Posts Tagged ‘inspiration’

5
May

Stiffel Lamps

   Posted by: admin    in Bedside Table Lamps



stiffel lamps

A Stiffel Lamps Decorating Guide

The Stiffel lamp is among the most common and recognizable lamps you’ll ever see. Looking around your home right now, chances are you have at least one, probably more. Their functionality is matched only by their versatility, as Stiffel lamps can be used in almost any setting and design pallet. Whether the style is contemporary, classic, eclectic or specifically themed, there is a good chance that a Stiffel lamp can fit in with the design.

The key to choosing the right Stiffel lamp and placing it in just the right location is to first pinpoint exactly what you are planning to use it for. Is this going to be accent lighting that helps the larger light fixtures by brightening a dark corner, or will this lamp be the primary light source in the room? There is also task-oriented light fixtures that are specifically placed to illuminate a particular piece of artwork or a chair that you frequently sit in to read. There are different Stiffel lamps for all of these uses and more.

For accent lighting, a smaller Stiffel lamp is usually best. You don’t want it to overpower the room and become the main attraction. If the back of your sofa is exposed, try putting a small Table behind it and a Stiffel lamp for accent light. It can also be useful for reading on the sofa. Any lighting that you are planning to read by should be positioned behind and above the reader for the greatest amount of light to reach the right place. Instead of a small Stiffel lamp on a table behind the sofa, you can use a tall floor lamp just as easily.

Stiffel lamps are not just for decorating the home. They can be used to add more light to your office and make it a little more comfortable. Most offices have white halogen lighting. Not that there is anything wrong with halogen, but it may be a nice break for your eyes to bring in lighting that is not so white. For a professional atmosphere, you can use a Stiffel lamp with a clean, simple appearance without compromising the comfortable, at-home feeling you brought it in for in the first place.

Depending on the size of your office, how big your desk is and what type of furniture is already there, you can use a table or a floor lamp. Floor lamps are usually best unless you have a very large desk that can accommodate the size and shape of a Stiffel lamp, which can crowd a desk if the shade is too big. A floor lamp next to your desk or in the corner is a nice touch. As far as color, again this will depend on what is already there. However, generally grey metal and white shades go nicely with most offices. If yours is more old-fashioned with a lot of cherry wood and leather, then a Stiffel lamp with a wood, copper or gold colored base can work great too.

With all of the styles, sizes and different types of Stiffel lamps, they will fit in almost anywhere you put them. They’re great on end tables on either side of the couch or bed. Floor Stiffel lamps can be used behind your favorite reading chair, in a dark corner or right next to the front door where it can be switched on as soon as you walk in. For anyone with an apartment, often they do not come furnished with light fixtures and you must supply your own. A few strategically placed Stiffel lamps will make you forget you don’t have built-in lighting. These are just a few of the ways that you can brighten up a room and add a touch of style with minimal expense and very little effort.

mark(at)modernlampsguide.com

About the Author

Jazz up
the décor with Frederick Cooper Lamps
in your home by visiting
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a popular lamp decorating website.


Antique Lamp Buyer's Guide: Identifying Late 19th and Early 20th Century American Lighting


Antique Lamp Buyer’s Guide: Identifying Late 19th and Early 20th Century American Lighting


$27.19


Do you own an old lamp? Are you wondering what it is, how it was originally used, how you can make it better, or how much it is worth? If so, this book is written for you! Easy to read and complete with a newly revised price guide, this book answers many of the basic questions confronting lamp collectors, from “Where do I look for a manufacturer’s signature?” to “How do I distinguish reproductions…

Leviton 6151 Incandescent Lamp holder Socket Dimmer, Brass


Leviton 6151 Incandescent Lamp holder Socket Dimmer, Brass


$14.84


150W, 120 Volt AC 60Hz, Single-Pole, Metal Shell Full Range Electro-Mechanical Incandescent Lampholder Socket Dimmer – Brass…

8 Inch Glass Floor Lamp Reflector Shade Glass


8 Inch Glass Floor Lamp Reflector Shade Glass


$22.97


8″ dia., I.E.S Opal Reflector 2and1/4″ fitter, 5 3/4 ” dia., I.E.S. white opal glass reflector shade, Waffle pattern. 4 3/4″ ht. replacement glass for the Stiffle lamps that have a Glass reflector that holds the lamp shade
8″ IES Diffuser
2 1/4″ fitter, 5 3/4″ height, 8″ top diameter…

Bakarat™ Collection Antique Brass Floor Lamp


Bakarat™ Collection Antique Brass Floor Lamp


$329.99


A sophisticated floor lamp look from the Alexander Bakarat™ Collection. All metal antique brass finish base. Base is reminiscent of classic Stiffel designs. Subtle cream bell shade up top. Double light pulls balance the look….


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2
Apr

Table For 12 Full Episodes

   Posted by: admin    in Bedside Table Lamps



table for 12 full episodes

Bugs Bunny

History

The unnamed, prototype Warner Bros. rabbit

Main article: Evolution of Bugs Bunny

An unnamed rabbit bearing some of the personality, if not physical characteristics of Bugs, first appeared in the cartoon short Porky’s Hare Hunt, released on April 30, 1938. Co-directed by Ben Hardaway and an uncredited Cal Dalton (who was responsible for the initial design of the rabbit), this short had a theme almost identical to that of the 1937 cartoon, Porky’s Duck Hunt (directed by Tex Avery), which had introduced Daffy Duck. Porky Pig was again cast as a hunter tracking another silly prey who seemed less interested in escape than in driving his pursuer insane; this short replaced the black duck with a small white rabbit. The rabbit introduces himself with the odd expression “Jiggers, fellers”, and Mel Blanc gave the rabbit nearly the voice and laugh that he would later use for Woody Woodpecker. This cartoon also features the famous Groucho Marx line that Bugs would use many times: “Of course you know, this means war!” The rabbit developed a following from the audience viewing this cartoon which inspired the Schlesinger staff to further develop the character.

First incarnation of the rabbit debuts in Porky’s Hare Hunt (1938)

The rabbit’s second appearance came in 1939′s Prest-O Change-O, directed by Chuck Jones, where he is the pet rabbit of unseen character Sham-Fu the Magician. Two dogs, fleeing the local dogcatcher, enter his absent master’s house. The rabbit harasses them, but is ultimately bested by the bigger of the two dogs.

His third appearance was in another 1939 cartoon, Hare-um Scare-um, directed by Dalton and Hardaway. This short, the first where he was depicted as a gray bunny instead of a white one, is also notable both for the rabbit’s first singing role. Charlie Thorson, lead animator on the short, was the first to give the character a name. He had written “Bugs’ Bunny” on the model sheet that he drew for Hardaway, implying that he considered the rabbit model sheet to be Hardaway’s property. In promotional material for the short (such as a surviving 1939 presskit), the name on the model sheet was altered to become the rabbit’s own name: “Bugs” Bunny (quotation marks only used at the very beginning), evidently named in honor of “Bugs” Hardaway.

In Chuck Jones’ Elmer’s Candid Camera the rabbit first encounters Elmer Fudd. This rabbit has more of a physical resemblance to the present-day Bugs, being taller and having a more similar face. The voice for this rabbit, however, was not similar to the well-known Brooklyn-Bronx accent, but spoke in a rural drawl. In Robert Clampett’s 1940 Patient Porky, a similar rabbit appears to trick the audience into thinking that 750 rabbits have been born (however the design is of the earlier white rabbit).

In his later years, Mel Blanc stated that a proposed name was “Happy Rabbit”. Ironically, the only time the name “Happy” was used was in reference to Bugs Hardaway. In the cartoon Hare-um Scare-um, the newspaper headline reads, “Happy Hardaway”.

Bugs Bunny emerges

The official debut of Bugs Bunny in A Wild Hare (1940)

Bugs’ appearance in A Wild Hare, directed by Tex Avery and released on July 27, 1940, is considered the first appearance of both Elmer and Bugs in their fully developed forms. It was in this cartoon that he first emerged from his rabbit hole to ask Elmer Fudd, now a hunter rather than a photographer, “What’s up, Doc?” Animation historian Joe Adamson counts A Wild Hare as the first “official” Bugs Bunny short. It is also the first cartoon where Mel Blanc uses a recognizable version of the voice of Bugs that would eventually become the standard.

Bugs’ second appearance in Jones’ Elmer’s Pet Rabbit finally introduced the audience to the name Bugs Bunny, which up until then had only been used among the Termite Terrace employees. However, the rabbit here is absolutely identical to the one in Jones’ earlier Elmer’s Candid Camera, both visually and vocally. It was also the first short where he received billing under his now-famous name, but the card, “featuring Bugs Bunny”, was just slapped on the end of the completed short’s opening titles when A Wild Hare proved an unexpected success. He would soon become the most prominent of the Looney Tunes characters as his calm, flippant insouciance endeared him to American audiences during and after World War II.

Bugs would appear in five more shorts during 1941: Tortoise Beats Hare, directed by Tex Avery and featuring the first appearance of Cecil Turtle; Hiawatha’s Rabbit Hunt, the first Bugs Bunny short to be directed by Friz Freleng; All This and Rabbit Stew, directed by Avery and featuring a young African-American hunter (based heavily on racial stereotypes) as Bugs’ antagonist; The Heckling Hare, the final Bugs short Avery worked on before being fired and leaving for MGM; and Wabbit Twouble, the first Bugs short directed by Robert Clampett. Wabbit Twouble was also the first of five Bugs shorts to feature a chubbier remodel of Elmer Fudd, a short-lived attempt to have Fudd more closely resemble his voice actor, comedian Arthur Q. Bryan.

World War II

By 1942, Bugs had become the number one star of the Merrie Melodies series, which had originally been intended only for one-shot characters in shorts after several early attempts to introduce characters failed under Harman-Ising, but had started introducing newer characters in 1937 under Schlesinger. Bugs’ 1942 shorts included Friz Freleng’s The Wabbit Who Came to Supper, and the Robert Clampett shorts The Wacky Wabbit and Bugs Bunny Gets the Boid (which introduced Beaky Buzzard). Bugs Bunny Gets the Boid also marks a slight redesign of Bugs, making his front teeth less prominent and his head rounder. The man responsible for this redesign was Robert McKimson, at the time working as an animator under Robert Clampett. The redesign at first was only used in the shorts created by Clampett’s production team but in time, it would be adopted by the other directors, with Freleng and Frank Tashlin the first to adopt this design. Upon his own promotion to director, McKimson created yet another version with more slanted eyes, longer teeth and a much larger mouth, which he (and, for the one Bugs Bunny cartoon he directed, Art Davis) used until 1949, when he started using the version he had designed for Clampett. Jones would come up with his own slight modification, and the voice as well would vary mildly between the units.

An alternate version of Bugs used by Robert McKimson and Art Davis between 1946 and 1949.

Other 1942 Bugs shorts included Chuck Jones’ Hold the Lion, Please, Freleng’s Fresh Hare and The Hare-Brained Hypnotist (which restored Elmer Fudd to his previous size), and Jones’ Case of the Missing Hare. He also made cameo appearances in Tex Avery’s final Warner Bros. short, Crazy Cruise, and starred in the two-minute United States war bonds commercial film Any Bonds Today.

Bugs was popular during World War II because of his free and easy attitude, and began receiving special star billing in his cartoons by 1943. By that time, Warner Bros. was the most profitable cartoon studio in the United States. Like other cartoon studios, such as Disney and Famous Studios had been doing, Warners put Bugs in opposition to the period’s biggest enemies: Adolf Hitler, Benito Mussolini, and the Japanese. The 1944 short Bugs Bunny Nips the Nips features Bugs at odds with a group of Japanese soldiers. This cartoon has since been pulled from distribution due to its racial stereotypes.

Since Bugs’ debut in A Wild Hare, he had appeared only in color Merrie Melodie cartoons (making him one of the few recurring characters created for that series in the Leon Schlesinger era prior to the full conversion to color, alongside Elmer’s prototype Egghead, Inki, Sniffles, and Elmer himself – who was heard but not seen in the 1942 Looney Tunes cartoon Nutty News, and made his first formal appearance in that series in 1943′s To Duck or Not To Duck). While he did make a cameo appearance in the 1943 Porky and Daffy cartoon Porky Pig’s Feat marking his only appearance in a black-and-white Looney Tune cartoon, he did not star in a cartoon in the Looney Tunes series until that series made its complete conversion to only color cartoons beginning with 1944 releases. Buckaroo Bugs was Bugs’ first cartoon in the Looney Tunes series, and was also the last WB cartoon to credit Leon Schlesinger.

Among his most notable civilian shorts during this period are Bob Clampett’s Tortoise Wins by a Hare (the sequel to Tortoise Beats Hare from 1941), A Corny Concerto (a spoof of Disney’s Fantasia), Falling Hare, and What’s Cookin’ Doc?; and Chuck Jones’ Superman parody Super-Rabbit, and Freleng’s Little Red Riding Rabbit. The 1944 short Bugs Bunny and the Three Bears introduced Jones’ The Three Bears characters.

In the cartoon Super-Rabbit, Bugs was seen in the end wearing a USMC dress uniform. As a result, the United States Marine Corps made Bugs an honorary Marine Master Sergeant.

A scene from George Pal’s Jasper Goes Hunting (1944).

From 1943-1946, Bugs was the official “mascot” of Kingman Army Air Field, Kingman, Arizona, where thousands of aerial gunners were trained during World War II. Some notable trainees included Clark Gable and Charles Bronson. Bugs also served as the mascot for 530 Squadron of the 380th Bombardment Group, 5th Air Force, USAF, which was attached to the Royal Australian Air Force and operated out of Australia’s Northern Territory from 1943 to 1945, flying B-24 Liberator bombers.

In 1944, Bugs Bunny actually made a cameo appearance in Jasper Goes Hunting, a short produced by rival studio Paramount Pictures. In this cameo (animated by Robert McKimson, with Mel Blanc providing the voice), Bugs pops out of a rabbit hole, saying his usual catchphrase; Bugs then says, “I must be in the wrong picture” and then goes back in the hole. He also appeared fleetingly in the 1947 Arthur Davis cartoon The Goofy Gophers.

The post-war era

A scene from Bewitched Bunny (1954)

A slight variation of how the character was drawn in the 1950s can be seen in the frame from Bewitched Bunny (1954). The inner pinkish parts of the ears have been reduced becoming more v-shaped at the top end and the ovalness of the eyes also replaced with a more top v shaped look. His cheeks protrude out more, and body is more compacted, when compared how he was drawn in the 1940s, arising to the distinct look of how he is drawn today.

Since then, Bugs has appeared in numerous cartoon shorts in the Looney Tunes and Merrie Melodies series, making his last appearance in the theatrical cartoons in 1964 with False Hare. He was directed by Friz Freleng, Robert McKimson, Arthur Davis and Chuck Jones and appeared in feature films, including Who Framed Roger Rabbit (which featured the first-ever meeting between Bugs and his box-office rival Mickey Mouse), Space Jam (which co-starred Michael Jordan), and the 2003 movie Looney Tunes: Back in Action.

