Comprehensive overview of the literature Essay Example For Students

Comprehensive overview of the literature Essay If there is to be one father of the efficient market hypothesis, this man is Eugene Fama, who remains an outspoken proponent of the hypothesis to this day. In Fama (1970, 1991, 1998), he gave comprehensive overviews of the literature on the topic. But before Fama, there are also a lot of works done to approach this theory. Back in the 16th century the prominent Italian mathematician, Girolamo Cardano, in The Book of Games of Chance (Cardano, c. 1564) wrote: The most fundamental principle of all in gambling is simply equal conditions, e.g. of opponents, of bystanders, of money, of situation, of the dice box, and of the die itself. To the extent to which you depart from that equality, if it is in your opponents favors, you are a fool, and if in your own, you are unjust. In 1900 a French mathematician, Louis Bachelier, published his PhD thesis, Thi eorie de la Spi eculation. He deduced that He deduced that the mathematical expectation of the speculator is zero, which is 65 years earlier before Samuelson (1965) explained efficient markets in terms of a martingale. In 1944, Cowles reported that investment professionals do not beat the market (Cowles, 1944). Holbrook Working showed that in an ideal futures market it would be impossible for any professional forecaster to predict price changes successfully (Working, 1949). And then Larson (1960) presented the results of an application of a new method of time series analysis in which notes that the distribution of price changes is very nearly normally distributed for the central 80 per cent of the data, but there is an excessive number of extreme values. Fama and Blume (1966) concluded that for measuring the direction and degree of dependence in price changes, serial correlation is probably as powerful as the Alexandrian filter rules. In 1968 Michael C. Jensen evaluated the performance of mutual funds and concluded that on average the funds apparently were not quite successful enough in their trading activities to recoup even their brokerage expenses (Jensen, 1968). Fama et al. (1969) undertook the first ever event study, and their results lend considerable support to the conclusion that the stock market is efficient. Eugene F. Famas published the definitive paper on the efficient markets hypothesis first of three review papers: Efficient capital markets: A review of theory and empirical work (Fama, 1970). He defines an efficient market thus: A market in which prices always fully reflect available information is called efficient. He was also the first to consider the joint hypothesis problem. The efficient markets theory reached its height of dominance in academic circles around the 1970s. At that time, the rational expectations revolution in economic theory was in its first blush of enthusiasm, a fresh new idea that occupied the center of attention. The idea is that speculative asset prices such as stock prices always incorporate the best information about fundamental values and that prices change only because of good, sensible information meshed very well with theoretical trends of the time. Prominent finance models of the 1970s related speculative asset prices to economic fundamentals, using rational expectations to tie together finance and the entire economy in one elegant theory. For example, Robert Merton published An Intertemporal Capital Asset Pricing Model in 1973, which showed how to generalize the capital asset pricing model to a comprehensive intertemporal general equilibrium model. Robert Lucas published Asset Prices in an Exchange Economy in 1978, which showed that in a rational expectations general equilibrium, rational asset prices may have a forecastable element that is related to the forecast ability of consumption. In the years from the 1950s to the 1970s, most studies based on the CAPM and fair game models found evidence consistent with the efficient market hypothesis. .u0b2540cb3637146cd5d7506e82594e11 , .u0b2540cb3637146cd5d7506e82594e11 .postImageUrl , .u0b2540cb3637146cd5d7506e82594e11 .centered-text-area { min-height: 80px; position: relative; } .u0b2540cb3637146cd5d7506e82594e11 , .u0b2540cb3637146cd5d7506e82594e11:hover , .u0b2540cb3637146cd5d7506e82594e11:visited , .u0b2540cb3637146cd5d7506e82594e11:active { border:0!important; } .u0b2540cb3637146cd5d7506e82594e11 .clearfix:after { content: ""; display: table; clear: both; } .u0b2540cb3637146cd5d7506e82594e11 { display: block; transition: background-color 250ms; webkit-transition: background-color 250ms; width: 100%; opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #95A5A6; } .u0b2540cb3637146cd5d7506e82594e11:active , .u0b2540cb3637146cd5d7506e82594e11:hover { opacity: 1; transition: opacity 250ms; webkit-transition: opacity 250ms; background-color: #2C3E50; } .u0b2540cb3637146cd5d7506e82594e11 .centered-text-area { width: 100%; position: relative ; } .u0b2540cb3637146cd5d7506e82594e11 .ctaText { border-bottom: 0 solid #fff; color: #2980B9; font-size: 16px; font-weight: bold; margin: 0; padding: 0; text-decoration: underline; } .u0b2540cb3637146cd5d7506e82594e11 .postTitle { color: #FFFFFF; font-size: 16px; font-weight: 600; margin: 0; padding: 0; width: 100%; } .u0b2540cb3637146cd5d7506e82594e11 .ctaButton { background-color: #7F8C8D!important; color: #2980B9; border: none; border-radius: 3px; box-shadow: none; font-size: 14px; font-weight: bold; line-height: 26px; moz-border-radius: 3px; text-align: center; text-decoration: none; text-shadow: none; width: 80px; min-height: 80px; background: url(https://artscolumbia.org/wp-content/plugins/intelly-related-posts/assets/images/simple-arrow.png)no-repeat; position: absolute; right: 0; top: 0; } .u0b2540cb3637146cd5d7506e82594e11:hover .ctaButton { background-color: #34495E!important; } .u0b2540cb3637146cd5d7506e82594e11 .centered-text { display: table; height: 80px; padding-left : 18px; top: 0; } .u0b2540cb3637146cd5d7506e82594e11 .u0b2540cb3637146cd5d7506e82594e11-content { display: table-cell; margin: 0; padding: 0; padding-right: 108px; position: relative; vertical-align: middle; width: 100%; } .u0b2540cb3637146cd5d7506e82594e11:after { content: ""; display: block; clear: both; } READ: Blood Brothers: What is the importance of Linda in the play as a whole? EssayBall (1978) wrote a survey paper which revealed consistent excess returns after public announcements of firms earnings. Jensen (1978) wrote, I believe there is no other proposition in economics which has more solid empirical evidence supporting it than the Efficient Market Hypothesis. He defines efficiency: A market is efficient with respect to information set ? t if it is impossible to make economic profits by trading on the basis of information set ? t. Robert E. Lucas Jr. built a theoretical model of rational agents which shows that the martingale property need not hold under risk aversion (L ucas, 1978). After coming into the 21st century, the theory develop rapidly to go further research. Lewellen and Shanken (2002) concluded that parameter uncertainty can be important for characterizing and testing market efficiency. Chen and Yeh (2002) investigated the emergent properties of artificial stock markets and show that the EMH can be satisfied with some portions of the artificial time series. Malkiel (2003) examined the attacks on the EHM and concludes that stock markets are far more efficient and far less predictable than some recent academic papers would have us believe. G. William Schwert showed that when anomalies are published, practitioners implement strategies implied by the papers and the anomalies subsequently weaken or disappear. In other words, research findings cause the market to become more efficient (Schwert, 2003). Malkiel (2005) showed that professional investment managers do not outperform their index benchmarks and provides evidence that by and large market prices do seem to reflect all available information. Wilson and Marashdeh (2007) demonstrated that co-integrated stock prices are inconsistent with the EMH in the short run, but consistent with the EMH in the long run. The elimination of arbitrage opportunities means that stock market inefficiency in the short run ensures stock market efficiency in the long run. In a paper on the global financial crisis Ball (2009) argued that the collapse of Lehman Brothers and other large financial institutions, far from resulting from excessive faith in efficient markets, reflects a failure to heed the lessons of efficient markets. Lee et al. (2010) investigated the stationary of real stock prices for 32 developed and 26 developing countries covering the period January 1999 to May 2007 and conclude that stock markets are not efficient. Except CAPM model, there is a second class of models used to test market efficiency focuses on variance as the key characteristic. Among them are the model of Shiller (1981), who reported that stock prices were too volatile to be efficient when compared to subsequent dividend payouts, and the model of Marsh and Merton (1986), which showed that Shillers results could be reversed by a change in assumptions regarding the dividend model. The reply of Schwartz (1970) to the seminal paper of Fama (1970) could also be considered to fall into the category of variance efficient market models, as it propagated the use of models that tested for variance-based strategies to generate excess returns in capital markets. The first variance efficient market models in the early 1980s coincided with the advent of behavioral finance and behavioral market models, which soon started to erode the solid standing the efficient market hypothesis had (until that time) enjoyed in academic circles. A number of anomalies were discovered in empirical data, suggesting that the universal belief in the applicability of the efficient market theory had been overly optimistic. Today, evidence of widespread efficiency in developed markets coexists with well-recognized anomalies, both in these highly developed markets in industrialized countries and much more frequently in less developed market economies. These anomalies can be subsumed under a few broad categories, which are summarized in the following section.

