Islamic Equity Investment Risk and Return Behaviour

Islamic Equity Investment Risk and Return Behaviour Islamic equity investments deal with the application of Shariah in stock selection in fund management. Islamic equity investment is a new and emerging concept in fund management and posed a slow growth compared with a fast paced growth in Islamic fixed income Sukuk markets and Islamic banking in the current decade. However Islamic equity investments contain a significant potential to generate above average risk adjusted returns than conventional equity investment as discussed in this paper. The thesis argues about the risk returns behavior of Islamic equity investments by analyzing the risk return behavior of Karachi Meezan Index, an Islamic index traded at Karachi stock exchange, over the period of two and a half years. Karachi Stock Exchange 100 index and Karachi Stock Exchange 30 index was used as benchmarks to find out if there are any significant differences in the returns volatility of KMI30 and KSE 100. The complete period was also divided into bull and flat periods and eac h period is analyzed to further augment the research. Our findings provide strong evidence to reject the notion that Shariah Compliant investment perform poorly than conventional equity investments. In fact our finding supported the assumption that Shariah Compliant Equity Investments can deliver better returns than conventional investments given the same level of risk. Chapter 1 Introduction In the past few years there has been remarkable growth in the field of Islamic finance. New products are being developed on a consistent basis in capital markets which comply with the Shariah. The main distinguishing feature of Shariah Compliant Stocks is their low risk characteristics which has induced many risk averse investors into investment in Shariah complaint stocks and equity funds. According to Ernst Young’s 2010 Islamic funds investment report, currently there are approximately $52 billion fund assets under management in the Islamic fund industry which is still a small proportion of the total assets under global fund management which are worth $22 Trillion in 2010. Total Shariah compliant assets now exceed $1 trillion worldwide because of the fast faced growth in Islamic finance during the current decade. Currently Islamic funds only constitute about 5.5% of total Islamic finance investments which signifies the potential of growth in this industry in coming years. From July 2007 to Nov 2009, MSCI World Islamic Index outperformed the MSCI World Index Standard Core in terms of variability of returns which shows that Shariah complaint stocks generate more returns in high volatility period compare to conventional stocks. In an Islamic equity fund, the amounts are invested in the shares of Shariah complaint stock companies. The profits are mainly achieved through the capital gains by purchasing the shares and selling them when their prices are increased. Profits are also achieved by the dividends distributed by the relevant companies. It is obvious that if the main business of a company is not lawful in terms of Shariah, it is not allowed for an Islamic Fund to purchase, hold or sell its shares, because it will entail the direct involvement of the shareholder in that prohibited business. In September 2008, Karachi Stock Exchange with the collaboration of Meezan Bank launched a new index called Karachi Meezan Index comprising of 30 companies. The distinguishing characteristic of this index is its Islamic nature in which selected companies will be fully Shariah-complaint. Companies will be selected in the index based on their liquidity in the stock market along with compliance with Shariah principles. These Shariah principles are formulated by the Shariah advisory council of Meezan bank which comprises distinguishing Islamic scholars. The objective of KSE-Meezan Index (KMI) is to serve as a gauge for measuring the performance of Shariah compliant equity investments. It may also act as a research tool for decisions in strategic asset allocation according to Shariah besides tracking performance of Shariah compliant equities; its construction will increase investor trust and enhance their participation. Stock Screening Requirements for KMI-30 Index Shariah compliance of stocks shall be done under the guidance of qualified and reputed Shariah experts. For stocks to be Shariah compliant, it must meet ALL the six key tests given below. Business of the Investee Company: Core business of the company must be HALAL and in-line with the dictates of Shariah. Hence, investment in securities of any company dealing in conventional banking, conventional insurance, alcoholic drinks, tobacco, pork production, arms manufacturing, pornography or related un-Islamic activities is not permissible. Debt to Total Assets: Debt to Asset ratio should be less than 40%. Debt, in this case, is classified as any interest bearing debts. Zero coupon bonds and preference shares are, both, by definition, part of debt. Non-compliant Investments to Total Assets: The ratio of non-compliant investments to total assets should be less than 33%. Investment in any non-compliant security shall be included for the calculation of this ratio. Non-complaint Income to total revenue – Purification of Non-compliant: income the ratio of non-compliant income to total revenue should be less than 5%. Total revenue includes Gross revenue plus any other income earned by the company. This amount is to be cleansed out as charity on a pro rata ratio of dividends issued by the company. Illiquid Assets to Total Assets: The ratio of illiquid assets to total assets should be at least 20%. Illiquid asset, here, is defined as any asset that that Shariah permits to be traded at value other than the par. Net Liquid Assets to Share Price: The market price per share should be greater than the net liquid assets per share calculated as: (Total Assets – Illiquid Assets – Total Liabilities) divided by number of shares. *Courtesy of Karachi Meezan Index Brochure retrieved from Karachi Stock Exchange Website Rationale of the Study Islamic equity investment funds pose immense growth potential in the future mainly on account of the following reasons: It attracts risk averse investors who previously ignore equity investments because of Islamic Equity’s low risk characteristics It attracts new Muslim investors who previously were wary of investing in stock markets because of non-Shariah compliance Therefore a study needs to be conducted which examines the risk return behavior of Shariah complaint stocks so that investors and general people will have a better idea about the risks profits which are inherent in Shariah complaint shares. Research Questions The study will help in answering the questions such as: Is there a difference in returns of KMI30 and KSE 100 indices? Is there a difference in the volatility of KMI30 and KSE 100 indices? Is KMI30 index giving more or less risk adjusted returns compared to KSE 100 index? How much variation is explained by KSE 100 index in returns of KMI30 index? Limitations of the Study KMI30 index represents the risk return behavior of only 30 blue chip Shariah compliant stocks. In order to have a better comparison with the KSE 100 index, a portfolio consisting of all the stocks from KSE 100 which comply with Islamic screening principles should be constituted and the return volatility attributes of this portfolio should be compared with KSE 100 index because a difference in returns between both indices can be because of superior judgment in the selection of stocks in KMI30. Chapter 2 Literature Khan (1998) studied the modern practices in commodity, currency and corporate stock trading in the light of Islamic economic framework and stated that under Islamic principles, Mudarabah or Shirakah certificates can be traded in stock exchanges. However there is no concept of preferred equity in Islamic