The Bugs Bunny short Knighty Knight Bugs (1958), in which a medieval Bugs Bunny traded blows with Yosemite Sam and his fire-breathing dragon (which has a cold), won the Academy Award for Best Short Subject: Cartoons of 1958. Three of Chuck Jones’ Bugs Bunny shorts–Rabbit Fire, Rabbit Seasoning, and Duck, Rabbit, Duck!— comprise what is often referred to as the “Duck Season/Rabbit Season” trilogy, and are considered among the director’s best works. Jones’ 1957 classic, What’s Opera, Doc?, features Bugs and Elmer parodying Wagner’s Der Ring des Nibelungen, and has been deemed “culturally significant” by the United States Library of Congress and selected for preservation in the National Film Registry. It was the first cartoon short to receive this honor.

Bugs appeared in the 1957 short Show Biz Bugs with Daffy Duck, which features a controversial finish in which Daffy Duck, in an attempt to wow the (partisan) audience, did a dangerous magical act in which he (in sequence) drank gasoline, swallowed nitroglycerine, gunpowder, and uranium-238 (in a greenish solution), jumped up and down to “shake well”, and finally swallowed a match that detonated the whole improbable mixture. That incident caused some TV stations, and in the 1990s the cable network TNT, to edit out the dangerous act, fearing that young kids might try to imitate it.

In the fall of 1960, The Bugs Bunny Show, a television program which packaged many of the post-1948 Warners shorts with newly animated wraparounds, debuted on ABC. The show was originally aired in prime-time. After two seasons, it was moved to reruns on Saturday mornings. The Bugs Bunny Show changed format and exact title frequently (the packaging was completely different, with each short simply presented on its own, title and all, though some clips from the new bridging material was used as filler), but it remained on network television for 40 years.

After the classic cartoon era

When Mel Blanc died in 1989, Jeff Bergman, Joe Alaskey and Billy West became the new voices to Bugs Bunny and the rest of the Looney Tunes, taking turns doing the voices at various times.

Bugs has also made appearances in animated specials for network television, mostly composed of classic cartoons with bridging material added, including How Bugs Bunny Won the West, and The Bugs Bunny Mystery Special. 1980′s Bugs Bunny’s Busting Out All Over, however, contained no vintage clips and featured the first new Bugs Bunny cartoons in 16 years. It opened with “Portrait Of The Artist As a Young Bunny”, which features a flashback of Bugs as a child thwarting a young Elmer Fudd, while its third and closing short was “Spaced Out Bunny”, with Bugs being kidnapped by Marvin the Martian to be a playmate for Hugo, an Abominable Snowman-like character (a new Wile E. Coyote and Road Runner short filled out the half hour). Also, there have been various compilation films, including the independently produced Bugs Bunny: Superstar (utilizing the vintage shorts then owned by United Artists), while Warner Bros. assembled The Bugs Bunny/Road Runner Movie, The Looney Looney Looney Bugs Bunny Movie, Daffy Duck’s Fantastic Island, Bugs Bunny’s 3rd Movie: 1001 Rabbit Tales and Daffy Duck’s Quackbusters. He also made guest appearances in episodes of the 1990s television program Tiny Toon Adventures as the principal of Acme Looniversity and the mentor of Babs and Buster Bunny, and would later make occasional guest cameos on spinoffs Taz-Mania, Animaniacs and Histeria!

He appears in the beginning of Gremlins 2: The New Batch, where he tries to ride the opening Warner Bros logo, but is interrupted by Daffy Duck.

Bugs has had several comic book series over the years. Western Publishing had the license for all the Warner Brothers cartoons, and produced Bugs Bunny comics first for Dell Comics, then later for their own Gold Key Comics. Dell published 58 issues and several specials from 1952 to 1962. Gold Key continued for another 133 issues. DC Comics, the sister/subsidiary company of Warner Bros., has published several comics titles since 1994 that Bugs has appeared in. Notable among these was the 2000 four-issue miniseries Superman & Bugs Bunny, written by Mark Evanier and drawn by Joe Staton. This depicted a crossover between DC’s superheroes and the Warner cartoon characters.

Bugs Bunny’s star on the Hollywood Walk of Fame.

Like Mickey Mouse for The Walt Disney Company, Bugs has served as the mascot for Warner Bros. Studios and its various divisions. He and Mickey are the first cartoon characters to have a star on the Hollywood Walk of Fame.

In the 1988 animated/live action movie Who Framed Roger Rabbit, Bugs is shown as one of the inhabitants of Toontown. However, since the film was being produced by Disney, Warner Bros. would only allow the use of their biggest star if he got an equal amount of screen time as Disney’s biggest star, Mickey Mouse. Because of this, both characters are always together in frame when onscreen. They appear in a scene where they are skydiving while Eddie Valiant (Bob Hoskins) has no parachute, so Bugs offers him a “spare” which turns out to be a spare tire. They appear in the end as well, along with all the other toons. For the same reasons, Bugs never calls Mickey by his name, only referring to him as “Doc” (while Mickey calls him “Bugs”).

Bugs Bunny came back to the silver screen in Box Office Bunny in 1990. This was the first Bugs Bunny cartoon short since 1964 to be released to theaters, and it was created for the Bugs Bunny 50th anniversary celebration. It was followed in 1991 by (Blooper) Bunny, a short that has gained a cult following among some animation fans for its edgy humor.

Bugs made an appearance in the 1990 drug prevention video Cartoon All-Stars to the Rescue. This special is notable for being the first time that somebody other than Mel Blanc voiced Bugs Bunny and Daffy Duck (they were voiced by Jeff Bergman.)

In 1997, Bugs appeared on a U.S. postage stamp, the first cartoon to be so honored, beating the iconic Mickey Mouse. The stamp is number seven on the list of the ten most popular U.S. stamps, as calculated by the number of stamps purchased but not used. The introduction of Bugs onto a stamp was controversial at the time, as it was seen as a step toward the ‘commercialization’ of stamp art. The postal service rejected many designs, and went with a postal-themed drawing. Avery Dennison printed the Bugs Bunny stamp sheet, which featured “a special ten-stamp design and was the first self-adhesive souvenir sheet issued by the U.S. Postal Service.”

A younger version of Bugs is the main character of Baby Looney Tunes, which debuted on Cartoon Network (United States) in 2002. In the action comedy Loonatics Unleashed, his definite descendant Ace Bunny is the leader of the Loonatics team and seems to have inherited his ancestor’s Brooklyn accent and comic wit. Lexi Bunny who is Lola Bunny’s confirmed descendant seems to be his second in command and likely love interest. Danger Duck, a descendant of Daffy, has a similar relation with him to that between Bugs and Daffy – envy (jealousy in the extreme case) mixed with a grudging respect.

Bugs has appeared in numerous video games, including the Bugs Bunny’s Crazy Castle series, Bugs Bunny Birthday Blowout, Bugs Bunny: Rabbit Rampage and the similar Bugs Bunny in Double Trouble, Looney Tunes B-Ball, Space Jam, Looney Tunes Racing, Looney Tunes: Space Race, Bugs Bunny Lost in Time, and its sequel, Bugs Bunny and Taz Time Busters, and Looney Tunes: Back in Action and the new video game Looney Tunes: Acme Arsenal.

Personality and catchphrases

Bugs has feuded with Elmer Fudd, Yosemite Sam, Marvin the Martian, Beaky Buzzard, Daffy Duck, Tasmanian Devil, Cecil Turtle, Witch Hazel, Rocky and Mugsy, Wile E. Coyote, Count Blood Count, and a host of others. Bugs almost always wins these conflicts, a plot pattern which recurs in Looney Tunes films directed by Chuck Jones. Concerned that viewers would lose sympathy for a protagonist who always won, Jones had the antagonist characters repeatedly attempt to bully, cheat or threaten Bugs who has been minding his own business. He’s also been known to break the 4th wall by “communicating” with the audience, either by explaining the situation (ex. “Be with you in a minute folks!”), describing someone to the audience (ex. “Feisty, ain’t they?”), etc.

Bugs will usually try to placate the antagonist and avoid conflict, but when an antagonist pushes him too far, Bugs may address the audience and invoke his catchphrase “Of course you realize, this means war!” before he retaliates, and the retaliation will be devastating. This line was taken from Groucho Marx and others in the 1933 film Duck Soup and was also used in the 1935 Marx film A Night at the Opera. Bugs would pay homage to Groucho in other ways, such as occasionally adopting his stooped walk or leering eyebrow-raising (in Hair-Raising Hare, for example) or sometimes with a direct impersonation (as in Slick Hare).

Other directors, such as Friz Freleng, characterized Bugs as altruistic. When Bugs meets other successful characters (such as Cecil Turtle in Tortoise Beats Hare, or, in World War II, the Gremlin of Falling Hare), his overconfidence becomes a disadvantage.

During the 1940s, Bugs was immature and wild, but starting in the 1950s his personality matured and his attitude was less frenetic. It’s worth noting, however, that some feel this shift in Bugs’s personality marked a significant decline in the quality of his cartoons. Though often shown as highly mischievous and violent, Bugs is never actually malicious, and only acts as such in self-defense against his aggressors; the only cartoon where Bugs ever served as a true villain was Buckaroo Bugs.

Bugs Bunny’s nonchalant carrot-chewing standing position, as explained by Chuck Jones, Friz Freleng, and Bob Clampett, originated in a scene in the film It Happened One Night, in which Clark Gable’s character leans against a fence, eating carrots rapidly and talking with his mouth full to Claudette Colbert’s character. This scene was well known while the film was popular, and viewers at the time likely recognized Bugs Bunny’s behavior as satire.

The carrot-chewing scenes are generally followed by Bugs Bunny’s most well-known catchphrase, “What’s up, Doc?”, which was written by director Tex Avery for his first Bugs Bunny short, 1940′s A Wild Hare. Avery explained later that it was a common expression in his native Texas and that he did not think much of the phrase. When the short was first screened in theaters, the “What’s up, Doc?” scene generated a tremendously positive audience reaction. As a result, the scene became a recurring element in subsequent films and cartoons. The phrase was sometimes modified for a situation. For example, Bugs says “What’s up, dogs?” to the antagonists in A Hare Grows in Manhattan, “What’s up, Duke?” to the knight in Knight-mare Hare and “What’s up, prune-face?” to the aged Elmer in The Old Grey Hare. He might also greet Daffy with “What’s up, Duck?” He used one variation, “What’s all the hub-bub, bub?” only once, in Falling Hare. Another variation is used in Looney Tunes: Back In Action when he greets a lightsaber-wielding Marvin the Martian- “What’s up, Darth?”

Several Chuck Jones shorts in the late 1940s and 1950s depict Bugs travelling via cross-country (and, in some cases, intercontinental) tunnel-digging, ending up in places as varied as Mexico (Bully For Bugs, 1953), the Himalayas (The Abominable Snow Rabbit, 1960) and Antarctica (Frigid Hare, 1949) all because he “shoulda taken that left toin at Albukoikee.” He first utters that phrase in Herr Meets Hare (1945), when he emerges in the Black Forest, a cartoon seldom seen today due to its blatantly topical subject matter. When Hermann Gring says to Bugs, “There is no Las Vegas in ‘Chermany’” and takes a potshot at Bugs, Bugs dives into his hole and says, “Joimany! Yipe!”, as Bugs realizes he’s behind enemy lines. The confused response to his “left toin” comment also followed a pattern. For example, when he tunnels into Scotland in 1948′s My Bunny Lies Over The Sea, while thinking he’s heading for the La Brea Tar Pits in Los Angeles, California, it provides another chance for an ethnic stereotype: “Therrre’s no La Brrrea Tarrr Pits in Scotland!” (to which Bugs responds, “Uh…what’s up, Mac-doc?”). A couple of late-1950s shorts of this ilk also featured Daffy Duck travelling with Bugs (“Since when is Pismo Beach inside a cave?!”).

Bugs Bunny has some similarities to figures from mythology and folklore, such as Br’er Rabbit, Nanabozho, or Anansi, and might be seen as a modern trickster (for example, he repeatedly uses cross-dressing mischievously). Unlike most cartoon characters, however, Bugs Bunny is rarely defeated in his own games of trickery. One exception to this is the short Hare Brush, in which Elmer Fudd ultimately carries the day at the end; however, critics note that in this short, Elmer and Bugs assume each other’s personalitieshrough mental illness and hypnosis, respectivelynd it is only by becoming Bugs that Elmer can win. However Bugs was beaten at his own game. In the short Duck Amuck he torments Daffy Duck as the unseen animator, ending with his line, “Ain’t I a stinker?” Bugs feels the same wrath of an unseen animator in the short Rabbit Rampage where he is in turn tormented by Elmer Fudd. At the end of the clip Elmer gleefully exclaims, ‘Well, I finally got even with that scwewy wabbit!”

Although it was usually Porky Pig who brought the WB cartoons to a close with his stuttering, “That’s all, folks!”, Bugs would occasionally appear, bursting through a drum just as Porky did, but munching a carrot and saying in his Bronx-Brooklyn accent, “And dat’s de end!”

The name “Bugs” or “Bugsy” as an old-fashioned nickname means “crazy” (or “loopy”). Several famous people from the first half of the twentieth century had that nickname. It is now out of fashion as a nickname, but survives in 1950s-1960s expressions like “you’re bugging me”, as in “you’re driving me crazy”.

Bugs wears white gloves which he is only known to remove in Long-Haired Hare. In this episode, Bugs pretends to be the famed conductor Leopold Stokowski and instructs opera star “Giovanni Jones” to sing and to hold a high note. As Giovanni Jones is turning red with the strain, Bugs slips his left hand out of its glove, leaving the glove hovering in the air in order to command Jones to continue to hold the high note. Bugs then nips down to the mail drop to order, and then to receive, a pair of ear muffs. Bugs puts on the ear defenders and then zips back into the amphitheater and reinserts his hand into his glove as singer Jones is writhing on the stage, still holding that same high note).

Bugs Bunny is also a master of disguise: he can wear any disguise that he wants to confuse his enemies: in Bowery Bugs he uses 5 disguises: fakir, gentleman, women, Baker and finally policeman. This ability of disguise makes bugs famous because we can recognize him while at the same time realizing that his enemies are trapped. Bugs has a certain preference for the female disguise: Taz, Elmer Fudd, Yosemite Sam were fooled by this sexy bunny (woman) and in Hare Trimmed, Sam discovers the real face of “Granny”(Bugs disguise) in the church where they attempt to get married.

Rabbit or hare?

The animators throughout Bugs’ history have treated the terms rabbit and hare as synonymous. Taxonomically they are not synonymous, being somewhat similar but observably different types of lagomorphs. Hares have much longer ears than rabbits, so Bugs might seem to be of the hare family, and many more of the cartoon titles include the word “hare” rather than “rabbit.” Within the cartoons, although the term “hare” comes up sometimes (for example, Bugs drinking “hare tonic” to “stop falling hare” and being doused with “hare restorer” to bring him back from invisibility), Bugs as well as his antagonists most often refer to the character as a “rabbit”. The word “bunny” is of no help in answering this question, as it is a synonym for both young hares and young rabbits.

In Nike commercials with Michael Jordan, Bugs had been referred to as “Hare Jordan.”

