distinct political and social characteristics. During this time, different kingdoms took power of Jerusalem, they included Persian, Macedonian Greeks (Alexander the Great), and Egyptian Greeks, Syrian Greeks, nature and Romans and the Egyptians. During the return to Zion from Babylonian captivity, which was during the Persian period, Jerusalem was rather poor. However, the city enjoyed vivacious flourishing religious life. The same time saw the appearance of a dominant religious class, sophisticated elite accessible to foreign influence2. The Persians were conjured by Alexander the Great in 332 BCE. The Persians’ defeat by Alexander the Great ushered in the Hellenistic period which reigned until the Maccabean Revolt in 167 BCE. The Hellenistic period under Alexander the Great comprised of a rising gap between the Hellenized elites who espoused Greek way of lif e and the city’s observant inhabitants. It is this gap which eventually resulted to the Maccabean Revolt. After the demise of Alexander the Great, the division of his empire among the generals, the formation of the Seleucide kingdom followed3. The decline of associations between the Hellenized Jews and sacred Jews guided the Seleucid King, Antiochus IV Epiphanes, to enforce decrees prohibiting particular Jewish religious rites and traditions. As a result, the orthodox Jews revolted under the rule of the Hasmonean people (Maccabees). The revolt resulted to the creation of an independent Judean empire under the Hasmonaean dynasty. The dynasty later disintegrated following the civil war between sons of Salome Alexandra and Aristobullus II. Those not interested in the governance of the King but

Early childhood learning Essay Example | Topics and Well Written Essays - 250 words

Early childhood learning - Essay Example Cognitive Development helps children in improving in areas such as music, art, mathematics, logical reasoning, recognition of symbols and manipulative skills. These types of areas improve the mental capabilities of children and help them in learning more though different forms. At very early age, children must be taught how to behave socially. Developing social and personal aspects includes learning through self-concept, temperament, aggression, stereotypes and different stages of social behaviour. Every person has to encounter with different situations and different people in life, therefore early development in these areas help children to deal with such people and situations with a comfortable position. Physical Development is as important as any other area because without proper health and hygiene children would not be able to concentrate and give best of efforts. Physical development can be attained by incorporating healthier food, sports and restful sleep in children’s daily routine. Generally, there is very less attention paid to this area which is the most important of all. If a child is taught to spend a substantial time in grooming and enhancing the spiritual areas than there is a chance that it will become a major part and something of considerable importance to him. Spiritual grooming is essential as it is necessary to detach one from the worldly things and to give some time to the nourishment of one’s inner

Potential Disadvantages Associated With Refurbishment

Potential Disadvantages Associated With Refurbishment Introduction From reading the chapter on the advantages of refurbishment, you could be thinking that refurbishment is the way to go because of all the positives surrounding it like, the social advantages, shorter time scale, environmental considerations, less money etc. But as we all know, for every argument, there is an up side and a down side. This chapter highlights the potential disadvantages, risks and problems that can occur on refurbishment projects so you can see the other side of the coin. To Refurbish or not to Refurbish ?. A fixed price contract to be constructed by a certain date involves alot of risks. These risks include whether the work can be performed at the agreed price, future price increases, weather conditions during the course of construction, competency of the contractors management, supervisors and workers. (Taggart, 2010) All of these risks and potential problems are taken into account on new build and refurbishment projects. But I will only be looking into the whole area of the potential problems and disadvantages that are associated with refurbishment projects, such as: Problems at tender stage. Added Health And Safety Considerations. Difficulty of locating data which requires investigations Added workload required to upgrade to meet existing regulations Problems involved with old/existing components and practices Extremely difficult to define accurate scope of works and accurate programme. 