Relationship between price earning ratio and stock returns

Relationship mingled with terms earning ratio and blood line returnsThere have been a large number of literatures during the past years on set earnings and bourgeon return. The existing literatures propose contrasting theories to how the price earning ratio whitethorn affect the performance of a company and in addition the factors that may turn it.Price-Earning RatioThere atomic number 18 several measures to determine the valuation of a security. Most often, the measures ar determined by comparing the securitys price to different bedrock such as earnings and dividends. One of the most respected stock valuation measures is the Price Earning ratio, which compare the price of the security to the companys earnings.Graham (1933) was the first to put step forward the concept of the price earning ratio as a measure of performance of the stock grocery place and the application of the P/E ratio was based on the idea that earning are related to repute. Basu (1977) identified P /E ratio as predictor of subsequent performance and in particular high P/E firms underperformed and low P/E firms outperformed. The view through by Basu (1977) also state that P/E ratio, due to exaggerated investor mind-sets, may be indicators of future enthronement performance and he also validated Nicholsons results which state that low companies having low P/E ratios on average subsequently hold higher returns than high P/E companies.Gonedes and Dopuch (1974) declared that price models are conceptually inferior to return models under the presence of under-developed theories of valuation. Additionally Christie (1987) argues that price models turn oer to a greater extent econometric problems than return models. On the contrary there is a majority of studies that declare the superiority of the price model on explaining the return-earnings relation such as Bowen (1981), Olsen (1985), Landsman (1986), Barth et.al (1990, 1992) Barth (1991).However, the P/E ratio as it is comm lone some(prenominal) used is the result of network of influences, similar to the way in which a companys grapple price is influenced not only by idiosyncratic factors particular to that company, but also by movement in prices on markets as a whole, and the welkin in which the company operates. Four main influences on a companys P/E ratio have been identifiedThe year the average market P/E varies year by year, as the overall take aim of investor confidence changesThe field in which the company operates.The size of the company there is a adjoining positive affinity between a companys market capitalisation and the P/E accorded.Idiosyncratic effect. Companies examined in the same year, operating in the same sector and of similar size neverthe slight have different P/Es. Idiosyncratic effects, that do not affect any other company account for this. have a bun in the oven returnsThe CAPM developed by Sharpe (1964), Lintner (1965) and Mossin (1966) has been the most widely accepted amo ng the many models developed to explain the relationship between pass judgment returns and risk. According to the CAPM, the market stinkpot only compensates the investors for bearing systematic risk or common risk, which is measured by the pluss beta. The beta measures the contribution of the risky plus to the riskiness of the entire efficient portfolio. The relationship between the expected return and risk git be expressed in CAPM modelE(Ri) = Rf + i(E(Rm)- Rf)WhereE(Ri) = the expected return on the ith risky assetRf = the expected return on a risk-free assetE(Rm) = the expected return on the market portfolioi = beta coefficient of the ith risky assetThe establishment of the CAPM are based on the following assumptionsInvestors are risk averse. Therefore investors prefer the highest expected return for a given standard aberration and the lowest standard deviation for a given expected return.The returns from investment are normally distributed. Therefore two parameters, the exp ected return and the standard deviation, are sufficient to describe the distribution of returns.All investors have a common single-period time horizon for their investment decision making.All investors can borrow and fetch unlimited amount of money at a given risk-free rate.All investors have the same estimates of the expected return on separately asset, the partition of return for each asset, and also the covariance between returns for each pair of assets.All assets are traded in the perfect markets that is, all assets are marketable, there are no transaction costs or taxes, and all investors are price takers.The CAPM is challenged by the evidences on anomalies in stock returns. The CAPM says that all diversifiable risks will not be paying(a) and the only relevant risk is the market risk. Therefore, besides the market factor, no other factors should systematically affect the stock returns. The firm particular proposition factors are earmark by the error term, which is random. But the contractings of the anomalies such as size, book-to-market equity and earning-to-price ratio suggest that investors can earn abnormal returns based on these trading rules. This may imply that the CAPM is mis-specified.Many empirical studies have been conducted and it has been show that stock returns are affected by some factors such asBook-to-Market Equity effectRosenberg, Reid and Lanstein (1985) and Stattman (1980) plant that there is a positive relationship between stock returns and book-to-market equity. By the means of the time-series regression, the t-statistics obtained clearly show a positive result for their hypothesis.In study of Lakonishok, Scheifer and Vishny (1994), all the stock in the US market was divided into ten deciles portfolios from 1968 to1989 based on the book-to-market equity (BM) ratio. The results show that the average annual returns for deciles with the highest BM was 10.5 portion higher than the lowest BM deciles.Size effectThe size effect is among the most prominent phenomena identified. Banz (1981) documents that there is size effect in the US stock market, using a test period from 1963 to 1975. The result of this study shows that small firms (measured by market value) on the average earn higher risk-adjusted returns than big firms. seasonal effectAnother evidence of the man of the anomalies is the seasonal effect. In certain period of the year, stock returns are found to be higher as compared to the ride out on the calendar year. The most common example of the seasonal effect is the January effect where stocks repeatedly