The opening and closing

In the opening of many of the Bugs Bunny cartoons, the Merrie Melodies and Looney Tunes rings contain Bugs Bunny’s head after the Warner Bros. shield (generally from 1944 and 1949 onward). Others have Bugs Bunny relaxing on top of the Warner Bros. shield: He chews on his carrot, looks angrily at the camera and pulls down the next logo (Merrie Melodies or Looney Tunes) like a window shade (generally on cartoons between 1945 until early 1949). Then he lifts it back up, to now be seen lying on his own name, which then fades into the title of the specific short. In some other cases, the title card sometimes fades to him, already on his name and chewing his carrot then fade to the name of the short. At the finish of some, Bugs breaks out of a drum (like Porky Pig) and says, “And that’s the end”.

Voice actors

The following are the many voice actors who have voiced the character Bugs Bunny over the last seventy years:

Mel Blanc voiced the character for 49 years, from Bugs’ debut in A Wild Hare (1940) until Blanc’s death in 1989. Blanc described the voice as a combination of Bronx and Brooklyn accents; however, Tex Avery claimed that he asked Blanc to give the character not a New York accent per se, but a voice like that of actor Frank McHugh, who frequently appeared in supporting roles in the 1930s and whose voice might be described as New York Irish. In Bugs’ second cartoon Elmer’s Pet Rabbit, Blanc created a completely new voice for Bugs, which sounded like a Jimmy Stewart impression, but the directors decided the previous voice was better. Though his best-known character was the carrot-chomping rabbit, munching on the carrots interrupted the dialogue. Various substitutes, such as celery, were tried, but none of them sounded like a carrot. So for the sake of expedience, he would munch and then spit the carrot bits into a spittoon rather than swallowing them, and continue with the dialogue. One oft-repeated story, possibly originating from Bugs Bunny: Superstar, is that he was allergic to carrots and had to spit them out to minimize any allergic reaction but his autobiography makes no such claim; in fact, in a 1984 interview with Tim Lawson, co-author of The Magic Behind The Voices: A Who’s Who of Cartoon Voice Actors (University Press of Mississippi, 2004), Blanc emphatically denied being allergic to carrots.

Jeff Bergman was the first to have the honor of voicing Bugs (and several other Looney Tunes characters) after Mel Blanc died in 1989. He got the job by impressing Warner Bros. higher-ups with a tape of himself re-creating the voices of several of Blanc’s characters, including Bugs Bunny. He had rigged the tape player so that he could use a switch to instantly toggle back and forth between the original recording of Blanc and Bergman’s recording of the same lines. Upon doing this, it was almost impossible for the producers to tell which voice was Blanc’s and which voice was Bergman; thus his vocal ability was established and his career launched.

Bergman first voiced Bugs during the 1990 Academy Awards and then in Box Office Bunny, a 4-minute Looney Tunes short released in 1990 to commemorate Bugs’ fiftieth anniversary. Bergman would next voice Bugs Bunny in the 1991 short (Blooper) Bunny, a Greg Ford-directed cartoon also produced to coincide with Bugs Bunny’s fiftieth anniversary. However, the short never received its intended theatrical release and was shelved for years, until Cartoon Network rediscovered it and broadcast it on their channel several years later. (Blooper) Bunny has since garnered a cult following among animation fans for its use of edgy humor. Other works for which Bergman provided Bugs’ voice include Invasion of the Bunny Snatchers (an obvious parody of the 1950s sci-fi classic Invasion of the Body Snatchers), Tiny Toon Adventures (a popular television program of the early nineties that featured the classic Looney Tunes characters as mentors to their younger counterparts) in the first season, and Cartoon All-Stars to the Rescue (a television special exposing children to dangers of marijuana). Bergman would continue to do the voice of Bugs Bunny until 1993.

Greg Burson first voiced Bugs in later episodes of Tiny Toon Adventures. He was then given the responsibility of voicing Bugs in 1995′s Carrotblanca, a well-received 8-minute Looney Tunes cartoon originally shown in cinemas alongside The Amazing Panda Adventure (US) and The Pebble and the Penguin (non-US); it has since been released on video packaged with older Looney Tunes cartoons and was even included in the special edition DVD release of Casablanca, of which it is both a parody and an homage. Burson next voiced Bugs in the 1996 short From Hare to Eternity; the film is notable for being dedicated to the memory of the then-just deceased Friz Freleng, and for being the final Looney Tunes cartoon that Chuck Jones directed. Greg Burson also provided Bugs’ voice in The Bugs and Daffy Show, which ran on Cartoon Network from 1996 to 2003. He died in 2008.

Billy West has been in television since the late 1980s. His first role was for the 1988 revived version of Bob Clampett’s Beany and Cecil. West’s breakthrough role then came almost immediately, as the voice of Stimpy and later Ren in John Kricfalusi’s Ren & Stimpy. West has since been the voice talent for close to 120 different characters, including some of the most iconic animated figures in television history. Perhaps West’s most notable film work came in the 1996 movie Space Jam. Starring alongside Michael Jordan, West provided the voice of both Bugs Bunny and Elmer Fudd. West would go on to reprise the roles of Bugs in subsequent Looney Tunes productions, including his cameos on Histeria!, the Kids’ WB! promotional spots, and the 2006 Christmas-themed special Bah, Humduck! A Looney Tunes Christmas and the DVD compilations “Reality Check” and “Stranger Than Fiction”, along with several Looney Tunes-centric CDs, cartoons, and video games. Billy West is, along with fellow voice artist Joe Alaskey, credited as one of the current successors of Mel Blanc in impersonating the voice of Bugs Bunny.

Joe Alaskey, like Jeff Bergman, is well-known for his ability to successfully impersonate many Looney Tunes characters. In fact, Alaskey voiced Yosemite Sam in Who Framed Roger Rabbit, as original voice actor Mel Blanc had found it too hard on his vocal cords. (This makes Sam one of the few voices created by Blanc to be voiced by someone else during his lifetime.) Joe Alaskey’s first performance as Bugs Bunny came in the 2003 feature film Looney Tunes: Back in Action, although he had tested performing the role in a few earlier projects, such as Tweety’s High-Flying Adventure. While still best known for providing the voice of Daffy Duck, Alaskey has also gone on to do Bugs’ voice in several subsequent productions, including Daffy Duck for President (which was released on The Looney Tunes Golden Collection: Volume 2 and dedicated to then-just deceased Chuck Jones) and several recent video games. Joe Alaskey is, along with fellow voice actor Billy West, credited as one of the current successors of Mel Blanc in impersonating the voice of Bugs Bunny.

Samuel Vincent served as the voice of Bugs in the Cartoon Network TV series Baby Looney Tunes.

Noel Blanc, Mel Blanc’s son, voiced Bugs for the Tiny Toons special It’s a Wonderful Tiny Toon Christmas Special. The elder Blanc claimed in his later years that Noel substituted for Mel in various cartoon studios, including doing Bugs at Warner Bros., while he was recovering from a near-fatal car wreck. Noel can also be seen doing Bugs’ voice with his father in the documentary on the making of the film Who Framed Roger Rabbit. Noel voiced Elmer Fudd in a cut-away scene for the animated TV series Family Guy (in “Stewie Griffin: The Untold Story”).

Cameos

Bugs Bunny has had cameo appearances in several cartoons, including one Private SNAFU short. For his appearance in The Goofy Gophers his voice was sped up.

Crazy Cruise (1942)

Porky Pig’s Feat (1943) This marks Bugs’ only appearance in a black-and-white Looney Tunes short.

Jasper Goes Hunting (1944, for Paramount)

Odor-able Kitty (1945)

The Goofy Gophers (1947)

The Lion’s Busy (1950)

Duck Amuck (1953)

Justice League: The New Frontier (2008, as one of the forms of The Martian Manhunter )

International

Bugs Bunny cartoons air in countries outside of the United States. In most cases, the original US cartoons are simply redubbed in the native language and the characters are usually given names more fitting for the country in which they are appearing. For example, in Finland, Bugs Bunny is called Viski Vemmelsri.

Current popularity

In 2002, TV Guide compiled a list of the 50 greatest cartoon characters of all time as part of the magazine’s 50th anniversary. Bugs Bunny was given the honor of number 1. In a CNN broadcast on July 31, 2002, a TV Guide editor talked about the group that created the list. The editor also explained why Bugs pulled top billing: “His stock…has never gone down…Bugs is the best example…of the smart-aleck American comic. He not only is a great cartoon character, he’s a great comedian. He was written well. He was drawn beautifully. He has thrilled and made many generations laugh. He is tops.” Additionally, in Animal Planet’s 50 Greatest Movie Animals (2004), Bugs was named #3, behind Mickey Mouse and Toto.

Bugs Bunny’s enduring impact on comedic actors also cannot be overestimated. During an interview for Inside the Actors Studio, comedian Dave Chappelle cited Bugs Bunny as one of his earliest influences, praising voice actor Mel Blanc.

According to Time Warner, Bugs Bunny became the current official mascot for Six Flags theme parks beginning with their 45th anniversary.

Awards

Academy Awards

Knighty Knight Bugs (1958)

Academy Award nominations

A Wild Hare (1940)

Hiawatha’s Rabbit Hunt (1941)

See also

List of Bugs Bunny cartoons

Looney Tunes

References

^ a b “Bugs Bunny tops greatest cartoon characters list”. CNN.com. 2002-07-30. http://archives.cnn.com/2002/SHOWBIZ/TV/07/30/cartoon.characters/index.html. Retrieved 2008-02-27. 

^ Carragher, Sarah (2002-07-29). “Nearly One-Third of TV Guide’s ’50 Greatest Cartoon Characters Of All Time Come From Warner Bros.”. TimeWarner.com. http://www.timewarner.com/corp/newsroom/pr/0,20812,669402,00.html. Retrieved 2008-02-27. 

^ a b c Barrier, Michael (2003-11-06). Hollywood Cartoons: American Animation in Its Golden Age. United States: Oxford University Press. p. 672. ISBN 978-0195167290. 

^ “”Bugs Bunny’&#39″. Encyclopdia Britannica. Britannica.com. http://www.britannica.com/eb/article-9095426/Bugs-Bunny. Retrieved 2009-09-20. 

^ “Leading the Animation Conversation  Rare 1939 Looney Tunes Book found!”. Cartoon Brew. 2008-04-03. http://www.cartoonbrew.com/classic/rare-1938-looney-tunes-book-found. Retrieved 2009-09-20. 

^ a b Blanc, Mel; Bashe, Philip (1989). That’s Not All, Folks!. Clayton South, VIC, Australia: Warner Books. 

^ “Looney Tunes Hidden Gags”. Gregbrian.tripod.com. http://gregbrian.tripod.com/hidden/hid04.html. Retrieved 2009-09-20. 

^ Adamson, Joe (1990). Bugs Bunny: 50 Years and Only One Grey Hare. Henry Holt. ISBN 0-8050-1855-7. 

^ Lehman, Christopher P. (2008). The Colored Cartoon: Black Representation in American Animated Short Films, 1907-1954. Amherst, Massachusetts: University of Massachusetts Press. p. 73. http://books.google.com/books?id=xMWhTUFFuqoC&pg=PA73&lpg=PA73&dq=”any+bonds+today”+”bugs+bunny”+theatrical+cartoon&source=bl&ots=gEClzGwbx4&sig=P8w8dPT-Wy3Y0hZIDzIOrtT4rg0&hl=en&ei=qf2kSaW7NJm1jAeWk-XQBQ&sa=X&oi=book_result&resnum=10&ct=result#PPA73,M1. Retrieved 2009-02-25. 

^ Audio commentary by Paul Dini for Super-Rabbit on the Looney Tunes Golden Collection: Volume 3 (2005).

^ “History of the 380th Bomb Group”. 380th.org. http://380th.org/380-History.html. Retrieved 2010-01-07. 

^ a b “”Jasper Goes Hunting” information”. Bcdb.com. http://www.bcdb.com/cartoon/36556-Jasper_Goes_Hunting.html. Retrieved 2009-09-20. 

^ Looney Tunes: Bugs Bunny stamp. National Postal Museum Smithsonian.

^ “Transcript of ”Duck Soup””. Script-o-rama.com. http://www.script-o-rama.com/movie_scripts/d/duck-soup-script-transcript-marx.html. Retrieved 2009-09-20. 

^ “”It Happened One Night” film review by Tim Dirks”. Filmsite.org. http://www.filmsite.org/itha.html. Retrieved 2009-09-20. 

^ Adamson, Joe (1975). Tex Avery: King of Cartoons. New York: De Capo Press. 

^ a b Knight, Richard. “Consider the Source”. Chicagoreader.com. http://www.chicagoreader.com/movies/archives/2001/0101/010126.html. Retrieved 2009-09-20. 

^ “Piirroselokuvien taitaja Chuck Jones kuollut”. Mtv3.fi. February 23, 2002. http://www.mtv3.fi/uutiset/arkisto.shtml/arkistot/kulttuuri/2002/02/101933. Retrieved 2009-12-06. 

^ “List of All-time Cartoon Characters”. CNN.com. CNN. July 30, 2002. http://archives.cnn.com/2002/SHOWBIZ/TV/07/30/cartoon.characters.list/index.html. Retrieved April 11, 2007. 

^ “CNN LIVE TODAY: ‘TV Guide’ Tipping Hat to Cartoon Characters”. CNN.com. CNN. July 31, 2002. http://transcripts.cnn.com/TRANSCRIPTS/0207/31/lt.20.html. Retrieved April 11, 2007. 

Bibliography

Adamson, Joe (1990). Bugs Bunny: 50 Years and Only One Grey Hare. New York: Henry Holt. ISBN 0-8050-1855-7. 

Beck, Jerry; Friedwald, Will (1989). Looney Tunes and Merrie Melodies. New York: Henry Holt. ISBN 0-8050-0894-2. 

Blanc, Mel; Bashe, Philip (1989). That’s Not All, Folks!. Clayton South, VIC, Australia: Warner Books. ISBN 0-446-39089-5. 

Jones, Chuck (1989). Chuck Amuck: The Life and Times of an Animated Cartoonist. New York: Farrar Straus & Giroux. ISBN 0-374-12348-9. 

Maltin, Leonard (1987). Of Mice and Magic: A History of American Animated Cartoons (Revised ed.). New York: Plume Book. ISBN 0-452-25993-2. 