Unit Quiz Critigue free essay sample

What Is the first step In cleaning a firearm? Clean from the breech end. B: Point the muzzle in a safe direction. Field strip the firearm. D: Use cleaning solvents in a well-ventilated area. Your Answer: Correct: b Explanation: Follow these basic steps to clean your firearm. Point the muzzle In a safe direction, and make sure the gun is unloaded. Remove all ammunition from the cleaning bench.Each rifle or handgun is designed to be used with a specific type of: a: cartridge shoetrees gauge choke Every rifle or handgun Is designed for a specific cartridge. The ammunition must match the data stamp on the firearm. Which type of firearm sight is simple, inexpensive, and standard on most handguns? Telescopic dot open aperture (peep) A sight is a device used to line up the muzzle with the shooters eye so that he or she can hit the target. Most handguns have an open sight, although some specialized Angus have a dot or a telescopic sight. We will write a custom essay sample on Unit Quiz Critigue or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page The basic components of cartridges and soothes are similar. Which basic component is a bullet and shot pellets? A: primer case projectile powder A projectile is the object(s) expelled from the barrel. A bullet is a projectile, usually containing lead, fired through a rifle or handgun barrel. A slug is a solid projectile, usually of lead, fired through a shotgun barrel. Shot is a group of lead, steel, tungsten alloy, or bismuth pellets fired through a shotgun barrel.What are the two basic styles of firearm actions? Single-shot and repeating repeating and bolt-action pump and semi-automatic single-shot and revolving d Firearms can be classified by their action type.

How to Talk About Wondering in Spanish

How to Talk About Wondering in Spanish Although you can translate the English verb to wonder, meaning to not know and to be curious about using the Spanish verb preguntarse, Spanish speakers often convey such a sense of uncertainty in their choice of verb tense. Using Preguntarse Use of preguntarse is straightforward if youre familiar with reflexive verbs. It can be literally translated as to ask oneself, and has basically that same meaning. Me pregunto si es amor lo que siento o es solo un capricho. I wonder if it is love I am feeling or if it is only a whim.Nos preguntamos si este invierno volver a nevar. We wonder if it will snow again this winter.Yo me preguntaba lo mismo. I wondered the same thing. ¿Quà © es la vida buena? se preguntaban los griegos. What is the good life? the Greeks wondered.Nunca se preguntaron como podà ­a ser posible. They never wondered how it could be possible. Using the Future Indicative Tense When speaking of wondering about something that is occurring in the present, it is common in Spanish to use the future indicative tense in the form of a question. For example, to say, I wonder where my keys are, you could say,  ¿Dà ³nde estarn las llaves? (The same sentence might also be translated as Where can my keys be?) It is important to understand that  ¿Dà ³nde estarn las llaves? does not (unless the context makes clear otherwise) mean Where will my keys be? There is a difference, however, between asking the direct question,  ¿Dà ³nde estn las llaves? (present tense, Where are my keys?) and using the future tense as in  ¿Dà ³nde estarn las llaves? In the latter case, the speaker isnt necessarily looking for an answer. Following are some other examples of what is sometimes called the suppositional future. In the examples below, two English translations are given. Either one (and possibly others) would be possible.  ¿Quià ©n ir a la fruterà ­a? I wonder whos going to the fruit stand. Who might be going to the fruit stand? ¿Quà © querr decir el autor en esta oracià ³n? I wonder what the author is saying in this sentence. What could the author be saying in this sentence? ¿Quà © pensarn de nosotros en Japà ³n? I wonder what the Japanese think about us. What could they be thinking about us in Japan? Using the Conditional Tense In the same way, the conditional tense can be used to express speculation about the past, although this is less common than the use of the future tense explained above:  ¿Quà © querrà ­a la policà ­a con à ©l? I wonder what the police wanted with him. What would the police have wanted with him? ¿Dà ³nde estarà ­an los secuestrados? I wonder where the hostages were. Where could the hostages have been? Both the future and conditional tenses have uses other than those explained in this lesson. As usual, context rules when seeking to understand what Spanish speakers are saying.