2.1 Problems at tender stage One of the disadvantages that come with refurbishment projects is the difficulty that can arise at tender stage. New build construction holds an advantage in this area as there are more procurement options available on a new build project than on a refurbishment project. This means that the principal disadvantage that refurbishment projects have at tender stage, is that the clients choice of tender options is limited for a number of reasons which will be stated below. An example of a procurement option that realistically would not be viable on a refurbishment project, would be Traditional Lump Sum Tendering. Some of the reasons as to why this would be an inappropriate method of procurement is as follows: It requires the work to be accurately foreseen and detailed (This is difficult on a refurbishment project as scope of work could prove difficult to predict). It fosters confrontation between employer and contractor (This is an important point as flexibility and good working relations are vital on a refurbishment contract). (Murphy, 2007) Another procurement option, which is not viable on a refurbishment project, is Open Tendering. Even though this option ensures maximum competition, there is the disadvantage that tenders may be received from firms who have neither the necessary financial resources nor the adequate technical knowledge and experience involved. Also other disadvantages associated with this type of tendering are that: There is a lack of control by the client over the competency of the builder he is employing. There is a waste of resources when many firms tender for the same job. (Seeley,1976) Even though there are a few options left for tendering on refurbishment projects, there are 2 main types which principally are better (typically on housing projects), which are (1) Selective tendering and (2) Negotiation with a selected contractor (1) Selective Tendering: This option is mainly referred on projects that are of great magnitude and complexity. But if selective tendering is chosen on a basic housing refurbishment scheme then the number of firms invited to tender should be 3 or 4. (2) Negotiation: This should be the principal option on a housing project because there is less time wasting involved. It also offers advantages as it allows for an early start to be made as less time is wasted at tender stage and also where the contractor chosen has exceptional experience of the scope of work covered by the type of work in question. (Seeley,1976)) This section should adequately describe how the limitation of procurement options at tender stage, is a disadvantage associated with the option of refurbishment. 2.2 Added Health and Safety Considerations Another one of the main disadvantages with Refurbishment is the added Health and Safety aspects, which have to be taken into consideration. The reason as to why the area of health and safety is so important is because, on a refurbishment project there are all of the considerations, which occur on a new build site, for example: Scaffolding Working at heights Danger of electrocution Working with dangerous instruments/ machines Danger of falling objects. Etc But also there are many more considerations, which have to be taken into account on a refurbishment project, which will not occur on a new build project, such as: Removal of asbestos Shoring (although this may be needed on rare occasions on new build contracts to support surrounding buildings). Danger of collapsing of old unstable houses Supporting decaying structural members so as to provide a safe place of work Danger of existing services All of these considerations are added to the general considerations, which means that the health and safety risk is almost doubled on refurbishment projects. I will address these health and safety considerations in much more detail in a separate chapter later on in this dissertation. 2.3 Difficulty of locating data, which requires investigations Another Disadvantage of refurbishing buildings is, the fact that when it comes to refurbishing older houses and buildings it is very difficult to locate data on the existing building which means that many different inspections and surveys must be carried out on the building before any type of works can commence which causes a loss in time and also these investigations and surveys can cost a lot of money to carry out, as the reports of these surveys can determine the scope and nature of the works to be carried out. There are many reasons as to why a survey is required, when a house or building is being refurbished such as: To prepare a measured drawing of the building to enable a scheme for alterations, improvements or extensions to be prepared. To advise on the repair and preservation of a building (including listed buildings). Work to be carried out to satisfy the requirements of the local or other authority, i.e. dangerous structure notices or public health notices. To prepare plans in connection with party wall agreements. This is usually required where alterations to a party wall are contemplated. (Noy, 1997) As you can see from above these surveys require great detail and could take a long time to carry out and also for the results to be drawn up which proves to be a large disadvantage. The procedure, which is involved in a typical survey of a house, is described below. Here is an example of a typical investigation procedure, which would be carried out on a typical 2-storey dwelling house. A preliminary inspection of the whole property to familiarise the surveyor with the type and layout. A detailed inspection of the main roof space and any subsidiary roof voids which are accessible. A room-by-room inspection at each floor level starting from the topmost floor. Inspection of accessible basements, cellars and sub floor areas. An examination of the elevations, including structure and finishes. Inspection of the site boundaries, outbuildings and surroundings. An examination of the elevations, including structure and finishes. Examination and testing of drainage and services. (Glover, 2001) You can see from above that these procedures must be carried out by a very competent and qualified person with an acquired knowledge of old properties and refurbishment techniques. Invariably it could cost you a large amount of money as well as time, depending on the complexity and size of the dwelling house in question. 