External links

Wikimedia Commons has media related to: Bugs Bunny

Wikiquote has a collection of quotations related to: Bugs Bunny

Bugs Bunny at the Internet Movie Database

Warner Bros. Studios

Bugs’ Toonopedia profile

v  d  e

Warner Bros. animation and comics

Looney Tunes,

Merrie Melodies

and other characters

Primary

Bugs Bunny  Daffy Duck  Porky Pig   Yosemite Sam  Speedy Gonzales  Elmer Fudd  Sylvester  Tweety  Granny  Wile E. Coyote and Road Runner  Foghorn Leghorn  Marvin the Martian  Tasmanian Devil  Pep Le Pew

Secondary

Babbit and Catstello  Bosko  Clyde Rabbit  Buddy  Goopy Geer  Evolution of Bugs Bunny  Foxy  Piggy  Beans  The Barnyard Dawg  Rocky and Mugsy  Hector the Bulldog  Henery Hawk  Melissa Duck  Goofy Gophers  Cecil Turtle  Sylvester, Jr.  Gabby Goat  Spike and Chester  Gossamer  Hippety Hopper  Marc Antony and Pussyfoot  Witch Hazel  The Three Bears  Hatta Mari  Hubie and Bertie  Claude Cat  Sniffles  Ralph Phillips  Beaky Buzzard  Willoughby  Charlie Dog  Pete Puma  Crusher  Count Blood Count  Private Snafu  Wolf and Sheepdog  Egghead Jr.  Slowpoke Rodriguez  K-9  Blacque Jacque Shellacque  Nasty Canasta  Bunny and Claude  Merlin the Magic Mouse and Second Banana  Quick Brown Fox and Rapid Rabbit  Cool Cat  Penelope Pussycat  Conrad the Cat  Playboy Penguin  Inki  Colonel Shuffle  Petunia Pig  Michigan J. Frog

Comics and TV shows

Lola Bunny  Honey Bunny  Wendell T. Wolf  Digeri Dingo  Daniel and Timothy Platypus  I.Q. Hi  Star Johnson  Queen Tyr’ahnee  Johnny Test characters

Television

animation

Tiny Toon Adventures

Babs and Buster Bunny  Plucky Duck  Hamton J. Pig  Montana Max  Elmyra Duff  Dizzy Devil  Furrball  Calamity Coyote  Little Beeper  Gogo Dodo  Sweetie Pie  Fifi La Fume  Shirley the Loon  Lil’ Sneezer  Concord Condor  Byron Basset  Bookworm  Fowlmouth  Arnold the Pit Bull  Barky Marky  Mary Melody

Animaniacs

Yakko, Wakko, and Dot  Ralph the Guard  Thaddeus Plotz  Dr. Otto Scratchansniff  Pinky and the Brain  Slappy Squirrel  Buttons and Mindy  The Goodfeathers  Rita and Runt  Chicken Boo  Mr. Skullhead  Minor characters

Other cartoons

Police Academy  Taz-Mania  Batman: The Animated Series  The Sylvester and Tweety Mysteries  The New Batman Adventures  Freakazoid!  Batman Beyond  The Dukes  Road Rovers  Ace Ventura: Pet Detective  Beetlejuice  The New Adventures of Zorro  Free Willy  The New Adventures of Batman  Pinky, Elmyra & the Brain  Histeria!  Baby Looney Tunes  Cartoon All-Stars to the Rescue (cameo appearance)  Duck Dodgers  Loonatics Unleashed (Characters)  The Batman  Ozzy and Drix  Mucha Lucha  Justice League  Justice League Unlimited  Legion of Super Heroes  Superman: The Animated Series  Teen Titans  Xiaolin Showdown  Tom and Jerry Tales  What’s New, Scooby-Doo?  Krypto the Superdog  Static Shock  Johnny Test  Shaggy & Scooby-Doo Get a Clue!  Batman: The Brave and the Bold  Scooby-Doo – Mystery, Inc.

v  d  e

Chicago Bulls

Founded in 1966 Based in Chicago, Illinois

The Franchise

Franchise Expansion Draft All-Time Roster Seasons Head coaches Current season

Arenas

International Amphitheatre Chicago Stadium United Center

Head Coaches

Kerr Motta Badger Costello Robertson Sloan Johnson Thorn Westhead Loughery Albeck Collins Jackson Floyd Berry Myers Cartwright Skiles Boylan Del Negro

D-League Affiliate

Iowa Energy

NBA Finals Appearances (6)

1991 1992 1993 1996 1997 1998

NBA Championships (6)

1991 1992 1993 1996 1997 1998

Retired Jerseys

4 10 23 33

Hall of Famers

George Gervin Robert Parish Nate Thurmond Phil Jackson Michael Jordan Jerry Sloan

Important Figures

Dick Klein Johnny Kerr Dick Motta Bob Love Jerry Sloan Norm Van Lier Chet Walker Clifford Ray Tom Boerwinkle Artis Gilmore Reggie Theus Charles Oakley Michael Jordan Scottie Pippen Bill Cartwright Horace Grant John Paxson B. J. Armstrong Toni Kuko Ron Harper Luc Longley Steve Kerr Dennis Rodman Phil Jackson Jerry Krause Jerry Reinsdorf Kirk Hinrich Ben Gordon Luol Deng Derrick Rose Joakim Noah

Key Personnel

Owner: Jerry Reinsdorf Vice President of Basketball Operations: John Paxson General Manager: Gar Forman Coach: Vinny Del Negro

Rivals

Boston Celtics Detroit Pistons New York Knicks Miami Heat

Culture & Lore

Hare Jordan and Air Jordan Hue Hollins The Shot Tommy Edwards Benny the Bull “Sirius” Ray Clay 72-10 The Flu Game Game 6 of the 1998 NBA Finals The Shot (1998 NBA Finals) “The Madhouse on Madison” “The Madhouse on Madison II”/”The House That Jordan Built” Ashland Green Line Station Game 6 of the 2009 NBA Playoffs First Round

Media

TV: WGN-TV WGN America WCIU Comcast SportsNet Chicago Radio: WMVP-AM Announcers: Neil Funk Stacey King Chuck Swirsky Bill Wennington

Persondata

NAME

Bunny, Bugs

ALTERNATIVE NAMES

SHORT DESCRIPTION

Looney Tunes character

DATE OF BIRTH

1940

PLACE OF BIRTH

Brooklyn, New York

DATE OF DEATH

PLACE OF DEATH

Categories: Corporate mascots | DC Comics titles | Dell Comics titles | Fictional anthropomorphic characters | Fictional characters from New York City | Fictional hares and rabbits | Gold Key Comics titles | Honorary United States Marines | Looney Tunes characters | 1940 introductionsHidden categories: Articles needing additional references from December 2007 | All articles needing additional references
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12
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Lamps Stiffel

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30
Jan

Mission Style Lampshades

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Using Stained Glass Lampshades for Home Decoration

Using stained glass in a home decoration never seems to go out of style. There are very many ways to integrate stained glass into your home design. One of the most simple but at the same time elegant ways is to purchase stained glass lampshades. These lampshades are both beautiful and functional, and provide soft charming light being placed in any room.

Stained glass is made by fusing colored enamels to pieces of glass and firing them at temperature of up to 1100 degrees Fahrenheit. There are many colors used in stained glass art. The most important quality of good stained glass is that the colors are transparent enough for the light to shine through and it is also wonderful that the colors never fade.

Stained glass has been around for a long time. The use of stained glass began in church windows, many of them can be seen nowadays. Rich people also desired to enjoy the beauty that stained glass added to home decor, so stained glass began to be used in homes and office buildings. Several artists became very well known for their stained glass creations. The most famous is Louis Comfort Tiffany, who often created stained glass works that were inspired by nature. His dragonfly and cherry blossom motifs are still very popular today. The other famous artist was Frank Lloyd Wright, who tended to create stained glass in the mission style. While original Lamps by these artists are very hard to find and are very expensive for the average customer, good quality reproduction lamps are available at a lower cost. This means that everyone can afford a Tiffany stained glass lampshade if they really want it.

Stained Glass Lamps provide an old world charm, warm and calm feeling. Air of your house will be kaleidoscopically colorful, when sun will glance at your place. When turned on at any time, the colors will play across the wall, floor and ceiling and attract attention to your room. Lamp shades can be purchased with Table or floor length bases, which are usually made of sturdy metal such as brass so the lamp is not likely to tip over and break the stained glass. You can find Stained Glass Lamp to complement nearly any room. Lampshades can have floral, geometric, animal or other designs. Stained glass lampshades are no longer limited to traditional choices. Prices for stained glass lampshades can differ very much, anywhere from 50 dollars for cheap one to several thousand for a museum quality Tiffany reproduction lamp. So you can always find a good quality stained glass lamp.

Another good place to find stained glass lamps is to seek out artists in your local area. The art of stained glass is enjoying great popularity these days, so many of them are using this beautiful technique. If you are a creative person, you can take a class on creating stained glass, and create your own stained glass lampshade. It takes time and patience to learn, but a personally created lampshade may be just the thing to complete that room that has been
lacking something beautiful.

About the Author

Andrey Sorokin is the owner of theArticleFog free articles directory. Get expert advice about stained glass at http://www.articlefog.com/category-stained-glass.htm.


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29
Dec

Antique Lamps Toronto

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Hello From Caledon, Elora

October 9, 2005

Fall is one of the most beautiful seasons in Ontario, and after last weeks early fall colour tour through the Kawarthas east of Toronto, it was time yesterday to check out the areas west of Toronto. My husband and I set off on the highway, left the 401 at Mississauga Road and drove north into rolling agricultural farmland. Our first interesting village along the way was Glen Williams, a little hamlet outside of Georgetown, whose former sawmill now houses more than 30 artists and artisans. We headed north along the scenic Credit River and drove up onto the Niagara Escarpment and literally stumbled over the Cheltenham Brickworks, a now abandoned brickmaking factory dating back to 1930 that utilized the area’s clay soil to manufacture bricks for Toronto’s housing boom. Abandoned industrial buildings always hold a strange fascination for me, and they offer great opportunities for curious photographers.

Not far away is another very unique area, the Cheltenham Badlands, a unique geological formation of weathered terra cotta hued rock, that originated as a result of deforestation and overgrazing during the early 1900s. It’s a fascinating landscape of undulating hills of red clay with greenish stripes, due to the soil’s red and gray iron oxide content.

The 800-kilometre-long Bruce Trail that goes all the way from Niagara Falls to the tip of the Bruce Peninsula snakes through this region, and there are several entry points close by. The Niagara Escarpment is a truly unique habitat and home to 300 bird species, 53 mammals, 36 reptiles and amphibians, 90 fish and 100 varieties of special interest flora including 37 types of wild orchids. UNESCO named Ontario’s Niagara Escarpment a World Biosphere Reserve in 1990. It’s a popular spot among hikers and naturalists.

We headed east and down the Niagara Escarpment again and drove north in its shadow to the Forks of the Credit area and the quaint little village of Belfountain. This popular excursion destination was founded in the 1820 by Scottish and Irish immigrants, many of whom worked in local quarries, railroads, mills and tanneries. Today the village has souvenir shops, a beautiful country store, a spa, and an ice cream parlour.

From Belfountain we drove westwards through the town of Erin into Wellington County, an area of fertile farmland, punctuated by rivers, gorges, small lakes, and golf courses. Our next stop on this country drive was the little town of Fergus, a town known for its Scottish Heritage which Fergus celebrates every year, usually during the second week of August, with the Fergus Scottish Festival. During this three-day event, visitors from all over the world enjoy all aspects of traditional Highland Games with a wee bit of modern flare tossed in.

Fergus has a number of historic buildings in the downtown area, and a major draw in this little town is the Fergus Market, housed in the historic Beatty Brothers Farm Implement Manufacturing building which overlooks the Beatty Dam and dates back to the 1830s. The foundry was the first industrial location in Fergus and today houses a diverse collection of merchants, food retailers, and artisans.

Just outside Fergus is the Wellington County Museum and Archives. The museum stands majestically overlooking the once mill-laden Grand River. Built of locally quarried limestone in 1877 as the House of Industry and Refuge, this landmark structure then provided shelter for the “deserving poor”, the aged and the homeless for almost a century. The museum now gives visitors an opportunity to experience the cultural legacy left by the intrepid settlers to this vast county of rolling hills, stony fields, deep gorges and quaint villages.

Another few kilometres down the road is the country town of Elora, one of Ontario’s favourite weekend excursion destinations. Elora is situated in a beautiful nature area with glacial rock formations, and its most stunning geological feature is the Elora River which plunges over a number of rapids into the spectacular Elora Gorge. The mill sitting at the top of the gorge, aptly called the Elora Mill, has been turned into an upscale fine dining restaurant and country inn with 32 guest rooms.

The Elora Gorge features several kilometres of 80-foot cliffs, caverns, rapids and quiet pools. During the summer, hiking along the cliffs and inner-tubing through the gorge are favourite pastimes. Hiking trails start right at the Elora Mill. During the winter months visitors indulge in cross-country skiing and scenic nature walks through the area. The Grand River also provides excellent opportunities for fly-fishing, canoeing and kayaking.

The Elora-Cataract trail crosses 47 kilometres of scenic countryside. Between Fergus and Elora the trail passes by the Elora Quarry Conservation Area, an abandoned quarry that is a favourite spot for a refreshing dip. The quiet farmland around Elora is perfect for long country bike rides, and numerous golf courses round out the activities on offer.

During our visit yesterday, Elora was nicely dressed up for Halloween – a variety of ghouls, ghosts, spiders, monsters and witches adorned the buildings, balconies and lamp posts along the town’s main streets.The town also offers a variety of shops, antique stories, galleries and diverse dining establishments. Horse-drawn coach rides throughout town are also a popular activity for tourists.

Not far from Elora you can visit Ontario’s last remaining covered bridge in Montrose, and you’ll have a chance to explore Old Order Mennonite Country. Summer brings a variety of festivals to this area, including the Elora Festival which is a one-month musical showcase of internationally acclaimed musicians and singers.

About 15 minutes south of Elora is the major city of this area: Guelph is a university and manufacturing city with a population of more than 100,000. Its diverse economy also includes high technology enterprises and today Guelph is one of the fastest growing economic regions in all of Canada. Similar to Fergus and Elora, Guelph was founded by Scottish settlers in the 1820s at the junction of the Eramosa and Speed Rivers. The University of Guelph Department of Scottish Studies links academic research to the community of those with Scottish ancestry.The city features many trails for hiking, biking, skiing and horseback riding and a variety of riverside dining establishments.

Guelph’s most stunning architectural feature is the impressive Church of Our Lady Immaculate, a Gothic-Revival structure begun in 1877 and completed in 1888. The twin towers, more than 200 feet high, were not completed until 1926. The Church of Our Lady Immaculate is one of Ontario’s largest and most impressive churches.

This time we didn’t have a chance to explore Guelph in detail as it was getting late afternoon and we had to head back. But there will be another time for exploring this beautiful, historic city and other surrounding communities. But our little excursion out of the city was a perfect Saturday getaway for exploring the history and countryside just outside of Toronto.

About the Author

Susanne Pacher is the publisher of Travel and Transitions (
http://www.travelandtransitions.com
), a popular web portal for unconventional travel & cross-cultural connections. Check out our brand new section featuring FREE ebooks about travel.


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13
Nov

Galle Table Lamps

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galle table lamps


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2
Nov

Table Talk Martin Luther

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table talk martin luther

New Mystery Thriller Novel – “On The Grind” – Booksigning

Stephen J. Cannel Book Signing Vero Beach

 

A book signing in Vero Beach reveals more than Stephen J. Cannel’s latest novel, On the Grind.  An intimate look at Cannel’s effort to pursue his passion for writing tells of many obstacles.

 

Cannel, best known for the long-standing detective series, “Rockford Files” also wrote and produced “Hunter”, “The A-team” and “21 Jump Street.”  Now he’s into novel writing and hints of his work “Wise Guy” making a comeback.

 

Author, screenwriter, studio executive, he was nowhere near an overnight success.  He sold his studio, and has produced fourteen mystery novels to this date.

