Comparison Of Memory Models Psychology Essay

Comparison Of Memory Models Psychology Essay This assignment is going to compare the multi-store model Atkinson and shiffrins (1968) and levels of processing Craik and Lockhart (1972) there is evidence to support both theories and evidence against. The essay will firstly describe the multi-store model with several studies including Baddeley (1966) Peterson and Peterson (1959) and then a brief description of the levels of processing model with Craik and Tulvings(1971) and Tyler et al (1979) studies then will end with an evaluation of both models The multi-store model was the first theory of its kind, it was created to study the way memory is processed, and how we retain and store information and why some information stays with us for all our life and other information is lost. Atkinson and Shiffrins (1968) believed that when we attend to information it then goes into different stores and this determines whether the information gets encoded into our long term memory or short term memory. (Grahame Hill 2001) So firstly when information goes into our sensory store (sensory store meaning anything we touch, see , smell or hear) we have a couple of seconds to attend to the information if not the information will be lost forever but if attended to then it will become encoded into our short term memory . However even when information is in our short term memory if its not rehearsed then it can still be displaced but if rehearsal has taken place then its more likely to be stored in our long term memory The Baddeley( 1966 ) study supports the multi-store model, he set out to achieve information on weather encoding in short term memory was acoustic or semantic. He gave his subjects a list of four letter words. The lists were acoustically similar and dissimilar and semantically similar and dissimilar. He then read out the words four times, immediately after the subjects was given a list containing all the words he had read out but in the wrong order their task was to rearrange the words back into the correct order this was to test the short term memory His participants that had been given acoustically similar had worst recall with only 10% of recall of words being in the correct order and the rest of the lists got a 60% to 80% recall so therefore short term memory has better acoustic encoding memories. So this study supports the multi-store that we have a short term memory store. Overall the outcome is that multi-store model is the basic explanation of memory and is very simplistic and Baddeleys theory suggest that the short term memory is more complex.( Barbara woods 2004) Peterson and Peterson (1959 ) is also another theory that supports Atkinson and Shiffrins (1968 ) multi-store model regarding short term memory their experiment tested the duration of short term memory. They gathered a number of subjects and shown them nonsense trigrams ( ptr, rtw) they tested recall after three second intervals and then tested recall after eighteen second intervals. This was to demonstrate if the information got encoded into their sensory store or short term memory.( wwwcom) Their finding was that the subjects got a greater recall 90% on the three second interval and only 2% on the eighteen second interval. This proved that we have a poor memories when we dont have a verbal rehearsal which agrees with Atkinson and Shiffrins (1968 ) theory that you have to rehearse information for it to be encoded into our memory stores Also there is Craik and Lockharts (1968) model that suggests that rehearsal is not the only form of memory and that its more complex so they studied the depths of processing. This proved once again that the multi store model was too simplistic. (Richard gross and Geoff rolls 2003) The multi-store model explanation is basic and it only explains encoding, storage and retrieval. Its a very simplistic theory that other physiologists have elaborated on. Baddeleys ( 1966) theory supported the multi-store model that we have two separate memory stores short term and long term. The multi-store model does not explain why we can remember information in our short term memory that we have not rehearsed. Levels of processing Levels of processing was created as an alternative that challenged Atkinson and shiffrins multi-store model Craik and Lockhart (1971) argued that rehearsal alone could not explain how people stored information in their long term memory, so they set out to prove that information is more memorable when its more meaningful. Craik and Lockhart (1971) believed that it was down to how a person processed this information; the deeper it gets imbedded then more chance that it will get encoded into the long term memory and that they was three types of proceeding Organisation, Distinctiveness and elaboration. To prove this they did an experiment. (Richard gross and Geoff rolls 2003) Craik and Tulving(1971) gathered a number of subjects together and shown them a list of 5 letter nouns and then asked questions about the words. Questions was in three different styles case rhyme and sentence questions, case question; would be is the word in capitals, rhyme question; does the word hat rhyme with the word and lastly sentence question; would the word hat fit into the sentence; the .. Is down the street. The subjects could