finance as it Riba which is forbidden under Islam. Khan stated that liability towards losses of the organization need to be met which may have accumulated over a period in order to sell or disinvest shares of that organization which implied that each shareholder has a liability for cumulative past losses as well as current losses in proportion to the capital invested. Khan (1998) proposed a model of stock valuation which incorporates the Islamic principles that intrinsic value of shares should provide the prospective investor a fair amount of information about past performance of organization. Iv = intrinsic value of shares Pv = par value of shares Ri = Profits, Reserves etc L = losses S = No. of Share Lewis (2010) examined the current and historic structure and performance of Islamic investment funds and found out that Islamic investments have grown quickly over the past few years and now there are approximately 650 Islamic funds operating globally. Lewis also discovered that in the past Islamic funds have focused more on negative forbidden screening principles instead of focusing on both the negative and positive screening methodologies like socially responsible funds that focus primarily more on investments in companies which play a part in human welfare. However these Socially Responsible Investments (SRI) funds performed slightly poor compared to Islamic funds because Islamic funds invested a significant portion in energy companies who enjoyed profitability because of rising oil prices, SRI funds do not invest large portions in fossil fuel energy companies primarily because of their futile side effects on environment. Nik Maheran and Masliza (2008) analyzed the performance of Islamic mutual funds at Kuala Lumpur Stock Exchange to investigate if these funds underperform or over perform the market index using average return on mutual funds, standard deviation of weekly returns, coefficient of variation, Treynor and Sharpe index. They found out that most of the funds achieved a lower return than market from the period 2002 until 2006. However in terms of risk level Islamic mutual funds showed less risky behavior compared to the market since the betas of Islamic mutual funds was less than one. Rennebook, Horst and Zhang (2007) critically reviewed the available literature on socially responsible investments and concluded that a primary reason for low returns from socially responsible funds could be the multi-task nature of portfolio managers who pursue both financial and social objectives. They also found out that if investors avoid investments in unethical/asocial businesses, than they may require a low rate of return than other investors who do not show any similar type of preferences. Hussein (2007) analyzed the returns of FTSE Global Islamic index and Dow Jones Islamic Index from 1993 till 2004 and compared them with the returns of Dow jones world index and FTSE All world index. He found out that application of Shariah screening doesn’t adversely impact on Islamic indices performance as Islamic indices performed as well as their counterparts over the entire period. Hussein (2007) stated that Islamic indices yield statistically positive returns in bull market period though Islamic indices underperform the all world indices in the bear period and in the long run have a superior performance compared with counterparts in entire market period. Abdullah, Hassan and Mohammad (2007) compared the performance of Islamic and conventional mutual funds in Malaysian capital market with the help of Sharpe index, adjusted Sharpe index, Jensen Alpha, timing and selective ability and found out that Islamic funds are less risky than conventional funds and both Islamic and conventional funds have diversification levels which are less than 50 per cent of the diversification level of the market portfolio. They discovered that Islamic funds performed better than conventional funds during bearish periods while conventional funds performed better than Islamic during bullish periods and concluded that Islamic funds can be used as hedging tools. Hussein (2005) compared the performance of Dow Jones Islamic market index and FTSE Global Islamic index and benchmarked it against their counterparts, Dow Jones World index and FTSE Global Index respectively, using parametric t-statistic and non-parametric signed rank test. Monthly returns data had been used ranged from 1996 2004 and the periods had been divided into bull and bear return phases to make more meaningful conclusions from results. Hussein (2005) found out that Dow Jones Islamic Index outperformed its counterpart in the entire period (1996 – 2004) and bull period. The mean monthly return of Dow Jones World Index was higher than the DJ Islamic index over the entire bull period which indicated that the Islamic index has greater volatility in comparison with DJ world index. Contrary to this, Dow Jones Islamic index fails to maintain its better performance over the bear market phase where the DJ world index gives better returns. In case of FTSE indices, FTSE Global Is lamic index outperforms FTSE All world index in the entire and bull periods. However FTSE Islamic index underperforms FTSE world index over bear period. Hussein (2005) also found out that the beta of both Islamic indices is greater than one and higher than their counterparts which imply that both Islamic indices are riskier than their counterparts. Hence Hussein (2005) stated that the application of Shariah screening principles has no adverse effect on Islamic indices performance over the years and concluded that Shariah investing offer superior performance compared to unscreened portfolios. Albaity and Ahmad (2008) examined the performance of KLSI, A Shariah Compliant Index at Bursa Malaysia, and benchmarked it against KLCI which is a conventional stock market index at Bursa Malaysia using measures of risk adjusted returns and found out that KLCI is outperforming KLSI. Albaity and Ahmed (2008) also found out that KLCI has a higher beta as evident from conventional Non-Islamic indices and that in the short run both indices move in the same direction and tend to cause each other. Hence they concluded that there is no significant difference in the returns and movements of both indices. Hakim and Rashidian (2002) applied Islamic equity screening principles on Wilshire 5000 index and created a Shariah Compliant Portfolio and compared the return characteristics of the created Wilshire Islamic portfolio and Dow Jones Islamic market index portfolio with the parent Wilshire 5000 index and found out that the reduced diversification characteristic of newly created portfolio has not adversely affected its performance when compared with parent Wilshire 5000. Hakim and Rashidian (2002) examined the causality between the Islamic index, the Wilshire 5000 and the Tbill rate and found out that the Islamic index is influenced by factors independent from the broad market or interest rates which are contrary to the widely accepted notion that Dow Jones Islamic Index exhibits high correlation with broad market. They concluded that such correlation is temporary and false Sauer (1997) measured and analyzed the average monthly returns and variability, Jensen Alpha and Sharpe performance of the Domini 400 Social index portfolio and benchmarked it against the performance of two unrestricted portfolios (SP 500 and CRSP value weighted market indexes). Sauer (1997) discovered that the application of socially responsible strategy in stock selection does not impact the investment performance adversely. He concluded that the potential performance costs of implementing socially responsible criteria, as represented by the performance of Domini social index are negligible. Sauer (1997) also stated that the performance of Domini Social equity Mutual fund compares favorably to the performance of Vanguard SP 500 index. Bauer, Koedijik and Otten (2004) analyzed the