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Equity premium puzzle

The equity premium puzzle refers to the inability of an important class of economic models to explain the average equity risk premium (ERP) provided by a diversified portfolio of equities over that of government bonds, which has been observed for more than 100 years. There is a significant disparity between returns produced by stocks compared to returns produced by government treasury bills. The equity premium puzzle addresses the difficulty in understanding and explaining this disparity. This disparity is calculated using the equity risk premium:

The equity risk premium is equal to the difference between equity returns and returns from government bonds. It is equal to around 5% to 8% in the United States.

The risk premium represents the compensation awarded to the equity holder for taking on a higher risk by investing in equities rather than government bonds. However, the 5% to 8% premium is considered to be an implausibly high difference and the equity premium puzzle refers to the unexplained reasons driving this disparity.

Description
The term was coined by Rajnish Mehra and Edward C. Prescott in a study published in 1985 titled "The Equity Premium: A Puzzle". An earlier version of the paper was published in 1982 under the title "A test of the intertemporal asset pricing model". The authors found that a standard general equilibrium model, calibrated to display key U.S. business cycle fluctuations, generated an equity premium of less than 1% for reasonable risk aversion levels. This result stood in sharp contrast with the average equity premium of 6% observed during the historical period.

In 1982, Robert J. Shiller published the first calculation that showed that either a large risk aversion coefficient or counterfactually large consumption variability was required to explain the means and variances of asset returns. Azeredo (2014) shows, however, that increasing the risk aversion level may produce a negative equity premium in an Arrow-Debreu economy constructed to mimic the persistence in U.S. consumption growth observed in the data since 1929.

The intuitive notion that stocks are much riskier than bonds is not a sufficient explanation of the observation that the magnitude of the disparity between the two returns, the equity risk premium (ERP), is so great that it implies an implausibly high level of investor risk aversion that is fundamentally incompatible with other branches of economics, particularly macroeconomics and financial economics.

The process of calculating the equity risk premium, and selection of the data used, is highly subjective to the study in question, but is generally accepted to be in the range of 3–7% in the long-run. Dimson et al. calculated a premium of "around 3–3.5% on a geometric mean basis" for global equity markets during 1900–2005 (2006). However, over any one decade, the premium shows great variability—from over 19% in the 1950s to 0.3% in the 1970s.

In 1997, Siegel found that the actual standard deviation of the 20-year rate of return was only 2.76%. This means that for long-term investors, the risk of holding the stock of a smaller than expected can be derived only by looking at the standard deviation of annual earnings. For long-term investors, the actual risks of fixed-income securities are higher. Through a series of reasoning, the equity premium should be negative.

To quantify the level of risk aversion implied if these figures represented the expected outperformance of equities over bonds, investors would prefer a certain payoff of $51,300 to a 50/50 bet paying either $50,000 or $100,000.

The puzzle has led to an extensive research effort in both macroeconomics and finance. So far a range of useful theoretical tools and numerically plausible explanations have been presented, but no one solution is generally accepted by economists.

Theory
The economy has a single representative household whose preferences over stochastic consumption paths are given by:

 * $$E_0 \left[\sum_{t=0}^\infty \beta^t U(c_t)\right]$$

where $0<\beta<1$ is the subjective discount factor, $c_t$  is the per capita consumption at time $t$, U is an increasing and concave utility function. In the Mehra and Prescott (1985) economy, the utility function belongs to the constant relative risk aversion class:

 * $$U(c, \alpha) = \frac{c^{(1-\alpha)}}{1-\alpha}$$

where $0< \alpha < \infty $ is the constant relative risk aversion parameter. When $$\alpha = 1$$, the utility function is the natural logarithmic function. Weil (1989) replaced the constant relative risk aversion utility function with the Kreps-Porteus nonexpected utility preferences.

 * $$U_t = \left[c_t^{1-\rho}+\beta (E_t U_{t+1}^{1-\alpha})^{(1-\rho)/(1-\alpha)}\right]^{1/(1-\rho)}$$

The Kreps-Porteus utility function has a constant intertemporal elasticity of substitution and a constant coefficient of relative risk aversion which are not required to be inversely related - a restriction imposed by the constant relative risk aversion utility function. Mehra and Prescott (1985) and Weil (1989) economies are a variations of Lucas (1978) pure exchange economy. In their economies the growth rate of the endowment process, $x_t$, follows an ergodic Markov Process.

 * $$P \left [x_{t+1} = \lambda_j | x_t = \lambda_i \right] = \phi_{i,j} $$

where $x_t \in \{\lambda_1,...,\lambda_n\}$. This assumption is the key difference between Mehra and Prescott's economy and Lucas' economy where the level of the endowment process follows a Markov Process.

There is a single firm producing the perishable consumption good. At any given time $t$, the firm's output must be less than or equal to $y_{t}$ which is stochastic and follows $y_{t+1}=x_{t+1} y_{t}$. There is only one equity share held by the representative household.

We work out the intertemporal choice problem. This leads to:

 * $$p_t U'(c_t) = \beta E_t[(p_{t+1} + y_{t+1}) U'(c_{t+1})]$$

as the fundamental equation.

For computing stock returns

 * $$1 = \beta E_t\left[\frac{U'(c_{t+1})}{U'(c_t)} R_{e, t+1}\right]$$

where

 * $$R_{e, t+1} = (p_{t+1} + y_{t+1}) / p_t$$

gives the result.

The derivative of the Lagrangian with respect to the percentage of stock held must equal zero to satisfy necessary conditions for optimality under the assumptions of no arbitrage and the law of one price.

Data
Much data exists that says that stocks have higher returns. For example, Jeremy Siegel says that stocks in the United States have returned 6.8% per year over a 130-year period.

Proponents of the capital asset pricing model say that this is due to the higher beta of stocks, and that higher-beta stocks should return even more.

Others have criticized that the period used in Siegel's data is not typical, or the country is not typical.

Possible explanations
A large number of explanations for the puzzle have been proposed. These include: Kocherlakota (1996), Mehra and Prescott (2003) present a detailed analysis of these explanations in financial markets and conclude that the puzzle is real and remains unexplained. Subsequent reviews of the literature have similarly found no agreed resolution.
 * Rare events hypothesis,
 * Myopic loss aversion,
 * rejection of the Arrow-Debreu model in favor of different models,
 * modifications to the assumed preferences of investors,
 * imperfections in the model of risk aversion,
 * the excess premium for the risky assets equation results when assuming exceedingly low consumption/income ratios,
 * and a contention that the equity premium does not exist: that the puzzle is a statistical illusion.

The mystery of stock premiums occupies a special place in financial and economic theories, and more progress is needed to understand the spread of stocks on bonds. Over time, as well as to determine the factors driving equity premium in various countries / regions may still be active research agenda.

The equity premium: a deeper puzzle
Azeredo (2014) showed that traditional pre-1930 consumption measures understate the extent of serial correlation in the U.S. annual real growth rate of per capita consumption of non-durables and services ("consumption growth"). Under alternative measures proposed in the study, the serial correlation of consumption growth is found to be positive. This new evidence implies that an important subclass of dynamic general equilibrium models studied by Mehra and Prescott (1985) generates negative equity premium for reasonable risk-aversion levels, thus further exacerbating the equity premium puzzle.

Rare events hypothesis
One possible solution to the equity premium puzzle considered by Julliard and Ghosh (2008) is whether it can be explained by the rare events hypothesis, founded by Rietz (1988). They hypothesized that extreme economic events such as the Great Depression, the World Wars and the Great Financial Crisis resulted in equity holders demanding high equity premiums to account for the possibility of the significant loss they could suffer if these events were to materialise. As such, when these extreme economic events do not occur, equity holders are rewarded with higher returns. However, Julliard and Ghosh concluded that rare events are unlikely to explain the equity premium puzzle because the Consumption Capital Asset Pricing Model was rejected by their data and much greater risk aversion levels were required to explain the equity premium puzzle. Moreover, extreme economic events affect all assets (both equity and bonds) and they all yield low returns. For example, the equity premium persisted during the Great Depression, and this suggests that an even greater catastrophic economic event is required, and it must be one which only affect stocks, not bonds.