2.4 Added workload required to upgrade to meet existing regulations. This is another potentially large disadvantage, as there can be a large possibility that the problem of the amount of work that is required to upgrade to meet regulations could cause you a lot of hardship and difficulties on refurbishment projects as there are so many regulations and requirements to comply with, that it could end up costing the client a lot of extra time and money depending on the age and condition of the building. Here, is a list of the main parts of the building regulations, which the building that is being refurbished will have to conform with: Part A- Structure Part B- Fire Safety Part C- Resistance to Moisture Part E- Sound Part F- Ventilation Part L- Conservation of Fuel and Energy Part M- Access for the Disabled Because there are so many parts to comply with, it could prove to be more beneficial to demolish and rebuild a house rather than refurbish the existing building as the costs involved in upgrading the building may result in the refurbishment project spending way over budget, and the client wishing that he had demolished and rebuilt the house rather than refurbishing it. This is why this particular section can prove to be a disadvantage of the refurbishment option. Because of the importance of this section I will be describing the whole area of upgrading buildings to meet regulations in a later chapter in this dissertation. 2.5 Problems involved with old/ existing practices. A large advantage that new build construction has over refurbishment is, because you are totally building a new structure from scratch, there are no problems associated with interaction between old building, temporary works, services and new work as well as having to match existing components with new components. (Murphy, 2007) This may not be a problem when refurbishing newer properties, but for example if you were refurbishing an old house with architectural details such as: old craft processes and old style antique details that are intended to be maintained and restored as well as repeated by the client in the refurbishment project that is to be undertaken, then this will cause many hold ups and time lost on the overall programme as well as much more money being spent because of the following reasons: Old processes such as specialist plastering and antique joinery are very time consuming and costly to reproduce because of the specialist nature of these processes. There are not many contractors around which carry out these types of old crafts which means that you could be a long time waiting. Because of the hold ups in these areas the rest of the project will suffer as a result, so therefore the project could drastically fall behind in time and could also go way over budget. This whole area could prove to be a big disadvantage if you are refurbishing a project under similar restrictions and restraints but these types of refurbishment are very rare unless you are refurbishing a listed building, but I will not be going into detail in the whole area of listed buildings in this dissertation. 2.6 Extremely difficult to define accurate scope of works and accurate programme. In my opinion, this problem is probably one of the biggest disadvantages associated with refurbishment as it affects the project in a lot of different fields. Firstly, when the scope of works and the programme cannot be specifically defined or finalised, then it means that there could be difficulties with regards to tendering and also planning as the contractor does not know for definite, what type of project that he is getting himself into. Secondly, if a particular detail occurs that is different from the planning specifications, then an investigation by the planning authorities may occur, which would directly affect the project. The statement Extremely difficult to define accurate scope of works and accurate programme can be proved by looking at the situations, which affect this problem that are: Late discovery of new circumstances: this is a feature that can occur on any size or type of refurbishment project. For example if you are refurbishing a house and you discover late into the project that you find that some aspect of the project does not comply with standards or regulations, which in turn means that alterations to the scope of works and maybe changes to plans will have to be carried out. Something like this could totally change the programme of the job and also the final accounts. Discovery of unforeseen conditions possible for almost entire project: This problem is another factor that proves the difficulty involved with trying to draw up an exact scope of works and programme. Even though a general site investigation may have been carried out at the start of the project, it is still entirely possible that unforeseen conditions may appear throughout the project. Some of these conditions may include: late discovery of decaying structural members, late discovery of absence of wall insulation,, dpc etc. Late discoveries similar to these are a constant feature of refurbishment work, that add to the problem of producing an accurate scope of works and programme for the project. After reading this section the reasons are apparent as to why an accurate scope of works and accurate programmes are very hard to predict due to the reasons stated above. You can also see how these areas in turn, affect other aspects of the project such as tendering, procurement and the adequate selection of a contractor for a refurbishment project.