performance of 103 German, UK and US ethical mutual funds and found no indication of substantial difference in return behavior between ethical and conventional mutual fund returns after controlling for factors like book to market and size. Bauer, Koedijik and Otten (2004) also concluded that ethical mutual funds are typically less exposed to market variability compared to conventional funds. Hamilton, Jo and Statman (1993) studied 32 socially responsible mutual funds and compared their returns with a portfolio of 177 conventional mutual funds. They found out that market do not price social responsibility characteristics so investors can expect to lose nothing by investing in socially responsible mutual funds; social responsibility factors have no effect on expected stock returns or companies’ cost of capital. Derigs and Marzban (2009) analyzed SP, DJIM, FTSE, MSCI and HSBC Shariah Complaint indices and stated that current Shariah compliant strategies result in much lower portfolio performance than portfolios without considering Shariah Compliance. They suggested that the return from Shariah complaint strategies can be increased by making Shariah compliance an attribute of portfolio constructed rather than measuring compliance on as asset level. Derigs and Marzban (2009) argued, Funds are investment vehicles, which are financially independent of the institutions that establish them. Therefore, a fund takes the form of an independent company, such as a limited liability company (Norman, 2004), in which investors act as shareholders. So they proposed that with respect to compliance a fund which itself invests in multiple companies has to be evaluated in the same way as a conventional independent company. Hassan and Antoniou (2006) examined the potential impact of Islamic screening restrictions on investment performance by comparing the performance characteristics of a diversified of Islamic screened stock indices with conventional benchmarks (Data stream Global Index) and the degree of correlation and volatility in price movements between both indices. Hassan and Antoniou (2006) concluded that the impact of stock screens is closely related to the performance of stock markets and further stated that any argument that Islamic equity investments are less profitable than conventional types of investments is questionable which is supported by relatively major differences between Sharpe and Treynor measures and significant positive Alpha over the positive returns period when the Dow Jones Islamic Market Index outperformed the Data stream Global Index. Chapter 3 Methodology This section emphasizes the research methodology and the type of data that has been used in this research. The research is quantitative in nature as statistical and financial models are being used to test the STOCK INDEX time series for volatility and return. The data which is going to be used in the research is secondary in nature and in the form of time series. Daily index values of Karachi Meezan Index (KMI-30), KSE-30 index and KSE-100 index from Karachi stock exchange are being used as secondary data from December 15, 2008 till March 11, 2011. Daily logarithmic returns of all indices are being calculated such that: Where is the raw return for index i for the time t, refers to the price of index i at time t, and is the price of index i at time t-1. A descriptive statistical analysis was performed on the calculated daily logarithmic returns using to calculate mean, standard deviation, standard error, median, variance, kurtosis, skewness, maximum and minimum values of all three indices for the whole period from December 15, 2008 to march 11, 2011. Also Geometric mean for all three indices was also calculated as it contains the effect of compounding. Coefficient of variation is calculated to measure the variation in each index given its return. A correlation matrix was being calculated using excel spreadsheet to find the degree of correlation between KMI-30, KSE-30 and KSE-100 indices. A linear regression analysis has been performed using the returns of KMI-30 index as dependent variable and returns from KSE-100 as the independent variable to estimate the coefficient of determination (R-Square) and beta of KMI-30. Another linear regression was performed using KSE-30 as the dependent variable and KSE-100 as the market independent v ariable to estimate the beta of KSE-30 and coefficient of determination. The regression equations were as follows: Where is the intercept, is the beta of the stock index, and are the returns on KMI30 and KSE30 indices respectively and is the return on KSE100 regarded as the return on the stock market. Risk ratios which are used in the analysis to compare the risk reward profile of KMI30 with KSE 30 and KSE 100 are Alpha, Beta, Standard Deviation, R-Squared, Sharpe Ratio and Treynor ratio. A paired t-test was performed to check the hypothesis of difference in means of KMI30 and KSE 100 index because nearly all of the stocks of KMI30 are part of KSE 100 hence dependent. Also F-test was performed to check the difference in variances of KMI30 and KSE 100 indices assuming that the returns from both indices are normally distributed. The whole period from December 15, 2008 to March 11, 2011 is than divided into two bull periods and one relatively flat period to find out the risk-return profile of KMI30 and KSE 100 in these periods. The first bull period is from January 15, 2009 till October 15, 2009 while the flat period is from October 15, 2009 till October 15, 2010. The second bull period is considered from October 15, 2010 to January 15, 2011. A descriptive analysis was again performed on these bull and flat periods along with similar paired t-tests, F-tests, linear regression and correlation matrices. Sharpe ratio, Treynor ratio, Jensen Alpha, Beta and S. Deviation were also calculated for these bull and flat periods. Chapter 4 Results Analysis Descriptive Statistical Analysis Descriptive analysis shows that KMI30 index showed very good daily mean returns of 0.1014% since Dec 15, 2008 till March 11, 2011. KMI30 index started in September 2008 and considering the mean returns, it is a very good performance by a stock exchange index especially when comparing with geometric mean of KSE 30 returns of 0.0227% and KSE 100 daily returns of 0.0451% in the same period. The standard deviation of KMI30 index daily returns was 1.5051% which is considerably less than its counterpart KSE 30 index however more than the S. Deviation of KSE 100 index as expected because of large diversification effects of stock returns in KSE 100. The coefficient of variation for KMI30 index is 15.97 compared to 33.36 for KSE 100 and 74.593 for KSE 30 which clearly indicates that KMI30 is less risky when compared to both other indices per unit of return. The excess kurtosis for KMI30 for the complete period is 2.58 compared to 2.13 for KSE 100 and 2.29 for KSE 30 which shows that all three indices are more peaked than normal distribution and are leptokurtic. All three indices are negatively skewed which shows that most of the returns are negative. As indicated by higher standard deviations of KSE 30 index, its maximum and minimum return are greater than KMI30 maximum and minimum returns. The maximum one day return for KMI30 during the whole period was 5.3% while the minimum return was -5.19%. From January 15, 2009 to October 15, 2009, KSE showed a bullish trend. The geometric mean of KMI30 index daily returns during this first bullish period was around 0.31% much higher than 0.24% of KSE 100 and 0.28% of KSE 30. However the standard deviation of KMI30 index is 1.93% less than 1.88% of KSE 100 and 2.35% for KSE 30. This shows that not only KMI30 beat KSE 100 and KSE 30 in returns but also remained less volatile over the bullish period when compared to KSE 100 and KSE 30. The kurtosis of all three indices is slightly over 3 (Excel displays Excess Kurtosis) which shows that