Myopic loss aversion
Benartzi & Thaler (1995) contend that the equity premium puzzle can be explained by myopic loss aversion and their explanation is based on Kahneman and Tversky's prospect theory. They rely on two assumptions about decision-making to support theory; loss aversion and mental accounting. Loss aversion refers to the assumption that investors are more sensitive to losses than gains, and in fact, research calculates utility of losses felt by investors to be twice that of the utility of a gain. The second assumption is that investors frequently evaluate their stocks even when the purpose of the investment is to fund retirement or other long-term goals. This makes investors more risk averse compared to if they were evaluating their stocks less frequently. Their study found that the difference between returns gained from stocks and returns gained from bonds decrease when stocks are evaluated less frequently. The two combined creates myopic loss aversion and Benartzi & Thaler concluded that the equity premium puzzle can be explained by this theory.

Individual characteristics
Some explanations rely on assumptions about individual behavior and preferences different from those made by Mehra and Prescott. Examples include the prospect theory model of Benartzi and Thaler (1995) based on loss aversion. A problem for this model is the lack of a general model of portfolio choice and asset valuation for prospect theory.

A second class of explanations is based on relaxation of the optimization assumptions of the standard model. The standard model represents consumers as continuously-optimizing dynamically-consistent expected-utility maximizers. These assumptions provide a tight link between attitudes to risk and attitudes to variations in intertemporal consumption which is crucial in deriving the equity premium puzzle. Solutions of this kind work by weakening the assumption of continuous optimization, for example by supposing that consumers adopt satisficing rules rather than optimizing. An example is info-gap decision theory, based on a non-probabilistic treatment of uncertainty, which leads to the adoption of a robust satisficing approach to asset allocation.

Equity characteristics
Another explanation of the equity premium puzzle focuses on the characteristics of equity that cannot be captured by typical models but are still consistent with optimisation by investors.

The most significant characteristic that is not typically considered is the requirement for equity holders to monitor their activity and have a manager to assist them. Therefore, the principal-agent relationship is very prevalent between corporation managers and equity holders. If an investor was to choose to not have a manager, it is likely costly for them to monitor the activity of the corporations that they invest in and often rely heavily on auditors or they look to the market hypothesis in which information about asset values in the equity markets are exposed. This hypothesis is based on the theory that an investor who is inexperienced and uninformed can bank on the fact that they will get average market returns in an identifiable market portfolio, which is questionable as to whether or not this can be done by an uninformed investor. Although, as per the characteristics of equity in explaining the premium, it is only necessary to hypothesise that people looking to invest do not think they can reach the same level of performance of the market.

Another explanation related to the characteristics of equity was explored by a variety of studies including Holmstrom and Tirole (1998), Bansal and Coleman (1996) and Palomino(1996)and was in relation to liquidity. Palomino described the noise trader model that was thin and had imperfect competition is the market for equities and the lower its equilibrium price dropped the higher the premium over risk-free bonds would rise. Holmstrom and Tirole in their studies developed another role for liquidity in the equity market that involved firms willing to pay a premium for bonds over private claims when they would be facing uncertainty over liquidity needs.

Tax distortions
Another explanation related to the observed growing equity premium was argued by McGrattan and Prescott (2001) to be a result of variations over time of taxes and particularly its effect on interest and dividend income. It is difficult however to give credibility to this analysis due to the difficulties in calibration utilised as well as ambiguity surrounding the existence of any noticeable equity premium before 1945. Even given this, it is evident that the observation that equity premium changes arising from the distortion of taxes over time should be taken into account and give more validity to the equity premium itself.

Related data is mentioned in the Handbook of the Equity Risk Premium. Beginning in 1919, it captured the post-World War I recovery, while omitting wartime losses and low pre-war returns. After adding these earlier years, the arithmetic average of the British stock premium for the entire 20th century is 6.6%, which is about 21/4% lower than the incorrect data inferred from 1919-1999.

Implied volatility
Graham and Harvey have estimated that, for the United States, the expected average premium during the period June 2000 to November 2006 ranged between 4.65 and 2.50. They found a modest correlation of 0.62 between the 10-year equity premium and a measure of implied volatility (in this case VIX, the Chicago Board Options Exchange Volatility Index).

Dennis, Mayhew & Stivers (2006) find that changes in implied volatility have an asymmetric effect on stock returns. They found that negative changes in implied volatility have a stronger impact on stock returns than positive changes in implied volatility. The authors argue that such an asymmetric volatility effect can be explained by the fact that investors are more concerned with downside risk than upside potential. That is, investors are more likely to react to negative news and expect negative changes in implied volatility to have a stronger impact on stock returns. The authors also find that changes in implied volatility can predict future stock returns. Stocks that experience negative changes in implied volatility have higher expected returns in the future. The authors state that this relationship is caused by the association between negative changes in implied volatility and market downturns.

Yan (2011) presents an explanation for the equity premium puzzle using the slope of the implied volatility smile. The implied volatility smile refers to the pattern of implied volatilities for options contracts with the same expiration date but different strike prices. The slope of the implied volatility smile reflects the market's expectations for future changes in the stock price, with a steeper slope indicating higher expected volatility. The author shows that the slope of the implied volatility smile is a significant predictor of stock returns, even after controlling for traditional risk factors. Specifically, stocks with steeper implied volatility smiles (i.e., higher jump risk) have higher expected returns, consistent with the equity premium puzzle. The author argues that this relationship between the slope of the implied volatility smile and stock returns can be explained by investors' preference for jump risk. Jump risk refers to the risk of sudden, large movements in the stock price, which are not fully captured by traditional measures of volatility. Yan argues that investors are willing to accept lower average returns on stocks that have higher jump risk, because they expect to be compensated with higher returns during times of market stress.

Information derivatives
The simplest scientific interpretation of the puzzle suggests that consumption optimization is not responsible for the equity premium. More precisely, the timeseries of aggregate consumption is not a leading explanatory factor of the equity premium.

The human brain is (simultaneously) engaged in many strategies. Each of these strategies has a goal. While individually rational, the strategies are in constant competition for limited resources. Even within a single person this competition produces a highly complex behavior which does not fit any simple model.

Nevertheless, the individual strategies can be understood. In finance this is equivalent to understanding different financial products as information derivatives i.e. as products which are derived from all the relevant information available to the customer. If the numerical values for the equity premium are unknown, the rational examination of the equity product would have accurately predicted the observed ballpark values.

From the information derivatives viewpoint consumption optimization is just one possible goal (which never really comes up in practice in its pure academic form). To a classically trained economist this may feel like a loss of a fundamental principle. But it may also be a much needed connection to reality (capturing the real behavior of live investors). Viewing equities as a stand-alone product (information derivative) does not isolate them from the wider economic picture. Equity investments survive in competition with other strategies. The popularity of equities as an investment strategy demands an explanation. In terms of data this means that the information derivatives approach needs to explain not just the realized equities performance but also the investor-expected equity premia. The data suggest the long-term equity investments have been very good at delivering on the theoretical expectations. This explains the viability of the strategy in addition to its performance (i.e. in addition to the equity premium).

Market failure explanations
Two broad classes of market failure have been considered as explanations of the equity premium.

First, problems of adverse selection and moral hazard may result in the absence of markets in which individuals can insure themselves against systematic risk in labor income and noncorporate profits.

Second, transaction costs or liquidity constraints may prevent individuals from smoothing consumption over time. In relation to transaction costs, there are significantly greater costs associated with trading stocks than trading bonds. These include costs to acquire information, broker fees, taxes, load fees and the bid-ask spread. As such, when shareholders attempt to capitalise on the equity premium by adjusting their asset allocation and purchasing more stocks, they incur significant trading costs which eliminate the gains from the equity premium. However, Kocherlakota (1996) contends that there is insufficient evidence to support this proposition and further data about the size and sources of trading costs need to be collected before this proposition could be validated.