 

I arrived forty-five minutes early for the book signing.  A brief article in Treasure Coast Scripps announced that he was going to be there.  The small grouping of fold out chairs filled up quickly, and Stephen arrived on time.  With casual sheik, he was dressed in form fitting, tasteful jeans and designer sweater.

 

His shaded glasses made me feel o.k. to take some snapshots.

 

I’ve always been interested in his work since he is dyslexic like me.  I was hoping he would advocate for dyslexia.  He did.

 

Using the same model IBM Selectric, he compensates for his inability to spell.  Writing phonetically, he turns his scripts in for computer input.

 

When asked about spellchecker, he laughed.  He replied with a chuckle how his words would be unrecognizable to the spellchecker function.

 

His talk started out with his first dyslexic barrier of flunking first grade.  He would go on to tell the whole story of his struggle within the educational system.

 

The audience got a kick out of his lighthearted quip about flunking sixth grade.  He said it wasn’t so bad since he was the only one amongst all of his friends with a driver’s license.  He had also been held back in fourth grade.

Currently, he describes his decision to go to novel writing for the last quarter of his life.

 

After total immersion in the entrepreneurial and creative aspects of his Hollywood enterprises, he now embraces novel writing. As per the book signing, he focuses on his newest release, On the Grind.

The feeling I got about this man is that he takes life as a series of ongoing challenges.  He ventures on to new endeavors guided by his passion for writing, not money.

 

Without money as a concern, he’s happy about his life.  He turned his back on his father’s wealth, creating the Stephen J. Cannel Studios.  During this phase, he pinnacled with a gross income of $180,000,000.

 

A be-in-the-moment presence created the feeling that he was aware of every nuance in the room.

He engaged the audience by talking with instead of at us.  Responding to occasional spontaneous feedback he made the event feel more like a group conversation.

 

Threading his tales with more of the schooling experience, he talked of high school football as a boon to self-confidence.  With graduation just around the corner he came to a possible turn around point.

 

After a school career amassing a plethora of average to failing grades, he got a B minus on an essay he wrote.  The subject matter was Martin Luther King.

 

Cannel gives much regard for the glint of recognition he finally got from his high school English teacher.  Yet the impression I got was one of bitter sweetness.  I couldn’t help from feeling that he should have gotten a much better grade, but his reputation had preceded him.

 

Previous input that would have stifled the spirit of an ordinary person had exposed him to a lot of negativity.

Nobody called him stupid, but rather described him in terms of not applying himself.  He was not recognized for his efforts because nobody knew about dyslexia in those days.

 

He could have taken of a dejected attitude, but seemed thankful for the small successes along the way.

 

Later on, he submitted his Martin Luther King story to a literary magazine and his piece got accepted.

 

He played football in college, when enrolled at the University of Oregon.  Cannel admitted he wasn’t such a good running back.

 

His grades weren’t enough to keep him on the university roles.  He was “disaccepted” from Oregon University.  He laughs now, but before this, he had never heard of the term “disaccepted.”

 

Early on, Stephen had revealed in a heart-felt acknowledgement, how much he loved his father.  As he went on to describe an incident about his father’s advocacy, he could hardly stifle his laughter as he spoke.  Read on.

 

After Stephen’s rejection from college, the father had attended a cocktail party where he met a Dean from Oregon University. Stephen came home to be surprised by the sight of his father entertaining the dean in their living room.

 

Coaxing the dean with one cocktail after another, the father made a step forward to getting Stephen back into college.  Although the visitor had no influence in the matter, the father got his foot in the door, and began hammering away at the powers that be.

 

Amazed at his father’s persistence, Cannel found himself back on the roles at Oregon U.  With a sense of relief that he seemed to carry with him all these years, Cannel describes the one big break that he needed.

 

One day he got called for a meeting with one of his professors.  Probably expecting problems due to conspicuous spelling errors, he got a big surprise instead.

 

You have a gift from God – Never quit writing.

Catapulted by this moment that seems almost cosmic, Cannel took the professor’s advice to heart.  But it must have been a heart wrenching decision when Stephen declined an offer from his father.  More than ever committed to writing he declined the legacy of a hugely successful Los Angeles enterprise.

 

While still working for his father, Stephen’s schedule was arduous.  Added to the regimen of a full time job, he spent five hours each weekday writing, and seven hours a day on weekends.  Yet one screenplay after another came back with an ugly rejection notice.

 

One particularly cutting incident came in the form of a note on top of his returned manuscript – “This is nothing,” it said.

 

Now in business with his wife, Marcia, he gives credit where it’s due.  His eighth-grade sweetheart, he married her when he was twenty-five.  During his now 44-year marriage, four children came along.  Yet Marcia was able to fulfill a support position in multifold ways.

 

With a note of humility, Cannel describes Marcia’s role as proofreader.  Birthing and raising four children, she was a bastion of strength.  It goes without saying that she was the all around support person in family as well as business matters.

 

Somewhere during the time of pursuing a break in the writing business, the like-father-like-son imagery comes to mind.  Stephen found a little opportunity through a connection with his uncle’s golf buddy, Roger Isenbach.  Though round about, his contact with this man led to a new pathway.

 

Persistence led Stephen to call Isenbach’s office about a manuscript.  Only being able to talk to a nice secretary, Cannel was disappointed.

 

He found out that his screenplay was on the bottom of a stack of fifty others.  He then charmed the secretary into moving his manuscript to the top.

 

Not too long afterwards, he got the appointment to meet with Isenbach personally.  Most of the interview surrounded the discussion of Uncle Dick Baker’s golf swing.

 

When they got down to brass tacks, the advice he got was to forget his career pursuits.  Isenbach told Cannel that he was only one of thousands and would never make it.

 

One little glimmer of hope came from the interview – he got the name of an agent.

She was an ordinary person, had no big names to her credit.  But she loved Stephen’s work.

 

Her hook was making great cookies.  She was beloved by all around the lots of Paramount Studios.  Why?  Because she always distributed dozens of her cookies to the food tables.

 

One thing led to another, and eventually to Warner Brothers.

 

His first work for Warner Brothers was “Adam 12”. More credits to his name – “Beretta” with the help of Roy Higgins, “Ba ba Black Sheep,” and as mentioned earlier “Rockford Files.”  I felt a smile go through the audience at this point.

 

He was loving his life in contrast to the seventies when he was basically unrecognized.  Now accolades came his way on a daily basis.  He embraced the word “brilliant” as music to his ears.

 

In 1980, he ran his own studio, which grew to be the third largest amongst 2100 other enterprises.  He had other studios dotted around Europe, when another change came about.

 

He attributes this success to the good people who he hired.  They carried him, and went on to work for other big studios after Cannel left the business for greater writing pursuits.

 

That’s when he wrote his first book as a litmus test for novel writing.  With fourteen novels under his belt, he says he likes novel writing best.  He has more freedom to develop his characters within a novel.

 

On The Grind is his current promotion, and is coupled with other acting, and directing gigs upcoming.  This book is about how Los Angeles incorporated itself through annexing small town communities.

 

These already developed little burgs came complete with court systems and police departments.  Numerous power players from corrupt little town groups comprised early L.A.  From this scenario a mystery thriller evolves.

 

The interesting fact about the inception of his novels is brilliantly simple.  He looks at his surroundings and sees much through the eyes of a dyslexic.  I call it the subjective experience.  When he’s pursued the facts behind the events he’s perceived – he’s got his novel.

 

At the end of Stephen J. Cannel’s talk, I went around to the other side of the room hoping to purchase a copy of On the Grind, but they were all sold out.

 

For another interesting book reiview, copy/ paste the following into your browser:

http://www.associatedcontent.com/article/1410063/unleashing_the_ideavirus_by_seth_godin.htm

 

 

 

 

About the Author

Love travel in any way, shape, or form. Reading, bicycling, plane, train, or car gets Carallel to a destination of interest. Learning and sharing experience motivates her writing and storytelling.


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7
Sep

Table Lamps In Uk

   Posted by: admin    in Bedside Table Lamps



table lamps in uk
In the US and Canada, what are the rules on portable appliance testing?

I’m curious because one of my duties at work is PAT testing. In the UK, probably all of the EU too, class 1 appliances have to have an earth test. However, to do an earth test on appliances imported from the US or Canada is often nearly impossible or impossible without destroying the appliance. (European and Far Eastern made appliances usually have an earthing point.) Do US states and Canadian provinces require regular safety checks on electrical appliances? Typically, I’m testing scientific equipment in chemistry laboratories but appliances in any public place need to be tested, so, for example, TVs and Table Lamps should be tested in hotels. They are given a tag to state they’ve passed, which is stuck somewhere inconspicuous.

I’m putting this in Politics and Government because there’s no appropriate category. The question is really about health and safety regulations.

I think you may find what you need by searching ..Underwriters Laboratory or CSA (Canada) These are the ruling bodies for product safety.


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6
Sep

Dissertation Table Of Contents Sample

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dissertation table of contents sample

STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM UNDERDEVELOPED NATION (Nepal)

 Proposal Writing for:

 

STOCK MARKET DEVELOPMENT AND ECONOMIC GROWTH: EVIDENCE FROM UNDERDEVELOPED NATION (Nepal)

 

 

By

Jyoti Koirala (get2jyoti@gmail.com)

 

 

 

A Research Proposal Submitted to:

Faculty Members

Business or Economics Departmen

 

  

August, 2009

 

 

 

Chapter 1: Introduction

 

1.1. General Background

 

Stock market development has an important role to play in economic development. Shahbaz and his friends (2008) argue that stock market development is an important wheel for economic growth as there is a long-run relationship between stock market development and economic growth. Stock market development has the direct impact in corporate finance and economic development.

 

Gerald (2006) states that stock market development is important because financial intermediation supports the investment process by mobilizing household and foreign savings for investment by firms. It ensures that these funds are allocated to the most productive use and spreading risk and providing liquidity so that firms can operate the new capacity efficiently. A growing body of literature has affirmed the importance of financial system to economic growth.

 

Financial markets, especially stock markets, have grown considerably in developed and developing countries over the last two decades. Claessens, et al (2004) states that several factors have aided in their growth, importantly improved macroeconomic fundamentals, such as more monetary stability and higher economic growth. General economic and specific capital markets reforms, including privatization of state-owned enterprises, financial liberalization, and an improved institutional framework for investors, have further encouraged capital markets development.

 

Similarly Mishkin (2001) states that a well-developed financial system promotes investment by identifying and financing lucrative business opportunities, mobilizing savings, allocating resources efficiently, helping diversify risks and facilitating the exchange of goods and services

 

From the view point of Sharpe, et al (1999), stock market is a mechanism through which the transaction of financial assets with life span of greater than one year takes place. Financial assets may take different forms ranging from the long-term government bonds to ordinary shares of various companies. Stock market is a very important constituent of capital market where the shares of various firms are traded Trading of the shares may take place in two different forms of stock market. When the issuing firm sells its shares to the investors, the transaction is said to have taken place in the primary market but when already issued shares of firms are traded among investors the transaction is said to have taken place in the secondary market.

 

Stock markets are very important because they play a significant role in the economy by channeling investment where it is needed and can be put to best (Liberman and Fergusson, 1998). The stock market is working as the channel through which the public savings are channelized to industrial and business enterprises. Mobilization of such resources for investment is certainly a necessary condition for economic take off, but quality of their allocation to various investment projects is an important factor for growth. This is precisely what an efficient stock market does to the economy (Berthelemy and Varoudakis, 1996).

 

Earlier research emphasized on the role of the banking sector in the economic growth of nation. In the past decade, the world stock markets surged, and emerging markets accounted for a large amount of this boom (Demirguc-Kunt and Levine (1996a).  Recent research has begun to focus on the linkages between the stock markets and economic development. New theoretical work shows how stock market development might boost long-run economic growth and new empirical evidence supports this view. Demirguc-Kunt and Levine (1996a), Singh (1997), and Levine and Zervos (1998) find that stock market development is playing an important role in predicting future economic growth.

 

In underdeveloped like Nepal the development and growth of stock markets have been widespread in recent times. Despite the size and illiquid nature of stock market, its continued existence and development could have important implications for economic activity. For instance, Pardy (1992) has noted that even in less developed countries capital markets are able to mobilize domestic savings and able to allocate funds more efficiently. Thus stock markets can play a role in inducing economic growth in less developed country like Nepal by channeling investment where it needed from public.  Mobilization of such resources to various sectors certainly helps in economic development and growth. Stock market development has assumed a developmental role in global economics and finance because of their impact they have exerted in corporate finance and economic activity. The role of financial system is considered to be the key to economic growth (Neupane, et. al. 2006).

 

Paudel (2005) states that stock markets, due to their liquidity, enable firms to acquire much needed capital quickly, hence facilitating capital allocation, investment and growth. Stock market activity is thus rapidly playing an important role in helping to determine the level of economic activities in most economies.

 

Tuladhar (1996) states that financial markets are catalyst in the development of economy. The study further added that developed economies have highly sophisticated financial institutions. Over the past decade, many developing economies have established capital markets as they moved towards more liberal economic policies. These emerging markets have shown extraordinary growth with very high volatility, which have attracted many investors into these markets.

 

This study will attempt to dig out the empirical evidence in the context of underdeveloped nations regarding the role of stock market development on economic growth.
1.2. Statement of the Problem:

 

In the last two decades, the link between financial intermediation and economic growth is a subject of high interest among academics, policy makers and economists around the world. There have been attempts to empirically assess the role of stock market and economic growth. The link between stock market and growth has varied in methods and results. There exists two controversies in the predictions.

 

Adjasi and Biekpe (2005) found a significant positive impact of stock market development on economic growth in countries classified as upper middle-income economies. In the same way, Chen et al (2004) elaborated that the nexus between stock returns and output growth and the rate of stock returns is a leading indicator of output growth Arestic et al. (2001) using time-series on five industrialized countries also indicate that stock markets play a role in growth. Various studies such as Spears, (1991); Levine and Zervos, (1998); Atje and Jovanovic, (1993); Comincioli, (1996); Levine and Zervos, (1998); Filer et al, (1999); Tuncer and Alovsat, (2001). Levine and Zervos (1995) and, Demirguc-Kunt (1994) has supported the view .stock markets promote economic growth..With well-functional financial sector or banking sector, stock markets can give a big boost to economic development (Rousseau & Wachtel, 2000; Beck & Levine, 2003). Bahadur and Neupane (2006) concluded that stock markets fluctuations predicted the future growth of an economy and causality is found in real variables.

 

There are also alternate views about the role stock markets play in economic growth. Apart from the view that stock markets may be having no real effect on growth, there are theoretical constructs that show that stock market development may actually hurt economic growth. For instance, Stiglitz (1985, 1994), Shleifer and Vishny (1986), Bencivenga and Smith (1991) and Bhide (1993) note that stock markets can actually harm economic growth. They argue that due to their liquidity, stock markets may hurt growth since savings rates may reduce due to externalities in capital accumulation. Diffuse ownership may also negatively affect corporate governance and invariably the performance of listed firms, thus impeding the growth of stock markets.