all three indices are mesokurtic and have a kurtosis equal to that of normal distribution. KMI30 showed a slight negative skewness of -0.0195, while KSE 100 showed positive skewness of 0.04058 in this bullish period. From October 15, 2009 to October 15, 2010, KSE showed a relatively flat period of returns with KMI30 index showing a mean geometric return of 0.0498% while KSE 100 and KSE 30 showed a geometric return of 0.017% and –0.0249% respectively. The KMI30 again outperformed KSE 100 and KSE 30 in returns over this flat period. KSE 30 had negative mean returns in this period. KMI30 also showed low standard deviation of 1.088% compared to 1.1049% of KSE 100 and 1.3866% of KSE 30. Hence KMI30 again outperformed KSE 30 and KSE 100 index in this relatively flat period in terms of returns and low volatility. KMI30 had an excess kurtosis of 2.18 more than 1.79 for KSE 100 but less than 2.26 of KSE 30. Hence all three indices have leptokurtic distribution with high peaks than normal distribution. KMI30, KSE 100 and KSE 30 all showed negative skewness in this flat period. From October 15, 2010 till January 15, 2011, KSE showed a relatively bullish trend with KMI30 showing a daily return geometric mean of 0.36% against 0.3% by KSE 100 and 0.33% by KSE 30 index. However KMI30 index showed a higher daily standard deviation of 0.86% compared to 0.73% of KSE 100. KMI30 also showed a more leptokurtic distribution compared to KSE 100 as the excess kurtosis of KMI30 was around 0.497 compared to 0.262 for KSE 100. During this bullish period all three indices showed a positive skewness with impressive returns in a short span of time. Over the whole period, from December 15, 2008 to march 11, 2011, KMI30 showed impressive annualized returns of 28.825% compared with KSE 100 and KSE 30 which showed annualized returns of 11.9367% and 5.85% respectively. The annualized standard deviation for KMI30 index was a little higher than KSE 100 but lower than that of KSE 30. Also the total return over this two and a half year period by KMI30 was quite impressive and 2.5 times more of KSE 100. KMI30 had a total return of 75.11% from Dec 15, 2008 to March 11, 2011. Sharpe ratio is only positive for the KMI30 because the other two indices had returns less than 12 month Treasury bill rate. Jensen’s alpha for KMI30 was 16.8687 which indicated the average return on KMI30 over and above the CAPM predicted return of 11.9566%. KMI30 also had a beta lower than one which shows that KMI30 is less volatile than the overall market. KSE 30 had a beta of greater than one showing that it’s more volatile than the market KSE 100 in dex. Correlation matrix shows a strong correlation of 92.933% of KMI30 and KSE 100 over the whole period from December 15, 2008 to March 11, 2011. KSE 30 showed a less strong correlation of 87.48% in the same period with KSE 100. In the first bullish period, KMI30 however had a rather less strong correlation with KSE 100 compared to the whole period correlation described above. In the flat period from Oct 15, 2009 till Oct 15, 2010, KMI30 had a very strong correlation with KSE 100 index. In second bullish period, from Oct 15, 2010 to Jan 15, 2011, KMI30 again had a relatively less strong correlation with KSE 100 as already happened in first bullish period. It looks like KMI30 is showing less strong correlation with KSE 100 in bull markets and very strong correlation with KSE 100 in relatively flat periods which shows that KMI30 shows returns which are less correlated with market in bull periods and give more correlated returns in flat market periods. In both bull periods, Jan 15, 2009 – Oct 15, 2009 and Oct 15, 2010 – January 15, 2011, KMI30 outperformed KSE 100 and KSE 30 index with impressive margins. KMI30 gave a total return of 81.68% in the first bull period, 13.24% in the flat period and 23.67% in the second bull period. KSE 100 gave total returns of 57.3%, 4.34% and 19.92% in the same periods. KMI30 also showed a relatively same standard deviation as the KSE 100 except for the second bull period when there was a large difference in S. Deviation of KMI30 and KSE 100 returns. What this means is that KMI30 is giving higher returns than KSE 100 while having the same risk as KSE 100 also evident by Sharpe ratio. In first bull period, KMI30 had a beta of 0.927 compare to 1.077 of KSE 30. In the flat period, KMI30 had a beta of 0.948 while KSE 30 had a beta of 1.06. In the second bull period, KMI30 and KSE 30 showed an irregular trend when the beta for KMI30 increased over 1 while beta for KSE 30 dropped less than o ne. Regression Analysis A regression analysis was performed on the daily returns of KMI30, KSE 30 and KSE 100 for the complete period to explain the variation in the returns of KMI30 and KSE 30 index by using KSE 100 as the independent market index. The regression equations are as follows: Equation 1 Equation 2 The R-Square for the first model of KMI30 returns come out to be 86.366% which tells us that 86% of the variation in KMI30 index is caused by KSE 100 index. The R-square for the second KSE 30 model was 77% which shows that KSE 100 causes more variation in returns of KMI30 than KSE 30 index. The intercept of first equation is 0.000523179 which shows that when the daily market return is zero, than KMI30 has a daily return of 0.0523179%. The slope of the first equation, beta of KMI30 index, tells us that a one percentage change return in KSE 100 index causes a 0.9752 percentage change return in KMI30 index which shows low volatility in KMI30 compared to KSE 100. The slope and intercept for the KSE 30 model are 1.1018 and -0.0216% respectively which indicates that KSE 30 is more volatile than KSE 100 (has a beta higher than 1) and that a zero return from market will causes a -0.0216% daily return fall in KSE 30 index. Hypothesis testing The first hypothesis was to test that whether there are any significant differences in daily returns of KMI30 and KSE 100 indices for the whole period from December 15, 2008 to March 11, 2011. Since all the stocks which are part of KMI30 index are also a part of KSE 100 index which indicates that both samples are dependent hence paired t-test was employed to test the differences between returns of both indices. The null and alternative hypotheses are given as: Ho: The difference in mean daily returns of KMI30 and KSE 100 index for the period from December 15, 2008 to March 11, 2011 is equal to zero H1: The difference in mean daily returns of KMI30 and KSE 100 index for the period from December 15, 2008 to March 11, 2011 is not equal to zero The paired t –test was performed on a 5% level of significance with 552 degrees of freedom. The calculated t statistic was 2.310548072 which was greater than the critical value of 1.96. Hence the null hypothesis was rejected and the conclusion was that the difference in mean daily returns of KMI30 and KSE 100 returns is different from zero. The second hypothesis tested whether there are any significant statistical differences in returns of KMI30 and KSE 100 indices during the first bullish period from January 15, 2009 to October 15, 2009. The same paired t test was employed to test the difference in returns in this bullish period using a significance level of 5%. The null and alternative hypotheses are given as: Ho: the difference in mean daily returns of KMI30 and KSE 100 index for the bullish period from January 15, 2009 to October 15, 2009 is equal to zero H1: the difference in mean daily returns of KMI30 and KSE 100 index for the bullish period from January 15, 2009 to October 15, 2009 is not equal to zero The calculated t-statistic was 1.2773207 less than the critical value of 1.972 at 5% level of significance with 187 degrees of freedom. Hence the null hypothesis was failed to reject and it was concluded that there is no difference in the returns of KMI30 and KSE 100 indices during the first bullish period from January 15, 2009 to October 15, 2009.