Denial of equity premium
A final possible explanation is that there is no puzzle to explain: that there is no equity premium. This can be argued from a number of ways, all of them being different forms of the argument that we don't have enough statistical power to distinguish the equity premium from zero: A related criticism is that the apparent equity premium is an artifact of observing stock market bubbles in progress.
 * Selection bias of the US market in studies. The US market was the most successful stock market in the 20th century. Other countries' markets displayed lower long-run returns (but still with positive equity premiums). Picking the best observation (US) from a sample leads to upwardly biased estimates of the premium.
 * Survivorship bias of exchanges: This refers to the equity holder's fear about an economic crash such as the 1929 stock market crash eventuating, even when the probability of that event occurring is minute. The justification here is that over half of the stock exchanges that were operating in early 1900s were discontinued, and the equity risk premium calculated does not account for this. As such, the equity risk premium is "calculated for a survivor" such that if returns from these stock exchanges were included in the calculations, there may not have been such a great disparity between returns gleaned from bonds compared to stocks. However, this hypothesis cannot be easily proven and Mehra and Prescott (1985) in their studies, included the effect on the equity returns following the Great Depression. Although shares lost 80% of their value, comparisons of returns from stocks against bonds showed that even in those periods, significantly higher returns were gained from investing in stocks.
 * Low number of data points: the period 1900–2005 provides only 105 years which is not a large enough sample size to run statistical analyses with full confidence, especially in view of the black swan effect.
 * Windowing: returns of equities (and relative returns) vary greatly depending on which points are included. Using data starting from the top of the market in 1929 or starting from the bottom of the market in 1932 (leading to estimates of equity premium of 1% lower per year), or ending at the top in 2000 (vs. bottom in 2002) or top in 2007 (vs. bottom in 2009 or beyond) completely change the overall conclusion. However, in all windows considered, the equity premium is always greater than zero.
 * David Blitz, head of Quant Research at Robeco, suggested that the size of the equity premium is not as large as widely believed. It is usually calculated, he said, on the presumption that the true risk-free asset is the one month T bill. If one recalculates, taking the five-year T-bond as the risk free asset, the equity premium is smaller and the risk-return relation becomes more positive.

Note however that most mainstream economists agree that the evidence shows substantial statistical power. Benartzi & Thaler analyzed the equity returns over a 200-year period, between 1802 and 1990 and found that whilst equity returns were remained stable between 5.5% and 6.5%, return on government bonds fell significantly from around 5% to 0.5%. Moreover, analysis of how faculty members funded their retirement showed that people who had invested in stocks received much higher returns than people who had invested in government bonds.

Implications
Implications for the Individual Investor

For the individual investor, the equity premium may represent a reasonable reward for taking on the risk of buying shares such that they base their decisions to allocate assets to shares or bonds depending on how risk tolerant or risk averse they are. On the other hand, if the investor believes that the equity premium arise from mistakes and fears, they would capitalize on that fear and mistake and invest considerable portions of their assets in shares. Here, it is prudent to note that economists more commonly allocate significant portions of their asset in shares.

Currently, the equity premium is estimated to be 3%. Although this is lower than historical rates, it is still significantly more advantageous than bonds for investors investing in their retirements funds and other long-term funds.

The magnitude of the equity premium brings about substantial implications for policy, welfare and also resource allocation.

Policy and Welfare Implications

Campbell and Cochrane (1995) have found in a study of a model that simulates equity premium value's consistent with asset prices, welfare costs are similar in magnitude to welfare benefits. Therefore essentially, a large risk premium in society where asset prices are a reflection of consumer preferences, implies that the cost of welfare is also large. It also means that in recessions, welfare costs are excessive regardless of aggregate consumption. As the equity premium rises, recession-state income marginal values steadily increase also thus further increasing the welfare costs of recessions. This also brings about questions regarding the need for microeconomic policies that operate by way of higher productivity in the long run by trading off short-term pain in the form of adjustment costs. Given the impact on welfare through recessions and the large equity premium, it is evident that these short-term trade offs as a result of economic policy are likely not ideal, and would be preferred to take place in times of normal economic activity.

Resource Allocation

When there is a large risk premium associated with equity, there is a high cost of systematic risk in returns. One of these being its potential implications on individual portfolio decisions. Some research has argued that high rates of return are just signs of misplaced risk-aversion in which investors are able to earn high returns with little risk from switching from stocks to other assets such as bonds. Research on the contrary indicates that a large percentage of the general public believe that the stock market is best for investors that are in it for the long haul and may also link to another implication being trends in the equity premium. Some claims have been made that the equity premium has declined over time in the past few years and may be supported by other studies claiming that tax declines may also continue to reduce the premium and the fact that transaction costs in securities markets decline this is consistent with a declining premium. The trend implication is also supported by models such as 'noise traders' that create a cyclical premium due to noise traders being excessively optimistic thus declining the premium, and vice versa when the optimism is replaced with pessimism, this would explain the constant decline of equity premium as a stock price bubble.

title: Equity premium puzzle


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Cornrows

Cornrows (sometimes called canerows) are a style of traditionally three-strand braids, originating in Africa,  in which the hair is braided very close to the scalp, using an underhand, upward motion to make a continuous, raised row. Cornrows are often done in simple, straight lines, as the term implies, but they can also be styled in elaborate geometric or curvilinear designs. They are distinct from, but may resemble, box braids, Dutch braids, melon coiffures, and other forms of plaited hair, and are typically tighter than braids used in other cultures.

The name may refer to the corn fields or sugar cane fields of the Americas and Caribbean. According to black folklore, cornrows were often used to communicate on the Underground Railroad and by Benkos Biohó during his time as a slave in Colombia. They often serve as a form of black self-expression. Cornrows are traditionally called "kolese" or "irun didi" in Yoruba, and are often nicknamed "didi braids" in the Nigerian diaspora.

Cornrows are worn by both sexes, and are, on some occasions, adorned with beads, hair cuffs, or cowrie shells. The duration of weaving cornrow braids may take up to five hours, depending on the quantity and width. Often favored for their easy maintenance, cornrows can be left in for weeks at a time if maintained through careful washing of the hair and natural oiling of the scalp. Braids are considered a protective styling on African curly hair as they allow for easy and restorative growth; braids pulled too tightly or worn for longer lengths of time and on different hair types can cause a type of hair loss known as traction alopecia.

Africa
Modern cornrows are most closely associated with Black people in the Americas, including the USA and Caribbean, but are thought to come from older African traditions. Depictions of women with what appear to be cornrows have been found in Stone Age paintings in the Tassili Plateau of the Sahara, and have been dated as far back as 3000 B.C. A similar style is also seen in depictions of the ancient Cushitic people of the Horn of Africa, who appear to be wearing this style of braids as far back as 2000 B.C.

In Africa, cornrows have been documented in the ancient Nok civilization in Nigeria, in the Mende culture of Sierra Leone, and the Dan culture of the Côte d'Ivoire. In Ethiopia and Eritrea, there are many braided hairstyles which may include cornrows or "shuruba", such as Habesha or Albaso braids, and Tigray shuriba. Though such hairstyles have always been popular with women, Ethiopian men have also worn such hairstyles. In 19th century Ethiopia, male warriors and kings such as Tewodros II and Yohannes IV were depicted wearing braided hairstyles, including the shuruba. Cornrow hairstyles in Africa also cover a wide social terrain: religion, kinship, status, age, racial diversity, and other attributes of identity can all be expressed in hairstyle. Just as important is the act of braiding, which passes on cultural values between generations, expresses bonds between friends, and establishes the role of professional practitioner.

Europe
Though controversial, there have been a number of examples of European art and sculpture alleged to depict hairstyles similar to modern cornrows, though this is contested by modern scholars.

The oldest of these depictions are the statues known as the Venus of Brassempouy and the Venus of Willendorf, which date between 23,000 and 29,000 years ago and were found in modern day France and Austria. Whether these statues feature cornrows, another type of braids, headdresses, or some other styling has been a matter of vigorous debate — some historians rule out cornrows, however. The Venus of Brassempouy is often said to wear a wig or a patterned hood, while the Venus of Willendorf is said to be wearing plaited hair or a fibrous cap.

Since the early 5th century B.C., Ancient Greek and Roman art shows men and women with a characteristic melon coiffure, especially in the "Oriental Aphrodite" tradition, which may be confused with cornrows. The traditional hairstyle of Roman Vestal Virgins, the sini crenes, also incorporates two braids that resemble cornrows.