 

Despite of alternative views empirical works continue to show largely some degree of positive relationship between stock markets and growth. These studies largely based on developed countries only. Only few studies have been conducted in context of Nepalese stock market, and those conducted studies do not show clear conclusion regarding its impact on economy. Yadhav (2002) finds that firms with higher investment have higher saving and higher capital formation. Though his study may be significant in other cases it is of less significance here. Similarly Wagle (2002) also carried out the study on trends of saving, investment, and capital formation in Nepal, but his study fails to provide any specific link between saving, investment and capital formation with stock market development. Similarly Sindhurakar (2004) has carried out the study on relationship between the stock market and economic growth without analyzing the econometric models.

 

The study specifically deals with the following issues:

1. What is the relationship between the Gross Domestic Product (GDP) and government investment, government expenses, foreign aid, savings, and foreign direct investment

2. Is there any relationship between the market capitalization and Gross Domestic Product (GDP)?

3. What is the impact of concentration ratio on economic growth of a nation?

4. What is the significance of liquidity on economic growth? What is its impact in capital market?

5. Is there any co-integration between the stock development index and economic growth?

6. Is there any Granger causality between the stock development and economic growth?

7. Is the Levine and Zerovos model valid in underdeveloped nation like Nepal?

8. Can the small group of investors manipulate a Nepalese capital market easily?

9. How can the government able to develop the stock market in coming days?

 

One group of study argues that stock market does not help in economic development of a nation while the other group argues that it helps in economic development. However, empirical investigations of the link between financial development in general and stock markets and growth in particular have been relatively limited. Various empirical researches have suggested a possible connection between stock market development and economic growth, but are far from definitive.

 

1.3. Objective of the Study

 

The main objective of this study is to examine the impact of stock market development in the economic development and growth of the nation in context to Nepal. The specific objectives of the study are as follows.

 

1. To conduct the empirical analysis of stock market by investigating the link between stock markets and economic growth.

 

2. To further analyze the link based on set of different variables of economic indicators and stock market indicators.

 

3. To examine the importance of liquidity for the economic growth.

 

4. To analyze the impact of firm concentration ratio on economic growth.

 

5. To examine the validity of model of Levine and Zervo’s study on stock market in developing nation like Nepal.

 

6. To determine and analyze the co-integration and causality between the stock market development index and economic growth.

 

 

 

Chapter: 2 Review of Literature

 

2.1 Review of Empirical Works

 

This section concerns with review of important empirical works, concerning stock market development and economic growth starting from 1873 to 2008. Some important studies and their finding are presented in tabular form in chorological order. The review of literature is undertaken in three sections. The first section focuses on the review of empirical works carried out before 1990s with their major findings. Similarly, the second section deals with the review of studies carried out during 1990s and finally third section deal with the review of studies during 2000.

 

2.1.1 Review of Empirical Works before 1990s

 

During nineteenth and twentieth century, Bagehot (1873) and Schumpeter (1912) had focused on the constructive assistance of financial sector to economic growth. In the study the direction of causality between the higher growth in financial sector and country’s economic growth rate was not clear (Robinson, 1952 and Locus, 1988). In the wake of a large body of empirical evidence, considerable studies have made on modeling and understanding the strong positive linkages between real and financial development. Much of this research has followed the “functional” approach in the analysis of such linkages.

 

 

 

Table: 2.1

Review of Empirical Works from 1873 to 1986

 

Study

Area

Major Findings

Bagehot (1873)

A description of money market with currency monopoly.

Constructive assistance of financial sector to economic growth.

Schumpeter (1912)

The theory of economic development.

Technological innovation is the force underlying long-run economic growth.

Robinson (1952)

 

The Generalization of the General Theory, in The Rate of Interest and Other Essays.

 

There is a two-way causal relationship between financial development and economic performance.

Goldsmith (1969)

Association between levels of financial development with economic growth.

A significant association between the level of financial development and economic growth.

 

The “finance-led growth” hypothesis postulates the “supply-leading” relationship between financial and economic developments. It is argued that the existence of financial sector and financial intermediations in channeling the limited resources from surplus units to deficit units would provide efficient allocation resources by leading the other economic sectors in their growth process. Indeed, a number of studies argued that the development of financial sector has significantly promoted economic development (Schumpeter, 1912). The study argued that the technological innovation is the force underlying long-run economic growth.

 

Robinson (1952), on the other hand, concluded that the economic growth creates a demand for various types of financial services to which the financial system responds. Goldsmith (1969) reported a significant association between the level of financial development (defined as financial intermediary assets divided by GDP) and economic growth. The study however recognized that there is no possibility of establishing the confidence for the direction of the causal mechanisms.

 

The earlier studies on international stock market linkages focused on the identification of short-term benefits of international portfolio diversification. The study of Levy and Sarnat (1970) and Solnik (1974), examined the short-term correlations of returns across national markets and pointed out the existence of substantial markets have high possibilities to diversify the risk internationally.

 

McKinnon  (1973) provided the evidences that liberalization of financial markets allows financial deepening which reflects an increasing use of financial intermediation by savers and investors and the monetization of the economy, which allows efficient flow of resources among people, and institutions over time. This encourages savings and reduces constraint on capital accumulation and improves in allocating efficiency of investment by transferring capital from less productive to more productive sectors.

 

Another group of studies concentrated on examining financial links among stock markets by using either bivariate or multivariate co-integration methodology. Taylor and Tonks (1989) were the first to apply bivariate co-integration on the UK and U.S. markets to test the importance of the abolition of foreign exchange controls in 1979. Furthermore, the empirical evidence was not conclusive, while a strong empirical causal relationship among the banking system, stock market development and economic performance was hardly established. Financial development is considered as a means to economic growth through various channels. An important role of financial intermediaries is to provide liquidity to individual investors (Diamond and Dybvig 1983). Similarly study of Stiglitz and Weiss, (1981); and Cho, (1986) concluded that the returns does not increase as the interest rate to borrowers rises.

 

 

 

 

 

Table: 2.2

Review of Empirical Works from 1881 to 1986

 

Study

Area

Major Findings

Shiller (1981)

 

Do stock prices move too much to Be Justified by Subsequent Changes in Dividends?

Price movements cannot be simply justified by changes in fundamentals.

Stiglitz and Weiss (1981)

Credit rationing in markets with imperfect information

Due to stagnant bank returns, increase in interest rate does not increase its return.

Diamond and Dybvig (1983)

A simple example, Federal Reserve Bank of Richmond.

An important role of intermediaries is to provide liquidity to individual investors.

Lucas (1988)

 

On the mechanics of economic development.

Not clear findings about the causality between financial sector and economic growth.

Taylor and Tonks (1989)

 

The internationalization of stock markets and the abolition of U.K. exchange control

There is multivariate co-integration on UK and US market.

Romer (1986)

Increasing returns and long run growth

 

Increase in productivity will cause economic growth.

Cho (1986)

Inefficiencies from financial liberalization in the absence of well-functioning equity markets.

Returns do not increase as interest rate rises.

 

At the theoretical level, the study of stock markets and growth gave new impetus with analyses of the design of optimal financial contracts under asymmetric information in dynamic general equilibrium models. The study of Bernanke and Gertler, 1989 concluded that the evolution of the financial system led to financial contract which emerged to solve the problems of moral hazard. The study concluded that when the firms are in need of external finance face a cost minimization problem, which they must solve by issuing different forms of financial contracts under different circumstances.

 

2.1.2 Review of Empirical Works during 1990s

 

Stock exchanges are expected to increase the amount of savings channeled to corporate sector. Some evidence can be found in the work of Greenwood and Jovanovich (1990). Furthermore, the study concluded that the stock markets play an important role in allocation of capital to corporate sector that in turn stimulates real economic activity. Many countries are facing financial constraints particularly developing countries, where bank loans are restricted to some favorable groups of companies and personage investors. This limitation can also reflect constraints in credit markets (Mirakhor and Villanueva, 1990).

 

Table: 2.3

Review of empirical work from 1990 to 1991

 

Study

Area

Major Findings

Mirakhor and Villanueva (1990)

Market integration and investment barriers in emerging equity markets.

There are high constraints in credit markets.

Greenwood and Jovanovich (1990)

 

Financial development, growth, and the distribution of income.

Financial markets and financial institutions can affect capital accumulation.

Vishny (1990)

 

The stock market and investment.

Stock market on an aggregate level does not predict the future investment.

Levine (1991)

 

Stock markets, growth, and tax policy.

Strong positive relationship between stock market liquidity, productivity improvements and capital accumulations.

Bencivenga and Smith (1991)

 

Financial intermediation and endogenous growth.

Financial agents can affect savings decisions by reducing liquidity costs.

 

The ability of financial intermediaries to offer profitable investments enhances savers’ confidence and attracts additional savings. The efficient operation of financial intermediaries leads to output growth and generates additional demand for deposits and financial services (Greenwood and Jovanovic, 1990). Financial institutions can affect agents’ savings decisions by reducing liquidity costs and offering greater opportunities for diversifying risks (Bencivenga and Smith, 1991). Portfolio diversification, through the stock market, may have an additional growth effect by encouraging specialization of production (Saint-Paul, 1992).

 

In addition, some studies concluded that stock markets could improve corporate governance by alleviating the principal-agent problem between the owners and managers (Jensen and Murphy, 1990). By contrast, other studies pointed out that stock market development could have negative effects by facilitating hostile counter-productive takeovers (Vishny, 1990). Moreover, some argue that takeover threats could hassle managers that discourage long-term investment, and therefore lead to inefficient allocation of resources (Singh and Weiss, 1998). Furthermore, some assert that stock markets, by providing profit incentives, are more effective than banks in information acquisition and dissemination and therefore could enhance quality of investment and thus stimulate growth (Holmstrom and Tirole, 1994). On the contrary, some others believe that banks are superior to stock markets in that they could monitor firms’ investment and management at a lower cost. They contend that in reality, due to dispersed stock ownership, individual investors are relatively small and they neither have the ability nor the incentives to acquire the costly yet necessary information for achieving efficient resource allocation (Bhide, 1993; Singh, 1993).

 

Contrary to traditional view, there are evidences that support the hypothesis that there exist long-run correlation between stock market development and economic growth. But in literature the testing of this hypothesis is rare for developing countries. However, Pardy (1992) in his seminal work has argued that in less developed countries capital markets are able to mobilize domestic savings and allocate funds more efficiently. Spears (1991) reported that in the early stages of development, financial intermediation induced economic growth. Demirguc-Kunt (1994) has supported the view that stock markets promote economic growth.

 

A number of subsequent studies adopted the growth regression framework in which the average growth rate in per capita output across countries is regressed on a set of variables controlling for initial conditions and country characteristics as well as measures of financial market development (King and Levine, 1993a). The study further analyzes the relationship between financial development and real GDP per capita growth, the rate of physical capital accumulation, and increases in efficiency over the period from 1960-89. The study measured the financial development by using the financial depth ratio (ratio of liquid liabilities to GDP), the level of banking, the ratio of credit issued to non-financial private firms to total credit and the ratio of credit issued to private firms to GDP. The study revealed that higher levels of financial development are positively associated with faster rates of economic growth and that the level of financial development is a good indicator of future growth prospects.

 

Robert Barro (1990) reported that in the case of US, stock market variables and stock returns, can largely explain the subsequent aggregate investments. On the contrary, Morck et al (1990) suggested that in the US, the stock market on an aggregate level is not much of a predictor of future investment. Meanwhile, a study by Galeotti and Schiantarelli (1994), based on quarterly aggregate data from the non-financial corporate sector in the US, revealed that investment decisions are significantly affected by stock price fluctuations, regardless whether the variation is due to fads or due to changes in fundamentals. On the other hand, firm- level studies typically showed that there is a very limited effect of the stock market on investment (Abel and Blanchard, 1986; Morck, Shleifer, and Vishny, 1990; Blanchard, Rhee, and Summers, 1993).

 

Table: 2.4

Review of Empirical Works from 1992 to 1993

 

Study

Area

Major Findings

Saint-Paul (1992)

Financial markets and economic development.

Stock markets have additional growth effect.

Pardy (1992)

Institutional reform in emerging securities markets.

 

In less develops countries the capial maket are able to mobilize domestic savings.

King and Levene (1993)

Finance and growth

Rate of physical capital accumulation has increased in efficiency over the period from 1960 to 1989.

Atje, and Jovanovic, (1993)

Stock market and development

Significant correlation between the stock markets and economic growth.

Pagano (1993)

 

Financial market and growth.

Financial growth can affect the rate of economic growth by altering productivity growth and the efficiency of capital.

Bhide (1993)

The hidden cost of stock market liquidity.

Highly liquid market may reduce the shareholders incentives to monitor managers.

 

Atje and Jovanovic (1993) concluded that there is a large effect of stock markets on economic growth but no relationship for bank lending on economic growth. Alternatively, Harris (1997) argued that the Atje and Jovanovic results are not supported by empirical results. Harris analyzed data for forty-nine countries over the period from 1980-91 for the growth in GDP per unit of effective labor, investment as a percent of GDP, the growth of total employed labor and the total value of shares traded on the stock market as a percent of GDP. The study reported that the level of stock market activity has little explanatory power in the sample of developing countries and weak explanatory power for the sample of developed countries. The study of Stiglitz (1994) provided the evidence that when the stock prices is determined by publicly available information then it help investors make better investment decisions. Better investment decisions by investors means better allocation of funds among corporations and, as a result, a higher rate of economic growth. In efficient capital markets prices already reflect all available information, and this reduces the need for expensive and painstaking efforts to obtain additional information.

Table: 2.5

Review of Empirical Work for 1995 AD

 

Study

Area

Major Findings

Bencivenga, Smith,and Starr (1995)

Transactions costs, technological choice and endogenous growth.

Theoretical predications on strong connections between stock market liquidity and fast growth.

Bencivenga et al. (1995)

Transactions costs, technological choice and endogenous growth

Enhanced stock market liquidity reduces the disincentives for investing in long duration and higher return projects since investors can easily sell their stake in the project.

Longin and Solnik (1995)

 

Is the correlation in international equity returns constant: 1960-1990?

By applying sophisticated techniques they found evidence of significant linkages between the stock markets around the world.

 

Hamao et al. (1990), Koch and Koch (1991), Roll (1992), Longin and Solnik (1995), used more sophisticated econometric techniques to measure cross-country correlations, and found evidence of significant linkages between stock markets around the world. Some other studies focused on the evolution of linkages of emerging capital markets. Studies such as Harvey (1995), but particularly Bekaert and Harvey (1995), examined one period returns and the conditional means and variances of one period returns by examining a one factor asset pricing model. The study concluded that the expected returns in a country are affected by their covariance with country’ returns. The study further concluded that if the market was perfectly integrated then only covariance counted, while if the market was completely segmented then the variance was the relevant measure of market risk. Bekaert and Harvey (1995) used a conditional regime-switching model to account for periods when national markets were segmented from world capital markets and when they became integrated later in the sample.

 

 

Table: 2.6

Review of Empirical Work for 1996 AD

 

Study

Area

Major Findings

Demetriades and Hussein (1996)

Does financial development cause economic growth?

There is bi-directionality and reverse causality between financial development and economic development.

 

Diamond (1996)

Financial intermediation as delegated monitoring: A simple example, federal reserve bank of Richmond

Financial intermediaries encourage highly productivity firms reducing informational asymmetries and costs.