Europe After A Century: From 1774 to 1848 Essay

Time changes things. That is a fact and the changes are more pronounced especially after the passage of one hundred years. The land experiences geological changes and its people are transformed as knowledge increases through observation, other forms of learning as well as interaction with other people groups having different culture and outlook in life. But when comparing the changes that occurred in Europe between 1774 and 1848 the discussion is elevated to a higher level because this is the period in World history when radical changes swept through Europe and the rest of the world. This paper will look at the factors that created a degree of change never before seen in the history of mankind. Yet, in order to remain grounded and focused on the distinctly European changes, the works of two influential Western writers will be examined. And since Johann Wolfgang von Goethe completed his most important work in the late 18th century and Karl Marx on the other hand completed his masterpiece in the late 19th century, then these two men qualify as representatives of their time. Those who will read their works is like looking at a portal which one can see the differences between two European society in two different eras. Goethe’s Opus The portal that will allow time travel to this period is through Goethe’s famous work The Sorrows of Young Werther (â€Å"Werther†). And this is possible because Goethe mirrored his own frustration and passion to his masterpiece. In the introduction to a translated work of Werther Catherine Hutter pointed out that, â€Å"In 1772 Goethe spent the summer months in legal apprenticeship at the Reichskamergericht in the town of Wetzlar, the unnmaed locale of Werther† and there he fell in love with a woman – Charlotte Buff – who was destined to marry another man. Using Goethe’s own experience with heartbrokenness and using the town of Wetzlar as the backdrop allows the reader to get a glimpse of a bygone era. There are many who will agree to the assertion that this era is in the Age of Sentiment where emotions rule and people are overly romantic if there is such a thing. In other words it was a time not far removed from the Medieval ideals of chivalry and the strict cultural norms that are evident in many Christianized European societies. For modern lovers they may find Werther’s dramatic prose a bit too much for their taste and begin to wonder if there was indeed a time when men had to go exert so much effort in order to wed the women of his dreams. In the story of the young Werther the reader does not only get an insight as to the extent that a man will go secure the love of a woman but also the amount of energy and mental torture required analyzing their feelings. This self-torture was evident even from the onset when Werther described to his friend the sorrows of his heart. In the end young Werther’s heart could not take it any longer and he took a pistol and shot himself in the forehead. His goal was not only to drown his sorrows but more importantly he hopes that the news of his death will reach his beloved Leonora. And true enough a servant brought the bad tidings to his love and as soon as Leonora heard of it she fell on the floor senseless. That is perhaps the fitting reaction and that behavior would at least comfort the pained soul of Werther knowing that Leonora cares for him. Karl Marx’s Manifesto The year 1848 was a milestone in history. It was the same year when Karl Marx published his Manifesto of the Communist Party (â€Å"Manifesto†) From the get go there was no doubt in everyone’s mind that Marx’s work was a piece of brilliant work. Even those who may disagree with the author’s pronouncements and conclusions will have no choice but to concur that the Manifesto is indeed the product of an astute mind. Marx’s Manifesto serves as a systematic criticism of capitalism and the sensational work made the author as a man both hated and revered since 1848. Marx minced no words in saying that there is a continuing class struggle and that those who are in the position to dominate will never surrender their position of privilege and power. And that they will do everything that they can to maintain the status quo to the detriment of those who belong to the lower classes. In Goethe’s Europe (circa 1774) one cannot find a sharp distinction between classes. Although one can easily understand that there are cultural norms that created status this distinction between groups of people is not as pronounced as in the time of Marx when the political philosopher was able to categorize the ancient and general but distinct groupings: freeman and slaves; patrician and plebeian; lord and serf; guild master and journeyman; Rulers and their Subjects; and Oppressor and the Oppressed. To the above-mentioned grouping Karl Marx’s Manifesto added a new category and Marx explains that during the time of his writing European societies are slowly evolving into a more simpler class gradation. Marx explains that in 1848, â€Å"Society as a whole is more and more splitting up into two great hostile camps, into two great classes directly facing each other – Bourgeoisie and the Proletariat. † And the new social phenomenon creates antagonism between the members of both camps. Those who belong to the Bourgeoisie are men and women are the capitalists, businessmen who have the means to build factories and other means of producing goods and services. These capitalists are then able to hire laborers. The Proletariat on the other hand obviously do not posses the means or the capital to build manufacturing plants and do not have enough money to put up a business that can offer services and so they become workers who are willing to sell their skills and strength to the highest bidder. It is not easy figuring the source of genius as evident in the writings of Marx but on the other hand it is easy to understand where Karl Marx is coming from. He was indeed the product of his time. He was born in a society reeling from the effects of industrialization. It was as if a new epoch was established, totally transforming the values and traditions of the past. Men and women find little time to debate and muse about philosophy, morality and even the deep emotions coming from a broken heart. Comparing Two Eras In circa 1774 the heart and emotions takes precedence according to the work of Goethe. Aside from the fact that this is already an observable characteristic of the era, Goethe famous literary piece greatly encouraged romantic and emotional behavior among the citizens of Europe. Whereas in 1848 one can sense that men and women are transformed into heartless machines devoid of the deep longings and romantic overtures similar to what one can find in Goethe’s work. The year 1848 signaled the end of romanticism and idealism. There is now a clear break between the Medieval and the Modern. In the same year that he published the Manifesto, there was a continuing exodus from the country to the city. A century earlier, specifically in 1774, money is very important – as has been the case for thousands of years. But a man can life in the rural areas, till the soil, become a farmer and through such labors one can expect to at least provide the basic necessities such as food, shelter and clothing. The lack of money is no problem because farmers can trade for goods that they need using farm produce. But in Marx’s time money became the supreme god. There is nothing that can be done without it. With minted coins one can purchase everything including the heart and soul of men. In Marx’s progressive and modern cities where men and women were reduced to something a little bit higher than slaves their ability to trade or negotiate was reduced to zero. They can no longer decide the right time for rest and to find a way to get a better return for their labor for their income is fixed by hourly wages. And because of the new system – the daily or weekly cycle of receiving wages after a time of hard work – gave the new masters the ability to impose work schedules and production quotas irregardless if this is beneficial to the workers or not. There is indeed a high contrast to the social structure, cultural norms and behavior fo the people living in the time of Goethe as compared to those who lived in the time of Marx. Marx’s description of the modern world is full of dread that it invites a few to share what he has seen. On the other hand there is a need for an intense emotional outburst in order to feel what Goethe has seen but his problems are nothing compared to what described as the new social phenomenon of man working for crumbs when there are a few who are lording it over them. In the two masterpieces the world has seen what it was like to live in two different eras. What is surprising is the fact that it only took a mere century to transform what is idyllic and what is a laid back life into something as hellish as urban decay and people forced to work as much as 24/7 in order to simply supply the basic necessities of life. The tragedy of Werther is lost love but Marx society allowed for losing the souls of men.

