Small Firm Effect Essay Example

Small Firm Effect Paper At last, a conclusion about whether or not to use this anomaly earn profit will be provided. Explanation of small firm effect and its methodologies Small firm effect refers to a situation which the average risk adjusted returns of smaller firms are higher than the larger firms Band(1981). This situation shows the insufficient of CAMP in predicting the stock returns and counter-argues the efficient market hypothesis Band(1981). It was found by researching the relationship between the return and market value of common stocks in the New York Stock Exchange. The researchers build a generalized asset pricing model which adds the variable market value of security to the capital assets pricing model Band(1981). The constant measuring the contribution of market value of a stock to the expected return of the stock was found as a significantly negative number for the all-time period Band(1981). This indicates that the larger the market values the smaller the expected returns Band(1981). Supporting evidence There are several evidences support the small firm effect as an anomaly counter- argues the efficient market hypothesis in relate to the capital assets pricing model. Under the efficient market hypothesis, no persistent excess profits can be earned on a stock by using public available information. However, the research done by Band(1981) proves that about twenty percent risk-adjusted profits can be earned by using strategy of taking long positions in a portfolio of smaller firms and taking short position in a portfolio of larger firms in a year. Furthermore, the researches done by Brown, Klein and Marsh (1983) shows that excess returns can be earned in related to firm size but the effect is not stable over time. We will write a custom essay sample on Small Firm Effect specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on Small Firm Effect specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on Small Firm Effect specifically for you FOR ONLY $16.38 $13.9/page Hire Writer Moreover, the study done by Kim(1983) also proves that there is a size related anomaly and its seasonality. Kim(1983) founds around fifty percent of abnormal returns related to firm size are earned in January, twenty-six percent are earned during the first trading week in a year and around eleven percent are earned in the first trading day. Small firm effect in different equity market The study done by Reengaging (1990) found that the relative price behaviors of larger and smaller firms on ETC stocks are different. The costs of trading for small stocks are different in different markets (Reengaging 1990). Thus, an analysis of the evidence for small firm effect in different equity market is important. Small firm effect not only happens in USA but also in the other countries. It has been proved existence in Australia by Brown, Kim, Klein and Marsh (1983). Furthermore, a study done by Chemung, Lounge and Wong (1994) on Korean Stock Exchange also proves the existence of small firm effect. In mean return analysis, the study shows the portfolio with smallest firm size got the highest average monthly return (Chemung, Lounge and Wong 1994). In risk-adjusted return analysis, they use the Sharpe-Lintier version of the two parameter assets pricing model to examine the influence of firm size and E/P ratio on the risk-adjusted portfolio returns (Chemung, Lounge and Wong 1994). The result shows the portfolio of small firms get the highest and only positive risk-adjusted returns (Chemung, Lounge and Wong 1994). Moreover, the small firm effect also exists in Belgium, Ireland, Japan, Mexico, Spain, Switzerland and United Kingdom (Hawaiian and Kim 2000). However, there are no significant relationships between firms size and returns in Canada and France and the size premium significantly different in different markets (Hawaiian and Kim 2000). Small firm effect in different time The researches done by Brown, Klein and Marsh (2001) on U. S. Stock market shows hat excess returns can be earned in related to firm size but the effect is not stable over time. Damson and Marsh (2001) believe that market anomalies apply to Murphys Law which if things can go wrong, it will eventually go wrong. That is, the excess return of small companies will eventually move towards reverse. They compared the stock return of small firms in the U. K. Stock markets with that in the U. S. Stock markets from 1955 to 1997. The study shows the stock returns of small firms were 6% higher than large firms during 1955 to 1986 then many founds Management Company launched between 1987 and 1988, followed a reverse on stock returns of small firms were 6% lower than the large firms from 1989 to 1997 (Damson and Marsh 2001). This may also be contradicts for the small firm effect. Reasons for existence of small firm effect Misprinting Some researchers explained the small firm effect as misprinting from the measurement or method error of assets price model, but Roll (1983) finds this is not the case. He believed that the frequency of trading and holding period can affect the beta estimates. The risks of small firm were undervalued and returns were overvalued for small firms in short holding period (Roll 1983). Furthermore, as small firms are traded not often, the daily stock returns were delayed, the risk was undervalued (Roll 1983). However, Reengaging (1982) use the method of aggregated coefficients to estimate the stock risks and finds undervalue of risks for small firms is not a strong evidence for small firm effect. The study done by Fame and French (1992) also shows firm size is better at explaining the excess returns on small firm than stock risks. Transaction cost The transaction cost for small firms are usually higher than that for large firms. Transaction cost includes direct cost and indirect cost. Indirect cost includes brokerage fees and bid-ask spread. Indirect costs include fees generated by information searching and portfolio management. Amid and Mendelssohn (1986) regard the bid-ask spread as representative of stock trading frequency. Larger bid- ask spread means market thinness. Then they built three models to test the relationship among stock returns, risk of stocks and bid-ask spread. The result shows relationship between stock returns and bid-ask spread are significant stronger than allegations between stock returns and risk of stocks at explaining the small firm effect (Amid and Mendelssohn 1986). Furthermore, Amid (2002) believed that expected market liquidity has a positive influence on ex-ante excess stock returns and return on stock is negatively related over time to contemporaneous unexpected liquidity. Liquidity has stronger influence on small firms (Amid 2002). Amid proved his hypothesis by examine stock in NYSE from 1964 to 1997. Less available information The third reason of existence of small firm effect is small firm has less available information. Theoretical research has proved that firms with less available information should, other variable remain unchanged, get higher returns to make up estimation risk (Manhattans). Thus, less average available information for small firms may be the reason of small firm effect. Nathan (1996) proved this hypothesis in his article. Different fundamental structure Different fundamental structure between large firms and small firms may be one of the reasons for small firm effect. Small firms in NYSE are less efficiently run and have higher financial leverage and these kinds of risks are not easy to be captured by arrest index compare to large firms (Chain and Chem. 1991). Thus the small firm should get higher stock return to make up the estimation risk. Exploit ability and limitation of profit-earning strategy This essay believes that small firm effect is not exploitable now. Somebody may argue that profit can be earned by taking long positions in a portfolio of smaller firms and taking short position in a portfolio of larger firms. In fact, it is hard to keep a portfolio with small shares which long and short position can be held and traded quickly in the real world (Bradford, Haney and Billion 2011). Furthermore, the transaction cost of take short position is larger than take long position (Bradford, Haney and Billion 2011). Moreover, the article written by Damson and Marsh (2001) points out excess return of small companies will eventually move towards reverse and their study shows stock returns of small firms were 6% lower than the large firms from 1989 to 1997 which indicate the small firm effect already move towards reverse in U. K.. Conclusion In conclusion, this essay does not recommend the fund manager use strategy of taking long positions in a portfolio of smaller firms and taking short position in a oratorio of larger firms to exploit as loss may occur.

