BUSINESS FINANCE Assessment 1 Research Paper Example | Topics and Well Written Essays - 4250 words

BUSINESS FINANCE Assessment 1 - Research Paper Example Q3) Face Value = $1000 N= 30 years Coupon rate = 8% (a) YTM if Price is $900. Since Price YTM > coupon rate. Price at 9%: 80 x PVIFA (9%, 25yr) + 80/ (1.09) ^26 + 80/ (1.09) ^27 + 80/ (1.09) ^28 + 80 / (1.09) ^29 + 1080/ (1.09)30 = $ 897.3 Price at 7%: 80 x PVIFA (7%, 25yr) + 80/ (1.07) ^26 + 80/ (1.07) ^27 + 80/ (1.07) ^28 + 80/ (1.07) ^29 + 1080/ (1.07)30 = $ 1123.8 Price at 8%: $1000 By interpolation, YTM = 8% + (1000-900)/ (1000-897.3) YTM = 8.97% (b) YTM if Price is $1000. Since Price = Face value YTM = Coupon Rate Hence YTM = 8%. (c) YTM if Price is $1,100 Since Price > Face Value YTM Price at 7% = $1123.8 Price at 9% = $897.3 By interpolation, YTM = 7% + (1123.8-1100)/ (1123.8-897.3) YTM = 7.11% (d) The relationship between yield to maturity and bond price is that the yield to maturity is that discount rate that makes the present value of the bond's coupon payments equal to its price. Q4) a) Eps = $6, r = 15%, ROE = 15%, G =, Price = (i) Plowback ratio = 0 % g = ROE x Plowback ratio = 0.15 x 0 g = 0% Po = Div/ r -g Since nothing is plowed back in the firm, all the earnings are given out as dividends, therefore Div = 6 Po = 6/ 0.15-0 Po = $ 40 (ii) Plowback ratio = 40% g = ROE x Plowback ratio = 0.15 x 0.4 g = 0.06 or 6% Po = Div/ r -g Since 40% is plowed back, 60% is given out as dividends, therefore Div = 6 x 0.6 = 3.6 Po = 3.6/0.15-0.06 Po = $ 40 (iii) Plowback ratio = 60% g = ROE x Plow back ratio = 0.15 x 0.6 g = 0.09 or 9% Po= Div/r-g Since 60 % is plowed back, 40% is given out as dividends, therefore Div = 6 x 0.4 = 2.4 Po = 2.4/ 0.15 - 0.09 Po = $ 40 b) Eps =$6, r =15%, ROE = 20%, g =, P = i) Plowback ratio 0% g = ROE x Plowback ratio = 0.2 x 0 g = 0% Po =... Since project E has the highest profitability index, it should be chosen first and then project C. Since the investment budget is of $ 8 million, investing in these two projects would also equal to $ 8 million. Since X Ltd has a higher standard deviation, it means there is more risk and a greater variation of returns and thus a high chance that the expected return will not originate. Co-efficient of variance is another measure of determining riskiness of a business and since X Ltd also has a higher co-efficient of variance, it signifies that it's a more risky business. Thus 100% investment in Y Ltd is a better investment. Other than that, if recession hits the economy, X Ltd will completely go out of business. This is one more reason for not opting for investment in X Ltd. d) Value investors are those who use dividends to value their investments. Regular income is wanted by them and they look for quality companies with earnings records and projects they believe the market has under-valued. They tend to hold the under valued stocks for a longer duration and eventually take advantage of the rise in share price that the earnings growth brings in the long run. Growth investors are those who use stock prices to value their investments.