only answer yes or no to the questions. Craik and Tulving (1971) then studied the findings, review the answers that the subjects have given to find out which has the greater recall so there for a deeper level of processing (Grahame hill 2001) (Richard gross and Geoff Rolls 2003) Their findings was in favour of sentence questions which falls under semantic processing with the subjects remembering 70% of the words so semantic processing has a better recall then rhyme question which is phonemic processing with the subjects remembering 35% of the words for recall and shallow processing the least with only 15% of the words being recalled. So shallow processing takes less thinking about and as a result the information will be less likely to be stored in your long term memory. Phonemic the subjects had to think a bit more about the answer, so some of the information got in encoded and semantic was the best overall due to the fact that the subjects had to think even more so the information got encoded deeper so had the best recall. (Nicky Hayes and sue Orrel 193l) Their are other studies that have been created that have agreed and disagreed with Craik Lockhart(1971) theory that its all down to the depth of processing to which you get recall . a theory that disagreed with the theory was Tyler et al (1979) He did an experimental study which involved anagrams. two sets. One difficult example rtoodc and one easy example doctro. Now if Craik and Lockharts theory was to be proven right the subjects should have come up with the same result as its the same word so the depth of the encoding should be the same, so recall should be the same. The subjects got better recall with the harder anagram which suggests that the more time you pay and effort will get a better recall. Levels of processing takes into account the effects of processing not just rehearsal and elaborates on deeper processing, organisation, distinctiveness and elaboration. Levels of processing gives us ways to improve memory finding information that is distinct. An argument against this theory is who defines what deep processing is? Plus if semantic processing produces better recall therefore semantic processing must be deeper leading to better recall so its a circular argument. Memory is a complex system with a vast amount of other psychologists undertaking studies to try and find an insight into how we remember information. The multi-store model even thou its a very basic and simplistic it was a great first attempt at understanding memory and gave future psychologists somewhere to start from. Atkinson and Shiffrins (1978) model does not explain why some information does not need rehearsal but still gets encoded into our memory. However even when rehearsal has taken place, its not always enough to transfer the information from short term to long term memory store. Although with levels of processing the model is more descriptive and looks into the different types of processing. But the model does not explain why these different types of processing lead to better recall. Craik and Lockharts (1972) theory also assumes that semantic processing is deeper then phonemic but there is no evidence to prove this. Therefore both models have weaknesses and both have evidence that supports and backs up the models. The multi-store model is always going to be the basic theory that other psychologists elaborate on and therefore this assignment is more in favour of the multi-store model then levels of processing due to the fact that there is more evidence to support that there is different memory stores and that when we receive information it then gets encoded and if rehearsed there is a chance that the information will then be stored into our short term or long term memory store.

Narrative Reporting

Narrative reporting and introduction of OFR is an important development in corporate responsibility. The introduction of mandatory OFR made several companies race to meet with the requirements of the law. Subsequently, the OFR was made non mandatory again but awareness has been created. Every investor knows that he should look at the OFR of a company he seeks to invest in. If the OFR is missing it raises doubts about the credibility and the intentions of the company .In future even though the mandatory clause has been withdrawn, companies are likely to produce more comprehensive and informative OFR than ever before.Narrative reporting concentrates on presenting events and actions in certain order so that complications and problems are understood. Narrative reporting concentrates on the descriptions, events and facts that pertain to events, identifying the personnel who are involved and the manner in which the sequence of events took place. The OFR (Operating and financial review) is a report included in a company’s annual report and accounts that is published to meet the requirement of corporate governance that enumerates the operating activities and financial affairs of the company.In the UK the Operating and Financial Review was introduced with the purpose of increasing corporate responsibility. The purpose of this requirement was that social and environmental issues would be described in the OTR and this would provide a wider level of information to the shareholder. In addition, it was expected that the OTR would