Stock Markets Of Asians Countries Finance Essay - Free Essay Example

Sample details Pages: 10 Words: 2920 Downloads: 10 Date added: 2017/06/26 Category Finance Essay Type Analytical essay Did you like this example? Stock markets of Asian countries India, Pakistan, and Srilanka depend upon nonlinearity by applying BDS test and also found that non-stationarity is not a reason of independent and identical behavior of aforementioned nations for which ADF (Augmented Dickey Fuller) and PPT (Phillips-Perron Test) was used. The ten years time series econometrics was used for daily indices of above stock exchanges for the period of 1996-2005. The study suggests that shifting to non-linearity could be cause of improved consideration of dynamic situation of financial time series for developing countries. The inferences of non-linear necessity and occurrence of GARCH properties go yonder the matter of market efficiency. The collective supposition of continuous variance underlying the theory and practice of choice pricing, portfolio optimization, and value at risk intentions needs to be revised. If the assumed stochastic developments do not sufficiently show the full complication of the true producing progressions, then any derivatives in query may be wrong priced (Dhankar and Chakraborty 2007). The search for economic and political actions that may give details the periodic nonlinearities detect in the income sequence of the Chilean stock market index. The methodology is a overturn shape of occasion learn. following apply the Hinich portmanteau bi association examination to notice episode of nonlinear performance of the index. The clarification of performance was investigated. Answer may assist to give details the complexity to predict asset income. It is also enclosed that a number of beam into the main political and economic events that add to the many small burst of nonlinear reliance in the Chilean stock market. by the Hinich portmanteau bi association examination the economic and political events that may incite the periodic nonlinearities detect on the go back sequence of the Chilean stock market index. A overturn shape of occasion learn is second-hand in the similar strength of Brooks et al. (2000) and Lim and Hinich (2005b). It is establish that the proportion of important nonlinear windows (11.81%) of the Chilean index is better than what has been establish in preceding studies that be relevant the similar methodology to European, Latin American and Asian countries. The learn attempt to provide a number of beginning reply to fad of the Chilean market. more than a few windows of nonlinearity there were events linked with change in the AFP system. furthermore there are also significant global actions that influence the performance of the Chilean stock market in the middle of them are the development of merchandise price and global disaster. The learn of the Chilean stock market is attractive not only because the little dimension of this marketplace make easy the recognition of significant economic and political events but also because this marketplace is extremely included with the global capital market. answer assist give detai ls why there are difficulty in forecasting asset income. It also cover a number of light on the main political and economic actions that add to the small rupture of nonlinear reliance in the Chilean stock market. prospect investigate be supposed to absolutely take a shut seem at the person stock that reason these nonlinear episodes (Romero-Meza, Bonilla Hinich, 2007) Inspired by the thought that government switch may provide rise to perseverance that is observationally equal to a component origin a government switch procedure that exhibit extended reminiscence. The characteristic of the procedure that generate extended reminiscence is a grave tail period sharing. by this procedure for instability it is obtain a government switch stochastic instability (RSSV) replica that would employ for every day SP income from 1928 from side to side 1995 by income of the very old technique of moment opinion (EMM) method. Forecasts of RSSV instability known history income can be generate by re outcrop. The RSSV replica is conventional according to the EMM chi-squared statistic. by this sign it is evaluate that more than a few additional model that have been future in the text and a number of modification to them. model second-hand in the learn does not show extended reminiscence in instability and serious tail provisionally as do the RSSV model t the data, while model with no these individuality do not. It is also establish weak proof that suggest the attendance of an extra short reminiscence part of instability over and over the extended reminiscence part. As Mandelbrot (1963) affirmed big change be inclined to be follow by big change of also sign and little change by little change. This is the so call instability cluster occurrence. The