X-ray Photons Essay Example | Topics and Well Written Essays - 2000 words

X-ray Photons - Essay Example The intensity of beam if then given by the number of photons passing through a given area per unit time. As the intensity is also proportional to the square of the electric field it follows that magnitude of the field is quantised (Dendy & Heaton, 1999). Thus A beam of x-ray photons is heterogenous and presents both fields: electrical and magnetic. Because X-ray beam is not originated from a point source it's divergent by its nature. In this way the magnification of the image could be achieved by the increase of the focus distance (direct dependence). Because of the existence of two different types of photon interaction within the x-ray tube there is important what peak voltage is used. The energy of electrons depends on the voltage between the anode and cathode. Higher peak voltage produce photons with higher energy (Aichinger et al., 2003). Thus measurement of the practical peak voltage is used for the quality control of X-ray units (Ramrez-Jimnez et al., 2004). There are some types of X-ray photons dependently on their origin and type of interaction with target atom. If the projectile electron interacts with an inner-shell electron of the target atom rather than an outer-shell electron than characteristic x-radiation can be produced (Christensen et al., 1979;). Contrarily to the characteristic interaction Bremsstrahlung (braking) x-radiation occur when the projectile electrons lose their kinetic energy in the interaction with the nucleus of a target atom (Aichinger et al., 2003). Actually, X-ray tube is very ineffective device - only small part of energy is transformed in X-ray beams while the rest just produce heat (Aichinger et al., 2003). Only small part of the anode surface is involved in x-ray production. This area is called as the "focal spot". There is known that smaller focal spots is more useful for imaging purposes because they generate less blurring and provide better visibility of image details. Thus X-ray tubes with small focal spots are useful for decrease of radiation loading (Aichinger et al., 2003). X rays interact with irradiated substances in form of photoelectric effect, dispersion and forming of pairs "electron-positron" (Aichinger et al., 2003) They have high penetrating capacity, its property is described by formula: I=I0e-rt, where I0 - is intensity of the beam of X-rays, - attenuation coefficient (Aichinger et al., 2003). The depth of penetrating depends on the half-value thickness, i.e. the thickness of an absorbing substance that reduces the intensity of x-ray beam to half its value (i.e. I0/2). The half-value thickness depends on the attenuating properties of the substance itself and the penetrating power of the radiation incident upon it. This property is used for such radiographic tests as roentgen-densitometry when density of tested object is compared with etalon, e.g. aluminium equivalent (Wells & Ryan, 2000). Another practical application of the half-value thickness knowledge is shielding/filtration. Protective equipment is an example of added filtration. Filtration allows increasing the average energy of X-ray beams and reduce amount of low-energy photons. It's helpful for radiation dose control. Minimum adequate filtration of the x-ray beam is achievable at the half value thickness which is equal or more than 2.5 mm of aluminium (Bushberg et al., 1994). Both Bremsstrahlung and characteristic radiation are emitted in the anode

Observation Essay Example | Topics and Well Written Essays - 500 words

Observation - Essay Example I also observed that the center maintains a well manicured garden with beautiful flowers and lawn. This school is multiracial and it caters for children from different backgrounds. Overall, the standards maintained at this center are par excellence and everyone feels welcome to this particular center which is well secured. I also observed that the classroom level is ideal for the children. The children sit in groups of six and the furniture is arranged in a rectangular fashion such that the teacher can monitor each child at any given time. The teacher mainly uses teaching aids such as charts and pictures and other drawings to explain different things to the children who are still in the early stages of development. The teacher uses the chalk board to illustrate different things to the children. I also observed that the teacher uses different pictures to test the knowledge of the children if they know the symbols shown. The teacher relates well with the students and she is not selective despite the fact that the children come from different races. I was impressed to realise that the teacher knows all the students in her class. I also observed a lesson where the teacher wanted to test the knowledge of the children if they know different animals. She used picture aids in this lesson where she will lift a picture showing a certain animal. She would then randomly call any student to name the animal. This lesson was very eventful since all the students were excited and eager to participate. The children learnt a lot of things in this lesson and some of them would even describe where the animals shown on the pictures live. In my own view, I think the teacher is experienced for this job. It is quite challenging for other people to teach early child development classes but I discovered that the teacher greatly enjoyed her work. She interacted in a cordial manner with the students and she spoke to them in a motherly manner. The