in a way compel companies to carry out external audit of these issues. Specifically it was intended that the OFR would provide better information to the investors on the likely performance of the companies during the financial year.The contents of the OFR should have an overview of the capital structure of the company and the financial characteristics of the company. In addition, the OFR was required to provide the main risks and uncertaintie s that faced the company. Further, the OFR was required to have descriptions of the brand strength, market strengths, company reputation and R&D, that is the resources that the company enjoyed in the market. Most importantly, the OFR required the companies to disclose the objectives and strategies of the company (Financial Reporting Council 2007).The OFR also required the companies to disclose its relationships with suppliers, customer and employees. In other words the company was required to disclose its relationship with the stakeholders of the company. The company was also required to comment on the reputation of the company, especially in relation to the society and the environment. Moreover, the company was required to comment on the impact the reputation would have on the future performance of the company (Yeldar. R. 2007).In the UK the OFR disclosures have been left to an extent to the directors of the company. Their views on the different points are critical in making the di sclosure useful to the company. Moreover, the government has focused on the OFR to fill the lacunae in reporting that traditional financial statements left in the annual reports (Morris. G, McKay. S & Oates. A, 2006). If the board is so inclined, then the OFR can simply be relegated to a public relations activity of the company.The point is that if companies choose not to include corporate responsibility issues in their OFR then there may be a need for a mandatory inclusion of corporate responsibility indicators in the OFR. Even though OFR is driving the companies to disclose corporate responsibility issues, the final decision to disclose remains with the companies (Gee. P, 2006). The OFRs are required to honestly disclose the performance, development and the position of the company to help the investor make better decisions. In addition, the OFRs are required to provide the salient factors and the important trend that affect the present financial performance and the future status o f the company. It is believed that not too many boards of directors will be eager to make an honest disclosure of these trends.To assess the current state of narrative reporting in the UK let us take a look at the review of narrative reporting published by the ASB on January 15, 2007. The report gives some areas of improvement that is the key performance indicators are missing in narrative reporting, the companies are not careful in their description of the principal risks and uncertainties and do not mention their approaches in mitigating these risks and uncertainties. What is most important is that forward looking information is not disclosed in the narrative reports.The review lauds the companies for reporting an increasing number of environmental, employee and social issues, the companies are giving good description of current developments and present performance and that the companies are providing more or less good descriptions of their current business, markets, strategic pla ns and objectives (Ploix. H, & Charkham. J 2005). The auditors are currently required to comment on whether the OFR is consistent with their knowledge of the Annual Report and accounts. However, it is often seen that currently the companies in their OFR often give spin over substance.The companies over emphasize their favorable performance and avoid mentioning their areas of weaknesses. It is expected that now the companies will be required to product a broader annual report and specify their non financial performance and plans for future. For example, Shell is the biggest emitter of greenhouse gases in the UK and has a share of 23% of all emissions from FTSE 100 companies but this is not mentioned in the OFR of the company. There are no specific plans either to reduce emissions. Similarly, BP and Scottish Power are responsible for 17% of the emissions but this is not clearly mentioned in their annual reports.The lacuna in the law is that the auditor is required to compare the OFR s tatements with the financial reports and accounts and check if the statements in the OFR are in agreement with financial reports and accounts. This does not require the auditor to mention the omissions that have been made from the OFR nor does the audit of the narrative statement require the board of directors to make statements that disclose the weaknesses of the company. It is clear that in case of Shell, BP and Scottish Power if their emission levels of greenhouse gases are mentioned and the weaknesses in their future plans of reducing these emissions are clearly delineated in their annual reports, then several ethical investors may decide to stay away from these companies (Cowan. N, 2006, p 137).The recent history of the OFR is that the OFR was first introduced in 1993 by the ASB. At that time it was not mandatory. The Companies Act 1985(Operating and Financial Review and Directors’ Report