perseverance trait of this occurrence has even been exposed as extended reminiscence in more than a few new study. as preceding researchers tend to use the incomplete addition arrangement to replica this occurrence, it is finished that t he experiential perseverance as arise from instability government switchings which are in turn trigger by deferent news arrival, when the period of the government has a heavy tail sharing, it is certainly have the extended reminiscence performance. The study thus provide an attractive and instinctively attractive understanding of the experiential extended reminiscence performance in stock market instability. The on top of underlying principle for generate extended reminiscence is then examine using the government switch stochastic volatility (RSSV) replica. With the replica contain a government switch part in its instability the experiential work could potentially disprove or fail to disprove our government switch guess. by the recently future very old technique of moment for the SP compound go back sequence, it is not indict in hold up of the supposition of a heavy tail sharing with the period of a government. The replica is establish to t the dynamics of the stock prices very well and the predictable tail directory is extremely important, so it can not be discarded also the theory that all the experiential individuality of the data as capture by the exile semi nonparametric model is in fact generate by the RSSV model or the proposal that the experiential long reminiscence prototype is connected to the government switch. Long reminiscence exists in additional size of the financial scheme as well. Exchange rates interest rates and the price of deferent merchandise have all been exposed to show extended reminiscence performance (see Baillie, 1996). It is attractive to see the experiential significance of the government switch quarrel in explanation the perseverance of the on top of sequence. More work towards sympathetic the device of government switch, particularly the period structure of regime the length of the look of Gourieroux and Monfort (1992), is attractive as well.(Liu, 2000) This study employs GARCH type models and tests for their validity over an Emerging Capital Market, the Athens Stock Exchange Market (ASE). Correct specification, of the divergent models, implies that the Weak client Market Hypothesis does not hold for ASE. There is strong empirical evidence that ASE follows a pattern where last periods daily returns are correlated with todays returns and current volatility is positively related to past realizations. Negative shocks have an asymmetric impact on the daily stock returns series and political instabilities increase volatility over time. The mean of the series does not change during high volatile periods. The stochastic property of the store income for the Athens Stock Exchange is explore. It is establish that the next instant of the every day income is occasion needy. furthermore income are provisionally heteroscedastic and present instability is optimistic connected to history realization. Also history income are connected with present income violate the martingale theory. This strength be due to marketpl ace slenderness and non synchronous trade that is there in many little up-and-coming Capital markets. An EGARCH-M replica did not pass on any time reliance for the denote of the sequence while a LGARCH (1, 1) replica was second-hand to imprison the asymmetric performance of stock returns instability. A GARCH (1,1) replica counting exogenous variables in the equations for the denote and provisional variance was second-hand to imprison any instability cause by political factor indicate that political unsteadiness increase capital markets instability. These consequences may be relevant to additional ECMs as well. phenomenon like political instabilities and tentative performance are there in many little up-and-coming capital market around the sphere that strength turn away the performance of every day stock income as well. An attractive query not address in this learn is to travel around the crash of a money depression in the denote and provisional discrepancy of every day income of an ECM since such proceedings are very ordinary for the last two years in a lot of rising countries.