The Age of Pericles and Periclean Athens

The Age of Pericles and Periclean Athens The Age of Pericles refers to part of the Classical Age of Greece, when the dominant polis- in terms of culture and politics- was Athens, Greece. Most of the cultural wonders that we associate with ancient Greece come from this period. The Dates of the Classical Age Sometimes the term Classical Age refers to the entire expanse of ancient Greek history, from the archaic period, but when used to distinguish one era from the next, the Classical Age of Greece begins with the Persian Wars (490-479 B.C.) and ends with either the empire-building or the death of the Macedonian leader Alexander the Great (323 B.C.). The Classical Age is followed by the Hellenistic Age that Alexander ushered in. Besides war, the Classical era in Athens, Greece, produced great literature, philosophy, drama, and art. There is a single name that signifies this artistic period: Pericles. The Age of Pericles (in Athens) The Age of Pericles runs from the middle of the 5th century to either his death at the start of the Peloponnesian War or the end of the war, in 404. Pericles as Leader While he was not a king or dictator in charge of Athens, Greece, Pericles was the foremost statesman of Athens from 461-429. Pericles was repeatedly elected to be one of the 10 strategoi (generals). Aspasia of Miletus Pericles was strongly influenced by Aspasia, a female philosopher and courtesan from Miletus, who lived in Athens, Greece. Because of a recent citizenship law, Pericles couldnt marry a woman who wasnt born in Athens, so he could only cohabit with Aspasia. Pericles Reforms Pericles introduced payment for public offices in Athens. Pericles Building Projects Pericles initiated the building of the Acropolis structures. The Acropolis was the high point of the city, the original fortifiable area before the city of Athens expanded. Temples topped the Acropolis, which was behind the Pnyx  hill where the assembly of the people gathered. Pericles preeminent building project was the Parthenon  (447-432 B.C.), on the Acropolis. The famed Athenian sculptor Pheidias, who was also responsible for the chryselephantine  statue of Athena, supervised this project. Ictinus and Callicrates served as architects for the Parthenon. Delian League Pericles is credited with moving the treasury of the Delian League to Athens, Greece, and using its money to rebuild the Acropolis temples that the Persians had destroyed. This was an abuse of the treasury funds. The money was supposed to be for the  defense of Athens and its Greek allies. Other Famous Men in the Classical Age Besides Pericles, Herodotus the father of history and his successor, Thucydides, and the 3 famous Greek dramatists Aeschylus, Sophocles, and Euripides lived during this period. There were also renowned philosophers like Democritus during this period, as well as sophists. Drama and philosophy flourished. The Peloponnesian War But then the Peloponnesian War broke out in 431. It lasted for 27 years. Pericles, along with many others, died of an undetermined plague during the war. The plague was especially deadly because people were crowded together within the walls of Athens, Greece, for strategic reasons connected with the war. Historians of the Archaic and Classical Period HerodotusPlutarchStraboPausaniasThucydidesDionorus  SiculusXenophonDemosthenesAeschinesNeposJustin Historians When Greece Was Dominated by the Macedonians DiodorusJustinThucydidesArrian fragments of Arrian found in PhotiusDemosthenesAeschinesPlutarch

Reflection on teaching Research Paper Example | Topics and Well Written Essays - 1250 words

Reflection on teaching - Research Paper Example Transformation learning theory remains a useful tool in designing adult education. Transformative learning theorists such as Edward Taylor, Patricia Cranton, Robert Body, and Robert Kegan have contributed greatly to the field of education. Their works identified factors that characterize transformative learning. They pointed the challenges face by educators in transformational learning environments. Their contribution to the transformational theory enhanced adult education. This reflective essay focuses on the contribution of the above theorists in enhancing adult education. Understanding the meaning of transformative learning is crucial since it enables us to understand how different adult teaching approaches work. I realized that the term transformational is used in different concepts to refer to idealized adult learning based on the nature of human communication. Jack Mezirow, who developed the theory of transformative learning in 1978 appreciated the importance of reflection in l earning. As we grow, we experience different situations, which change our perspectives (Taylor & Cranton, 2012). I had never realized the effects the different experiences have on our views. However, the transformational learning theory empowered me to understand that the different experiences accumulate and are the raw materials for transformation learning which occurs during adulthood. ... Based on the difference, the learner is able to make appropriate decision or changes. In my understanding, transformative learning encompasses trying to solve an existing problem using a new approach. It enables learners to expand their conscientiousness. During transformative learning, the learners become aware of the different selves within their psyche. Additionally, the learners become aware of their expectations and assumptions as well as those of other and interpret them to assess their relevance. .By assessing other people’s perspectives, the student learns to accept other people views. Studies on transformative learning have been used in altering learning environments to enhance adult education. Adult learners can be taught using different methods. Edward Taylor, a renowned contributor of transformative leaning, argued that the learning environment determined the level of openness demonstrated by learners. I agree with this since I also learn differently in different e nvironment. Taylor argued that ideal leaning conditions should encourage students’ autonomy and participation. Additionally, Taylor described effective instruction methods as those that promote learner centered teaching approach (Taylor & Cranton, 2012). Recent approaches on transformative learning emphasize on learning through intuitive and unconscious processes. Patricia Cranton is one theorist who has studied the role of intuitive and unconscious process in decision-making. Cranton’s views on informative learning helped me appreciate the role of reflection in learning. It is sitting back to contemplate on ones views, compare them with those of others and

Discussion Question Essay Example | Topics and Well Written Essays - 500 words - 8