Pediatric Nursing Shortage Essay

The Society of Pediatric Nurses (SPN) has been instrumental in advocating for high quality, culturally sensitive, and comprehensive care for children and families. The healthcare needs of pediatric patients present unique challenges due to different developmental stages, limited communication skills, and differences in epidemiology and approaches to treatment as compared to adults. Nurse staffing is a focus of major concern because of the impact of staffing patterns on patient safety and quality of care. The advent of managed care, shortened hospital stays, and public reporting of quality measures demand that healthcare organizations objectively define and assess the quality of care delivered to children and families. Registered Nurses are the primary caregivers within the healthcare setting and are the essential link in assisting patients and families with navigating and humanizing a highly technical and impersonal healthcare system. An organization’s commitment to high quali ty pediatric care is dependent upon appropriate staffing levels with adequately prepared nurses and the implementation of collaborative, evidence-based practice (Schwalenstocker, Bisarya, Lau, & Adebimpe, 2007). In 2007, members of the Public Policy Committee developed the Safe Staffing Position Statement. This document outlined recommendations for safe and effective nursing care for children and their families. The position statement was recently updated and is intended to serve as the framework to assist organizations providing care to children in the implementation of evidenced based staffing plans to promote high-quality care. It is imperative that schools of nursing, healthcare institutions and pediatric nurses utilize this document as a resource to ensure that appropriate education, training, resources and effective staffing plans are provided to ensure the provision of safe, quality, customer focused care to pediatric patients and their families. Problem Statement Following a Congressional request in 1993 for the Institute of Medicine (IOM) to study the adequacy of nurse staffing in hospitals and nursing homes, a 1996 IOM report recognized the importance of determining the appropriate nurse-patient ratios and distribution of skills to ensure patients receive quality care. A September 1999 IOM report first called the public’s attention to the problem of increased patient morbidity and mortality related to errors occurring within healthcare delivery systems. Since that time there has been a growing emphasis on patient safety, process improvement and the potential effects of adequate staffing. Rationale and Supporting Information Research has continued to show the association between nursing staffing and improved patient outcomes (Aiken, et al, 2010; Kane, et al, 2007; Needleman, et al, 2006; Stanton, 2004; American Organization of Nurse Executives, 2003; Aiken, et al, 2002). In 2007 the Child Health Corporation of America is association with the National Association of Children’s Hospitals and Related Institutions (NACHRI) and Medical Management Planning/BENCHmarking Effort for Networking Children’s Hospitals found increased nurse staffing was associated with improved patient/family experience with care and a reduced incidence of adverse outcomes. NACHRI also reported that The Joint Commission found staffing levels had been a critical factor in 20 percent of sentinel events occurring over a ten year period from 19952005 (Schwalenstocker, Bisarya, Lau & Adebimpe, 2007). Stratton (2008) found a reduction in the rate of pediatric central line blood stream infections with an increase in nursing sta ffing hours. Research conducted by Mark, Harless and Berman (2007) showed a statistically significant reduction in postoperative cardiopulmonary complications, pneumonia and infections in the pediatric population with increased RN staffing. In addition, nurse staffing levels have also been found to be a critical determinant of nurse job satisfaction (American Organization of Nurse Executives, 2003). During the 108th Session of Congress (2003-2004), The Registered Nurse Safe Staffing Act was first introduced. The intent of the act is to hold hospitals accountable for the implementation of valid and reliable nurse staffing plans, taking into consideration each hospital unit’s unique needs and strengths. The Registered Nurse Safe Staffing Act was reintroduced in the 110th Congress (2007-2008) and further refined and reintroduced on June 15, 2010 under S.3491/H.R.5527 during the 111th Congress (American Nurses Association, 2010). The Society of Pediatric Nurses (SPN) believes the following additional factors are of critical importance regarding safe staffing for pediatric patients: †¢ There are unique challenges with caring for children. These challenges include: o Infants and young children are dependent upon adult caregivers and require closer supervision. o Many children have not yet acquired the communication skills to warn clinicians about a potential mistake or verbalize possible adverse effects about their care. Medication administration is much more complex since weight based dosing is required o for most medications (Kaushal, et al, 2001). The acuity and intensity of nursing resources required to care for children have been growing steadily (Monsen & Finley, 2007; NACHRI, 2003). Of the 14.1 million children in the US living in poverty, 1 in 10 lack health care coverage (Children’s Defense Fund, 2010). Childhood poverty contributes to deficits in primary and preventative health care and results in increased healthcare issues and higher acuity for these children (Children’s Defense Fund, 2002). Pediatric nurses practice in many settings including hospitals, schools, homes, clinics, long term care facilities, and public health centers. The multitude of settings and the wide range of resources available in each setting greatly affect the type and number of nursing staff required to care for any given patient population. The level of experience of nursing staff, unit layout, and level of ancillary support must be considered when establishing the staffing needs and assignment plan for any given unit (Institute of Medicine, 2010; American Nurses Association, 2007). Society of Pediatric Nurses Position/Recommendations SPN believes that all children and their families should receive safe, high quality, culturally sensitive, family-centered care in an environment that supports the development of the child and promotes excellence in nursing care. As an advocate for patients, families, and the pediatric nursing profession, SPN endorses the following recommendations: 1. Staffing is a complex issue composed of multiple variables (American Organization of Nurse Executives, 2003). No single published ratio for nursing staffing is automatically applicable in all settings where children receive care. Published recommendations for staffing ratios must be carefully evaluated for the particular pediatric setting since these ratios may inadvertently minimize the complexity and multitude of issues that must be considered in the care of pediatric patients and their families. 