African Nobel Prize Winners

African Nobel Prize Winners 25 Nobel Laureates have been born in Africa. Of those, 10 have been from South Africa, and another six were born in Egypt. The other countries to have produced a Nobel Laureate are (French) Algeria, Ghana, Kenya, Liberia, Madagascar, Morocco, and Nigeria. Scroll down for a full list of winners. The Early Winners The first person from Africa to win a Nobel Prize was Max Theiler, a South African man who won the Nobel Prize in Physiology or Medicine in 1951. Six years later, the famed absurdist philosopher and author Albert Camus won the Nobel Prize for Literature. Camus was French, and so many people assume he was born in France, but he was in fact born, raised, and educated in French Algeria. Both Theiler and Camus had emigrated out of Africa at the time of their awards, however, making Albert Lutuli the first person to be awarded a Nobel Prize for work completed in Africa. At the time, Lutuli (who was born in Southern Rhodesia, which is now Zimbabwe) was the President of the African National Congress in South Africa and was awarded the 1960 Nobel Peace Prize for his role leading the non-violent campaign against apartheid. Africas Brain Drain Like Theiler and Camus, many African Nobel Laureates have emigrated from their countries of birth and spent most of their working careers in Europe or the United States.   As of 2014, not one African Nobel Laureate has been affiliated with an African research institution at the time of their award as determined by the Nobel Prize foundation. (Those winning awards in Peace and Literature are not typically affiliated with such institutions. Many winners in those fields were residing and working in Africa at the time of their award.)  Ã‚   These men and women provide a clear example of the much-discussed brain drain from Africa. Intellectuals with promising research careers frequently end up living and working at better-funded research institutions beyond Africa’s shores. This is largely a question of economics and the power of institutions’ reputations. Unfortunately, it is hard to compete with names like Harvard or Cambridge, or the facilities and intellectual stimulation that institutions like these can offer. Female Laureates Including the 2014 awardees, there have been 889 total Nobel Laureates, meaning that individuals from Africa make up only about 3% of Nobel Prize winners. Of the 46 women to ever win a Nobel Prize, however, five have been from Africa, making 11% of female awardees African. Three of those awards were Peace Prizes, while one was in Literature and one in Chemistry. African Noble Prize Winners 1951   Max Theiler, Physiology or Medicine1957   Albert Camus, Literature1960   Albert Lutuli, Peace1964   Dorothy Crowfoot Hodgkin, Chemistry1978   Anwar El Sadat, Peace1979   Allan M. Cormack, Physiology or Medicine1984   Desmond Tutu, Peace1985   Claude Simon, Literature1986   Wole Soyinka, Literature1988   Naguib Mahfouz, Literature1991   Nadine Gordimer, Literature1993   F.W. de Klerk, Peace1993   Nelson Mandela, Peace1994   Yassir Arafat, Peace1997   Claude Cohen-Tannoudji, Physics1999   Ahmed Zewail, Chemistry2001   Kofi Annan, Peace2002   Sydney Brenner, Physiology or Medicine2003   J. M. Coetzee, Literature2004   Wangari Maathai, Peace2005   Mohamed El Baradei, Peace2011   Ellen Johnson Sirleaf, Peace2011   Leymah Gbowee, Peace2012   Serge Haroche, Physics2013   Michael Levitt, Chemistry Sources Used in this Article   Ã¢â‚¬Å"Nobel Prizes and Laureates†, â€Å"Nobel Laureates and Research Affiliations†, and â€Å"Nobel Laureates and ​Country of Birth†all from Nobelprize.org, Nobel Media AB, 2014.

Project times ans costs Assignment Example | Topics and Well Written Essays - 1250 words