Discussion Question - Essay Example Operations and supply management is vital in developing the supply chain of the vaccine to ensure that vaccines are delivered on time. More vaccines may be insufficient or unavailable if the patients and government paid more money because the producer or manufacturer may not have the capacity to generate more vaccines. Even if the manufacturer bought more machines to enhance production of the vaccine, it would consume a lot of time to ramp up and attain the expected vaccine capacity. The demerit or minus of producing more or extra vaccine at high cost is that it will automatically cut into profits because it needs new and modern machines to be bought. Further, it will require training and hiring of new workers, which may be costly. The process of manufacturing is devised in a manner that it balances costs, profits, and capacity. The producers and the government require to hold the vaccine to a high standard as this will enhance quick delivery of the vaccines to the patients. This could be devised in a manner that the government could test the quality of the vaccine and deliver it to the patients. The pluses of producing more vaccines at an increased cost is that it will enhance efficiency and quality of the vaccine produced because more money would have been used to conduct enough research about the vaccine. The government and producers can assess the risk of harm associated with the production of the vaccine. Therefore, they will determine if the intended vaccine confer immunity to certain virus or not. This will enable the government and the producers to provide advance warning that failure or harm of the vaccine may occur since vaccination is usually experimental each time it is administered on people. Vaccination may be risky or beneficial, therefore, in order to ensure the safety of the patients, the government should ensure that there manufacturers produce enough vaccines that can be delivered to be people in case the vaccine fails to confer immunity.