Installing Openmrs Essay Example for Free

Installing Openmrs Essay There are two ways to install OpenMRS: Standalone, and Enterprise. You must have Java 6 or higher installed on your system to run OpenMRS. OpenMRS Standalone provides a simplified installation option with an embedded database and web server. It is a great way to evaluate and explore OpenMRS, letting you get a local version up and running within minutes, and includes download options with sample data. OpenMRS Standalone should run fine for smaller installations (fewer than 10,000 patient records), but if you are setting up a larger installation, we recommend using the Enterprise installation. If you are not sure which makes sense, you can start with a standalone installation and migrate your data to the enterprise version later. OpenMRS Enterprise is appropriate for larger installations. If you already have a Java servlet container and a database installed, and you want to set up OpenMRS to use these resources, you should also use OpenMRS Enterprise. OpenMRS Standalone To install the standalone version, download the ZIP file and decompress it, then double-click the openmrs-standalone. jar file to run it. The first time you run this file, it will install OpenMRS and open your browser to the new OpenMRS instance. Do not delete or rename any files or folders after decompressing the ZIP file. These files and folders are required by the standalone installer. Alternatively, from the command line, you can navigate to the decompressed folder and run the following command: java -jar standalone-1. 1. jar On Linux, you can also double-click on the file named run-on-linux. sh. If you are prompted for how to run it, just select run. Alternatively, you can use a command line shell to navigate to the decompressed folder and run the following command: ./run-on-linux. sh Upgrading Standalone To upgrade a copy of OpenMRS Standalone, do the following: Stop the previous version of OpenMRS Standalone and exit the application. Download and extract the most recent version of OpenMRS Standalone. Copy your database directory from the previous version to this new OpenMRS directory. Copy your openmrs-standalone-runtime. properties from the previous version to this new OpenMRS directory. Install OpenMRS Standalone as described above. The new version of OpenMRS will run with your old data. Logging in By default, the initial username and password are as follows: Username: admin Password: Admin123 You must immediately change the admin password after installation for security purposes. To change your password, click My Profile in the upper right of OpenMRS, and choose the Change Login Info tab. Update your password, then click Save Options. You can also change your username, and provide your real name, on this screen. Stopping and Restarting As long as OpenMRS is running, you can return to the application by opening the following URL in your browser. http://localhost:8081/openmrs-standalone/ Before you change certain preferences, such as the port on which MySQL or Tomcat runs, you must stop the application. To stop the application, use the Stop button in the user interface, or choose File gt; Quit. Alternatively, run the JAR file on the command line with a -stop parameter. You can restart the GUI by clicking Start, or double-clicking on the JAR file again. Alternatively, you can run the JAR file with a -start parameter. By default, OpenMRS runs the MySQL database on port 3316, and the Tomcat server on port 8081. To use a different port, stop the application, then change the port number in the openmrs-standalone-runtime. properties file or in the GUI, and restart. To override the port from the command line, run the JAR file with a -tomcatport or -mysqlport parameter. Changing the port number will change the URL used to access the application. To access the application, you can choose File gt; Launch Browser, or run the JAR file with a -browser parameter. OpenMRS Enterprise You must have Apache Tomcat and MySQL installed on your system before installing the enterprise version of OpenMRS. Download the Enterprise WAR package from http://openmrs. org/download/ Navigate to the Tomcat Web Application Manager and enter your Tomcat administrator credentials. http://localhost:8080/manager/html Browse to the location of the openmrs. war package, and deploy it. The initial setup which follows may take some time. At the end of the process, the Web Application Manager will refresh, and /openmrs should be displayed in the list of applications. Tomcat should also start the application (Running = True). Open the OpenMRS web application to complete the initial setup process. http://localhost:8080/openmrs Getting Started with OpenMRS Enterprise The first time you run OpenMRS, the setup wizard will help you configure your installation. Follow the instructions in this wizard to set up your database, and populate it with test data if necessary.