etc.) Regulations 2005 required quoted companies to prepare a compulsory OFR and ot her companies to include in their Directors’ Reports a business review. Small companies were exempt from the requirements of this regulation.The Accounting Standards Board issued an accompanying Reporting Standard that those companies that complied with the Reporting Standard 1 would be presumed to have met the OFR Regulations. In November, 2005 the Chancellor announced that the government wanted to do away with the need for quoted companies to prepare an OFR. In January 2006 the Repeal Regulation of 2005 came into force that did away with the need for quoted companies to make an OFR.The Reporting Standard 1 was converted into a Reporting Statement. This remains just as a guiding statement for companies that decided to produce an OFR (Vilers. C, 2006). In the next month that is February 2006 the government requested suggestions and comments on improving the narrative reporting requirements. In May 2006 the government publicized amendments to the Business Review legislation. F inally, in November 2006, The Companies Act was given the final assent. and the Business Review requirements are now given legal sanction.Gordon Brown’s decision to abandon the mandatory nature of the OFR has been supported by two arguments. First, the government claims it wants to reduce bureaucracy. Second, government feels that the new requirements for business review meet the EU requirements for narrative reporting. This is the official line of the government.. However, there are other reasons that are being given as the reason for the abolition of the compulsory clause. It is claimed that the abolition of the mandatory requirement is offered as an incentive to business to remain in the UK and to attract new businesses to the UK. It is a part of the race to make UK attractive to business investors.Several environmental organizations like Friends of Earth and NGOs have decided to file a law suit against the government to force it to see reason. They see the withdrawal of t he mandatory clause as signal to the business sector to continue with their environmentally baneful expansion plans. These organizations had been earlier clamoring for mandatory social and environmental reporting for businesses. From this perspective it seems that Gordon Brown’s decision is not a good one.There are other reasons given to support Gordon Brown’s decision. The claim is that more than 80% of the listed companies will voluntarily comply with the requirements of Reporting Statement and generate OFR statements. Those that do not will face investor reaction and comply with the Reporting Statement requirements. Those that persist in not producing an OFR voluntarily will be perceived as not transparent by the investing public. In addition, the proponents of the abolition of mandatory OFR aver that the size and the complexity of the annual reports daunting to most investors. In 2005 the average length of the annual reports was 71 pages. Adding to this only confus es the shareholders.Finally, the materiality get out clause has made the compulsory OFR ineffective. This has also allowed companies to get out of the need to report their weaknesses. However, we should not write off the OFR as dead. Every business knows that it should have an OFR to inform its shareholder. The need for qualitative, non-financial information has been created in the investors. If a company does not produce an OFR the investor may suspect it several faults. The end result will be that the shareholders will find it prudent to stay away from companies that do not produce a comprehensive OFR. There will be reputed persons who will stay away from the boards of companies that do not produce an OFR that meets the standard prescribed by the ASB.The OFR lives in the business review. The government is not compelling the companies to produce an OFR but the shareholders, investors and other stakeholders will compel the companies to produce and OFR. Environmental organizations an d NGOs will take up the matter with companies that do not report on social and environmental issues. Companies that refuse to make OFRs may be shunned by ethical investors, high profile employees and environmentally conscious business partners. The awareness has been created, guidelines have been drafted and the importance of corporate responsibility has been emblazoned. The OFR has taken on a life of its own and even without compulsion it will feature in the annual reports of most UK companies.As the consciousness of investors increases, as the top employees become choosier and as corporations become more environmentally sensitive, OFR will continue to thrive. There is no need to revive the mandatory clause. Enough consciousness has been created to make the corporate sector aware and alive to its reporting responsibilities, the Business Review is adequate for this purpose. Those companies that do not behave in a responsible manner will suffer because they will not be able to sustai n the interests of stakeholders that matter.To sum, there are a number of reasons given in support of the abolition of the mandatory clause and a number of reasons are being given for the reintroduction of mandatory requirements for OFR However, the importance of the OFA has been driven home to the