 

Levine and Zervos (1996)

 

Stock market development and long-run growth.

Equity market activity is positively correlated measures of real economic activity.

Benchivenga, Smith and Starr (1996)

 

Equity markets, transaction costs and capital accumulation.

Positive role of liquidity provided by stock exchanges on real asset investments.

 

There are not much empirical research investigating causal relationships between stock exchanges and economic growth. One study worth mentioning here belongs to Levine and Zervos (1996). The study applied regression analysis to the data compiled from 41 countries for the years 1976 through 1993 to see the relationships between financial deepening and economic growth. One of the financial deepening indicators used in the analysis was the level of development of stock exchange measured by a composite index, liquidity and diversification indicators. Economic growth indicator selected, on the other hand, was the real growth rate in per capita GDP. Levine and Zervos reported a very strong positive correlation between stock market development and economic growth. The most interesting aspect of this study was the decrease in the statistical significance of other financial deepening variables after stock market development index was included in regression equation. The study concluded with the proof that stock market development is more influential than other financial deepening indicators on the growth of the economy.

 

Traditional growth theorists believed that there is no correlation between stock market development and economic growth because of the presence of level effect not the rate effect. Singh (1997) contended that stock markets are not necessary institutions for achieving high levels of economic development. The study focused on the rapid growth of stock markets in the liberalization process in developing countries over the 1980s and 1990s and argued that financial liberalization (making the financial system more fragile) is not likely to enhance long-term growth. Singh and Weis (1999) viewed stock market as a agent that harm economic development due to their susceptibility to market failure, which is often manifest in the volatile nature of stock markets in many developing countries. The traditional assessment model of stock prices and the wealth effect provided hypothetical explanation for stock prices to be proceeded as an indicator of output (Comincioli, 1996). According to wealth effect, however, changes in stock prices cause the variation in the real economy.

 

Although empirical tests of the relationship between financial development and economic development are not consistent, the bulk of the evidence supports a relationship between financial development and economic development. Demetriades and Hussein (1996) found the evidence of both bi-directionality and reverse causality by using unit root tests, co-integration tests and vector auto-regression tests of causality. The study concluded that financial development causes economic growth, economic growth causes financial system development, and in some cases, the causality is in both directions. As independent variables, the study has used the ratio of bank deposit liabilities to nominal GDP and the ratio of bank claims on the private sector to nominal GDP. The dependent variable is real GDP per capita in local currency terms. Rajan and Zingales (1998) predicted the average annual real growth of value added in an industry in the United Stated over the period from 1980-90. As predictor variables the study used the proportion of investments funded with external financing and the ratio of capital spending to net property, plant, and equipment. Industries were further divided into young and old companies. This process helped them to differentiate industries that were more or less dependent on external financing. The study wanted to test if financially dependent industries perform better in countries that have more developed financial sectors. As measures of financial development in each of forty-one countries. The study used the ratio of domestic credit plus stock market capitalization to GDP, the ratio of domestic credit to the private sector relative to GDP, and an index of accounting transparency. They study revealed that the financial development facilitates economic development by providing cheaper funds to growing industries.

 

 

 

Table: 2.7

Review of Empirical Works from 1997 to 1999 AD

 

Study

Area

Major Findings

Harris (1997)

Stock markets and development

Level of stock market activity has little explanatory power in the developing country sample and weak explanatory power for the developed country sample.

Singh (1997) and Weis (1999)

Financial liberalization, stock markets and economic development.

Stock market is a agent that harm economic development due to their susceptibility to market failure.

Raguraman and Zingales (1998)

Financial dependence and growth.

Financial developmet facilitates economic development  by providing cheaper funds to growing industries.

Levine and Zervos (1998)

Stock markets, banks and economic growth.

Strong and statistically significant relationship between the stock and GDP.

Luitel and Khan (1999)

A quantitative reassessment of the finance-growth nexus.

Financial development is very supportive to economic development.

 

The development of endogenous growth theory in recent years has offered the opportunity to define and explain the link between financial development and economic growth. The study of Pagano (1993) and Levine (1997) concluded that the financial development could affect the rate of economic growth by altering productivity growth and the efficiency of capital. It also affects the accumulation of capital through its impact on the saving rate or by altering the proportion of saving.

 

Benchivenga et al (1996) emphasized that there is positive role of liquidity provided by stock exchanges on the size of new real asset investments through common stock financing. Investors are more easily persuaded to invest in common stocks, when there is little doubt on their marketability in stock exchanges. Some contrary opinions do exist regarding the impact of liquidity on the volume of savings, arguing that the desire for a higher level of liquidity works against propensity to save (Benchivenga and Smith, 1991), (Japelli and Pagano 1994), such arguments were not well supported by empirical evidence. The second important contribution of stock exchanges to economic growth is through global risk diversification opportunities. Saint-Paul (1992), Deveraux and Smith (1994) and Obstfeld (1994) argue quite reasonably that opportunities for risk reduction through global diversification make high-risk high-return domestic and international projects viable and consequently, allocate savings between investment opportunities more efficiently. Whether global diversification might reduce the rate of domestic savings (Deveraux & Smith 1994) seemed to be a weak argument, as it is not convincingly evidenced.

 

Levine and Zervos (1998) analyzed by using stock market liquidity (turnover of shares and value), size (market capitalization), volatility (twelve month rolling standard deviation), integration with world markets (CAPM and APT intercept terms), and bank credit for the private (bank credit to the private sector to GDP) as predictors of economic growth, capital accumulation, improvement in productivity, and savings growth rates for forty-seven countries from 1976-93. The study reveals a positive relationship between stock market and bank development and economic growth, capital accumulation, and productivity growth. The authors conclude that stock markets provide an easy means to trade the ownership of productive assets, which facilitates resource allocation, which, in turn, facilitates capital formation, which leads to faster economic growth.

           

In the framework of the new growth theory, surprisingly few empirical studies of the relation between stock market and economic growth are available. The one important study mentioned earlier is one by Levine and Zervos (1998) who are among the first to ask whether stock markets are merely burgeoning casinos or a key to economic growth and to examine this issue empirically, finding a positive and significant correlation between stock market development and long run growth. The work of Luintel and Khan (1999), among others, is supportive of this view.

 

2.1.3 Review of Literature during 2000

 

Empirical work done in the past two decades mostly focused on the role of financial development in stimulating economic growth, without taking into account of the stock market development. Evolution of stock market has impact on the operation of banking institutions and hence, on economic promotion. This means that stock market is becoming more crucial, especially in a number of emerging markets and their role should not be ignored (Khan and Senhadji, 2000).

 

Beck et al (2000) analyzed the relationship between financial development and economic growth, total factor productivity growth, physical capital accumulation rates

and private savings rates. The study reported that there is a large positive effect of financial intermediaries and total factor productivity growth and economic growth but a lesser effect for long-term economic growth and total factor productivity growth.

 

Wurgler (2000) analyzed the relationship between financial markets and capital allocation in sixty-five countries from 1963-95. The study revealed that countries with more developed financial markets shift capital to growing industries and away from declining industries. The efficiency of the financial system is inversely related to government ownership in the economy and directly related to information availability for firms and legal protections for minority stockholders.

 

Table: 2.8

Review of Empirical Work from 2000 to 2004 AD

Study

Area

Major Findings

Beck, Levene and Loayza (2000)

Finance and sources of growth.

There is a large positive effect of financial intermediaries and total factor productivity growth.

Wurgler (2000)

Financial market and allocation of capital.

The efficiency of financial system is inversely related to information availability for firms and legal protections for minority stockholder.

Arestis et al. (2001)

Financial development and economic growth.

Both stock market and bank may be able to help in economic development.

Bell and Rausseau (2001)

A case of finance lend industrialization

Financial development in India has instrumental role for promoting economic performance.

 

Mishkin (2001) and Caporale et al (2004)

Financing, savings, capital and risk.

Financing productive projects mobilize domestic savings, allocate capital and diversify the risk, facilitate exchange of goods and services.

 

 

Tuncer and Alovsat (2001) examined stock market-growth nexus and exhibited positive casual correlation between stock market development and economic activities. Chen et al (2004) elaborated that the nexus between stock returns and output growth and the rate of stock returns is a leading indicator of output growth.
The study of Phylaktis and Ravazzolo (2001) measured financial linkages by analyzing the covariance of excess returns on national stock markets of emerging economies. A major advantage of this framework is that by examining the co-movement of future returns aggregated over a long horizon instead of the co-movement of one period expected returns one can detect small but persistent movements in expected returns and more accurately measure the degree of financial integration than one period stock return regression models.

 

The study of (Arestis, Demetriades and Luintel, 2001) found that in countries like Germany, stock market volatility has a significant and negative impact on growth. Another point worthy of note is that studies based on a cross-country framework in general have omitted China due to lack of data. Needless to say that given the increasing role of China in the world economy, understanding China is important in its own right. The study used a vector autoregressive model to study the relationship between stock market development measures and economic growth for developed economies, controlling for the banking sector development. The study finds that the stock market and economic growth both may be able to promote growth, with the impact of the banking system being stronger. With well-functional financial sector or banking sector, stock markets can give a big boost to economic development (Rousseau and Wachtel, 2000; Beck and Levine, 2003).

 

Mishkin (2001) and Caporale et al (2004) provided the evidence that an organized and managed stock market stimulate investment opportunities by recognizing and financing productive projects that lead to economic activity, mobilize domestic savings, allocate capital proficiency, help to diversify risks, and facilitate exchange of goods and services. Undoubtedly, stock markets are expected to increase economic growth by increasing the liquidity of financial assets, make global and domestic risk diversification possible, promote wiser investment decisions, and influence corporate governance, that is, solving institutional problems by increasing shareholders’ interest value (Vector, 2005).

 

Bell and Rousseau (2001) evaluated the relationship between individual macroeconomic indicators and measures of financial development in India and revealed that the financial sector has been instrumental in promoting economic performance. Nourzad (2002) analyzed the effect of financial development on productive efficiency using eight measures of financial development for countries at different stages of economic development. The study analyzed three sets of panels of data: annual data for twenty-nine countries from 1966-90, annual data for eighteen countries from 1970-90, and five year average data for twenty-eight countries from 1970-90. The author finds that productive efficiency is greater in countries that have more developed financial sectors.

 

Table: 2.9

Review of Empirical Works from 2005 to 2007 AD

 

Study

Area

Major Findings

Shrestha (2005)

Stock Market and Economic Development.

Gross Domestic Product influence stock market.

Vinhas de Souza (2005)

 

Financial liberalization and business cycles: The experience of the new EU member states.

Capital market reform programs, government approved new laws are regulatory framework for capital market flourish.

Siliver and Duong (2006)

Role of stock market for real economic activity: evidence for Europe.

Stock market has certain predictive content for real economic growth.

Yartey and Adjasi (2007)

 

Stock market development in Sub-Saharan Africa: Critical issues and challenges

African stock market facing challenge of integration and need better technical and institutional development to address the problem of low liquidity.

 

Efficient stock markets provided guidelines to keep appropriate monetary policy through the issuance and repurchase of government securities in the liquid market, which is an important step towards financial liberalization. Similarly, well-organized and active stock markets could modify the pattern of demand for money, and would help create liquidity that eventually enhances economic growth (Caporale et al, 2004). Similarly, Siliverstovs and Duong (2006) revealed that the accounting for expectations has represented by the economic sentiment indicator in which stock market has certain predictive content for the real economic activity.

 

Paudel (2005) acknowledged that stock markets, due to their liquidity, enable firms to attain much needed capital quickly, hence facilitating capital allocation, investment and growth. Adjasi and Biekpe (2005) found a significant positive impact of stock market development on economic growth in countries classified as upper middle-income economies. Bahadur and Neupane (2006) concluded that stock markets fluctuations helps in the prediction of the future growth of an economy.

 

 

2.1.4 Concluding Remarks

 

From the above, it may be seen that the effect of capital markets on economic growth has been a controversial subject. Some studies indicated the statistically significant effect of stock market development on economic growth while others did not. Similarly, some reported positive impact of stock liquidity on economic growth while some did not. In order to validate one view or the other in Nepalese context, no study has been so far conducted by using the recent data by considering Deminigue-Kunt and Levene’s stock market development index. This study therefore tests the above hypothesis concerning stock market development and economic growth in undeveloped country, Nepal.

 

 

 

Chapter 3: Research Methodology

 

3.1 Research Design

 

For the analysis of relationship between the stock market development and economic growth descriptive, co-relational and time series research design will be employed. For the purpose of conceptualization and description, the descriptive research design is going to be used. For the analysis purpose the study covers the time period of ten years. This study will be made on a macro level so it consists of all the sectors including commercial banks, manufacturing and processing organization, hotel sectors, trading, insurance, finance companies and, development banks and so on.

 

3.2 Nature and Sources of Data

 

This study will base on both primary and secondary data. Most of the data related to economic growth and stock market development will be collected from annual report and official reports of concerned organization. The required information will  be  supplemented by Ministry of Finance, Department of Industries, Commerce and Supplies, economic survey published by Nepal Government, quarterly economic bulletin published by Nepal Rastra Bank (NRB), National Planning Commission and Security Board of Nepal (SEBON), World Bank Report will be considered.

 

A field survey based on questionnaire and interview will also be conducted to collect opinions of different respondents in three groups. The respondents selected for the survey will be stock investors, general student and public who have not invested in shares to obtain the information in respect of economic performance and stock market development.

 

3.3 Selection of Enterprises

 

The study is related to aggregate values so aggregate values of economy that is determinants of macroeconomic indicators and aggregate value of market activities that is determinants of stock market developments are going to be selected.

 

3.4 Methods of Analysis

 

Analysis is the systematic and careful examination of available facts so that certain conclusions can be drawn from it. The major part of the study is based on the testing of association of stock market and economic growth.

 

3.4.1 Econometric Model

 

This study is heavily based on Levine and Zervos’s study on stock market development and long run growth. However, their study is based on cross-country regression, but this study considers time series analysis and single equation regression applied to the collected data.

 

Study will determine the casual relation between stock market development and economic growth then determine how they evolve over time and finally seek the relationship between the stock market development and its economic performance. Levine and Zervos (1996) suggested the following equation to evaluate whether there is any relationship between the stock market development and long run economic growth.

 

GDPt = aXt + bSTOCKt + µt                                                                                    (1)

 

Where GDP Growtht is the Gross Domestic Product growth rate and Xt is a set of control variables that is associated with GDP. These variables include government expenditure (EXPN), Public Investment (INV), public development aid (AID), foreign direct investment (FDI). In the same way STOCKt represents stock market development index. It includes market capitalization ratio (Mcap), liquidity ratio (Liquidt) and concentration ratio (Conct). A and B are unknown parameters to be estimated and Mt is an error term. We can consider the following equations in details.

 

GDPt = a1 Xt + b1 Mcapt + b2 Liquidt + b3 Conct + µt                                                               (2)

 

Government expenditure is selected as control variables because in underdeveloped country, government plays key role in economic growth for driving the different productive activities. Thus it can impact positively as well as negatively on economic growth. Public investment is selected as a control variable because if the public investment policy is directed correctly (for instance towards infrastructures development), it can impact significantly on economic growth, since public investment can target health, education, etc., which all contribute to increase total factor productivity. Public development aid is selected because in developing countries savings is inadequate so development aid is an ‘oxygen pipe’ for nation’s development. Foreign direct investment is taken because it measures the private investment as domestic investment is very low as compared to it so it is ignored here.