Americas
The first recorded use of the word "cornrow" was in America in 1769, referring to the corn fields of the Americas. The earliest recorded use of the term "cornrows" to refer a hairstyle was in 1971; the name "canerows" may be more common in parts of the Caribbean due to the historic role of sugar plantations in the region.

Enslaved Black people may have worn cornrows as one way to keep their hair neat and flat to their scalp while working; the other styles they developed alongside these may have blended African, European and Native American trends and traditions. African-American, Afro-Latino and Caribbean folklore relates multiple stories of cornrows being used to communicate or provide maps for slaves across the "New World". Today, such styles retain their link with Black self-expression and creativity, and may also serve as a political expression.

Cornrows made a comeback in the United States in the 1960s and 1970s, and returned again during the 1990s and 2000s. In the 2000s, some athletes wore cornrows, including NBA basketball players Allen Iverson, Rasheed Wallace, and Latrell Sprewell. Some female mixed martial artists have chosen to wear cornrows for their fights as it prevents their hair from obscuring their vision as they move.

Controversy
Over the decades, cornrows, alongside dreadlocks, have been the subject of several disputes in U.S. workplaces, as well as universities and schools. Some employers and educational institutions have considered them unsuitable and banned them. Employees and civil rights groups have countered that such attitudes evidence cultural bias or racism, and some disputes have resulted in litigation.

In 2011, the High Court of the United Kingdom, in a decision reported as a test case, ruled against a school's decision to refuse entry to a student with cornrows. The school claimed this was part of its policy mandating "short back and sides" haircuts, and banning styles that might be worn as indicators of gang membership. However, the court ruled that the student was expressing a tradition and that such policies, while possibly justifiable in certain cases (e.g. skinhead gangs), had to accommodate reasonable racial diversities and cultural practices.

In the US state of California, the CROWN Act was passed in 2019 to prohibit discrimination based on hair style and hair texture.

license: Creative Commons - Attribution Share-Alike - https://creativecommons.org/licenses/by-sa/4.0/

title: Cornrows


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Wikipedia:Articles for deletion/Committee of Logged in Trolls

Committee of Logged In Trolls
Not notable, vanity --Improv 07:00, 27 Sep 2004 (UTC)
 * Old, not notable, vanity, and a horrible abbreviation. Delete. --Slowking Man 07:35, Sep 27, 2004 (UTC)
 * Comment: That's deliberate, I expect. The same joke was far better made in Red Dwarf. No change of vote. Andrewa 02:02, 28 Sep 2004 (UTC)
 * Well yes, I assumed it to be deliberate. --Slowking Man 06:01, Sep 28, 2004 (UTC)
 * Delete. This is an encyclopedia not a trollpedia. Norm 11:08, 27 Sep 2004 (UTC)
 * Delete - not notable. Thue | talk 16:52, 27 Sep 2004 (UTC)
 * Delete. One of many such non-notable events. Andrewa 20:45, 27 Sep 2004 (UTC)
 * Delete. Non notable. Andris 20:48, Sep 27, 2004 (UTC)
 * Keep, redirect and merge at very least. Intrigue 21:31, 27 Sep 2004 (UTC)
 * Maybe #REDIRECT Slashdot trolling phenomena—or maybe not. Delete. —No-One Jones (m) 21:34, 27 Sep 2004 (UTC)
 * What Mirv said. Delete. Tregoweth 01:29, Sep 28, 2004 (UTC)
 * Keep. It's possible someone might be interested enough to look this up. Mark Richards 06:23, 28 Sep 2004 (UTC)
 * Delete. Ambi 08:46, 28 Sep 2004 (UTC)
 * Delete. Don't feed. Jallan 14:55, 28 Sep 2004 (UTC)
 * Delete: trollvertisement. Wile E. Heresiarch 17:34, 28 Sep 2004 (UTC)
 * Keep it. Intrigue 19:00, 28 Sep 2004 (UTC)
 * Comment: You already voted, see above. Andrewa 03:53, 30 Sep 2004 (UTC)
 * Delete. This snippet of tendentious flummery could just as well be a paragraph on the Slashdot subculture page if it isn't there already. Fire Star 20:49, 28 Sep 2004 (UTC)
 * Delete. Doesn't seem notable to me. Too much slashdot crap^H^H^H^H stuff in wikipedia as is. -R. fiend 21:48, 28 Sep 2004 (UTC)
 * Delete, not a notable group. — siro  χ  o  00:50, Sep 29, 2004 (UTC)
 * Delete. DNFTT. -- Friedo 11:12, 29 Sep 2004 (UTC)
 * Delete Wolfman 15:33, 29 Sep 2004 (UTC)
 * Keep. Possibly redirect to Troll organization The Recycling Troll 21:17, 29 Sep 2004 (UTC)
 * Delete Mikkalai 04:39, 30 Sep 2004 (UTC)
 * Delete. Non-notable; I can't remember modding them down. Mackensen 05:07, 30 Sep 2004 (UTC)
 * Useless as an article, not notable. Delete. -- Mike Rosoft 11:32, 30 Sep 2004 (UTC)
 * Delete Troll site Jongarrettuk 22:30, 30 Sep 2004 (UTC)
 * deleteGeni 17:13, 1 Oct 2004 (UTC)
 * Delete Nothing of note User:MartinSpamer
 * Delete vanity. -- Cyrius|✎ 23:57, 3 Oct 2004 (UTC)

 * A thousand thank yous to User:RedWordSmith for bringing to my attention a most heinous offense. I voted twice in several polls over the past few days. I can only kneel before you, proclaiming ten thousand appologies, and throw myself on the mercy of the Wikipedia, pleading insanity. In my defense, I submit that anyone wanting to subvert the voting process would be careful not to vote twice with their own name. Only an idiot who was unable to keep track of which polls he had voted on already would make such a transparent and shamefull error. I recant. Yours, in contrition, Intrigue 15:55, 4 Oct 2004 (UTC)


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Mel Bampton

Melissa "Mel" Bampton is an Australian radio announcer, best known for her work on the Triple J network. She began at the station in 2000 as producer of the Drive show - with Costa Zouliou, Myf Warhurst, Nicole Fossati and Charlie Pickering at various times. In mid-2002, Fossati left the station, and Bampton took her place as co-host.

Career
In 2004 the station's programming underwent major changes, and Bampton started hosting her own music show Mel in the Mornings. The show replaced the previous Morning Show, which was heavily current affairs and talkback, with a more music oriented show, including interviews and live performances. Mel was the creator of the Like a Version segment of bands playing cover songs, which has spawned nine CDs and continues on the triple j breakfast program to this day.

On 26 January 2007, Mel finished her role as a triple j presenter. In late 2007 Mel presented and produced the 2nd Producer Series for triple j, which featured: Steve Albini (Nirvana, PJ Harvey, Joanna Newsom), Michael Beinhorn (Hole, Marlilyn Manson, The Bronx), Trina Shoemaker (Queens Of The Stoneage, Something For Kate), Jim Abbiss (Arctic Monkeys, Kasabian), Tony Cohen (Nick Cave, Beasts of Bourbon), Squeak E Clean (Yeah Yeah Yeahs, Ben Lee), Ewan Pearson (The Rapture), Dave Catching (Rancho De La Luna - The Desert Sessions) Tim Whitten (Architecture In Helsinki, The Panics) and John Agnello (Dinosaur Jr, Sonic Youth, The Living End).

In 2008, Bampton produced and presented The Album Series for triple j which took a look at four outstanding Australian Albums, by artists: Sarah Blasko, The Living End, Hoodoo Gurus and Regurgitator. The Album Series featured on triple j in late 2008.

Bampton produced and presented the third season of The Producer Series, which aired on Triple J in 2009. The third series featured Alan Moulder (Nine Inch Nails, The Killers, Wolfmother), Scott Horscroft (The Panics, Sleepy Jackson), Dave Fridmann (Flaming Lips, Mercury Rev, Sleater Kinney), Harry Vanda (AC/DC, British India, The Angels), Philippe Zdar (Cassius, Phoenix, Cut Copy) and Diplo (MIA, Santigold, Major Lazer). A print version of The Producer Series is set for release through Harper Collins in 2015.

Bampton was the Music & Books Editor for 'alternative mainstream' women's magazine yen between 2008 and 2012, and is also the Director of a Byron Bay-based media company that works with Soundwave Festival, and musical artists Ash Grunwald and Dune Rats.