companies, the investors and other stakeholders. Financial reporting alone does not give enough information to make a decision and he knows that an OFA is important. The OFA continues to live in the UK corporate world even after the mandatory clause has been abolished.References:Cowan. N, 2006 Risk Analysis and Evaluation, Lessons Professional Publishing..Financial Reporting Council 2007 ‘ASB Publishes Review of Narrative Reporting’. Retrieved on January 30, 2007 from http://www.frc.org.uk-Gee. P, 2006 UK GAAP for Business and Practice, ElsevierMorris. G, McKay. S & Oates. A, 2006 Finance Director’s Handbook, Elsevier.Ploix. H, & Charkham. J 2005 Keeping Better Company : Corporate Governance Ten Years on, Oxford University Press.Vilers. C, 2006, Corporate Reporting and Company Law, Cambridge University Press. 205 -209Yeldar. R. 2007 Accounting Standards Board Publishes Review of Narrative Reporting, Retrieved on January 30, 2007 from: http://ry.com/news/news/?id=3345

Controversial Topics Within the Hunger Games - 2289 Words

Making several appearances on the American Library Association’s ‘most contested books’ listings for its controversial and confronting content, The Hunger Games trilogy has become one of the most discussed Young Adult fictions since its debut in 2008. Through Suzanne Collins’ use of provocative themes of class and extreme poverty, confronting depictions of violence amongst children and the challenging of stereotypical gender roles, the novel discusses the hardships faced by children living within her harsh, yet thrilling, constructed universe. The raw and violent nature of the narrative attracts concerns from adults spanning the globe, raising questions regarding the suitability of The Hunger Games as Young Adult fiction. Through a†¦show more content†¦35) Providing representation of real world issues, such as poverty, through the medium of fiction allows the reader rumination and discussion surrounding these isssues. For the average teenager livin g within western society the subject of poverty and the threat of starvation does not appear on the forefront of daily life and observation. Allowing insight into such issues through fiction gives the young audience an understanding of poverty, desperation and abuse from the safety and comfort of their own home. It is important to acknowledge that â€Å"as children’s knowledge of the world deepens, so there has to come into stories the recognition that parents can sometimes tell lies, run away, that friends can let you down, that you are on your own in an adult world, which can often look very bleak.† (Clark 1997, p. 36) The protagonist paints a picture of survival through hardship by whatever means possible, and in the case of Katniss survival is obtained through the undertaking of illegal hunting in the forest beyond the district boundaries, to which is punishable by death. In regards to young adult literature â€Å"the features that set it apart are that its cent ral concern is the adolescentShow MoreRelatedThe Lottery by Shirley Jackson574 Words   |  2 Pagesand time period, â€Å"The Lottery† has become one of the most controversial and influential short stories The New Yorker has ever published. â€Å"The Lottery† was written in the year of 1948. Although many controversial topics and stories have come about, nothing like â€Å"The Lottery† had ever come about. There were stories about forbidden love and mental illnesses in â€Å"The Yellow Wallpaper† and â€Å"The Story of an Hour† that were considered controversial, but there were no stories about a town coming together toRead MoreEssay on Censorship in Schools is not Justifiable959 Words   |  4 Pages† Between the years 2000 and 2009 a total of 3200 books were challenged in school libraries in an attempt to expurgate, or censor, the content in books provided to students. Today the trend of censorship continues as popular novels such as The Hunger Games, The Fault in Our Stars, and Captain Underpants are censored from schools across the nation (Challenges by Reason).Censorship in regards to literature refers to the examination and suppressing of a book because of objectionable material. The processRead MoreDisadvantages Of Video Games1391 Words   |  6 PagesTran Pham Prof. Mallory Reeves English 52 28 September 2017 Virtual Games, Actual Loss In this morden world, â€Å"videogame† is a common topic for debate. The network of information technology has been installed globally, which leads to more and more games being created to satisfy human’s entertainment demand. The article on video games benefits, entitiled â€Å"Be a Gamer, Save the World† by Jane McGonigal, illustrates how games can play an essential role in solving problems which the world is facingRead MoreCensorship Is Monitoring Or Withholding Information Essay1694 Words   |  7 Pagesentertainment; but it is usually considered a threat to the consumer. Yet the consumer is not always the audience. Sometimes the threat is to a politician or government official. The debate over topics in the realm of what is acceptable and what should be banned only continues to rise as more taboo topics become acceptable. Some argue that keeping certain things behind closed doors is imperative for a harmonious living place. Others say that a small discours e is critical to remain sane. CensorshipRead