Project times ans costs - Assignment Example One would need to consider time and costs in project management since these are the major inputs that need accuracy. To control any project well, accuracy of estimates in mandatory since good project control entirely depends on the extent to which the estimates are accurate. There is no need for under/overruns in a project. In fact, poorly managed project shows such symptoms majorly because of inaccuracies that existed during estimation or estimations were totally absent Project managers usually need to make good and informed decisions concerning the amount of the estimates that they require for the specific projects. For instance, in a project to construct a building, the construction manager would need to make accurate estimates of all the materials required so that cost estimates can be made. This will enable the manager to make informed decision on how much the cost of completing the construction would be without making any losses. This show how important accurate estimates are i n decision making. Another important factor to know in a project is how long the project would take as well as the total cost that the project will need to completion (Michael, 2008). These are questions that can only be responded to well by carrying out accurate estimation of both costs and time. Resources are very scarce, therefore the available ones should be planned well with to meet the intended needs. This can only be achieved in project management by good management of time and financial resources through accurate estimates. To control and manage a project well, one needs to develop cash flow needs. This will enable the project manager to predict the payback period of the project and even make the breakeven analysis. From the payback period, is easy to know whether the project is viable or not. It also becomes easy to know how much funds are required for the project maintenance and to achieve all these correctly, accurate estimate is required. Any good managed project require s a time phased budget. To develop this and establish a baseline for the project, accurate estimates must be done. The time passed budgets include the prices of different materials and how they change with time. Time might cause changes in the prices of materials; therefore, proper estimates need to be done to give accurate allowance for such adjustments when they occur in the future. Errors normally occur to anyone doing anything. The only difference is to what significant is the error to the project. Normally errors occur when estimations are not done correctly or just not done at all. To avoid or reduce errors in a given project, there is need for an accurate estimation to be done. This also helps in reducing under/overruns. The differences between bottom-up and top-bottom estimation techniques One must first appreciate that both bottom-up and top-bottom are project estimation techniques. However, bottom-up technique proves more accurate as compared to the top-bottom technique an d this marks the major difference between the two (Mark, 1997). The bottom-up technique, however, takes much time to carry out in as much as it is accurate. The top-bottom technique on the other hand is very fast to execute but less accurate. Bottom up technique is carried out by thoroughly by estimating each and every package of work in a WBS. This technique is normally applied once the management and its client are already committed to the project and

The Driver Responsibility Law Essay Example | Topics and Well Written Essays - 1500 words

The Driver Responsibility Law - Essay Example According to the Driver Responsibility Law, the revenues collected are entered in the General Fund of the state. Since the year 2003, the collections made from the Driver Responsibility Law have exceeded $65 million. In the year 2008, the revenue generated from the Driver Responsibility Law summed up to $114.2 million out of which, about $8.5 million went to the fire protection grants whereas the remaining money was added to the general fund (â€Å"Lawmakers should stop†). The rate of collection is roughly 50 % as the fees when added to the regular fine become punitively high. According to an estimate, â€Å"[m]ore than half of the surcharge notices had resulted in license suspension for non-compliance (53% or 60,723). There were a total of 112,561 DWI offenders participating in the program. Of these offenders, only 11% were in compliance (12,493 drivers)† (Price 29). ... They are common respectable citizens, who somehow could not get the license renewed before driving their cars. Reasons for which their licenses are suspended include but are not limited to having unsatisfactory driving record in terms of too many points, and drunk driving. Many drivers are penalized for committing even minor offenses like forgetting to pay a ticket. For some reason, they are not able to make it to the court, and are thus suspended. Many among these people are unemployed, foreclosed, and poor, with no money to afford such expenses. A vast majority of them are found guilty of not paying the draconian Driver Responsibility Law imposed upon them by the state. Its charges supersede those of any other offense. Currently, lawmakers are advancing towards the eradication of fees that are overly punitive because such fees play a role in filling the budget holes while being ineffective in deterring dangerous driving behaviors. However, one of the most significant hurdles in thi s way is the replacement of the driver responsibility charges worth millions of dollars a year for a cash-strapped state. The Driver Responsibility Law is imposed when a driver fails to compensate or keep-up with a plan of payment. As a result of this, the Department of Treasury sends a notice to the Secretary of State, which in turn suspends the license. The concerned driver is not even notified of the same. To make it worse, the Driver Responsibility Law offers no protection against anything. Now when the very driver displays any kind of unacceptable traffic behavior including having an expired plate on the car, having a cracked windshield, or over-speeding, the police officer stops the driver and tells him that his driver’s license is