Personal life
Bampton is married, and has three children - Jazzy, Tiger and Obi - the youngest being born in 2012.

Bampton is also a full-time Yoga Therapist and teacher, studying and instructing under her married name 'Lissie Turner' at The Yoga Shack. She was trained by Dr Natesan Chanderasekaran MD and Lance Schuler. Bampton has been practicing yoga since 1995.

title: Mel Bampton


text:
Air Craft Marine Engineering

The Air Craft Marine Engineering Company (ACME) was a short-lived aircraft manufacturer based in Van Nuys, California. It was established in 1954 to develop an amphibious utility aircraft, the ACME Anser.

title: Air Craft Marine Engineering


text:
Lauri Pihkala

Lauri "Tahko" Pihkala (born Gummerus, 5 January 1888 – 20 May 1981) was the inventor of pesäpallo, the Finnish variant of baseball. In 1969 he became one of the first persons to receive an honorary doctorate in Sport Sciences from the University of Jyväskylä, together with president Urho Kekkonen and Professor Kaarina Kari.

Athletics
In the 1910s he became the first Finnish professional coach in athletics, and also worked as a physical education instructor with the Finnish Army.

Pihkala was known for being an avid sports fan, and he developed several outdoor games.

Other
During the Finnish Civil War he was responsible for propaganda in the White Guard flying unit "Devils of Kuhmoinen" of major Hans Kalm.

Pihkala's brother Martti Pihkala was a right-wing political activist. Lauri Pihkala didn't write any political texts in his publications. He tried to integrate Finnish working class to the society and hoped that sports could be one tool there.

Some writers claim that Pihkala should be responsible for a massacre in Harmoinen village in March 1918. This is not true. The murderers belonged to Devils of Kuhmoinen, but Pihkala was not present there.

Memorial of Pihkala by sculptor Nina Sailo was unveiled in 1988 on the south-east side of the Helsinki Olympic Stadium.

Pihkala was a supporter of eugenics with the goal of strengthening Finland’s military.

title: Lauri Pihkala


text:
Wikipedia:Articles for deletion/Naked and Petrified

 This page is an archive of the discussion about the proposed deletion of the article below. This page is no longer live. Further comments should be made on the article's talk page rather than here so that this page is preserved as an historic record. The result of the debate was - ????

Naked and Petrified
Not notable. Just some guy who used to be a troll. Verges on fancruft. --Improv 07:09, 27 Sep 2004 (UTC)
 * I heard about this guy on a message board, but he's not particularly notable. Delete. --Slowking Man 07:38, Sep 27, 2004 (UTC)
 * Not often that a three year-old article gets nominated. Weak keep . Cool Hand Luke  08:55, 27 Sep 2004 (UTC) Redirect to Slashdot trolling phenomenon.  Cool Hand Luke  09:37, 30 Sep 2004 (UTC)
 * Delete. This is an encycopedia not a trollpedia. Norm 11:01, 27 Sep 2004 (UTC)
 * Delete. Wikipedia is not Slashdot's inhouse pet record for their in-jokes and trolls. Average Earthman 13:13, 27 Sep 2004 (UTC)
 * Delete. Not very notable in the big scheme of things. Thue | talk 16:51, 27 Sep 2004 (UTC)
 * Delete. Why do people think anything slashdot is somehow notable? -R. fiend 17:38, 27 Sep 2004 (UTC)
 * Keep. Don't see how this can be worse or less relevant than Gay Nigger Association of America. Gamaliel [[Image:Watchmensmiley20.gif]] 18:35, 27 Sep 2004 (UTC)
 * Delete. If that's the best that can be said for it, enough said! Probable vanity, by a self-confessed troll. Andrewa 19:54, 27 Sep 2004 (UTC)
 * Well, it is precedent that Slashdot trolls are notable enough to deserve at least one article. It's lame, but it's notable/famous enough to make the cut, and should be preserved, even if it's just a redirect to Slashdot.Gamaliel [[Image:Watchmensmiley20.gif]] 06:38, 28 Sep 2004 (UTC)
 * Not sure this "one bad article deserves another" mentality really works. Having this article is like having an article on each of the 40+ members of the GNAA. At least as a group they might be somewhat notable. -R. fiend 17:28, 28 Sep 2004 (UTC)
 * Delete. Possibly autobiographical.Raazer 20:20, 27 Sep 2004 (UTC)
 * Keep. Intrigue 21:26, 27 Sep 2004 (UTC)
 * Delete, agree with R. fiend, who cares about Slashdot? -Vina 21:56, 27 Sep 2004 (UTC)
 * keep was usefull to me. This kind of cultural bit is what make wikipedia superior to paper encyclopedias.
 * Comment: That vote from IP 64.230.175.176, who has no other edits. Probably a valid comment from a reader IMO, but no change of vote. Andrewa 01:53, 28 Sep 2004 (UTC)
 * Keep - its notable enough. Mark Richards 06:24, 28 Sep 2004 (UTC)
 * Delete: trollvertisement. Wile E. Heresiarch 17:39, 28 Sep 2004 (UTC)
 * Weak keep. Can you imagine a beowulf cluster of that?. *ahem* Kim Bruning 20:25, 28 Sep 2004 (UTC)
 * Keep. Even being an RHPS fan, I never made that connection. Hope I added this vote correctly.
 * Delete. Tregoweth 21:33, Sep 28, 2004 (UTC)
 * Keep. Rhobite 00:20, Sep 29, 2004 (UTC)
 * Weak keep, because wikipedia is not paper and this guy has a small amount of notability. Redirect to Slashdot trolling phenomenon as this article will probably never be expanded. — siro  χ  o  00:52, Sep 29, 2004 (UTC)
 * Keep this is interesting. The Recycling Troll 03:13, 29 Sep 2004 (UTC)
 * Delete Wolfman 15:35, 29 Sep 2004 (UTC)
 * Delete. More unnotable troll garbage. Maybe merge somewhere or other. Jallan 16:25, 29 Sep 2004 (UTC)
 * Delete. Mikkalai 04:51, 30 Sep 2004 (UTC)
 * Merge and Redirect to Slashdot trolling phenomena. Doesn't deserve a separate article. Mackensen 05:09, 30 Sep 2004 (UTC)
 * Does not deserve an article for itself. Delete. -- Mike Rosoft 10:56, 30 Sep 2004 (UTC)
 * Delete Troll site Jongarrettuk 22:31, 30 Sep 2004 (UTC)
 * deleteGeni 17:08, 1 Oct 2004 (UTC)
 * Merge with Slashdot trolling phenomenon. Alba 17:24, 1 Oct 2004 (UTC)
 * Merge with Slashdot trolling phenomenon. Agree with Alba here. JidGom 21:04, 2004 Oct 4 (UTC)

This page is now preserved as an archive of the debate and, like some other VfD subpages, is no longer 'live'. Subsequent comments on the issue, the deletion, or the decision-making process should be placed on the relevant 'live' pages. Please do not edit this page.


text:
Cyropaedia

The Cyropaedia, sometimes spelled Cyropedia, is a partly fictional biography of Cyrus the Great, the founder of Persia's Achaemenid Empire. It was written around 370 BC by Xenophon, the Athenian-born soldier, historian, and student of Socrates. The Latinized title Cyropaedia derives from the Greek Kúrou paideía (Κύρου παιδεία), meaning The Education of Cyrus. Aspects of it would become a model for medieval writers of the genre mirrors for princes. In turn, the Cyropaedia strongly influenced the most well-known but atypical of these, Machiavelli's The Prince, which fostered the rejection of medieval political thinking and development of modern politics.

Format

In substance, the Cyropaedia is a narrative describing the education of the ideal ruler. It has been interpreted as an early novel, a biography, and a manifesto on leadership. The work is intended to communicate political and moral instruction to its audience, most of whom would have been Athenian elites.

While most scholars note that Xenophon did not write it as a historical text, the Cyropaedia does not fit into any known classical genre, only somewhat resembling an early novel. Its validity as a source of Achaemenid history has been repeatedly questioned, and numerous descriptions of events or persons have been found inaccurate.