( Ames Iowa, 2002) Stulz (1999) examine the impact of globalization on the price of evenhandedness assets. It is claim that the price of evenhandedness assets decrease since of globalization for two significant reason. First, the predictable return that investor need to spend in evenhandedness to recompense them for the danger they bear usually waterfall. next the organization expenses which create it harder and additional luxurious for firm to lift funds turn out to be less significant. The obtainable empirical proof is reliable with the hypothetical forecast that globalization decrease the price of assets but the recognized belongings are inferior than hypothesis lead us to wait for. The a variety of reason have been discuss of the case. It is experiential in the document that there are forceful hypothetical influence for globalization to decrease the price of assets. There are two major channel from side to side which this decrease in the price of assets occur. The primary canal is that globalization reduce the reduction rate investor accuse. The next canal is that globalization increase the money flow investor wait for to take delivery of by rising the monitor of organization and scheming shareholders. The experiential proof though show that the result of globalization on the price of assets is important but small additional one significant cause why the crash has been little is the survival of the house prejudice. For globalization to decrease the price of assets, the saver bottom has to become truthfully worldwide. This does not happen by ruling. As a consequence globalization is not an occasion but a procedure. investor have to be persuaded to take benefit of it. also investigate be supposed to help to give a better sympathetic of the process. The non stationary arrangement in store return of German banks are inquire in a chance replica border work in a primary pace canvasser demonstrate the attendance of non stationarity go back arrangement and in next step they try to find in their psychoanalysis that which type of non stationarity in fact there climate enduring or provisional in bank stock information the canvasser be relevant mcleod-li ,BDS test and hsieh test and it is practical that low arrange Garch model to demonstrate the rising in the dependency current the stock return of the bank can be capture. In the result of BDS and MCLeod-li -tes it seems that depiction the survival of non stationarity arrangement in stock return of German banks and also the potential of plummeting the forecast interval of return on assests this may be done by using stochastic models for short term non stationarity prediction which feat the multiple dependencies in the data set in the study that Garch model s are worthy candidates ,but optimization in the class of garch model or in a less specific class of the garch model and also they know the fac t that non stationarity modeling is increasing the importance of issues concerning the stationarity of financial markets (Kosfeld Robe 2001). The researcher used linear and non linear ganger causality test to analyze the active relationship between daily stock return of Dow Jones and change in percentage of new York stock exchange trading volume. It is found that significant of two ways non stationarity, causality from volume to return it could be excused by volume helping as a procurator for data flow in the random process generating variance of stock return. After governing for non stationarity persistence in returns, they continue to analyze evidence of non stationarity causality from volume to returns and the findings also suggest that the researcher consider the non stationarity theoretical mechanism and empirical regularity when formulating and analyzing models of the joint random of stock prices and trading volume (Hiemstra jones 1994) The researcher found the strong prove to reject the hypothesis that return on stock are IID (standardized data after dividing by expected non stationarity). It is discovered that ARCH-type models can not fully capture the non stationarity in the return of stock but it is a more flexible model of heteroskedasticity can. The researcher found some interesting implication like, one if there is a need to conditional density functions on return on stock which has been accounted for their non stationer dependence. Two, if the model is used to non stationarity in return on stock, direction of efforts is needed at conditional heteroskedasticity rather than conditional means changes. Three, if the non stationer conditional heteroskedasticity model endures under future examine, it may be provide conditional non stationarity forecast ( Hsieh 1991). It is analyzed that real shocks and monetary shocks in share prices of Karachi stock exchange 100 index. The time series econometrics is used to analyze the data on a monthly pe riod bases from January 1991 to January 2011 for share prices of KSE 100 index and money supply. unit root test, vector auto regression and ganger causality was used for the analysis, the findings of unit root test is that there is a real shock in share prices and it define the KSE 100 index share prices temporarily although vector auto regression expose that the share prices of KSE 100 index is sparingly explained by monetary shocks (Subhani,Osman 2011). the mixture of world stock market indices to find out how far-flung the phenomenon of non stationer sequential dependence is and by analyze the moderately monetarily separate market the Taiwan stock exchange of the 