Essay --

Unethical business practices have been an issue over the past decade, from Enron to Wall Street. Pilot Flying J recently was prosecuted for defrauding many of their clients. The scandal extended all the way to the senior management. The scandal was driven by greed and could have easily been prevented by applying one or all of the following five systems: written contracts, external auditors, compliance officers, handbook training, and moles. Pilot Flying J only had informal verbal agreements with their partners; they did not have firm contracts. When combined with the complexities needed to calculate the constantly varying average cost of fuel and the sophistication needed to interpret these numbers, PFJ had some flexibility to fudge the numbers if inclined. Due to constantly varying fuel prices the average cost of the fuel was constantly changing, leading to relatively significant changes in the amount of the rebates. Since their clients complained about being cheated due to the varying rebates, PFJ decided to manually change the rebates so that they are more consistent. This manual change often reduced ones rebate. This reasoning illustrates the senior management’s lack of ethics. PFJ and their clients had somewhat of a rough verbal contract. Verbal contracts are just as enforceable as written contracts on paper, but it is not as easy to enforce them in the real world. Written contracts between Pilot Fly ing J and their customers would have forced PFJ to become more accountable to their customers. A written contract should have been made between PFJ and their customers that stated the discount rate and all of the other factors that went into the relationship. PFJ was not transparent in their inner workings, often ... ...to ensure that they are both doing their duty. Neither of these options for placing a mole within ones organization would be difficult or time consuming. Either option would be a valid way to ensure that nothing illicit is going on inside the business. Although having a mole in one’s organization can be seen as borderline illegal and unethical, if having a mole prevents fraud on a significant scale, then it is considered justifiable. By following any of the aforementioned ways to enact systems that create a lawful work place PFJ could have prevented this scandal from happening. All PFJ had to do was spend a little time reiterating their daily rules and procedures. These systems were probably not in place because the executives were the ones that were committing the fraudulent activities. Greed has cost Pilot Flying J $85 billion dollars and their good name.

Life Span Development of Martin Luther King

LIFE SPAN DEVELOPMENT AND PERSONALITY Life Span Development and Personality Jocelyn N. McGuire CERTIFICATE OF ORIGINALITY: I certify that the attached paper, which was produced for the class identified above, is my original work and has not previously been submitted by me or by anyone else for any class. I further declare that I have cited all sources from which I used language, ideas and information, whether quoted verbatim or paraphrased, and that any and all assistance of any kind, which I received while producing this paper, has been acknowledged in the References section. This paper includes no trademarked material, logos, or images from the Internet, which I do not have written permission to include. I further agree that my name typed on the line below is intended to have, and shall have the same validity as my handwritten signature. Student's signature (name typed here is equivalent to a signature): __Jocelyn N. McGuire Jocelyn N. McGuire Psy/300 February 08, 2010 Life Span Development and Personality of Dr. Martin Luther King Jr. The Heredity The late Dr. Martin L. King life span development and personality began long before his birth. His father Martin Luther Sr. parents were poor sharecroppers’. Born in 1899 the 19th day of December in Stockbridge, Georgia. King witness actual cruelty of racism in the south. He was victimized and beaten by a white man in his early teenage years, also observe a white crowd hang a black man. Nevertheless his family continues to believe in nonviolenceduring a time when racial prejudice and racial injustice existence. When his mother was dying, King curse and hated white people, but his mother disagreed. â€Å"Hattred makes nottin but more hatred†¦ don’t do it. Jackson. C (nd). The influence of heredity path of Dr. Martin Luther King Jr. can be track back to his great grand mother. She was a woman of peace, forgiveness, and believes in nonviolence. Life Span Development and Personality of Dr. Martin Luther King Jr. LIFE SPAN DEVELOPMENT AND PERSONALITY College studies consist of social psychology, classics in english, social institutions, social legislation, urban sociology, intercultural relations, introduction to philosophy, principles and methods of statistics, and seminar in sociology. King Jr. preaches his trail sermon at Ebenezer Baptist Church. In 1948 is then ordained and appointed assistant pastor at Ebenezer Baptist Church. Soon afterwards he would continue his education at the Crozer Theological Seminary. Dr. Martin Luther King Jr. actions were influence by his father the Rev. Martin Luther King Sr. The Civil Rights leader,theologian, and educator Howard Thurman. Inspired by Mahatma Gandhi approach of non-violent actions. And