Market Based Accounting Research Impacts

Market Based Accounting Research Impacts Market-based Accounting Research Introduction Accounting provides financial data about the performance of a company. This data enables accounting information users, including investors, to take their decisions about investing in the shares of a company. Similarly, accounting research evaluates the usefulness of this accounting data to investors and other users. The relationship between the two can be examined through market-based accounting research. Market-based accounting research is a search into relationship between publicly disclosed accounting information and the consequences of use of this information by equity investors. In other words, market-based accounting research examines the association between accounting numbers and security return and tests whether or not accounting data carry any information content to security market. Rationale for the Research Market-based Accounting Research is extremely relevant to the study of capital market efficiency, CAPM, information economics and regulation. The main drive of market-based accounting research comes from major developments in finance theory during the last few decades, especially in late 50s and early 60s. These developments include portfolio selection theory, Capital Asset Pricing Model (CAPM), and the concept of information-efficient capital markets followed by developments in information economics, agency theory and optimal incentive-signaling models. The rationale of this study has its basis in the research in this area in the past. Over the past three decades, a significant amount of research in market-based accounting research has emerged to evaluate the usefulness of accounting data to investors and the association between the accounting numbers and security return. In fact in the recent years due to development of capital markets, globalization and increase in stock trading, market-based accounting research has become even more important. Contemporary market-based accounting research has primarily focused on its international dimension which has had important policy implications for regulators and others who deal with disclosure requirements in different stock exchanges. The focus of this dissertation will be on examining how market-based accounting research impacts the kind of common stock traded in major stock exchanges. In light of this, the study will examine the relationship between accounting numbers, stock market returns and market valuations. Key Aims Objectives As indicated above, the prime focus of the study is to examine contemporary accounting theory and research with an emphasis on market-based accounting research and its impact on capital markets. As market based accounting research is based on the valuation of firms and their securities, the use of financial statements for valuation purposes, and the implications for financial reporting and corporate governance, all these areas will form a part of this study. The study aims to: Describe the concept of market based accounting research Identify the information content of market-based accounting research Provide an insight into local market conditions as well as comparative international state of market-based accounting research. Examine the role of market-based accounting research and the importance of disclosure of accounting information on capital markets Examine how published information is used by investors for designing their trading strategies Describe how market-based accounting research information impacts the capital markets efficiency Describe accounting based valuation and relate it to the content of brokers’ reports Key Research Questions The three key research questions proposed to be examined by this study are: What is the role of accounting information in capital markets? What is the information content of accounting information? What is the market-based accounting research hypothesis in context of influence on investors investing in stocks? Another key research question is how the market reacts to reported earnings, as well as the impact of reported earnings on the properties of analysts’ forecasts. These questions, especially the information content of accounting information, can be measured by the influence of the information on security prices. While measuring the influence it is assumed that investors can understand the differences in earnings that are due to differences between accounting methods. In other words, the study is based on efficient market hypothesis or the assumption that stock prices accurately and quickly adapt to all available information and therefore prevent individuals from getting abnormal return. Proposed Research Methodology Sources of Data / Information The study will be both exploratory as well as descriptive and will rely on both primary as well as secondary sources of information. Sampling for Primary Information Primary data will be collected from a sample consisting of both brokers as well as individual and institutional active investors who have invested in equity shares in a few pre-selected companies listed on the US or European stock exchanges. The period of investment will be from 2000-2006 as 6 years is a sufficient time to analyse the impact. These investors will be chosen on the basis of the frequency with which they invest in the securities. Data will be collected by administering questionnaires seeking information on how these investors make an investment decision. Sources of Secondary Information The prime source of secondary data will be: Annual reports of the selected companies under consideration. The variables that will be focused upon will include stock returns, dividends, net income on sale, return of equity, return on asset, debt ratio, interest coverage, current ratio, Price-earning ratio and price. The final report will be supplemented with information from: Literature searches ( refer list of references at the end of the document ) Past articles and research in the area Internet searches: Searching specific data from Yahoo and Google search engine Data Analysis Data will be compiled into data master sheets. The statistical description for all the variables will be presented in a separate table. The various sets of information pooled over the five year period of study will be clearly presented in the table in context of the various variables. The standard deviation and also correlation between the variables and the stock return will be determined and analysed. Correlation will be based on Karl Pearson’s method of correlation. In addition to standard deviation and