1980s, examine more almost the degree to which non stationarity appear to be an intrinsic individuality of monetary trade behavior. Non stationarity is establish to be a cross sectionals worldwide growth. subsist inside all the markets examine and with in the enormous bulk of person stocks buy and sold on the Taiwan s tock exchange even so earlier test of the non stationarity through a windowed analyze process reveal that such dependency do not come into view to be cross temporally worldwide in its place, the data seems to be meet the criteria by moderately few short series of actually physically powerful dependency that are adopt by longer debase of retributively tranquil performance. Hence the model of the obtainable non stationarity seem to be difficult at test (Ammermann Patterson 2003). The presence of non stationarity dependence and chaos in real time return on 100 index of UK.FTSE, the six month data about 60,000 observation was used to analyze subsequently that there is a clear clue of non stationarity, other researches are followed in this area by putting on the same test to the residuals from a GARCH procedure accommodated to the data. In order to analyze weather the non stationarity could be explained by the model or not. The analysis suggests that GARCH can explicate few but not a ll of the selected non stationer dependence (abhyankar,Copeland wong 1995). The small run interdependence of price and price stationarity all over three global main store market. It is examine that the every day basis gap and final share price of main store indices of the New York, London and Tokyo stock markets. The psychoanalysis employ the autoregressive provisionally beteroskedastoc (ARCH) group of arithmetical model to look for these price relations. show of price non stationarity over flow from New York to Tokyo, London to Tokyo, and New York to London is establish but no price non stationarity over flow result in other way are experiential for the OCT 1987 period (Hamao, Masulis Ng 1990) The nature of non stationarity process among security prices for Pacific Rim, US and Europe capital markets and the common ARCH test was applied to analyze the issues of a common non stationarity process among the nine industry groups of the world economies three economic regions and assets prices for the analysis and finally the result of analysis suggests that the capital markets which have been selected are related through with their moments and the nine industry of each economic region have standardized time varying non stationarity with the equating return of world industry series developed convincing prove in support of the single common volatility process (Doukas Lang 1997). The mean-variance portfolio model of Markowitz is conducted with the conclusion of the prices of capital assets pricing model and also the normative Markowitz replica for the balance arrangement of asset price. The obligation characteristic of these replica are follow up all along with the present condition of the experiential show manner on them (Jensen 1972). It is investigated that the capital market of Tunisia by using daily returns of the TSE index by analyzing both stationarity and non-stationarity and they apply BDS test, Garch modeling, hsieh, thes, and Fiegarch model. The BDS test reject the stochastic hypothesis of the Tunisian stock market the result of significant non stationer dependence and not to non-linearity in the return series, which in turn means Garch modeling and the Hsieh test indicate that the source of non stationarity structure is increasing, not linear. Further analysis indicate the use of a Fiegarch model to deal with the prove of high non stationarity continuity and long memory in the contigent variance. The empirical result as well suggest that contempt a high leverage in TSE index and the perameter of leverage is insignificantly different from zero(Gandhi, Dutta, Ngoubouo Saadi 2006 ) Don’t waste time! Our writers will create an original "Stock Markets Of Asians Countries Finance Essay" essay for you Create order

Its Time for a More Responsible Approach to Animal...

The debate about using animals for medical testing has been ongoing for years. The struggle is usually between extreme animal rights activists and scientists. The animal rights activists believe animals should never be used for research, and the scientists believe any use of animals is acceptable. Listed below are factual historical accounts of animal use, statistics, and arguments against the use of animals. In ancient Greece animals were used for the study of life science. To learn about body functions scientists would cut into a live animal to observe vital parts in action. â€Å"Animals have been used for centuries to help researchers understand the various organs of the body, and their functions as well as to hone their surgical†¦show more content†¦The most common arguments against animal use