MoreGender Differences Between Female And Male1520 Words   |  7 Pageswomen is encouraged and culturally disregarded. You can examine representations of women in sexualizing and objectified manner in the media including commercials, television programs, movies, music lyrics and videos, magazines, advertising, video games, and Internet sites where women are revealed wearing provocative cloths, and posing in ways that emphasize their body parts and sexual readiness. As Jean Kilbourne, an internationally recognized for her work on the image of women in advertising, clarifiesRead MoreCultural Appropriation And Its Effects On Society1965 Words   |  8 Pageshigh-fashion, cool, or funny when the privileged take it for themselves† (Workneh). Whether it is intentional or not, appropriating a culture involves partaking in the continuation of disempowering certain groups that are typically already marginalized within society. In spite of the slight confusion, cultural appropriation is far more than the idea of pizza merging from Italian immigrants and eventually becoming a food many people label as American. Many people tend to make the argument that there isRead MoreUnderstanding Inclusive Learning and Teaching in Lifelong Learning3626 Words   |  15 Pagesleaders who come from diverse backgrounds. The Scout Association is part of a worldwide educational youth movement. The values, which underpin and inspire its work are embodied in the Scout Promise and Law and in the Purpose of the Association. Within this framework, the Association is committed to equality of opportunity for all members. To carry out its work the Association seeks to appoint effective and appropriate Leaders, and to involve other volunteers in supporting roles, all of whomRead MoreThe Impact Of Increasing Food Demand And Urbanization3585 Words   |  15 Pagestraditional farming tasks has been underpinned urbanization. Indeed, competitiveness under the pressure of growing population prompts rural dwellers migrate wealthier regions to look for new opportunities. Migrating to cities implies a shift in employment within the food system; in other words, fewer people choose to work in agriculture and more prefer to work in transport, wholesaling, retailing, food processing and vending (Cohen Garrett 2009). The world’s urban population today is around 3.2 billionRead MoreGot Gmos?: Genetically Engineered Food and the Sustainability of Health and the Environment4857 Words   |  20 PagesFall 2006 People hold a very intimate relationship with food, whether it be for nourishment, a peace offering, trade, part of a religious practice, to provide a sense of community, or to satisfy a personal need. Its meanings are rooted deep within and are the foundations of many cultures. There was a time when humans were very connected to the food they ate. Not only did they know its origins, but they ate what was needed for survival. They were as much a part of earth as any other animalRead MoreAnalysis of Nike Inc.9194 Words   |  37 PagesAdidas. For instance, Adidas sponsored one of the world’s premiere soccer clubs, Real Madrid, while Nike sponsored Manchester United, also a world class soccer club in Great Britain. Adidas was also the Official Supporter of the Athens 2004 Olympic Games and the Germany 2006 World Cup in soccer. However, Nike’s presence was very evident in the World Cup: many teams in this tournament wore uniforms emblazoned with the unmistakable swo osh. The athletic footwear and apparel industry has enjoyed

Foundations Of Knowledge And Professional Skills Finance Essay - Free Essay Example

Sample details Pages: 4 Words: 1089 Downloads: 1 Date added: 2017/06/26 Category Finance Essay Type Argumentative essay Did you like this example? This exploratory study by Baker M. and Wurgler J. agrees with the school of thought that investors are sentiment inclined and this in turn affects stock prices. Don’t waste time! Our writers will create an original "Foundations Of Knowledge And Professional Skills Finance Essay" essay for you Create order Several articles have corroborated this claim, a recent article by Larry Swedroe (2012) states, Theres a strong body of evidence demonstrating that individuals tend to be influenced by investor sentiment. The main aim of the research is to measure investor sentiment and quantify its effect on stock prices (Baker M and Wurgler J, 2007). Even though a top down and macro-economic approach was adopted, some factors that are so pertinent to investor sentiment were not discussed. The approach being adopted here entails measurement of aggregate sentiments, reduced-form, and traces its effect to market returns and individual stocks (Baker M and Wurgler J, 2007). The theory of this study is based on behavioural finance which was defined by Sewell (2007) as the study of the influence of psychology on the behavior of financial practitioners and the subsequent effect on markets. There is also the belief that the movement of prices on the exchanges is dependent to a large extent on the mental attitude of the investing and trading public (Selden 1912, cited in Sewell 2007). This theory also argues that there is limits to arbitrage, which gives room for investor irrationality to be significant and have a long-term effect on prices. (Rohit, 2006). This theory gives a strong insight into