correlation, regression analysis will also be used for examining the market reaction to reported accounting information. Regression is used for analysis of impact of independent variables on the dependent variable. The dependent variable for regression analysis will be stock returns while the independent variables will be dividends, Net income on Sale, return of equity, return on asset, debt ratio, interest coverage, current ratio, and price-earnings ratio. Regression equations will be solved using Ordinary Least Square method (OLS). Qualitative data gathered from the investors may include opinions of respondents on a certain issues, reasons for certain behaviour and descriptions of certain procedures, practices or perceptions with which the researcher is not familiar. The data can be analysed by classifying all answers into a few categories. References Abeyratna, G, A.A.Lonie, D.M. Power and C.D. Sinclair (1993), The Stock Market Reaction to Dividend Announcements: A UK Study of a Complex Market Signal, University of Dundee. Bonin, Joseph M. and Edward A. Moses (1974), Seasonal Variations in Prices of Individual Dow Jones Industrial Stocks, Journal of Financial and Quantitative Analysis Charest, Guy (1978) Dividend Information, Stock Returns and Market Efficiency II, Journal of Financial Economics, Vol. 6 Dyckman, Thomas R. and Dale Morse (1986), Efficient Capital Markets and Accounting: A Critical Analysis, Prentice-Hall. Foster, Taylor W. and Don Vickrey (1978) The Information Content of Stock Dividend Announcement, Accounting Review. Vol. LIII. No. 2 Kinney, W. (April 1986.), Empirical Accounting Research Design for Ph.D. Students, Accounting Review Kothari, S.P. Capital Markets Research in Accounting, Journal of Accounting and Economics Vol. 31 Nos. 1-3 Ross, Stephen A. 1978, The Current Status of the Capital Asset Pricing Model (CAPM). The Journal of Finance, Vol.XXXIII. No. 3 Scholes, Myron S. 1972. The Market for Securities: Substitution versus Price Pressure and the Effects of Information on Share Prices, Journal of Business

Freedom comes from within yourself :: essays research papers

Freedom in the Hindu Culture   Ã‚  Ã‚  Ã‚  Ã‚  Over the past three years in America we have been bombarded with the word freedom as a call to action or a word to persuade us to follow a specific view. Although our society was born on freedom as an idea, its meaning has been used in many ways. Hinduism is also a religion and a culture that places a lot of meaning on freedom but they give a different meaning to it. From learning about Hindu culture in this class their focus on it follows suit as does our version. While our â€Å"freedom† is an idea that can be used in many different ways the Hindu â€Å"Freedom† is a more pure idea as it seems the rest of the culture is. In the Eastern culture freedom comes along with a level or state that you have reached in your life. To understand the meaning of freedom you also have to understand its relation to words like Samsara, Avidya, Maya and Moksha. These are all part of the journey towards the Hindu concept of freedom. Samsara is important in defining freedom in Hindu terms because it is what you want freedom from. Samsara is the continuous cycle of life that takes place in the material world. It is thought of as a negative because it keeps us from moving on and up spiritually. Maya is a concept in Hinduism that relates to man disillusioning himself. The idea is that there is no such thing as an individual existence. When a person is trying to better their standing or wealth they are disillusioning themselves. In the Eastern culture you do not work harder to better yourself you work harder to better the world as a whole through your actions in life. This brings you closer to unity with the â€Å"Divine.† Avidya is similar to Maya. It is when the man is disillusioning himself that Avidya describes. When he denies his true â€Å"Self â€Å" and moves farther away from knowledge he is not taking care of his soul. Avidya is a product of the soul as well as a part of the soul. A person can always move away from this and make his soul healthy again by seeking truth and trying to reach the higher levels of spirituality. In the final stage of life we see Moksha come into play. After freeing yourself from material ties in the third stage of life you move on to the fourth and last. Freedom comes from within yourself :: essays research papers Freedom in the Hindu Culture   Ã‚  Ã‚  Ã‚  Ã‚  Over the past three years in America we have been bombarded with the word freedom as a call to action or a word to persuade us to follow a specific view. Although our society was born on freedom as an idea, its meaning has been used in many ways. Hinduism is also a religion and a culture that places a lot of meaning on freedom but they give a different meaning to it. From learning about Hindu culture in this class their focus on it follows suit as does our version. While our â€Å"freedom† is an idea that can be used in many different ways the Hindu â€Å"Freedom† is a more pure idea as it seems the rest of the culture is. In the Eastern culture freedom comes along with a level or state that you have reached in your life. To understand the meaning of freedom you also have to understand its relation to words like Samsara, Avidya, Maya and Moksha. These are all part of the journey towards the Hindu concept of freedom. Samsara is important in defining freedom in Hindu terms because it is what you want freedom from. Samsara is the continuous cycle of life that takes place in the material world. It is thought of as a negative because it keeps us from moving on and up spiritually. Maya is a concept in Hinduism that relates to man disillusioning himself. The idea is that there is no such thing as an individual existence. When a person is trying to better their standing or wealth they are disillusioning themselves. In the Eastern culture you do not work harder to better yourself you work harder to better the world as a whole through your actions in life. This brings you closer to unity with the â€Å"Divine.† Avidya is similar to Maya. It is when the man is disillusioning himself that Avidya describes. When he denies his true â€Å"Self â€Å" and moves farther away from knowledge he is not taking care of his soul. Avidya is a product of the soul as well as a part of the soul. A person can always move away from this and make his soul healthy again by seeking truth and trying to reach the higher levels of spirituality. In the final stage of life we see Moksha come into play. After freeing yourself from material ties in the third stage of life you move on to the fourth and last.