testing question the morality, necessity and scientific validity of these studies. In other words, do we have the right to perform such tests, need such tests, and whether these tests provide us with any useful information? The moral aspects of the animal use testing argument involve the view of animals as sentient beings. It is argued, we have a responsibility toward animals and a moral obligation to not cause them pain or distress (jhsph). Singer argues ...experimenters often seek to justify experimenting on animals by claiming the experiments lead us to discoveries about humans; if this is so, the experimenter must agree human and non-human animals are similar in crucial respects (p. 65). Singer challenges his opponents to the hypothetical question would [they] be prepared to perform their experiments on orphaned humans with severe and irreversible brain damage if this were the only way to save thousands? (p. 67) Singer Another argument is necessity, which is closely linked to validity. Do we really need to use millions of animals each year to further our own interests? Are these animals actually being used in a way which provides the greatest benefit from each animal, and thereby reducing the overall amount of pain, suffering, and use of these animals? Are the results we gain from these tests applicable to humans and thereforeShow MoreRelated A More Responsible Approach to Animal Research, Testing, and Experimentation1506 Words   |  7 PagesIt’s Time for a More Responsible Approach to Animal Research, Testing, and Experimentation The debate about using animals for medical testing has been raging for years. The struggle always seems to be between extremist animal rights activists who believe that animals should never be used for research, and scientists who believe that any use of animals is acceptable. There are a growing number who argue that there must be a reasonable middle ground. 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Last Sacrifice Chapter Twenty-five Free Essays

string(33) " thought out of my head for now\." WE COULD ALREADY HEAR footsteps thundering through the house and knew we were seconds from the army downstairs heading up to the second floor. The three of us backed away, and to my surprise, it was Sydney who reacted first. â€Å"Get out. We will write a custom essay sample on Last Sacrifice Chapter Twenty-five or any similar topic only for you Order Now I’ll distract them.’ Her distracting them would probably just mean momentarily blocking their way until they pushed her aside, but those extra seconds could make a huge difference. Still, I couldn’t stand the thought of abandoning her. Dimitri had no such reservations, particularly when we heard feet on the stairs. â€Å"Come on!’ he shouted, grabbing hold of my arm. We raced down the hall to the farthest bedroom, Victor and Robert’s. Just before we entered, I yelled back to Sydney, â€Å"Get Jill to Court!’ I don’t know if she heard because by the sounds of it, the guardians had reached her. Dimitri immediately opened the room’s one large window and looked at me knowingly. As always, we needed no vocal communication. He jumped out first, no doubt wanting to take the full brunt of whatever danger waited below. I immediately followed. I dropped onto the first floor’s roof, slid down it, and then made the longer drop to the ground. Dimitri caught my arm, steadying my landing–but not before one of my ankles twisted slightly in on itself. It was the same one that had taken the brunt of the fall outside Donovan’s, and I winced as pain shot through me, pain I then promptly ignored. Dark figures moved toward us, emerging from evening shadows and hidden spots around the backyard. Of course. Guardians wouldn’t just come busting down a door. They’d also have the place staked out. With our natural rhythm, Dimitri and I fought back-to-back against our attackers. Like usual, it was hard to incapacitate our foes without killing them. Hard, but necessary if we could manage it. I didn’t want to kill my own people, people who were just doing their job to apprehend fugitives. The long dress didn’t do me any favors either. My legs kept getting caught in the fabric. â€Å"The others will be out any minute,’ Dimitri grunted, slamming a guardian to the ground. â€Å"We need to move–there. That gate.’ I couldn’t respond but followed his lead as we made our way to a door in the fence while still defending ourselves. We’d just taken out the backyard squad when more spilled from the house. We slipped through the gate, emerging onto a quiet side road flanking the Mastrano house, and ran. It soon became clear, however, that I couldn’t keep up with Dimitri. My mind could ignore the pain, but my body couldn’t make my injured ankle work properly. Without missing a beat, Dimitri slid his arm around me, helping me run and take the weight off the ankle. We turned off the road, cutting through yards that would make it more difficult–but not impossible–for them to track us. â€Å"We can’t outrun them,’ I said. â€Å"I’m slowing us down. You need to–‘ â€Å"Do not say leave you,’ he interrupted. â€Å"We’re doing this together.’ Snick, snick. A flowerpot near us suddenly exploded into a pile of dirt and clay. â€Å"They’re shooting at us,’ I said incredulously. â€Å"They’re actually shooting at us!’ With so much hand-to-hand training, I always felt like guns were cheating. But when it came to hunting down a queen-killing murderer and her accomplice? Honor wasn’t the issue. Results were. Another bullet zinged by, dangerously close. â€Å"With a silencer,’ said Dimitri. â€Å"Even so, they’ll be cautious. They don’t want the neighborhood thinking it’s under attack. We need cover. Fast.’ We might’ve been literally dodging bullets, but my ankle wouldn’t last much longer. He made another sharp turn, completely immersing us in suburban backyards. I couldn’t look behind us, but I heard shouting voices that let me know we weren’t free yet. â€Å"There,’ said Dimitri. Ahead of us was a dark house with a large glass patio reminiscent of Sonya’s. The glass door was open, though a screen blocked the way inside. Dimitri tugged on its latch. Locked. But a screen was hardly a deterrent for us. Poor, trusting family. He took out his stake and slashed a long, vertical line that we hastily slipped through. Immediately, he jerked me to the side, out of view. He put a finger to his lips, holding me close to his body, shattering me in his warmth. Seconds later, we saw guardians coming through and searching the yards. Some kept moving on in case we’d run farther. Others lingered, investigating places that made good hiding spots as the evening grew darker and darker. I glanced at the screen. The cut had been clean, not an obvious hole, but it was still something our pursuers might notice. Sensing this as well, Dimitri carefully moved off into the living room, doing his best to avoid windows and keep out of sight. We cut through to the kitchen and found a door leading to the garage. In the garage was a red Ford Mustang. â€Å"Two car family,’ he murmured. â€Å"I was hoping for that.’ â€Å"Or they’re out for a walk and about to come home when they notice a SWAT team in their neighborhood,’ I whispered. â€Å"The guardians won’t let themselves be seen.’ We began searching for obvious key locations. At last, I found a set hanging on the side of a cupboard and scooped them up. â€Å"Got â€Å"em,’ I said. Since I had the keys, I think Dimitri actually would have let me jump into the driver’s seat. Thanks to my right ankle, however, I had to toss him the keys. The universe had a sick sense of humor. â€Å"Will they spot us in this?’ I asked, as Dimitri opened the garage door and backed out. â€Å"It’s, uh, a bit flashier than our usual stolen car profile.’ It was also awesome. Sydney, car geek that she was, would have loved it. I bit my lip, still guilty that we’d left her behind. I tried to push the thought out of my head for now. You read "Last Sacrifice Chapter Twenty-five" in category "Essay examples" â€Å"It is,’ agreed Dimitri. â€Å"But other cars will be driving down the street. Some guardians will still be searching the yards, and some will be guarding the Mastranos. They don’t have infinite numbers. They can’t watch everything at once, though they’ll certainly try.’ I held my breath anyway as we drove out of the subdivision. Twice, I thought I spotted stealthy figures by the side of the road, but Dimitri was right: they couldn’t check every car in a busy suburban neighborhood. The darkness also obscured our faces. Dimitri remembered the way we’d driven in because a few turns later, we were merging onto the freeway. I knew he had no destination in mind, except foraway. With no obvious indications that we’d been followed, I shifted my body and stretched out my throbbing leg. My chest had that light, nebulous feeling you got when too much adrenaline was pumping through you. â€Å"They turned us in, didn’t they?’ I asked. â€Å"Victor and Robert called us in and then took off. I should have kept watch.’ â€Å"I don’t know,’ Dimitri said. â€Å"It’s possible. I saw them just before I talked to you, and everything seemed fine. They wanted to go with us to find Jill, but they knew it was only a matter of time before we turned them over to the authorities. I’m not surprised they came up with an escape plan. They could have used the feeding as a distraction to call the guardians and get rid of us.’ â€Å"Crap.’ I sighed and pushed my hair back, wishing I had a ponytail holder. â€Å"We should’ve gotten rid of them when we had the chance. What’ll happen now?’ Dimitri was silent for a few seconds. â€Å"The Mastranos will be questioned †¦ extensively. Well, all of them will, really. They’ll lock Sonya up for investigation, like me, and Sydney will be shipped back to the Alchemists.’ â€Å"And what will they do to her?’ â€Å"I don’t know. But I’m guessing her helping vampire fugitives won’t go over well with her superiors.’ â€Å"Crap,’ I repeated. Everything had fallen apart. â€Å"And what are we going to do?’ â€Å"Put some distance between us and those guardians. Hide somewhere. Wrap up your ankle.’ I gave him a sidelong look. â€Å"Wow. You’ve got everything planned out.’ â€Å"Not really,’ he said, a small frown on his face. â€Å"That’s the easy stuff. What happens after that is going to be the hard part.’ My heart sank. He was right. Provided the Mastranos weren’t indicted by Moroi authorities for helping criminals, Emily now had no one forcing her to acknowledge Jill’s heritage. If Sydney was being hauled back to her own people–well. She couldn’t help either. I was going to have to tell someone else, I realized. The next time I made contact with Adrian, I’d have to divulge the truth so that my friends could do something about Jill. We couldn’t sit on this secret any longer. Dimitri took the next exit, and I tuned back into the world. â€Å"Hotel?’ I asked. â€Å"Not quite,’ he said. We were in a busy, commercial area, not far from Ann Arbor, I thought. One of the Detroit suburbs. Restaurants and stores lined the road, and he turned us toward a twenty-four-hour superstore that promised to carry â€Å"everything.’ He parked and opened his door. â€Å"Stay here.’ â€Å"But–‘ Dimitri looked meaningfully at me, and I glanced down. I’d come away from our fight more scuffed up than I realized, and the dress had torn. My ragged appearance would attract attention, as would my limping. I nodded, and he left. I spent the time turning over our problems, cursing myself for not having found a way to turn in the brothers once Robert had restored Sonya. I’d been bracing myself for betrayal in the form of some magical attack. I hadn’t expected something as simple as a call to the guardians. Dimitri, ever the efficient shopper, returned soon with two large bags and something slung over his shoulder. He tossed it all in the backseat, and I peered back curiously. â€Å"What’s that?’ It was long and cylindrical, covered in canvas. â€Å"A tent.’ â€Å"Why are we–‘ I groaned. â€Å"No hotel, huh?’ â€Å"We’ll be harder to find at a campground. The car will especially be harder to find. We can’t get rid of it quite yet, not with your foot.’ â€Å"Those poor people,’ I said. â€Å"I hope their car insurance covers theft.’ Back on the freeway, we soon left the urban sprawl, and it wasn’t long before we saw advertisements for campgrounds and RV parks. Dimitri pulled over at a place called Peaceful Pines. He negotiated with the man working in the office and produced a number of crisp bills. That was another reason we couldn’t get a hotel, I realized. Most required credit cards, and Sydney had had all those (in fake names, of course). We were living off cash now. The clerk gave us directions along a gravel road that led to a spot on the opposite end of the campground. The place was busy with vacationing families, but no one paid much attention to us. Dimitri made sure to park as close to a cluster of trees as possible, in order to obscure the car and its plates. Despite my protests, he wouldn’t let me help with the tent. He claimed he could do it faster without me and that I should stay off my feet. I started to argue until he began assembling the tent. My jaw dropped a little as I watched how quickly he put it together. He didn’t even need the directions. It had to be some kind of record. The tent was small and sturdy, giving us both room to sit and lie, though he had to hunch just a little when we were sitting. Once inside, I got to see the rest of his purchases. A lot of it was first aid. There was also a flashlight he propped up, a kind of makeshift lamp. â€Å"Let me see the ankle,’ he ordered. I stretched out my leg, and he pushed my dress’s skirt up to my knee, fingers light against my skin. I shivered as a sense of deja vu swept me. It seemed to be happening to me a lot lately. I thought back to all the times he had helped me with other injuries. We could have been right back in St. Vladimir’s gym. He gently tested the ankle’s mobility and did a little poking and prodding. His fingers never ceased to amaze me. They could break a man’s neck, bandage a wound, and slide sensually across bare skin. â€Å"I don’t think it’s broken,’ he said at last. He lifted his hands, and I noticed how warm I’d been while he touched me. â€Å"Just sprained.’ â€Å"That kind of thing happens when you keep jumping off roofs,’ I said. Jokes were my old standby to hide discomfort. â€Å"You know, we never practiced that in our training.’ He smiled and took out bandaging material, wrapping the ankle until it was supported and stabilized. After that, he produced– â€Å"A bag of frozen peas?’ Dimitri shrugged and rested the bag on my ankle. The coolness instantly made me feel better. â€Å"Easier than buying a full bag of ice.’ â€Å"You’re pretty resourceful, Belikov. What else do you have stashed away?’ The rest of the bags’ contents turned out to be blankets and some food. I gave him a big grin when I saw he’d gotten me sour cream potato chips and a bar of chocolate. I loved that he remembered such little details about me. My smile faded when another problem quickly popped up. â€Å"You didn’t buy any clothes, did you?’ â€Å"Clothes?’ he asked, like it was a foreign word. I gestured to my torn dress. â€Å"I can’t wear this for long. What am I going to do? Make a toga out of a blanket? You’re such a guy, never thinking of this stuff.’ â€Å"I was thinking of injury and survival. Fresh clothing’s a luxury, not a necessity.’ â€Å"Not even your duster?’ I asked slyly. Dimitri froze for a moment and then swore. He’d had no need to wear his coat indoors at the Mastranos’–honestly, he didn’t need to outside either–and had left it there in the ensuing fight. â€Å"Don’t worry, comrade,’ I teased. â€Å"Plenty more where that came from.’ He spread blankets over the tent’s floor and laid back on them. There was a look of woe on his face that was almost comical. Raids, bullets, criminals †¦ no problem. A missing duster? Crisis. â€Å"We’ll get you another one,’ I said. â€Å"You know, once we find Jill, clear my name, and save the world.’ â€Å"Just those things, huh?’ he asked, making both of us laugh. But when I stretched myself out beside him, both our faces sobered. â€Å"What are we going to do?’ I asked. Tonight’s most popular question. â€Å"Sleep,’ he said, clicking off the flashlight. â€Å"Tomorrow we’ll get a hold of Abe or Tasha or †¦ someone. We’ll let them handle it and get Jill where she needs to be.’ I was surprised how small my voice sounded when I spoke. â€Å"I feel like we failed. I was so happy back there. I thought we’d done the impossible, but it was for nothing. All this work for nothing.’ â€Å"Nothing?’ he asked in astonishment. â€Å"What we did †¦ this is huge. You found Lissa’s sister. Another Dragomir. I don’t think you still really understand the weight of that. We had almost nothing to go on, yet you pushed forward and made it happen.’ â€Å"And I lost Victor Dashkov. Again.’ â€Å"Well, the thing about him is that he doesn’t stay hidden for long. He’s one of those people who always has to be in control. He’ll have to make a move eventually and when he does–we’ll get him.’ The smile returned to my lips, though I knew he couldn’t see it. â€Å"And I thought I was the optimistic one here.’ â€Å"It’s contagious,’ he replied. Then, to my surprise, his hand found mine in the dark. He laced our fingers together. â€Å"You did good, Roza. Very good. Now sleep.’ We touched in no other way, but his hand held all the warmth in the world. This was hardly a perfect moment, like in the library, but our familiar connection and the understanding between us burned brighter than ever, and it felt good. Right. Natural. I didn’t want to sleep. I just wanted to stay there and savor being with him. It wasn’t cheating, I decided, thinking of Adrian. It was just enjoying this closeness. Still, sleep was essential. We worked out a schedule where each of us took shifts. He would stay awake now while I rested, and I had a feeling if I didn’t sleep, he wouldn’t either when the shift change came. I closed my eyes, and it wasn’t my heart I had to slow down this time. It was my mind, the hamster wheel that went nowhere trying to figure out what to do next. Just get Jill to Court. Just get Jill to Court. That was all that mattered. We’d contact someone who could reach Jill. Dimitri and I would lie low, everything would soon fix itself†¦. â€Å"Thank God.’ I spun around, not even realizing I’d fallen into a spirit dream. I was back in Sonya’s garden with all its sunshine and color, and she sat back in a chair, looking expectant. â€Å"I was afraid you’d be up all night, watching your back,’ she continued. â€Å"I would if I had my choice,’ I replied, strolling over to her. She wasn’t quite whom I’d expected to see in my dreams, but at least I’d made contact with the outside world. I wore the black-and-white dress here, but unlike reality, it was clean and intact. â€Å"Dimitri thinks we’re in a secure location–though he’s awake, of course.’ â€Å"Of course.’ There was a glimmer of amusement in her eyes, but it was brief. â€Å"Where are you?’ I asked. â€Å"Did the guardians put you in holding?’ â€Å"They didn’t get me,’ she said smugly. â€Å"You were their priority, and a little compulsion made sure they didn’t see me. I took off †¦ I hated to leave Emily, though.’ I empathized but was too excited at Sonya’s escape. Good news, finally. â€Å"But you can get Jill to Court. You’re free.’ Sonya looked at me as those I’d just spoken French. â€Å"I can’t get to Jill.’ I frowned. â€Å"Is she under that much security?’ â€Å"Rose,’ said Sonya. â€Å"Jill isn’t with the guardians at all. Victor and Robert took her.’ How to cite Last Sacrifice Chapter Twenty-five, Essay examples