A Study Into The To Petrochemical Industry Information Technology Essay

A Study Into The To Petrochemical Industry Information Technology Essay The petrochemical industry has been one of the fastest growing industries. This industry not only has an immense importance in the growth of economy of the country but also in growth and development of manufacturing industry .It provides the foundation for manufacturing. The petrochemical industry is oligopolistic in nature. At a large extent there were only four major companys viz. Reliance Industries Ltd (RIL), Indian Petrochemicals Corporation Ltd. (IPCL), Gas Authority of India Ltd. (GAIL) and Haldia Petrochemicals Ltd. (HPL) who used to dominate the industry. The recent amalgamation of IPCL with RIL has made the industry more concentrated further, as they jointly account for over 70% of countrys total petrochemical capacity. Characteristics The petrochemical industry is a cyclical industry. This industry is dominated by volatile feedstock prices and sulky demand. India consumes one of the lowest per capita consumptions of petrochemical products. Growth During 1970s, the petrochemical industry came into existence. The rapid growths for this industry were seen in 1980s and 1990s. The actual reason for this growth was there was a huge demand for petrochemicals in India during that time at an annual rate of 13 to 14%. It is also known for rapid expansion of capacity. In India the average annual growth is 14 to 16% over 2007-2011. However, the industry suffered setbacks in 2008 due to change in the price of crude oil . It will be tough for Indian petrochemical industry by 2012 to plug the deficit of 5mn TPA of ethylene and 4mn TPA of polymer. Presently India has three gas-based and three naphtha-based cracker complexes which has capacity to produce 2.9 MMT of ethylene annually. What are petrochemicals? Petrochemicals are products which are derived from petroleum . Many chemical compounds which are derived from petroleum are obtained from fossil fuels like coal or natural gas, or from renewable sources such as sugar cane. Two petrochemical classes are olefins and aromatic. Olefins include ethylene and propylene, and aromatics includes benzene, toluene and xylene isomers. Oil refineries produce olefins in chemical plants by steam cracking of natural gas liquids like ethane and propane and aromatics by fluid catalytic cracking of petroleum fractions. Aromatics are produced by catalytic reforming of naphtha, Olefins and aromatics are the building blocks for solvents, detergents, and adhesives. Olefins are also the basis for polymers and oligomers used in plastics, resins, fibres, lubricants, and gels. Primary petrochemicals depending on their chemical structure are divided into three groups: Olefins include ethylene, propylene, and butadiene. Important sources of industrial chemicals and plastics products include Ethylene and propylene . Butadiene is used in making synthetic rubber. Aromatics include benzene, toluene, and xylens.. The raw material used for preparing dyes and synthetic detergents is benzene, and that for preparing isocyanates materials used are benzene and toluene. MDI and TDI are used in making polyurethanes. Manufacturers use xylenes to produce plastics and synthetic fibers. A product of carbon monoxide and hydrogen can be used to make ammonia and methanol. Ammonia which is further used to prepare urea which can be used as a fertilizer. Methanol is used as a solvent as well as a chemical intermediate. ANALYSIS : Manufacturing and production Manufacturing is a process which uses labour and machines to produce goods for use or sale. It is usually applied to industrial production where the raw materials are converted into finished products. Manufacturing and production information system A manufacturing system is a system which facilitates for a quicker and an efficient change from making one product to another product, using often robotics and other automation. Usually the change is computer-controlled. Manufacturing MIS This consists of 3 steps Material requirements planning (MRP) It determines when finished products are needed It determines the deadlines accordingly Manufacturing resource planning (MRPII) Network scheduling Improves customer service improves productivity Just in time (JIT) inventory system inventory and materials that are delivered right before usage Production system A production system is a computer program which provides us with some form of artificial intelligence primarily consisting of a set of rules about behaviour. These rules which are termed as productions are a basic representation which is useful in automated planning, expert systems and action selection. This system provides us with mechanisms which are necessary to execute productions in order to achieve some goal for the system. South Asian Petrochem Produces Management Reports in Minutes with New ERP Solution South Asian Petrochem which is Headquartered in Kolkata, India, manufactures and markets polyethylene Terepthalate (PET) resins which is used in the packaging of mineral water, carbonated soft drinks, edible oil, and pharmaceuticals. The organization operates a 200,000-ton per annum (TPA) processing plant which is export-oriented at Haldia in West Bengal, and records a 43% increase in profit in the last financial year before tax. On July 26, 2008, Petrochem discussed to contribute around 70% of the initial equity required to establish a 315,000 TPA PET plant in Egypt at its annual general meeting. Haldia plant is going into commercial production in September 2003 to support planned growth. The Petrochem needs to implement an enterprise resource planning package. The organization engaged PricewaterhouseCoopers (PwC) India to develop a strategic information system plan and undertake an enterprise-wide business transformation exercise based on Oracle E-Business Suite. New PET Plant Delivers Product Quality Zimmer AG Germany has designed and