2. The professional registered nurse must be considered an essential member of the team providing care for children and their families; staffing plans must reflect this vital role (American Nurses Credentialing Center, 2003). 3. Healthcare institutions should develop valid and reliable staffing plans (American Nurses Association, 2010) and patient assignments should promote developmentally appropriate, high quality care for children and families. Nursing leadership, registered nurses and other designated nursing staff should be involved in the development of staffing plans and proper preparation of staff for the patient populations cared for within the facility (Joint Commission, 2010). 4. While the specific details of these staffing plans will vary with individual patient needs and facility resources, SPN believes the following factors should be considered in all staffing situations: Number and acuity of the patient population. a. Assessment of patient needs including special developmental, physiological, psychosocial, and learning needs of children and their families. b. Availability of specialized pediatric equipment and supplies to provide the necessary care and the availability of other support services such as respiratory care, child life, social services, and spiritual care (American Academy of Pediatrics, 2006, 2004a, 2004b, 1998). c. Level of education, competency, and the extent of experience and specialized pediatric training of available staff. d. Family involvement and/or the family’s special needs related to meeting the healthcare needs of the child (American Academy of Pediatrics, 2006; Lewandowski & Tessler, 2003). e. Comparable pediatric staffing benchmark data and/or staffing guidelines from other pediatric focused professional organizations should be integrated into developing staffing plans if at all possible (National Association of Neonatal Nurses 2008; American Nurses Association, 2008; American Academy of Pediatrics 2006, 2004a, 2004b, 1998; NACHRI, 2003). 5. Nurses caring for pediatric patients must have appropriate education and experience to demonstrate competency in the care of this highly specialized patient population. The core concepts as cited in the following sources should be included in education and training: Pediatric Nursing: Scope and Standards of Pediatric Nursing Practice (American Nurses Association, 2008) Position Statement on Family Centered Care Content in the Nursing Education Curriculum (Society of Pediatric Nurses, 2008) Position Statement on Child Health Content in the Undergraduate Curriculum (Society of Pediatric Nurses, 2007) Core Curriculum for the Nursing Care of Children and Their Families (Broome & Rollins, 1999) Standards and Guidelines for Pre-Licensure and Early Professional Education for the Nursing Care of Children and Their Families (Woodring, 1998). 6. Organizations and nursing staff providing care for pediatric patients should commit to ongoing maintenance of nursing staff’s clinical competency through continuing education that ensures a current knowledge base of issues and trends in pediatric care delivery. 7. Organizations should work to establish practice environments characterized by open communication, teamwork, and effective collaborative problem solving to address nurse staffing issues and ensure safe, effective care for children and families. 8. Nurses are encouraged to assume professional accountability for their own practice. Nurses have accountability for the following: Being an advocate for the role of the registered professional nurse Being knowledgeable of state practice acts Being knowledgeable of the mechanisms available to address potential staffing issues References Aiken, L. H., Sloane, D. M., Cimiotti, J. P., Clarke, S. P., Flynn, L., Seago, J. A., Spetz, J. & Smith, H. L. (2010). Implications of the California nurse staffing mandate for other states. Health Services Research, 45(4), 904-921. Aiken L. H., Clarke, S. P., Sloane, D. M., Sochalski, J., Silber, J. H. (2002). Hospital nurse staffing and patient mortality, nurse burnout, and job dissatisfaction. Journal of the American Medical Association, 288(16), 1987-1993. American Academy of Pediatrics (2006). Child life services. Pediatrics, 118(4); 1757-1763. American Academy of Pediatrics (2004b). Levels of neonatal care. Pediatrics 114(5); 1342-1347. American Academy of Pediatrics (2004a). Guidelines and levels of care for pediatric intensive care units. Pediatrics 114(4); 1114-1125. American Academy of Pediatrics (1998). Facilities and equipment for the care of pediatric patients in a community hospital. Pediatrics 101(6); 1089-1090. American Nurses Association. (2010). Safe staffing saves lives. Federal legislation: Registered nurse safe staffing act. Retrieved on-line February 13, 2011. http://www.safestaffingsaveslives.org/whatisANAdoing/federallegislation.aspx?css=print American Nurses Association (2008). Pediatric nursing: Scope and standards of practice. Washington DC: Author. American Nurses Association. (2007). Acute care staffing. Nursing’s legislative and regulatory initiatives for the 110th Congress: Appropriate staffing. Retrieved on-line: February 13, 2011. http://www.nursingworld.org/MainMenuCategories/ANAPoliticalPower/Federal/legis/AcuteCare.aspx. American Nurses Credentialing Center. (2003). The magnet recognition program for excellence in nursing service health care organization, instructions and application process. Pub# MAGMAN03. Washington, DC: Author. American Organization of Nurse Executives (2003). AONE policy statement on mandated staffing ratios. Retrieved on-line: January 21, 20 11. http://www.aone.org/aone/advocacy/ps_ratios.html. Broome, M. & Rollins, J. (Eds.). (1999). Core curriculum for the nursing care of children and their families. Pittman, NJ: Jannetti Publications. Children’s Defense Fund. (2010). The state of America’s children 2010. Retrieved on line February 13, 2011. http://www.childrensdefense.org/child-research-data-publications/data/state-of-americas-children2010-report.html. Children’s Defense Fund. (2002). Basic facts on poverty. Child Poverty FAQs. Washington DC: Author. Institute of Medicine. (2010). The future of nursing: leading change, advancing health. Report brief: 2010. Washington DC: Author. Institute of Medicine. (1999). To err is human: Building a safer health care system. Washington, DC: Author. Joint Commission. (2010). Joint commission accreditation resources: Accreditation manager plus. Retrieved on-line: February 21, 2011. http://qvcsql01/JCRAMP/Frame.aspx. Kane, R. L., Shamliyan, T. A., Mueller, C., Duval, S., Wilt, T. J. (2007). The association of registered nurse staffing levels and patient outcomes. Systematic review and meta-analysis. Medical Care, 45(12): 1195-1204. Kaushal, R., Bates, D.W., Landrigan, C., McKenna, K. J., Clapp, M. D., Federico, F., Goldman, D. A. (2001). Medication errors and adverse drug events in pediatric inpatients. Journal of the American Medical Association, 285(16), 2114-2120. Lewandowski, L. A. & Tessler, M. D. (Eds.). (2003). Family-centered care: Putting it into