Bayard Rustin who had studied Gandhi teachings counsel King to be dedicated to the principles of non-violence, Rustin also served as Kings advisor and mentor during the early activism. Dr. Martin Luther King Jr. wrote â€Å"The ultimate measure of a man is not where he stands in moments of comfort and convenience, but where he stands at times of challenge and controversy. † Martin Luther King Jr. , Strength to Love, 1963 Psychological Development and Personality LIFE SPAN DEVELOPMENT AND PERSONALITY motions that are specific and tied to his environmental experiences. His beliefs were that all people are equal and be treated the same, he would process the information about himself and the world. LIFE SPAN DEVELOPMENT AND PERSONALITY References A African American Family Connection. Retrieved from http://www. aafricanamericanconnection. com Jackson, C. , Retrieved from http://www. findagrave. com Kowalski, R. M. , & Westen, D. (2005). Psychology: The Study of Mental Processes and Behavior Retrieved form University of Phoenix eBook Collection database

Essay On Salience - 1181 Words

News sources were able to increase salience on specific cases because they were highly controversial like Brown, Roe, and same-sex marriage cases. However, the media only covers cases that â€Å"rearranged the prior distribution of political influence and benefits† (Flemming, Bohte and Wood 1947 pg. 1247). These characteristics can bring the Supreme Court’s voice to the forefront of the media. Periods of stasis can be interpreted by the Supreme Court due to the magnitude of specific cases. I argue that although the Court has the power in affect social change by means of increasing salience, they need to rule on a case that is controversial to be most effective. An increase in salience makes the public more aware of Court decisions. Again, the†¦show more content†¦197-201). There was an increase in more gay and lesbian people coming out and being open about their sexuality. This then influenced policies and the overall strength of the same-sex marriage movement (Klarman 2014 pg. 197). This led to more anti-discrimination policies based on sexual orientation. Additionally, there were economic pressures that made states conform to the norm of gay marriage. States lose revenue when they do not allow gay and lesbian people to marry because they have to travel out of their home state. The acceptance of same-sex marriage can be attributed to the economic and social incentives to conform to the norm. Feelings towards gay and lesbian people shifted to produce more support for same-sex marriage and anti-discrimination policies based on sexual orientation. This contributed to the increase in support for gay rights overall (Brewer 2003 pg. 1217). However, the same transformation of societal norms did not occur after Roe. This is due to the nature of the issue. Roe is still a living issue, with its implications still discussed today, whereas Brown is no longer alive in politics (Roosevelt 2006 pg. 115). Additionally, there is a clear right and wrong s ide for same-sex marriage and racial equality. There is a clear violation of rights present in Brown and same-sex marriage cases. After Brown v. Board and Baehr v. Lewin, one sideShow MoreRelatedStakeholder Salience Essay1265 Words   |  6 PagesStakeholder Salience Grand Canyon University ORG 807: Stakeholders in Organizations Ron McCullough October 16, 2013 As the push for globalization has demanded coalitions between countries, government organizations, and political party systems, there has been a great impact on the power and legitimacy of each organization that plays a part in this process. Dynamic groups have sprung forward to assess the validity of other groups, and calls for recognition on a global scale have had some countriesRead MoreA Sociological Approach On Self And Identity984 Words   |  4 Pagesthemselves how to behave in a specific situation and the affects society has on those decisions in everyday life. 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Factors Affecting Exchange Rates Finance Essay - Free Essay Example

Sample details Pages: 6 Words: 1791 Downloads: 3 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? Exchange rates play a vital role in a countrys level of trade, which is critical to every free market economy in the world. One very basic definition of exchange rates is the rates at which one unit of a countrys currency can be exchanged into another one. As such, the observation of exchange rates is crucial and its one of the most watched, analysed and fluctuate economic variables. Don’t waste time! Our writers will create an original "Factors Affecting Exchange Rates Finance Essay" essay for you Create order But exchange rates do matter on a smaller scale as well: they impact the real return of an investors portfolio. Exchange rates for countries which operate under a flexible exchange rates system are determined through the foreign exchange rates also known as the FOREX. The forex market is believed to be the largest, most efficient and liquid financial markets. The forex market regroups international players through a network of computers that connect participants from across the globe. 