earn higher returns in the month of January than the rest of the months in the year. The seasonal effect is also found in countries including Japan, Australia and Canada documented by Officer (1975), Berges (1984) and Jaffe Westerfield (1985) respectively.Many interrogationes illustrate the relationship between the price earning ratio and the stock return of a company. Lakonishok, Scheifer and Vis hny (1994) implemented P/E ratio as an expected future earnings growth indicator, in an excessive cross- sectional analysis. They turn up that investors tend to favour stocks with exceptional past and current performance glamour stocks as they believe that past success will continue in the future, that is, they assign the extra returns from value shares to psychological factors affecting market participants. According to Burgstahler and Dichev (1997), when the earnings to book value ratio is high, earnings are a more primary(prenominal) determinant of equity value and vice versa. Moreover, Kormedi and Lipe (1987) and Collins and Kothari (1989) among other, identified that the earnings persistence is one of the major determinant of the magnitude of the earnings-return relation.EMPIRICAL REVIEWseveral(prenominal) papers examined the ability of price and return models (along with some alternative forms) to accommodate the return-earnings relationship. An important ratio for the more low-risk, defensive investor was introduced by Graham and Dodd in 1933. They introduced the compensation/Price ratio which is simply the Price/Earnings Ratio but flipped around as a benchmark for equity valuation. After the 1929 stock market crash, they recommend the investors that rather by trying to guess what the future bring, they should concentrate on other factors such as the companys past earnings or the value of its assets. According to Graham and Dodd, a company with strong profits and a relatively low stock price was probably undervalued. Also the fact that each share is value a number of times its current earnings became commonly satisfactory as a specific P/E level enables financial investors to make their buy/sell decision. The authors specified that P/E ratio, which is calculated by current fundamentals, never provide an exact appraisal for stocks. As a conclusion, P/E ratio was first regarded as a rough benchmark for selective stock investment and a tool for applyin g specific financial strategies so that in the long term, above-market returns can be generated.One of the first works showing the effect of the Price Earnings ratio was done by Nicholson (1960). The first study was based on a have of 100 stocks which were mainly from industrial issues of trust investment quality and the stock was interpreted from the period 1939-1959. The stocks were arranged into groups of five according to their P/E ration in ascending order and were rebalanced every five years. The author found out that the twenty lowest multiple stocks had larger price gains as compared to the twenty highest multiple stocks. Those with the lowest P/E would deliver 14.7 times its original investment after the 20-year period, whereas the portfolio with the highest P/E stocks only earned 4.7 times its initial investment. Eight years later, Nicholson (1968) conducted another study where he looked at the earnings of 189 companies between 1937 and 1962. By dividing companies into gr oups of five, he found out that the average return for companies with a P/E ratio below ten was 12.7% per annum as compare to companies with a P/E ratio above twenty which had an average return of 7.97% per annum.Another studies done by Basus papers (1977) confirmed the results of Nicholson. The author tried to find the relationship between the investment performance of common stocks and their P/E ratio. He canvass the price performance of NYSE industrial firms from 1957 to 1971. Two or more portfolios will be computed whereby risk-return relationship is weighted against each other and their performance is measured in pre-determined terms. Price to earnings ratio for every sample was calculated and they were ranked. Five portfolios were formed according to their P/E ratio. Considering the inter-quartile range, dispersion of the P/E ratio over the 14 years period can be noted where the low portfolio earned a return of 16.3% per annum compared to 9.3% for the high portfolio. Later re searches (Jaffe, Keim and westerfield (1989) and Fama and French (1992)) supported the effectiveness that stocks with low P/E ratios develop higher returns.However a possible rejection of Nicholson and Basus studies on the Price Earnings ratio was made by Ball (1978). He conceded the apparent of such effects and argued that abnormal returns could not be produced on the al-Qaida of information available in the public area as they are of little or zipper costs. Other reasons that could account for this irregularity are the systematic experimental error, transaction and processing costs and failure of Sharpes two parameter CAPM model.Beaver and Morse (1978) found out that when combining stocks into portfolios based on their price to earnings ratio, the differences among the portfolio continued up to the 14 years and that growth is not able to explain the existence of these little differences. I the years in which the portfolios are created, the price earnings are negatively match w ith earnings growth but positively correlated with earning growth in the next year implying that investors are considering only short-live distortions. In the study, the correlation of earnings growth in 1957 is negative 0.28 and the median correlation over the 19 years is negative 0.28. This is due to investors belief that earnings have been affected by temporary, random events or chronicle management policies (rate of inflation, change in history treatment), firms which have low earning growth tend to have a high P/E ratio in the same year. As the portfolio are formed on the basis of ratio of price to realised earnings, stocks with transitory earnings will be grouped together meaning portfolio with the highest P/E ratio will be likely to include firms with negative transitory elements, that is, realized earnings are lower than the expected earnings. In the next year, tour investors expectations are confirmed and earning growth increases, there is a positive correlation between P/E ration and earning growth. The author concluded that differences in accounting methods are the most evident explanation in differences in the P/E ratio rather than risk and growth.Studies that relate to accounting