the basis of this research. Investor sentiment exists and it has a strong influence on the stock market. How do we quantify this effect on the stock market? This is a very interesting question the study is trying to answer. The top down approach being adopted further identified classes of stocks that are more prone to investor sentiment than others. The study categorized investors to include those whose judgments are affected by sentiments, otherwise being referred to as the Irrational Traders; while the other class of investors include those whose decisions are not marred by sentiment. Sentiments come into play when there are uncertainties in the variables for determining the net value of a stock where there is a track record. Sentiment does not necessarily mean an upward valuing of a stock; it can also lead to the stock being underpriced. This research probes further into achieving its aim by discussing how to measure investor sentiments, the class of stock more sensitive to sentiment and to also ascertain if the level of sentiment is a contributory factor in the future when the effect of the sentiment has been eroded. After identifying the sentiment indices, the study was faced with the challenge of which measures amongst the ones highlighted to choose in quantifying the investor sentiment based on data availability on these indices. This narrowed down the sentiment proxies to be considered to six; trading volume, dividend premium, close-end fund discounts, volume of IPO and first day return, equity share in new shares (Baker M and Wurgler J, 2007). Even though data are available for some of the proxies, some other factors independent of sentiments have cropped up and regularly affected the data over the years. Regression was conducted on the indices to remove the effect of these external factors. Using the data available for mutual funds on 10 stocks, a three time-series regression was run on the 10 stocks (Baker M and Wurgler J, 2007). This relates volatility of the stocks and the ease or difficulty of arbitrage. In categorizing stocks according to their speculative appeal and the difficulty of arbitrage there was a difficulty in that professional analysts forecasts which would have been a gauge for speculations was not available dated back to the data gathering time span. This is a limitation to the quality of result. The study revealed that the effect of general demand for stock funds on monthly returns is higher for higher volatility portfolios, because the stocks there in are harder to arbitrage (Baker M and Wurgler J, 2007). It further proved that when sentiment is low, the average future returns of speculative stocks exceed those of bond-like stocks and when sentiment is high, the average future returns on speculative stocks are on average lower than the returns of bond-like stocks (Baker M and Wurgler J, 2007). Considering the limitations identified in the process of data gathering and other identified impediments which are not sentiment based which would have distorted the sentiment indices, the research would have been a qualitative one rather than quantitative. In quantitative approach, the upward valuing and downward valuing of a stock are measured against LIBOR which recently was observed to be influenced by the major bank treasury managers in United Kingdom. Some other factors that are pertinent to investor sentiments were also not discussed in the study namely; Media: The role of the media in influencing investors decision is a very salient factor that determines the level of investor sentiment. Lots of individual investors form perceptions about stocks based on information they get from the media. A study by Paul C. Tetlock (2007) was able to correlate level of media pessimism to induce pressure on market prices which is consistent with sentiment theories with the assumption that media content is linked to the behaviour of individuals. Terrorism: Terrorism is a menace ravaging particularly developing countries. Nigeria has been experiencing series of bomb blasts in most parts of the north making it unsafe for businesses to thrive. In response, Julius Berger amongst a lot of other foreign firms shut down their business in that part of the country. This is also taking its turn on the Stock Market as it was reported in The Guardian Nigeria of 15th June (2012:50) that Equity price of some highly capitalized stocks suffered depreciation due to profit taking by investors. The Stock market is experiencing capital flight as lots of foreign investors lose confidence in the market due to insecurity. Relating the claim above with the research by Konstaninos Drakos(2010:128), he stated that if terrorist attacks were a mood proxy, then their occurrences could be expected to cause investor sentiment to deteriorate and consequently put a downward pressure on stock prices. These are pointers to the fact that measuring investor sentiments comprehensively are based on some indices which cannot be quantified and as such a qualitative approach would have been more appropriate. Further research work would be in localizing the effect of investor sentiment in stock markets by country and not generalizing it considering the fact that some of the sentiment proxies mentioned above are economic and sociopolitical. The word count for this work is 1089.