Despite its limitations, it has been argued that the Cyropaedia provides a glimpse of Cyrus the Great's character. It gives an artistic portrayal of Cyrus, which, according to some, could not have been so positive without a historical memory of good leadership. Xenophon (c. 431 – 355 BC) was not a contemporary of Cyrus (c. 580 – 530 BC) and it is likely that some of his information about Persia was based on events that occurred at the later Achaemenid court. Xenophon had visited such as one of the "Ten Thousand" Greek soldiers who fought on the losing side of a Persian civil war, which he recounted in his Anabasis.

Book One
(1 )Xenophon starts the life of Cyrus the Great when he is twelve years old. Cyrus's mother, Mandane, receives a request from her father to bring her son to Media to meet him. Her father is Astyages, King of the Medes. When meeting his grandfather, Cyrus recognizes his grandfather by his luxurious Medes clothing compared to his simple Persian clothing. The two stay in the Kingdom for a bit and Cyrus learns the traditions of the Medes. During his stay, Cyrus and Astyages form a good relationship with each other. After some time Mandane wants to go back to Persia, who is a vassal under the Medes, to see her husband, but her father wants Cyrus to stay. While against the idea Mandane still lets Cyrus make the choice to stay or not. Cyrus decides to stay stating that he had more to learn from the Medes.

Growing up in Media Cyrus gains a following of companions that he trains with. He also goes hunting with them, but they are limited on what they can hunt to keep them safe due to their ages. This does not sit well with Cyrus who begs his uncle, Cyaxares, to take him hunting. His uncle refuses at first but agrees later on. While hunting with Cyaxare, Cyrus comes upon dangerous animals that he risks his life to give his game to Astyages out of the love he has for him. Astyages rejects the gifts telling Cyrus that no gift could be worth endangering his life over.

During this time the King of Assyria is getting married. To celebrate he assembles a huge group of people to go hunting between the borders of the Assyrian and Median empires. Arriving at the hunting spot, the Assyrian King realized he had a massive host to raid the Medes' borders. Astyages summoned his armies in response to the Assyrians pillaging his lands. Even though Cyrus was too young to fight he could not contain himself and joined his grandfather on the march. The Median force comes across a host of Assyrians carrying away stolen goods. Astyages is hesitant to send in his troops for fear of enemy cavalry countercharging them. Cyrus suggests that Cyaxares should lead a small cavalry division to intercept the foot soldiers carrying the loot. If the enemy cavalry tries to reinforce the infantry, Astyages's troops rush in to stop them. The plan works with the Medes pushing back the Assyrians. Astyages gives the victory to Cyrus but mentions how his strategy was one of madness.

Cyrus's reputation from the battle spreads throughout the empire. His father, Cambyses I, hears of his son's achievements and calls him back home to Persia. On his return, Cyrus is welcomed back with open arms. His friends thought he would have come back as a luxurious Medes but instead a simple Persian. He spends his time in Persian until he becomes a young man. He spends his time learning and training in military traditions.

Astyages passes away and Cyaxares becomes ruler over the Median empire. The Assyrian King at the same time is going around conquering his neighbors. He looks to the Medes and Persians, convincing his allies that the two empires are a threat. Together with their allies, the Assyrians commanded over 60,000 horsemen and 200,000 archers and targeteers. Cyaxares knew of their plans and sent word to Persia asking for Cyrus to bring reinforcements. Cyrus assembles 10,000 archers, 10,000 slingers, and 10,000 targeteers. Before marching off to war he gives his army a speech promising them victory against their enemies.

Book Two
(2 )Cyrus and Cambyses meet up with Cyaxares's forces. After discussing scouting reports, army sizes, and strategy they are heavily at a disadvantage. The biggest one is their army size of 100,000 troops, 10,000 horsemen and 60,000 archers and targeteers coming from the Medes, against the enemies' army size of 260,000. Being so outnumbered Cyrus mentions that they cannot win by a war of attrition. He realizes that if he cannot win with numbers then he can win with a better-quality army. He states that the common tactic of warfare is lightly armored range units, so he decides to refit his army to be more of a heavy melee army. His troops receive a corslet for the breast, a shield for the left arm, and a sword or battle-axe for the right hand.

The Persian army is trained by Cyrus in melee combat. He issues military reforms like ordering the soldiers of units to live together to form a bond with each other. Not giving soldiers food until they completed all their workouts. How hard the soldier works determines their rewards. Meetings are held with his officers to learn about the army's progress. Cyrus is informed of the difficulty the army is having with learning new tactics but they are improving. The rest of Book II focuses on Cyrus and his captains' thoughts on the new recruits. Some of the captains believe that time is needed for the recruits to settle into their positions. The other captains agree but do not think there is enough time for the recruits to be ready for battle.

Book Three
(3 )The Persian army heads toward the Armenian Kingdom to collect the tribute owed to the Medes. The King of Armenia gathers his army to confront the Persians but flees when he learns of Cyrus leading the army. The King takes refuge high up in the mountains. Cyrus responds by surrounding the exit points with his army and captures the King's family and his treasure. He sends messengers to the located villages telling them that he considers them an enemy if they stay in their homes. Messengers are also sent to the King telling him to come to meet with Cyrus. Eventually, the King meets with Cyrus who puts the King on trial for abandoning his agreement with the Medes. The King's reasoning for not honoring the agreement was to gain freedom for his people. He still accepts any punishment given until his son, Tigranes, pleads with Cyrus to spare his father. Tigranes tries to convince Cyrus that his father is valuable as an ally and that his father learns from his folly. An argument sprues out between the two about if a person can learn from their follies in such a short time. However, Cyrus grants the Tigranes his wish but is happy that he gained another ally.

Cyrus returns everything he captures back to the King asking what his wealth and power are. The King tells Cyrus he has 8,000 horsemen, 40,000 archers and targeteers, and over 3,000 silver talents. Cyrus strikes a deal to take half of the Armenian army to add to his own. Also making the King pay 100 talents of silver to both Cyrus and the Medes. The Persian army heads off with their detachment of Armenian forces led by Tigranes to deal with the Chaldaeans who are at war with the Armenians. While at the border of the two nations, Cyrus looks for a spot to build a fort to gain control over the area. He comes across a mountain range known for the Chaldaeans to use as a scouting position. Rather than conquering the enemy, Cyrus wants to end the conflict between the Armenians and the Chaldaeans. However, Cyrus does not want to wait for peace talks and charges up the hill to capture the high ground. Chaldaean scouts see his army moving and try to counter their assault.

Cyrus leads his men up the hill, but Tigranes informs him that his Armenian soldiers cannot hold against the enemy. For the Chaldaeans are known for having the fiercest warriors in the region. In response, Cyrus orders the Armenians to feint a retreat to reel in the Chaldaean soldiers into his more experienced melee troops. Cyrus's plan works causing the enemy to retreat and take control of the high ground. Messengers are sent to the Armenian King asking him to bring builders to help build the fort. Medical assistance is given to the Chaldaean prisoners and Cyrus makes them an offer. He will set the prisoners free to go back to their people and can decide if they want to make peace or continue the war. After the prisoners leave the Armenian King shows up with his workers giving praises for Cyrus's victory. The Chaldaeans return to accept the peace offering. During the discussion Cyrus offers terms to both sides by being able to use each other lands to build up resources they have little of. The Chaldaeans are allowed to use the Armenian flat land for farming crops and the Armenians can use the Chaldaean hilly lands for pastures. Both nations also agree to allow marriage between the citizens and help each other in times of war.

Cyrus takes his forces to meet up with Cyaxares at Media. Upon arriving Cyrus gives over the loot taken in battle to his Uncle. He presses Cyaxares to move against the enemy first mentioning that they should not meet the enemy in their lands. Cyaxares agrees and gathers his forces to join Cyrus on the march. Persians, Medes, and Armenians invade the Assyrian lands. Enemy scouts see the advancing army and report back to the king. The Assyrian king summons his forces and goes out to meet Cyrus in battle. When the two armies are close to each other neither wants to be the one to advance. The Assyrian forces set up a defensive entrenchment around their camp. Cyaxares wants to attack, but Cyrus informs him that once the enemy sees the smaller force then the Assyrians would not hold back against them. Cyrus is still given the order from his uncle to attack and obeys the command. Chrysantas and other officers bring information that they capture Assyrian deserters to Cyrus. He learns that a small detachment of the enemy army is on the march with the rest station at the camp. Cyrus presses on the attack saying to his men, "Brave men to the front! Who follows me? Who will lay the first Assyrian low?" Cyrus's soldiers clash with the Assyrians and quickly put them on the retreat. The fighting continues to take place at the enemy camp, but Cyrus orders his soldiers to pull back worried that reinforcements will overrun them.