built a system for South Asian Petrochems Haldia plant using leading-edge technologies. The PET produced by the plant which is bottle-graded is clear, strong, and they can be easily moulded to various complex shapes, that give customers scope to customize their designs to meet the brand and the market requirements. With continuous polycondensation lines, it has started delivering a broad product range and operational flexibility. A DCS which is distributed control system optimizes the process line performance, and an uninterrupted supply is ensured by a captive power plant. The Haldia facility ensures that the product quality meets the exacting customer standards. With the organizations professional marketing team and technical services staff that are available around the clock to respond to customer requirements controls the quality. South Asian Petrochem has migrated from its existing Tally business accounting and inventory management software to a system which is highly functional, scalable, and powerful enterprise resource planning system to take full advantage of the potential of the products and quality of the staff. ERP Provides Platform for Growth South Asian Petrochem has opted to implement a system which is based on modules from Oracle E-Business Suite after reviewing a range of competing solution like one of which includes SAP to undertake preventive maintenance that has tremendously reduced production losses from equipment failure. If proper maintenance is taken into account then the costs incurred would be in fixing the equipments rather than ensuring that the parts are maintained and replaced in line with a proper schedule. Oracle also gives the system the controls that are necessary to optimize the equipment maintenance and usage throughout the plant and it also meets the customers demands. South Asian Petrochem has planned to integrate the Oracle Fixed Assets with the Oracle Enterprise Asset Management to ensure that it can not only track its assets but it can also identify the costs incurred in maintaining the individual items. . Timely Reporting The Oracle system allows South Asian Petrochem to prepare management reports which gives critical updates on the inventories ranging from raw materials to finished products within minutes and also on those areas which affects the commercial operation of its plant. It is reported that using this system a report can be prepared that combines month to date production, dispatch, finished stocks, and orders that can be produced in a minute to 90 seconds. Before implementation of Oracle, the reports were not obtained nearly as quickly or in as much detail. Using oracle discoverer better-informed and quick business decisions reports can be prepared which improves the customer service. Streamlined Processes South Asian Petrochem has the ability to closely monitor its dispatch schedule, quality control and stock position that allows the organization to adhere to its customers commitments. Any grievances caused to the customers can be attended quickly by identifying the lot which was dispatched can be isolated and dealt with any quality aspects. The Petrochem is also planning to integrate the DCS which is governing the plant with Oracle to ensure proper production schedules and information which can be shared in an automated way between the systems. This would help the organisation in further reducing the work and time which is required to reconcile the jobs and to manage the consumption of the raw materials effectively. Why Oracle? South Asian Petrochem has selected Oracle E-Business Suite as a foundation for its new system after undergoing detailed evaluations of alternatives from Navision, Ram co, and SAP. Oracle has a strong philosophy and business model, as it delivers greater value compared to the other competitors. Also the solution modules can be implemented in phased fashion. Implementation Process As the manufacturing plant at Haldia is charged with implementing Oracle E-Business Suite to improve process control, PwC has divided this project into two phases. The first phase which had been started in May 2003 was completed in September 2003 included spanned purchasing ,management of orders , inventory and financial modules like fixed assets ,accounts payable and receivable , general lodger and cash management. The second phase was commenced in January 2004 which covered the entire Enterprise Asset Management and the suite for process manufacturing, including the Formula Management, Production Supervision, Quality Costing, and Manufacturing Accounting Controller. The first phase was over in just four months which highlighted PwCs sound project management and gave an effective solution for delivery .The phase was completed in October 2006 and it has allowed South Asian Petrochem take full advantage of the stability of the database. This software has not only enhanced functionality of the newer applications suite but also has ensured continued support. This software is being used by a huge range of staff that is located both at the plant as well as at the headquarters, including also the senior management and accounts employees. Conclusion and Findings The increased stability of Oracle E-Business Suite has given the confidence to proceed with the integration. The company is determined that the accuracy of the records would increase and our staff resources could be redirected to higher value jobs. They would be a lot more efficient and would also achieve faster reconciliation of information and reduce the consumption of raw materials by integrating the oracle software with the control systems located at the plant. With this software the company has started producing management reports within few minutes giving all the important details about production, dispatch and information regarding the finished stock. It has also reduced the outages due to breakdown of the equipments by improving the preventive maintenance scheduling.