action: The SPN/ANA guide to family-centered care. Washington DC: American Nurses Publishing. Mark, B. A., Harless, D. W., Berman, W. F. (2007). Nurse staffing and adverse events in hospitalized children. Policy, Politics & Nursing Practice, 8(2): 83-92. Monsen, R. B., Finley, S. (2007). Shortage of nurses and child health. Journal of Pediatric Nursing, 22(3), 231-232). National Association of Children’s Hospitals and Related Institution s. (2003). Clinical practices service program: Benchmark data. Available from www.childrenshospitals.net/nachri. National Association of Neonatal Nurses (2008). Minimum RN staffing in NICU’s. Retrieved online February 11, 2011. http://www.nann.org/pdf/08_3009_rev.pdf. Needleman, J., Buerhaus, P. I., Stewart, M., Zelevinsky, K., Soeren, M. (2006). Nurse staffing in hospitals: Is there a business case for quality? Health Affairs, 25(1): 204-211. Schwalenstocker, E., Bisarya, H., Lau, S. & Adebimpe, O. (2007). Nursing-sensitive indicators for children’s hospital care quality: Indicators are essential, but further testing is needed for use in comparing hospital performance. A white paper prepared by the Pediatric Data Quality Systems (PediQS) Collaborative. September 2007. Retrieved on line: February 8, 2011: http://www.childrenshospitals.net/AM/Template.cfm?Section=Site_Map3&Template=/CM/ContentDisp lay.cfm&ContentID=29730. Society of Pediatric Nurses. (2008). Position st atement on family centered care content in the nursing education curriculum. Retrieved on-line: February 21, 2011. http://www.pedsnurses.org/component/option,com_docman/Itemid,222/task,doc_view/gid,193/

The Head of Poseidon - 1339 Words

The Head of Poseidon Greek mythology is thought to be very fascinating to many people; I personally wanted to learn more about it and the Hellenistic period. A new cultural age was led by Alexander the Great when he took over Egypt and the Near East, historians refer to this period as Hellenistic. The Hellenistic period started when Alexander died in about 320 BCE and continued approximately three eras, pending the dual killing of Queen Cleopatra of Egypt and her Roman partner Mark Antony in 30 BCE after their pivotal overthrow at the combat of Actium by Antony’s opponent Augustus. During that time, Augustus made Egypt a jurisdiction of the Roman Empire. The cultural centers of the Hellenistic period were the court cities of the Greek†¦show more content†¦Then from time to time, when he was in a corrupt mood, Poseidon would attack the ground floor with a trident and cause disruptive earthquakes, drownings, and shipwrecks. Poseidon was comparable to his brother Zeus in utilizing his power on women and in portraying masculinity. (Kleiner, 123) He had several love affairs and engendered various children. Poseidon on one occasion married a Nereid, Amphitrite, and formed Triton who was half-human and half-fish. He also impregnated the Gorgon Medusa to give birth to Chrysaor and Pegasus, the flying horse. The rape of Aethra by Poseidon stemmed in the delivery of Theseus; and he changed Caeneus into a man, at her request, after raping her. Another rape involved Amymone when she tried to escape from a satyr and Poseidon rescued her. Other descendants of Poseidon include: Eumolpus, the Giant Sinis, Polyphemus, Orion, King Amycus, Proteus, Agenor and Belus from Europa, Pelias, and the King of Egypt, Busiris. One of the most disreputable love encounters of Poseidon includes his sister, Demeter. Poseidon chased Demeter and to escape him she turned herself into a mare. In his lust for her, Poseidon changed himself into a horse and took her. Their encounter resulted in a horse offspring, Arion. It is thought that Poseidon and Demeter are a good match because they reign as the god and goddess of fertility. An additional notorious story of Poseidon consists of the rivalryShow MoreRelatedHow the Oceans were Created919 Words   |  4 Pagesin particular, Poseidon. He was the youngest of three brothers, there was Zeus, the oldest, and then Hades, and Poseidon. Zeus was the God of the sky, Hades, the underworld, and Poseidon, the God of rain. But one day, Poseidon realized that he had much less than his older brothers. He was a God too, after all, he was capable of more. So he went on a great journey, and came to consult the great Goddess of the earth, Gaia. After much discussion, she decided to give Poseidon what he wishedRead MoreThe Greeks Were A Mighty Empire.the Greeks1179 Words   |  5 PagesZeus, Hera, Poseidon, Demeter, Athena, Apollo, Artemis, Ares, Aphrodite, Hephaestus, Hermes and either Hestia, or Dionysus. The Greeks worshiped many more but these were more important to them.To explain things they couldn t understand they made these gods and myths to go with them. They explain the tide, seasons, where land and the seas and the sky come from, and the world itself. The religion would allow Greeks to look at the Mediterranean Sea and know that Poseidon made that. Poseidon was oneRead MoreEssay on The Odyssey, by Homer, is an Epic888 Words   |  4 PagesCharybdis. Scylla is a terrifying monster with six heads. She dwells in a high rocky cave, devouring sailors in ships that pass close by.†(Homer 617) Scylla is a supernatural monster because no large creatures have been identified in the world to have six heads. She is Odysseus’ antagonist because in this particular section, Odysseus must challenge the monster by sailing close by, without losing sailors. However, Scylla devours six of his men, one for each head. Therefore, by losing his men to Scylla, theRead MoreThe Gorgon Murderer By Ernst Kirchner1101 Words   |  5 Pages I observed a statue of Perseus holding the head of Medusa which I found intriguing. In the mythological story â€Å"Perseus stands naked with a sash and winged sandals, appearing to be the man beheading Medusa was purchased by Countess Valeria Tarnowska of Poland, is a replica of Canova’s famed marble of Perseus in the Vatican, conceived about 1790 and first shown in 1801.† Metropolitan Museum of Art. Museum label for Antonio Canova, Perseus with the Head of Medusa. Manhattan. 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In Hercules, Zeus has a son Hercules and loves him because he wants him to be the protector of both men and gods. In the movie, Percy has short, dark, brown/ black hair and blue eyes. He is the son of Poseidon. He killed a minotaur, MedusaRead MorePoseidon Essay968 Words   |  4 Pageslived. Poseidon or Neptune was known to be one of the strongest gods that ever walked on the planet. Poseidon is best known for protecting and watching over the ocean. In the beginning, it all started with the gods and goddesses Cronus (God of the Sky) and Rhea (Goddess of the Earth). They met and got married. While they were married they produced six offspring. These offspring would turn out to be some of the most famous in mythology. The offspring consisted of Hestia, Hades, Poseidon, DemeterRead MorePoseidon Was A God Of Pure Impulse1457 Words   |  6 PagesIntroduction Poseidon was known to be a temperamental, greedy and unpredictable god. 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