Book One
The first book's opening states that it began as a reflection about why some rulers are willingly obeyed and others are not. Everywhere, the author observes, humans fail to obey their rulers; the one exception is Cyrus the Great, a man who inspired obedience.

A list of Cyrus's conquests follows, and the author seeks to understand why his subjects obeyed him "willingly." The work narrates his entire life, with only the first of eight books concerning the actual education of Cyrus.

The first book is devoted to Cyrus's descent, education, and stay at the court of his maternal grandfather, the Median dynast Astyages. Scholars have noted that Xenophon's description of pre-imperial Persian education is unusual and appears to be based upon the traditions of Sparta: the subject of Xenophon's other work the Constitution of the Lacedaemonians.

Books Two to Seven
Books two to seven cover Cyrus's life as a Median vassal on his path to establishing the world's largest empire. In these books, Cyrus is upheld as an example of classical virtue, but also uses what are now known as Machiavellian tactics. He proves a faithful vassal to the Medes, initially acting as a general to defend them from the more powerful and assertive Babylonian empire. He does so by cultivating alliances with nations such as the Chaldeans, Hyrcanians, Cadusians, Saka, and Susians. The remaining allies of Babylon include many nations of Asia Minor, as well as a corps of Egyptian infantry. Croesus of Lydia acts as general in the two powers' final field battle. Cyrus then returns with an increasingly international army to conquer Babylon. He is able to avoid a long siege by deflecting the course of the river through it, then sending soldiers in over the dry bed during a festival night. The claim that Babylon was conquered on the night of a festival by diverting the Euphrates River from its channel is also made by Herodotus (1.191).

Book Eight
Book eight is a sketch of Cyrus' kingship and his views of monarchy.

The last section of this book (8.8) also describes the rapid collapse of Cyrus's empire after he died. It has been speculated that this section was written by a later author. Alternatively, it may symbolize Xenophon's theoretical inconsistency concerning his conception of an ideal ruler, or show that Xenophon did not mean to describe an ideal ruler in any simple way. It may also intend to display, rather than undermine, Cyrus's strength as a leader.

Related characters of questionable historical truth appear in the narrative as well. For example, the romance of Abradatas and Pantheia forms much of the narrative's latter half (v.1.3, vi.1.31ff, vi.4.2ff, vii.3.2ff).

Reception
In classical antiquity, the Cyropaedia was considered the masterpiece of a widely respected and studied author. Polybius, Cicero, Tacitus, Dionysius of Halicarnassus, Quintilian, Aulus Gellius and Longinus thought highly of Xenophon and his work. Classical authors believed that he composed the Cyropaedia in response to the Republic of Plato or vice versa, and Plato's Laws seems to allude to the Cyropaedia. Among classical leaders, Scipio Aemilianus is said to have carried a copy with him at all times; it was also a favorite of Alexander the Great and Julius Caesar.

Legacy
The Cyropaedia was rediscovered in Western Europe during the late medieval period as a piece on political virtue and social organization. It heavily influenced the late medieval and Renaissance genre known as mirrors of princes, which gave examples of leadership behavior to educate future rulers. Giovanni Pontano, Bartolomeo Sacchi, Leon Battista Alberti and Baldassare Castiglione treated Cyrus as such an example. However, unlike most mirrors of princes, whether the Cyropaedia was really intended to describe an ideal ruler is a subject of debate.

The Cyropaedia continued to be widely read in the early modern period and during the Enlightenment. Machiavelli's The Prince, which represented a turn toward modern political thinking, was particularly influenced by the Cyropaedia and represents a more sophisticated reading of Xenophon. It appears critical of his idealistic approach to Cyrus, while also considering Cyrus's deceit and the danger of deceitful leaders part of the Cyropaedia 's message. Many early modern writers after Machiavelli, including Montaigne, Montesquieu, Rousseau, Bacon, Jonathan Swift, Bolingbroke, Shaftesbury, Edward Gibbon, and Benjamin Franklin also esteemed Xenophon as a philosopher and historian. The Cyropaedia was often used to model correct prose in classical Attic Greek, mastery of which was part of the education of European and American gentlemen in the eighteenth century. Thomas Jefferson had two copies of the book in his library, possibly for this reason.

In the nineteenth century, Xenophon and the Cyropaedia began to decline in popularity compared to other classical authors and works. This is partly because its endorsement of monarchy had grown less favorable. Yet, in the late twentieth and early twenty-first centuries, Xenophon's work has become more studied and esteemed. Some present scholars argue that the basic historical events of the Cyropaedia are more credible than those described in Herodotus's Histories, and debate continues over the work's relevance and historical accuracy.

title: Cyropaedia


text:
Absoluuttinen Nollapiste

Absoluuttinen Nollapiste (Finnish for absolute zero) is a progressive rock band from Rovaniemi, Finland. It is known for combining catchy melodies and solid, slightly progressive songwriting with Tommi Liimatta's eccentric lyrics.

Liimatta has numerous side projects with some of the band's current members, some ex-members and others. They publish their music under their own Diu Dau Tapes label. The most famous project is Ahkerat simpanssit, who released the album Tervehdys, Maan asukit in 2003.

History
Absoluuttinen Nollapiste started in June 1991, when Liimatta was on his confirmation camp in Nuasjärvi, Sotkamo, when he had an idea of putting together a rock band. The members of the band, who all lived in the same neighborhood in Rovaniemi, were Liimatta (born in Kemi, 1976, vocals and wind instruments), Tomi Krutsin (born in Rovaniemi, 1976, drums) and Aki Lääkkölä (born in Rovaniemi, 1976, guitar and keyboards). They had had other groups before. The band's first bass guitarist, Matti Kettunen, was replaced in November 1991 by Aake Otsala (born in Kuopio, 1976) and, a year later, the second guitarist, Jukka Leinonen left the band. This line-up for about 7 years. Some time in 1999, Teemu Eskelinen joined the band as a backing vocalist.

Members

 * Tommi Liimatta (guitar, vocals, recorder)
 * Aki Lääkkölä (guitar, keyboards)
 * Aake Otsala (bass guitar, vocals)
 * Tomi Krutsin (drums)

Past members

 * Janne Hast (keyboards, percussion, trumpet) (2003 - 2011)
 * Teemu Eskelinen (percussion, backing vocals) (September 1999 - December 2001)
 * Jukka Leinonen (guitar) (June 1991 - November 1992)
 * Matti Kettunen (bass guitar) (June 1991 - November 1991)

Albums

 * Neulainen Jerkunen (1994)
 * Muovi antaa periksi (1995)
 * Simpukka-amppeli (1998)
 * Suljettu (1999)
 * Olos (2000)
 * Nimi muutettu (2002)
 * Seitsemäs sinetti (2003)
 * Mahlanjuoksuttaja (2005)
 * Iiris (2007)
 * Musta hiekka (2009)
 * Pisara ja lammas 1 (2012)
 * Pisara ja lammas 2 (2014)

EPs / singles / compilations

 * "Demo I" (1992) (demo)
 * "Demo II" (1993) (demo)
 * "Nukahtaa-murre-tosiasia" (1993) (demo)
 * Ei ilmestynyt (1994) (EP)
 * "Sivulla jatkuu" (1995)
 * "Savu meihin" (1996)
 * "Ajoratamaalaus" (1997)
 * "Silti" (1998)
 * "Kupit on kuin olisi häät" (1999)
 * "Sukututkimus lannistaa" (1999)
 * "Kotiinpaluu, jotenkin" (2000)
 * "Hyviä muistoja, huomenna suihkuun" (2001)
 * Olen pahoillani - valitut teokset 1994-2000 (2001) (compilation)
 * "Irene Kaktus" (2002)
 * "Pyhä Nynny" (2002)
 * "Mustaa ei ole" (2003)
 * "Täytyy muistaa (tapaus Foliosurmat)" (2003)
 * "Jarrutan" (2004)
 * "Romanttinen komedia" (2004)
 * Sortovuodet 1994-2004 (2004) (compilation)
 * "Miten tässä vielä käy?" (2005)
 * Lihassa ja taivaassa (2007) (EP)
 * "Demo 3" (2011)

DVDs

 * Arkistokuvaa 1992-2008 (2009)

Solo albums

 * Tommi Liimatta: Liimatan Pan alley (1996)
 * Tommi Liimatta: Tropical Cocktail (2006)
 * Tommi Liimatta: Rokokoo Computer (2016)

title: Absoluuttinen Nollapiste


text:
Sir Syed University of Engineering and Technology

Sir Syed University of Engineering and Technology (known as "SSUET") is a private research university located in the urban area of Karachi, Sindh, Pakistan. The university is honored in the name of notable 19th-century Indian Muslim reformer and philosopher, Sir Syed Ahmad Khan.