Checkpoint: Motivation Explained Essay

The three major motivation theories in life are psychoanalytic, humanistic, and diversity. Psychoanalytic: determinism, drive, conflict, the unconscious. Humanistic: self-actualization, Maslow’s need hierarchy, intrinsic motivation, self-determination theory. Diversity: Murray’s psychogenic needs, achievement. A time where psychoanalytic had happened in my life would have to be with my current boyfriend. When we first began talking and getting to know one another I had a little slip where I had called him by my ex-boyfriends name. Now that I think about it I think it may have happened due to the fact that I was considering starting a relationship with him. As well as the fact that my ex and I never really had closer in the relationship either so I still hard feelings towards him. In humanistic that would just be how I live my life every day trying to achieve something greater. I would like to leave some kind of legacy that my daughter could be proud of. It happens naturally due being determined to achieve something great in your life that you can be proud of. One thing that I am proud of doing is having my daughter she has to be my greatest achievement as well as my drive to keep doing what I have to provide her with a good life. As for diversity I believe people overcome it every day. I know that I have when I moved to Pennsylvania I am Hispanic and Native American the area I lived in was mostly Caucasian area. So I had to adjust and overcome racist remarks which I feel I came out of well just made me a stronger less judgment person. When people would first say thing to or about me I would just get mad then after time went on I got over it because these people didn’t know and were most likely raised that way. I overcame it realizing I’m different and it’s a good thing not to be like everyone else.