Creativity in Literacy Practices

Creativity in Literacy Practices: A TEXTUAL AND CONTEXTUAL APPROACH by Agatha Xaris Villa INTRODUCTION AT PRESENT, THERE ARE A NUMBER OF APPROACHES TO THE STUDY OF LINGUISTIC CREATIVITY. THEY DIFFER IN THE WAY THE WAY THAT THEY CONCEPTUALIZE WHAT COUNTS AS CREATIVENESS OR ‘LITERARINESS’ IN LANGUAGE AS WELL AS IN THE METHODS THEY USE TO IDENTIFY AND ANALYZE CREATIVITY IN EVERYDAY LANGUAGE.This essay begins by discussing and exploring the premises of an analysis of creativity at text level following a textual approach to literacy and creativity; assessing the extent to which it is effective in identify creativity in literacy practices such as diaries, letters and graffiti.However, I would like to continue by presenting the argument that while literacy practices do offer opportunities for creativity at text level, the study and identification of creativity in literacy practices may be more productive when studied with a broader perspective – one that goes beyond the limits of the text and considers the influence of context in the production, reception and processing of texts, literary practices and creativity. Creativity in literacy practices at text level LITERACY IS AN IMPORTANT ASPECT OF EVERYDAY LIFE AND IS A PART OF EVEN OUR MOST MUNDANE SOCIAL PRACTICES.WHILE THE ROLE WHICH LITERACY PLAYS IN SITUATIONS MAY VARY IN IMPORTANCE, IN THE CONTEXT OF LITERACY EVENTS WHERE LITERACY PLAYS A SIGNIFICANT ROLE, INDIVIDUALS DEVELOP CHARACTERISTIC AND PATTERNED WAYS OF USING AND INTERACTING WITH TEXTS. THESE HABITUAL PATTERNS HOLD DIFFERENT MEANING AND VALUES FOR INDIVIDUALS AND ARE WHAT WE REFER TO AS LITERACY PRACTICES. Creativity in literacy practices at the level of the text may be identified by focusing on special linguistic forms that stand out in texts. This pproach is modeled after what Carter (1999) called an inherency perspective which perceives creativity as being ‘inherent’ in the creative uses of language intrinsic in text. Th e focus is on the writer’s skill in the manipulation of linguistic forms that constitute text on the phonological, grammatical and semantic level. Roman Jakobson (1960), one of the well-known advocates of this approach, was concerned with the ‘poetic function of language’ which was believed to be in close relation to literariness in text.He argued that the poetic function of language involves the ‘foregrounding’ of language forms which have the ability to draw attention to themselves – making a noticeable impact on the reader. Foregrounding results from stylistic choices which may come as (1) deviations from the norms of everyday language (e. g. the use of different writing systems, lexis and ‘figurative language’ such as metaphor and simile or (2) prominent patterns of parallelisms in phonology, grammar and semantics (e. g. meter, rhyme, etc. (Maybin and Pearce, 2006, p. 6 – 9). By highlighting the ‘poetic usages of language’, we can identify creativity in diaries at the text level. The metaphoric descriptions and dramatic portrayal of entities and events in diaries are ways in which individuals attempt to explore their feelings regarding their experience of the ‘real world’ that are often difficult to describe. In addition, repeated structures and rhythms are commonly used in diaries as a form of emphasizing points in the writer’s diary entry.Such examples of ‘poetic language’ may also be identified in letters. In Margaretta Jolly’s (1997) study of war letters, she states that letters are probably ‘the most common form of creative writing. ’ Her examples point out the creative way in which letter-writers are able to use language forms such as imagery, metaphoric and rhetorical devices as well as parallelism (more commonly related to literature) for the purpose increasing the text’s emotional and persuasive impact and highlighti ng contrast and subtleties of meaning (Maybin, 2006, p. 72). The â€Å"art of graffiti† is a long-standing tradition with the ability to exhibit creativity at text level both in its traditional and embellished form. Creativity is seen in the use of rhythmic repetition, puns and contradictory voices (as in parody and irony), the use of non-standard spelling and punctuation (usually in line with a particular artistic style) and the use of text and decoration for aesthetic and communicative purposes.While it is possible to be able to identify creativity in literacy practices at text level, this approach is somewhat limited because it fails to take into account: (1) the interactive features and functions of literacy practice, (2) the influence of its socio-cultural and historical context and more importantly (3) the creativity in language practices that is inherent and emergent from social practices in particular contexts.Therefore, I suggest that a better and more efficient way to