History
Sir Syed University of Engineering and Technology is based on the heritage of Sir Syed Ahmed Khan and of the Aligarh Movement. An education and social reformer, Sir Syed emerged on the scene in the sub-continent towards the middle of the 19th century. In the spirit of the Aligarh Movement, AMUOBA (Aligarh Muslim University Old Boys Association) focused attention on furthering education in Pakistan, especially science and technology. An achievement in this field has been the establishment of Sir Syed University of Engineering and Technology (SSUET). SSUET came into being on 8 October 1993, and its Charter formalities were completed by an Act passed by the Sindh Assembly on 17 September 1995. The founder of this University is Z.A. Nizami.

Affiliated institution

 * Aligarh Institute of Technology (AIT)

Academic profile
SSUET provides degrees in 11 disciplines.

Undergraduate program
The university offer undergraduate programs in various disciplines for BS and BSc, leading to a bachelor's degree.

Faculty of Electrical and Computer Engineering (FOECE)

 * BS in Biomedical Engineering
 * BS in Biomedical Sciences
 * BS in Biotechnology
 * BS in Computer Engineering
 * BS in Electrical Engineering
 * BS in Electronic Engineering
 * BS in Telecommunication Engineering
 * BS in Mobile Communication and Security
 * BSc in Electrical Engineering Technology
 * BSc in Electronic Engineering Technology

Faculty of Computing and Applied sciences (FOCAS)

 * BS in Bioinformatics
 * BS in Computer Science
 * BS in Information Technology
 * BS in Software Engineering
 * BS in Mathematics

Faculty of Civil Engineering and Architecture (FOCVA)

 * Bachelor of Architecture
 * BS in Civil Engineering
 * BSc in Civil Engineering Technology

Faculty of Business, Management and Social sciences (FOBMS)

 * Bachelor of Business Administration
 * BS in Business Administration (2.5 Years Program, For 14 Years Degree Holders only)

Faculty of Electrical and Computer Engineering (FOECE)

 * MS Biomedical Engineering
 * MS Computer Engineering
 * MS in Electrical Engineering
 * MS in Electronic Engineering
 * MS Telecommunication Engineering

Faculty of Computing and Applied sciences (FOCAS)

 * MS Computer Science
 * MS in Software Engineering
 * MS Mathematics

Faculty of Civil Engineering and Architecture (FOCVA)

 * MS Civil Engineering

Faculty of Business, Management and Social sciences (FOBMS)

 * Master of Business administration

Doctoral degree

 * PhD Biomedical Engineering
 * PhD Computer Engineering
 * PhD in Electronic Engineering

SSUET has an Institute of Human Settlement and Environment specializing in Environmental Management Science.

Recognized university
Higher Education Commission of Pakistan (HEC) places Sir Syed university at No. 12 in its rankings in the engineering category.

It is one of the leading universities in Karachi and is listed among the country's top universities in "engineering and technology" category by the Higher Education Commission of Pakistan, as of 2013. In addition, the university is also a member of the Association of Commonwealth Universities of the United Kingdom as well as the member of the International Association of Universities.

Associations

 * International Association of Universities
 * Pakistan Engineering Council
 * Higher Education Commission of Pakistan
 * Association of Commonwealth Universities

Online Classes
Sir Syed University of Engineering & Technology starts online classes in 2020.

Sport
The university has a sports ground in front of its main gate. This includes a basketball court, volleyball ground and cricket pitch for net practice. Steps for developing hockey and football grounds are in progress. A room contains equipment for health activities and body building.

Indoor games available are table tennis and badminton.

Outdoor games available are cricket, athletic track, soccer field, hockey, basketball and volleyball.

Ahmad Ali Rafi Ahmad S/O Major (R) Rafi uddin Ahmad was one of the brilliant athlete that Sir Syed University has produced. He has many national and international awards under his belt and was named the best sports man of the period from 2004 - 2008.

Music
The university has always promoted extra curricular activities and Musical events are arranged yearly in which opportunities are given to the students who are good in Singing and Music.

Syed Muhammad Umer S/O Major Syed Basith is one of the prominent names in Pakistan's Music Industry who has graduated from Sir Syed University of Engineering and Technology and throughout his tenure in University he was famous for his Musical/Guitars and Singing Skills. Imran Butt, the vocalist of F&I has also graduated from this university as electronic engineer.

Student Societies
Sir Syed university of engineering & technology has a Literary Art & Cultural forum (SSULACF) formerly known as Brig. Qamarussalam Forum. In this forum extra curricular activities are to be carried out. e.g. debates, Qira'at, Naat, Speeches, Quizzes Musical events & other positive creative activities

IEEE SSUET Student Branch
Institute of Electrical and Electronics Engineers (IEEE) recently opened its student branch in Sir Syed University of Engineering and Technology. The IEEE SSUET Student Branch is responsible for organizing IEEE related seminars along with other technical and non-technical workshops in the university. According to their website, the goal of IEEE SSUET Student Branch is to bring students closer to the latest development that is being made in the field of science and technology and to groom students to be motivated and bring out the best in them to help reshaping the future. IEEE SSUET Student Branch consists of five sub-branches: IEEE SSUET Computer Society, IEEE SSUET EMB Society, IEEE Power and Energy Society, IEEE Robotics and Automation Society, and the recently inaugurated IEEE Women in Engineering Society.

Career planning and placement
The Career Planning and Placement Bureau is aimed at establishing liaison between the engineers/graduates and employers, and provides internships go-ahead forms only to organizations. The objective is to have a department that sets a platform to provide job opportunities for students and employees for the firms, so far the resources at disposable are rudimentary and great amount of efforts and dedication is needed to fulfill its responsibilities which should include :

 * Counseling and guidance
 * Career planning of students
 * Placement services
 * Arrangements for visits of delegates/prospective employers
 * Projects collaboration
 * Research collaboration
 * Higher education of counseling
 * Collaboration with professional bodies
 * Industrial tours
 * and workshops
 * Exhibitions
 * Internship
 * Higher education of counseling

Academic events

 * SSUET Job fair
 * Flyover dedication
 * Foundation stone laying ceremony
 * International Forum For Researchers
 * 2nd International student convention Lahore

Sports events

 * Seminar: State of sports in Pakistan
 * NED Inter University cricket tournament, 2016
 * Jashn-e-Azadi cricket tournament
 * Ceremony of Astro Truff
 * Sports Gala 2018
 * HEC zone G Hockey championship 2018-19
 * HEC zone G Interuniversity volleyball championship, 2018-19
 * Pakistan day tug of war championship

Miscellaneous events

 * SSUET new campus' tree plantation drive at education city
 * Global Women Entrepreneur
 * Forum on Pakistani and European Construction Industry
 * Aligarh Muslim University Old Boys’ Association held AGM

Future campus
The second campus of SSUET (200 acres) is planned to be developed in Education City, Karachi. The development of the campus has been delayed and currently in progress.

Notable alumni

 * Sajid Ahmed, Member of National Assembly of Pakistan and leader of Muttahida Qaumi Movement – Pakistan
 * Abdul Haseem Khan International Hockey Player, (Pakistan Hockey Federation)


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