Analysis of Peter Pan Essay

In this study, we are going to talk about two histories of Children’s Literature, histories that are part of the history of this literature. The tales we are going to talk about have marked and for sure will mark the the childhood of many children in the world. This tales are â€Å"Peter Pan†, by James Matthew Barrie (1860–1937) who was a Scottish author and dramatist; and â€Å"The Wonderful Wizard of Oz† by Lyman Frank Baum (1856-1919), American children’s literature author, playwright and journalist. We are going to talk about their authors, about the time when this books were published and then we are going to analyze in depth the tales, talking about their settings, their characterisation, their narrative progression, their language and their plot. We are going to compare the book with their respective film and finally, we are going to compare â€Å"Peter Pan† with â€Å"The Wonderful Wizard of Oz† stories. 2. MAKING OFF: 1. 19th December: We went to Vallecas’ library. Here we showed us the individual information and we thought about the essay’s structure . We looked for more information about the stories, author, time†¦ Finally, we made the introduction of the work. We took books to take home to complete the individual information. 2. 10th January: We went to Vallecas? library. We had done our individual part and we had seen the two movies. We made together the individual most important parts (setting, narrative, progression, plot †¦) and the comparison between Peter Pan and the Wizard of Oz: Similarities and differences. Finally, we made the conclusion of the work. 3. 14th January: We went to the university library. We completed the bibliography on work and finished the index and the title page. 3. PART A – PETER PAN: AUTHOR: JAMES MATTHEW BARRIE James Matthew Barrie, (9 May 1860 – 19 June 1937) was a Scottish author and dramatist, best remembered today as the creator of Peter Pan. The child of a family of small-town weavers, he was educated in Scotland. He moved to London, where he developed a career as a novelist and playwright. There he met the Llewelyn Davies boys who inspired him in writing about a baby boy who has magical adventures in Kensington Gardens (included in The Little White Bird), then to write Peter Pan, or The Boy Who Wouldn’t Grow Up, a â€Å"fairy play† about this ageless boy and an ordinary girl named Wendy who have adventures in the fantasy setting of Neverland. Barrie was born in Kirriemuir, Angus, to a conservative Calvinist family. Barrie was the ninth child of ten (two of whom died before he was born), all of whom were schooled in at least the three Rs, in preparation for possible professional careers. Barrie wished to pursue a career as an author, but was dissuaded by his family He was to attend a university, but would study literature. He enrolled at the University of Edinburgh, where he wrote drama reviews for Edinburgh Evening Courant. He was extremely introverted, and was shy about the fact he was in college and only approximately five feet. He would go on to graduate with his M. A. on April 21, 1882. Meanwhile, Barrie’s attention turned increasingly to works for the theatre. The production of Barrie’s play at Toole’s Theatre in London was seen by William Archer, the translator of Ibsen’s works into English, who enjoyed the humour of the play and recommended it to others. Barrie travelled in high literary circles, and in addition to his professional collaborators, he had many famous friends. In 1896, his agent, Addison Bright persuaded him to meet with Broadway producer Charles Frohman. Frohman would become not only his financial backer, but a close friend as well. Frohman, who was responsible for producing the debut of Peter Pan in both England and the U. S. , as well as other productions of Barrie’s plays, famously declined a lifeboat seat when the RMS Lusitania was sunk by a German U-boat in the North Atlantic. Actress Rita Jolivet, who stood with Frohman, George Vernon, and Captain Alick Scott at the end, survived the sinking and recalled Frohman paraphrasing Peter Pan: ‘Why fear death? It is the most beautiful adventure that life gives us. Barrie argues that, before birth, all babies are birds, hence the image of Peter was born, a boy, when I was a baby, flew out the window of his room while his mother slept, because he had not lost faith that could fly. Believing be direct bird flew back to Kensington Gardens, where the serpentine lake within which lies the island of birds, also called â€Å"Neverland. † Peter Pan quickly overshadowed his previous work and although he continued to write successfully, it became his best-known work, credited with popularizing the name Wendy, which was very uncommon previously. Barrie unofficially adopted the Davies boys following the deaths of their parents. Before his death, he gave the rights to the Peter Pan works to Great Ormond Street Hospital, which continues to benefit from them. The first appearance of Peter Pan came in The Little White Bird, which was serialised in the United States, then published in a single volume in the UK in 1901. TIME: Although James Barrie was born in Scotland, he moved to London, where he developed a career as a novelist and playwright. In England, the queen Victoria had the longest reign with 64 years of government in the history of the British monarches, and the cultural, political, economic, industrial and scientific changes that happened during his reign were notable. When Victory ascended to the throne, England was essentially agrarian and rural; to his death, the country was highly industrialized. Between 1860 and 1870 the industrial revolution happens. The children must go to the school, but families need money, some children don? t go to school. For this one installs a Foster? s Law (1870): Obligatory education. Children to be educated at school. The literature was a very popular way of amusing itself in the Victorian Epoch and big writers arose. In children? s literature, the writers write for girls and for boys. Normally, woman writer write for girls. The type of book for girls is a domestic history: In house, with a family†¦ The type of book for boys is an adventure books. These topics were faraway places. The girls read adventure? s books hidden. In 1854 Charles Dickens publishes Oliver Twist. This book is a very famous because is a real boy the center of novel. This is a big innovation.