identify and evaluate creativity in literacy practices, is one that approaches literacy from a more contextual approach, more specifically from an ethnographic perspective. Creativity and literacy practices from an ethnographic approach According to the ethnographic approach defined by Papen and Tusting (2006, p. 312-359), creativity refers the production of something ‘new’ and ‘original’. In written language, creativeness should not be perceived as a decontextualised, individual activity or as being entirely shaped by context.It should be seen as being dependent on and emergent from the creative literacy practices through which texts are constructed because they are shaped by people, who in pursuit of their own goals and purposes, actively draw on the interactional, contextual and socio-cultural possibilities available in the particular social situation they are embedded. Literacy practices are inherently creative in and of themselves. The ethnographic perspective takes into account the broader social-political context within which creativity is located and through their examination of iteracy practices and texts, advocates of the ethnographic approach found three major characteristics of creativity in writing. To begin, by focusing on people’s literacy practices rather than just texts, they noted that creative texts are produced as a result of interactive collaboration. Diaries, although written by a single person, emerge from an individual’s account and reflection of events and various conversations and interactions with people.Diaries and journals are dialogic practices wherein the writer addresses and responds to a ‘reader’ and have the potential to be re-contextualized in different publications to address a wider readership (Maybin, 2006, p. 269) This dialogical aspect is more evident in web blogs or online journals in which people often (1) write in response to the entries of others, (2) write entr ies addressed to others and (3) write with the expectation and even the goal to get as much response from others. Maybin (2006, p. 73) tells us that letters are even more intensely dialogic in nature. I believe that letters are best viewed as mediums of ‘correspondence’ wherein we present written versions of our personal experience, relationships and identities in relation to an assumed reader who then responds by confirming or questioning. Letters are shaped by and inspire collaborative practices An interesting characteristic of graffiti that I believe exemplifies the collaborative nature of creativity is the way that graffiti attracts graffiti (Macdonald, 2006).A graffiti-covered wall may look like vandalism to law-enforcers or a rather threatening cacophony of ‘names’ to the common passerby but it constitutes a symbolic exchange between members of a sub-group. In the world of graffiti, tags located on the same space are often interpreted in relation to t heir positioning and proximity to each other. They may be viewed as a sign of respect, acknowledgement or outright disregard – a reflection of the intensely competitive nature of this practice.In addition to the collaborative nature of creative literary practices, the ethnographic approach pays careful attention to the influence of the context of reading and writing in the development of creative practices (Papen and Tusting, 2006, p. 320). They argued that in any given opportunity, there is particular set of possibilities and constraints that provides the opportunity for creativity. This involves affordances (i. e. properties of the environment, arising from its material characteristics which may be positive or negative depending on the individual) from new forms of technology, discourse conventions as well as inter-textual and material resources available to producers of text. An important thing to note is while possibilities may determine what is possible in any given cont ext, the possibilities associated with a setting do not determine what is created.For example, while people may be able to describe events, sights and even people through the practice of diaries and letters, there are abstractions such as feelings and intensely traumatic situations (such as in war) that are far more difficult to describe and articulate. In order to overcome this type of ‘constraint’ on expression, writers make use of metaphoric language and parallelisms, enabling them to represent their feelings and experiences in ‘words’ that their readers may be able to relate to. Creativity may also emerge from socially-constrained situations.Graffiti emerged from the same socially and economically impoverished areas in America where gangs are notoriously prominent. Because graffiti is an act of illegitimacy and opposition, graffiti artists face the constant risk of being caught by the police or by rival gangs each time they make a ‘tag’ or do a ‘piece’. But this high-risk and intensely competitive literacy practice is a stage on which young men may choose an identity of their own making, present it in the style of their choice and regain control of their own ‘fate’ – free from the constraints of their socio-economic backgrounds (Mcdonald, 2006).Social, economic or technological changes may result in the introduction of new affordance and constraints to any given context (Papen and Tusting, 2006, p. 325). For example, the popularization of the internet brought about the development of Computer Mediated Communication (CMC), resulting in the creation of new literary genres and changes in literacy practices. According to Kress (2003), creativity may be perceived as inherent in CMC using the two concepts of ‘transformation’ and ‘transduction’.Transformation is the way that the text producers manipulate the forms of signs within a mode to suit their needs and intere sts. Transduction, on the other hand, refers to the movement of ‘semiotic material’ between modes where meaning configured in one mode is moved to another. Online diaries, known as online ‘blogs, perform the same function as traditional diaries and even employ the same linguistic forms. However, bloggers now have access to a greater degree of interactive, inter-textual and multi-modal resources.Whereas in the past, writers creatively used language to express their thoughts and feelings through metaphors and similes, bloggers can now make use of pictures, videos, music, emoticons, avatars and (through hyper-linking) other texts to represent themselves and their lives online. Similarly, the literacy practice of letter-writing is far from extinct in today’s modern ear but has taken up a new form – that is, electronic mail (e-mail). As a medium of communication, email has enabled cross-cultural communication and the creation of online relationships and à ¢â‚¬Ëœnetworking’ communities.Finally, the ethnographic perspective sees creative literacy practices in everyday life as being embedded in socio-cultural practices situated in institutional, political and economic structures. These structures are in a constant state of movement and change therefore taking on a historical perspective towards literacy practices is a necessity. Based on observation and study, changes in socio-economic conditions are often accompanied by changes in the linguistic and semiotic means available to a community as in the case of the following account of changes to a Nepali rural community Papen and Tusting, 2006, p. 328). The 1980s was a time of great social and economic change in Junigau, Nepal. In 1983, the village set up its first high school, providing greater access to education for men and women – resulting in great changes to the literacy practices used by the young. A new form of ‘prolonged courtship’ (i. e. , love-letter w riting) had become increasingly popular among the youth, improving gender relations and changing marriage practices (as the young were becoming more resistant towards arranged marriages).The way in which these love-letters encapsulated new ideas on personal identity and individual agency which held no cultural precedent in their village is an example of how social and cultural change is closely related to the creation of new literacy practices (Papen and Tusting, 2006, p. 328) Conclusion ANALYZING CREATIVITY AT TEXT LEVEL, ALLOWED US TO IDENTIFY CREATIVENESS IN TEXTS AS IS REVEALED BY THE USE OF POETIC LANGUAGE OR LINGUISTIC FORMS COMMONLY ASSOCIATED WITH LITERATURE.THIS APPROACH HOWEVER WAS VERY MUCH LIMITED DUE MAINLY BY THE NARROWNESS OF THE INHERENCY MODEL’S DEFINITION OF WHAT CONSTITUTES AS CREATIVITY AS WELL AS TO ITS LACK OF CONSIDERATION OF CONTEXTUAL FACTORS AND THE INHERENCY OF CREATIVITY IN LITERACY PRACTICES. In taking an ethnographic/historical perspective, chara cteristics of creativity that are inherent in literacy practices become more salient. Through our understanding of the three characteristics of creativity in literacy practices, we’ve identified creativity beyond the level of the text.This contextual approach showed us how creativity is exhibited in literacy practices in the way that (1) texts are read and used, how the writer interacts with other individuals;(2) how people are able to creatively use language in relation to the possibilities and constraints available in particular contexts and finally, (3) individuals are able to adapt and respond to changes in discourse practices and socio-cultural conditions. References CARTER, R. (1999). ‘COMMON LANGUAGE: CORPUS, CREATIVITY AND COGNITION’, LANGUAGE AND LITERATURE, 8(3), P. 196-216 Jakobson, J. (1960). Closing statement: linguistics and poetics’, in T. A. Sebeok (ed. ) Style in Language, MIT Press. Jolly, M. 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