2.1.1 Factors affecting exchange rates Exchange rates vary within second, like any commodity, the mechanism of exchange rates operates through factor of demand and supply. It is essential to know the main factors that cause these instant movements in exchange rates are: Interest rate and Inflation It is important to note that exchange rates, interest rates and inflation are three highly correlated factors. The manipulation of interest rates by Central Bank of its benchmark rates is reflected in the retail interest rates, that is, the price charged by banks or other financial institution in the business of lending money. Higher interest rates would boost up foreign investment by attracting investors seek higher return on investment. This will increase the demand for the domestic currency. Furthermore, if a country is underperforming, a measure to boost up consumption is by Central Bank to lower the interest rates thus making borrowing cheaper. https://fxtrade.oanda.com/learn/top-5-factors-that-affect-exchange -rates https://www.barclayswealth.com/international/foreign-exchange/currency-rates.htm# https://www.forexbite.com/trading-courses/fundamental/factors-that-affect-exchange-rate https://www.starfishfx.com/learn-forex-lesson-6 https://www.trading-point.com/foreign-exchange-prices https://www.investopedia.com/articles/basics/04/050704.asp#axzz2JBtSIgnn 2.2 Stock Market Index Stock Index or Stock market index is a way of measuring or tracking the value of a section of a stock market. In general, the computation of stock indices is done by combining the prices of selected stock (weighted average). Indices can be calculated using two different methodologies: Price- weighted index: whereby only the price of the stock is used to calculate the value of the index. Dow Jones is an example of such index. Market-weighted index: use the market capitalization of companies for calculating the value of the index. It is the most broadly-used indexes today, such as SP 500 and Hang-Seng indices. Stock Index is an important tool for investors or financial managers to make investment decision, for forecasting and assessing their returns on investment. Most widely followed stock indexes are from the US market, the SP 500, Nasdaq and the Dow Jones. Other significant international stock markets indexes are Nikkei 225 (Japan),  FTSE  100 (UK) and Hang Seng (Hong Kong). 2.3 Theoretical Review There exist no theoretical consensus on the existence or the direction of any relationship between stock prices and exchange rates. But instead, classical economic theory hypothesis discuss the linkage between stock prices and exchange rates trough two models: flow oriented model (Dornbusch and Fischer, 1980 and Gavin, 1989) and the stock-oriented model (Branson, 1983 and Frankel, 1983). The flow oriented model assumes that important determinants of exchange rates are through a countrys current account and balance of trade performance. Under this model, it is assumed that exchange rate affects the valuation of a firm through its competitiveness since it affects the cost of capital borrowed from overseas and also earnings made in foreign currencies. This in-turn influences real economic variables such as real income and output subsequently affects the current and future cash flows of companies and thus their stock prices. This goes in line with what had been discussed by Dornbusc her and Fischer which states that stock prices is defined as discounted present value of a firms expected future cash flows; thereby any events affecting a firms cash flow will be projected in the firms stock prices.  [1] As for the stock oriented models, as opposed to flow oriented model, stipulate that changes in stock prices cause changes in exchange rates through the use of financial account (capital account) transactions. Two distinct models can help in explaining the stock oriented model: the portfolio balance model and the monetary model. Under the portfolio model, it is assumed the investors diversified their portfolio as a measure of minimising risk by holding both domestic and foreign assets. As such, if prices of local assets increase, this will leads to an appreciation of the domestic currency. For instance, a rise (following a boom in the market) in the domestic assets prices will cause investors to demand more of local asset and subsequently selling foreign assets . This will lead to an increase in demand of local currency while increasing the supply of foreign currency causing a shift in the demand and supply of currencies which thereby induce an appreciation of the local currency. Another way of viewing this appreciation of the domestic currency following an increase in stock price; this will lead to an increase domestic wealth and hence demand for money, which in-turn raises the domestic interest rates. With higher interest rate, the domestic market is able to attract foreign capital, leading to an appreciation of the domestic currency. Thus, this establishes a positive causality linkage running from stock prices to exchange rates. The monetary model view exchange rates as being determine as a relative asset prices  [2]  , it assume that the current exchange rates reflects future expected exchange rates, which are affected by other factors than that of stock prices. Therefore under this model, stock prices and exchange rates should not show any linkage.  [3] The relationship between stock prices and exchange rates can be examined in the case of an import-dominant country and export-dominant country. Ma and Kao (1990) (missing) 2.4 Empirical Review During the past three decades, a large number of empirical studies tried to examine existence and direction of causality between Exchange Rates and Stock prices, using data of different stock indices as well as different time horizon. One of the earliest attempts in examining the nexus between exchange rates and stock prices was by Franck and Young (1972) who conclude that there was no significant interaction between the variables. Furthermore, studies at that time focuses on US market only and one of the most predominant studies was by Aggarwal (1981) which depicts the link between exchange rates and stock prices by analysing the correlation between the changes in the US trade-weighted exchange rates and changes in US stock markets indices using monthly data for the period 1974 to 1978. The study indicates a positive correlation during the period leading Aggarwal to conclude that the variables interacted in a manner consistent with the flow-model. In contrast, Soenen and Heniga r (1988) reported strong negative interaction using monthly data of the U.S. dollar effective exchange rate and U.S. stock market index for the period 1980 to 1986. One study which provides a foundation for further studies was by Ma and Kao (1990), whereby they test the degree of stock prices reaction to exchange rates changes in different countries. The differences among countries were explained by the nature of their economies, specifically by the extent to which the economy depends on exports and imports. As per their research, an appreciating currency negatively affects the domestic stock market for a country with larger export sector and positively affects the domestic stock market for an import-dominant country. Earlier studies relating to the issue used mainly statistical techniques such as simple regression and correlation to establish any relationship between stock prices and exchange rates. These studies suffer from a serious limitation as they omit to recognize the fact that most financial variables are non-stationary. Since early nineties, researches started using advance econometrics tools to find a relationship between the variables and their assorted results. Bahmani-Oskooee and Sohrabian (1992) was the first to employ causality tests in the examination of any linkage between stock prices and exchange rates. They used co-integration to investigate the relationship between monthly data on SP 500 index and US dollar effective exchange rate for the period 1973-1988. They showed bi-directional causality, at least in the short run. Their results affirm both stock-model and flow-model. As Ajayi and Mougoue (1996) search the relationship between exchange rates and stock indices for eight advanced economies using daily data from 1985 to 1991. According to results of study, there are significant short-run and long-run feedback relations between these two financial markets. An increase in stock price has a negative short-run effect as well as a positive long-run effect on domestic currency value. Also, currency depreciation has a negative both short-run and long-run effect on the stock market. Ajayi et al. (1998) take daily market indexes and exchange rates to investigate causal relations between stock returns and changes in exchange rates for seven advanced markets from 1985 to 1991 and eight Asian emerging markets from 1987 to 1991. The empirical results show that there is a unidirectional causality between the stock and currency markets in all the advanced economies while no consistent causal relations exist in the emerging economies. They explained the different results between advanced and emerging economies with the differences in the structure and characteristics of financial markets between these groups. Staverek (2005) investigated the causality between effective exchange rates and stock prices for eight EU countries and the USA. He employed vector error correction modelling, co-integration analysis and th e standard Granger causality test. The results appear to be unidirectional and causality runs from stock prices to exchange rates, the causal relations for the period 1993-2003 were stronger than in 1970-1992. Additionally for old EU countries (Austria, France, Germany, UK) and for USA the causality was stronger than for new EU countries (Czech Republic, Hungary, Poland, Slovakia). Richards et al. (2009) depicts the interaction between stock prices and exchange rates in an Australian context. Their results were in consistent with the portfolio balance model, Granger causality runs from stock prices to the exchange rates. Very few researchers actually analyse the dynamics relationship between Stock prices and Exchange rates in Africa. Adjasi et al. (2011) is among the few to investigate the relationship between these variables in seven African countries. The analysis was made for the period 1992 to 2005 by using vector autoregressive (VAR) cointegration and impulse response ana lysis to determine the long- and short-run linkages between stock prices and exchange rates. Their findings were, whether in short run or long run, cointegration was found for Tunisia, where exchange rate depreciation drives stock prices down. Furthermore, Shocks induced by either stock prices or the exchange rate are more protracted in Ghana, Kenya, Mauritius and Nigeria than in South Africa and Egypt.