 

The Liquidity ratio variable represents the turnover ratio measured as the value of total shares traded divided by market capitalization (high turnover then high liquidity). Liquidity allows investors to easily buy and sell securities. As Levine and Zervos (1996) put it, stock markets may affect economic activity through their liquidity since investors are reluctant to relinquish control of their saving for long periods. Market capitalization ratio, which equals the value of listed shares divided by GDP, is taken as the indicator for stock market development. This ratio measures the stock market size, ability to mobilize the capital and helps to diversity the risk. Concentration ratio is the four firm concentration ratios, which is measured by dividing market capitalization of four largest stocks by total market capitalization. If few companies dominate the market, they can manipulate the price formation process. Thus a high concentration ratio is not desirable. Countries with highly concentrated markets have markets that are underdeveloped. So market concentration is hypothesized to be negatively correlated with market size and market liquidity.

 

3.4.2 Correlation Analysis

 

Correlation analysis is necessary in order to find out whether the selected variables in time series have any relation or not. If there is no correlation there would be no causality so this test is necessary.

 

A mathematical formula for measuring the correlation developed by Pearson is as follows.

 

                  (3)

 

Where r is a correlation coefficient, Xt and Yt are two variables whose correlation is to be calculated. Correlation is a measure of the relation between two or more variables. The measurement scales range from -1.00 to +1.00. The value of -1.00 represents a perfect negative correlation, while a value of +1.00 represents a perfect positive correlation. A value of 0.00 or close to zero represents a lack of correlation.

 

3.4.3 Time Series Analysis of the Data

           

For the data analysis purpose the following time series analysis is made. They are as follows.

 

3.4.3.1 Unit Root Tests:

 

According to Nelson and Plosser (1982), Chowdhury (1994) there exists unit roots in most macroeconomic time series.  While dealings with time series, it is necessary to analyze whether the series are stationary or not. Since regression of non-stationary series on other non-stationary series leads to what is known is spurious regression causing inconsistency of parameter estimate (Engle and Yoo, 1987). The hypothesis behind is that random shocks in economy have long lasting effects (Engle & Granger, 1987). The most popular of these tests are the Augmented Dickey-Fuller (ADF) test and the Phillips-Perron (PP) tests. ADF test will be considered for this study because ADF tests use a parametric autoregressive structure to capture serial correlation.

 

3.4.3.2 Co-integration Test

 

The finding that many macro time series may contain a unit root has spurred the development of the theory of non-stationary time series analysis. Engle and Granger (1987) pointed out that a linear combination of two or more non-stationary series may be stationary. If such a stationary linear combination exists, the non-stationary time series are said to be co-integrated. The stationary linear combination is called the co-integrating equation and may be interpreted as a long-run equilibrium relationship among the variables. The purpose of the co-integration test is to determine whether a group of non-stationary series is co-integrated or not. Eviews5 statistical software implements VAR-based co-integration tests using the methodology developed in Johansen (1991, 1995a).

 

There are two different methods for testing for co-integration, Engle & Granger (1987) and Johansen (1988). Jung and Seldon (1995) state that the Johansen co-integration test is more valid as there is no need of prior knowledge of the co-integration vectors, in cases when they are unknown. As this study does not have the co-integration vectors it is better to use the Johansen (1988) test. The Johansen methodology utilizes Vector Auto Regression (VAR) to test the co-integration. The Johansen (1988) method of testing for the existence of co-integrating relationships has become standard in the econometrics literature because of its superiority over other alternatives.

 

3.4.3.3 Granger Causality between Economic Growth and Stock Market Development

 

Measuring the correlation (similarities in strength and direction between two graphs) between variables such as GDP and STOCK would according to Granger (1969) not be enough to construct a complete understanding about the relationship between two time series. The reason is that some correlations may be spurious and not useful, as there might be a third variable that cannot be accounted for. For example there is a correlation between teacher’s salaries in the UK and the consumption of alcohol in the UK. Another example is that ice cream sales are correlated to shark attacks on swimmers (Lethen, 1996). In both examples it would be highly unlikely that one causes the other but that there exists other hidden variables affecting both. There is a correlation but no causal connection.

 

By using the Granger causality approach with the question if variable X (in a time series), causes variable Y (in another time series), a researcher wants to see how the value of the existing Y can be explained by past values of Y. And then by adding lagged values of X add to explanation of the relationship (Eviews 5.0 statistical software)

 

This does in practice imply that if you find a variable that is Granger causing another variable in a certain direction or both, manipulation of one would affect the other.  To reduce spurious results the process of finding Granger causality also involves finding out other relations between the time series and such relations include looking at correlation and co-integration (Sahlin and Sjogren, 2008). So this study is not only looking at the correlation, co-integration and causality but also looking at a further developed relationship between the time series. This is combined to produce an answer to if there is a relationship between the variables. Hence, in this study the word relationship stated by statistical software is used as a generic term for the combined correlation, co-integration and causality time series. For the calculation purpose the following equations have to be estimated.

 

3.4.4.4 Other Statistical Tools Considered

 

For our data presentation and analysis other statistical tools will be. They are mean, median, standard deviation, maximum and minimum, T-test, F-test and Standard Error of Estimate (SEE).

 

 

 

Chapter 4: Concluding the research proposal

 

There are many studies that have examined the relationship between growth and stock markets using either cross country or panel methods. However their empirical approach typically suffers from serious econometric weakness. Traditional growth theorists believed that there is no correlation between stock market development and economic growth. Singh (1997) argues that stock markets are not necessary institutions for achieving high levels of economic development. Some recent studies have stated that stock markets play an important role in allocation of capital to corporate sector that in turn stimulate real economic activity. Studies of Caporale (2004), Vector (2005), Mishkin (2001) and few other studies too state that an organized and managed stock market stimulates economic activities. Most of these studies have reported positive effects of stock on economic growth. One group of study argues that stock markets do not help in economic development of a nation while the other group argues that it help in economic development.

 

With this contrast view, this study attempts to find possible connection between stock market development and economic growth with reference to Nepal. The variables selected for the study are Gross Domestic Product (GDP), Government Investment (INV), Government Expenditure (EXPN), Foreign Aid (AID), Foreign Direct Investment (FDI), Market Capitalization Ratio (MCAP), Concentration Ratio (CONC) and Liquidity (LIQDT).

 

 

 

Bibliography

 

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Adjasi, Charles K.D. and Nicholas B. Biekpe (2005), “Stock Market Development and Economic Growth: The Case of Selected African Countries.”  Working Paper, African Development Bank.

 

Arestis, Philip; Demetriades, Panicos O; and Luintel, Kul B. (2001), “Financial Development and Economics Growth: The Role of Stock Markets.” Journal of Money, Credit, and Banking, Vol. 33, No. 1, pp. 16-41.

 

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Beck, T. and R. Levine (2003), “Stock Markets, Banks, and Growth: Panel Evidence.” Journal of Banking and Finance.

 

Bekaert, G. and C.R. Harvey (1995), “Time-Varying world market integration.” Journal of Finance, Vol. 50, pp. 403-444.

 

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Bencivenga, V.R. and Smith B. (1991), “Financial Intermediation and Endogenous Growth.” Review of Economic Studies, Vol. 58, pp. 195-209.

 

Bencivenga, V.R.; Smith, B. and Starr, R. M. (1996), “Equity Markets, Transaction Costs, and Capital Accumulation: An Illustration.” The World Bank Economic Review, Vol. 10 No. 2, pp. 241-265.

 

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Capora

About the Author

Author has completed the Masters Degree in Business Studies with finance as a specialization from Tribhuvan University, Nepal.


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31
Aug

Antique Lamps Seattle

   Posted by: admin    in Bedside Table Lamps



antique lamps seattle

World’s 10 Most Unusual Hotels

They say that travel is about the journey, not just the destination. But if you’ve ever arrived at your destination only to find out that your hotel room is dingy, dirty, and miles from all the action, it’s time to take matters into your own hands.

An increasing number of hotels are positioning themselves to be more than just a place to sleep—they are the action.

You may have heard of the ice hotels in Sweden and Montreal, or even funky spots like California’s Madonna Inn and the Dog Bark Park in Cottonwood, Idaho … but here are few more unusual hotels to inspire your next trip.

These are our picks for the world’s most unusual hotels, in no particular order.

1. To the Lighthouse

Love all things nautical? Then try sleeping in a lighthouse.

There are actually dozens of lighthouses around the world that welcome overnight guests, but at Brown’s Point Lighthouse in Tacoma, Washington, you get to be the lighthouse keeper.

This 30-foot concrete structure is perched by Commencement Bay and the keeper’s dwelling (at right) was recently restored for overnight stays. Guest participate in the “keeper program,” in which they maintain the lighthouse and hold public tours. This job is designed for at least two people, and six maximum, making it a great educational experience for families. Rates range from $500-$700 per week. 253-927-2536, www.pointsnortheast.org

2. Go Climb a Tree

If it seems like the days of kids clambering up trees and running around outdoors are a thing of the past, skip the sedentary vacations and force them out – and up.

The Cedar Creek Treehouse is a private mountain retreat in the woods of Mt. Rainier, located 50 feet up in a 200-year-old Western Red Cedar tree.

Owner Bill Compher built the treehouse himself, making it large enough to accommodate up to five people.

There’s a bathroom, kitchen and dining area, not to mention skylights and an observatory 100 feet up that offers great views from all around.

Though it’s a safe climb up, kids under 10 are not allowed inside the treehouse. Rates are $250 for two people, and $25 for each additional guest. 360-569-2991, www.cedarcreektreehouse.com

3. All Aboard the Romance Train

To conjure up the romantic days of train travel, why not cozy up inside an actual train car for the night? The Northern Rail Traincar B&B in Two Harbors, Minnesota, is made up of connected rail cars with 18 guest rooms.

The Porter Suite sleeps two and includes a dinette and a private bath for $109-$139. Or go all out and climb aboard the King Conductor Suite, a full train car that sleeps up to four, with a king bedroom and a separate living room.

Located on 160 acres of forested land (about 25 minutes outside of Duluth), you have access to Lake Superior and Gooseberry Falls, plus outdoor activities like hiking and golfing. 877-834-0955; www.northernrail.net

4. Were You Raised in a Barn?

Located on the Puget Sound, just a ferry ride away from Seattle, is a quirky little spot designed for two. The Big Red Barn Getaway is a real barn built in the 1890s which has been renovated into a tiny inn.

You’ll be surrounded by miles of unspoiled nature (and may even catch sight of a Bald Eagle). The historic Victorian seaport of Port Townsend is a 10-minute walk away, where you can take advantage of the requisite quaint antique shops and art galleries; Fort Worden State Park is only two minutes away, with gorgeous beaches and plenty of hiking trails.

And, since it’s a barn, Fido and Fluffy are welcome to join you for an extra fee (but they’re asked to stay out of the Jacuzzi). 360-301-1271, www.BigRedBarnGetaway.com

5. How About a Yurt?

Ever slept in a yurt? Even know what a yurt is?

These round, canvas dwellings were created by Mongolian nomads more than 2,000 years ago; it’s an ingenious structure that sits sturdily on the ground and often can fit several people at once.

Treebones Resort in Big Sur, California, has 16 yurts along the ridge above the Pacific Ocean, four of which can fit families. You’ll have the best ocean-view room in town. Rates are $170-$270 for two to four people, including a waffle breakfast. 877-424-4787, www.treebonesresort.com

6. Batting Around in a Cave

You may not know that there are several underground hotels in Cappadocia, Turkey (a region in the middle of Turkey not too far from Ankara), but the most highly touted one of all is the Gamirasu Cave Hotel, which is located inside a restored, thousand-year-old Byzantine monastic retreat. There are 18 exquisitely adorned rooms, some of which were actually monk cells, which are carved into the cave or built with volcanic rock.

Calm, cool and peaceful, a stay here will make you feel as if you’ve been transported centuries back in time. And don’t worry, there is running water. Room rates range from about $110 for a double room to about $500 for a deluxe suite. www.gamirasu.com

7. Digging the Dug-Out

The Australian outback is filled with opal mines and dugouts galore—so dive in and experience one first-hand at the Desert Cave Hotel located within the sandstone of Coober Pedy.

The hotel boasts 19 underground rooms, and about 30 rooms above ground for those who prefer not to live troglodyte-style. Also underground are casinos, shops featuring locally mined opals and Aboriginal arts and crafts. Rooms are about $150 a night, not including meals or a cave tour. www.desertcave.com.au

8. Sleeping in the Pipelines

OK, this one is for the truly adventurous … but if you ever wanted to brag that you slept in a drainpipe, read on. Daspark Hotel in Lintz, Austria consists of three concrete drainpipes in the middle of a park.

Inside each one is a teensy room built for two, with a double bed, a lamp, a small storage space, and even power outlets. Food, toilets and showers are all located nearby.

If you’re concerned about sleeping in a public park, rest assured that the drainpipes are all locked with a safety code. Sure, a drainpipe room may be a little, well, rudimentary, but the beauty is that you determine your own rates. www.dasparkhotel.net

9. Sleeping with the Fishes

With both China and Dubai building underwater hotels called the Hydropolis, sleeping under water seems to the wave of the future. China is hoping to have its land-based HydroTower component open by the Olympics, but if you can’t wait until then, stick a little closer to home and visit the Jules Verne Undersea Lodge.

This underwater hotel is actually a research lab in Key Largo, Florida, but regular landlubbers are invited to spend the night. You’ll actually have to scuba dive your way into the hotel, but they’ll give you all the necessary training. An overnight visit costs about $475 and includes diving gear and unlimited dives if you’re certified (or you can get certified during your stay). 305-451-2353, www.jul.com

10. Doing Time

The new Liberty Hotel in Boston has been making headlines as a former jail-turned-luxury-hotel. After a five-year renovation program that cost upward of $150 million, the Charles Street jail has maintained some precious features that pay homage to its history—such as a restaurant called Clink, and a bar called Alibi housed in the former “drunk tank.”

But if you’re looking for a more, well, authentic prison experience, you’ll have to jet yourself over to Latvia to the Karosta Prison. Located in Liepaja (about three hours west of Riga), this former Soviet detention facility was once known as the “prison that nobody escaped from.”

Today, it welcomes (if that’s the right word) visitors to spend a night for about $16.

This is no blueblood luxury hotel: Guests play the role of a prisoner, complete with ex-Soviet military guards berating and ordering you around, cold iron beds, and toilets that remain uncomfortably close to their original state. Karosta Prison – English website.

By Managing Editor Sarika Chawla for Peter Greenberg.com.

About the Author

: Peter Greenberg is a preeminent expert on travel. His focus is on the journey, providing insider’s tips and recommendations to an increasingly savvy and demanding traveler. Peter is also author of The New York Times best-selling series, The Travel Detective, which uncovers secrets the airline, hotel, cruise and rental car industries don’t want consumers to know. Check out Travel Hotels for more insider information.


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