Interventions Case Study Essay Example for Free

Interventions Case Study Essay The case study chosen is about Sean which comes from chapter 7 in the Crisis Intervention Case Book. Sean is a 19 year old sophomore who is currently on disciplinary probation for getting in a fight during freshman year and breaking the other students jaw. Sean admits to drinking and also smoking marijuana since high school and occasionally on campus. Currently Sean was brought to the emergency room by a friend after passing out on the lawn at a beer party. His friend had seen that Sean vomited all over himself and would not wake up. His friend then called 911 and an ambulance came. At the emergency room Sean’s stomach was pumped and a blood test shown an extremely high level of alcohol along with marijuana and oxycontin. Sean’s case is considered a medical crisis because if his friend would of left him there Sean could have choked on vomit and died. Crisis components Sean’s case starts off as a medical crisis because of the circumstances Sean being unconscious and having an extremely high blood alcohol level. In this case if Sean’s friend would have left him on the lawn thinking he was going to let him just sleep the situation could have become critical. Many individuals can vomit or aspirate while intoxicated and could possibly die of asphyxiation especially when they become unconscious or unable to wake up. The individual should be brought to a hospital immediately where they can be observed and treated. Sean combined three different substances that night which included alcohol, marijuana (THC), and oxycontin. This is a lethal combination, which could have ended in Sean being in a coma or possibly even death; because of this Sean could be considered suicidal. It was also mentioned that Sean had alcoholism in his family and it can be genetic. Sean admitted to not being able to control his drinking and not remembering what happened the night before. This is a dangerous aspect of  drinking. Intervention strategies When Sean’s medical crisis was stabilized, he was evaluated and began speaking with a counselor. When speaking to the counselor Sean admits that, he does not remember what happened last night or how he came to be at the hospital. He remembered being at the Sigma house and playing a drinking game around 10:00 pm and did not remember much after that. He even mentioned a story about drinking when he was in high school. Sean was very worried that his parents would find out and that they would make him come home. He seemed to be very nervous about not knowing whether his parents were called or not. Sean admitted to smoking marijuana before the party. He also stated that a friend gave him oxycontin. Sean mentioned that his father was an alcoholic and used to come home all the time drunk, which caused tension between his father and mother. His father would come home slurring his speech, coming home buzzed or sometimes not coming home at all. His father attended AA meeting and he no longer drinks. The counselor asked Sean if it would be okay to set an appointment for him at the outpatient center at the medical center, which Sean seemed willing to do anything to stay in school. The counselor also agreed to meet with Sean’s parents to discuss the plan they have made to make it easier for Sean to confront them. There are other intervention strategies that could have been provided such as a support group that Sean can be involved in with other students who are in the same situation as Sean or who have been there. When trying to stop drinking, peer support groups can be an invaluable source of guidance, assistance, and encouragement. Groups are very helpful, not only in maintaining sobriety, but also as a safe place to get support and discuss challenges. Connecting with others who know first-hand what you’re going through can help reduce feelings of isolation, fear, and hopelessness. Staying motivated and positive is much easier when you have others you can turn to and lean on to help you get through tough times. It would also benefit Sean to join a school club or sport. Sean would feel part of a team and can spend extra time practicing and keeping busy instead of drinking. If Sean’s drinking escalates then he may need to attend weekly AA meetings. Sean could also look into changing dorms to one that I think the last draw would be moving back home and getting away from the partying environment. His parents could  give him support and he would have a safe place to come home to after classes and on the weekends. Strategy to implement change There is not much that can be done to change someone who doesn’t believe they have a problem and who doesn’t want to change. However the university that Sean attends could set a new policy to make changes within the school and students. It seems to me that there are many parties which include drinking, and drugs on school property and any plans would have to include limiting drinking on campus and in the dormitories, a strong drug enforcement policy and disiplines when these policies are broken. A strategy could be for the school to ban excessive partying to the point where people are passing out and are in danger. It can be impossible to eliminate partying all together, but there can be rules such as partying must not proceed past 12:00 on school campus. On an extreme level the university could put a ban on all alcohol on campus and enforce it strictly. They can put students on an academic probation, or even expel them altogether if found with drugs, or alcohol. If authorities are involved which would include a student being brought to a hospital from drugs/drinking that person will be banned from living on university property if continued. This can eliminate the amount of partying and the level of partying going on. It can even come to a point where a student may be kicked out of the university because of multiple warnings. This can promote change to the campus and the students knowing that the university does not support drug abuse, or alcohol abuse. The university would have to take a strong stand and enforce these rules for them to be successful. In conclusion there are many aspects that would qualify Sean as an alcoholic. Sean cannot control his drinking and will not remember what happened the night before. Sean has had drinking altercations in the past. He also admits to using marijuana and other drugs such as oxytocin. Sean’s counselor set an appointment at an outpatient center and agreed to meet with his parents to discuss their plan. Further interventions such as support groups and AA meeting may be necessary if Sean’s drinking does not decrease. To implement change the university may need to add policy’s that relate to drinking on campus and partying. This will help students like Sean who may struggle with alcohol and other drugs. Reference: Cavaiola, A. A., Colford, J. E. (2011).Crisis intervention case book. Belmont, CA: Brooks/Cole Cengage Learning.