and price info normally derived the accounting measures from the COMPUSTAT database and for the quality returns they use CRSP data. However some difficulties may arise when using the COMPUSTAT database and Branz and Breen (1986) explained on the two possible problems that may crop up, that is, the ex-post-selection prepossession and the look-ahead bias. The ex-post-selection meant that companies which have merged, gone bankrupt or otherwise disappeared are no more included in the COMPUSTAT database and also new companies appeared with a full accounting history which does not exist before. The look-ahead bias resulted because of a dating problem where investors would not have access to portfolios that were formed at the end of the year and they had to stay several mo nths before having access to it. Branz and Breen eliminated these factors by collecting certain COMPUSTAT items on a monthly basis that contain information on companies that was available to the investors and which also include all companies that had gone bankrupt, merged or disappeared on the COMPUSTAT. They concluded that even though the size effect was present, the Price Earning ratio was no more important as it is the data biases that had generated the evident P/E effect.Alford (1992) studied the accuracy of the valuation of the price to earning ratio when comparable firms are selected on the basis of industry, risk and earning growth. Alford (1992) used a sample of NYSE, ASE and OTC firms for the years 1978, 1982 and 1986 to analyse the accuracy of the price earning valuation. Each of the selected comparable firms predicted stock price is compared to its actual price and the author found that the price to earning ratio is an accurate measure of equity valuation. The findings of his research concluded that much of the diversity of P/E is attributed to the variety in the level of risk and earning growth of the individual firm. In addition, the industry factor appears to be a good proxy for risk and earning growth realed to the P/E ratios. Alford (1992) showed that the use of the industry P/E multiplied by the firms earnings per share (EPS) was proved to be an accurate estimator of its equity. The assessment of the accuracy of the P/E estimator was made under the efficient market hypothesis. In an efficient market, the market price changes randomly to reflect all new information. Thus, it can be used to test the accuracy of the theoretical price that Alford (1992) calculated, using P/E ratio. However this condition might not hold for different market.Value strategies have been defined by lakonishok, Schleifer and Vishny (1994) as the buying of stocks whose price are low as compared to other indicators of fundamental values such as earnings, dividends, histor ical prices, book asset or other measures of value in a comprehensive treatment of the issue of value strategies versus glamour stocks. They collected and studied stock prices between the periods 1963 to 1990. Firms are then classified into value or glamour stocks based on their past growth in sales and expected future growth as implied by the then-current P/E ratio. Differences in the expected future growth rated between the value and glamour stocks were found and as shown by the P/E ratio, investors were always overestimating them. For the first couple of years, the glamour stocks grew more quickly but afterwards the growth rates for the two types of stocks were nearly identical. Glamour strategies were outperformed by 10-11% per year by the value strategies which used both past low growth and low multiples. Thus, glamour stock became overestimated, failed to meet investors expectation and were gradually abandoned. Stocks with temporarily depress earnings are lumped together wit h well-performing glamour stocks in the high expected growth/low E/P category. These stocks with depressed earnings do not experience the same degree of poor future stock performance as the glamour stocks, perhaps because they are less overpriced by the market is the possible reason why the P/E did not produce a large effect as he other measures of fundamental value such as price-to book value or price-to-cash flow. Lakonishok, Schleifer and Vishny (1994) argued that such strategies offer higher return because they take advantage of investors sub-optimal behaviour. They came crossways little, if any, support that the value strategies were riskier and also found that the value stocks performed better than the glamour stocks.As a conclusion we can say that there has been much research that has been done on the price earnings ratio. Also many studies have been done throughout the world on different stock exchange market such as the Athens Stock Exchange (ASE). These studies concentrat e on the impact of the price earning ration on the stock returns and it has been seen that price earning ratio do affect the stock returns, for example, Basu (1977) confirmed that stocks with low P/E ratio produce higher returns. However these researches had focus mainly on the empirical review article rather than the theoretical review and this is the reason why we concentrate more on the empirical review.

The Fight to Help the Snow Leopard Essay example -- Wildlife

An endangered species is any species that is at risk of extinction because of the sudden rapid decrease in its state or loss of its habitat (Dublin, par. 1). An animal that falls under this category is the Panthera Uncia (Dublin, par. 1) more commonly known as the snow leopard. This animal is seen as a threat to many people in Central Asia the natural habitat of the leopard. However, the conclusion is inaccurate. The snow leopard is a rare creature that is hardly seen by humans. This animal is insulated by thick fur and has tremendous paws that act like snow shoes. Snow leopards reserve powerful legs that allow them to jump up to at least fifty feet. Along with their unique body style, they have a long tail that helps keep their balance and can shield them from the cool wad air (National Geographic, par. 1). This innocent animal is being destroyed by humanity. Humans are invading its home. Therefore, it needs help before it is too late. The snow leopard is a vital link in its natural habitat of Central Asia immediate action must be taken by the world to prevent its extinction. The fib of the snow leopard begins in1972, when it was first listed as an endangered species. There are several contributing factors to the endangerment of this beautiful mammal. These would include the destruction of their habitat and increased poaching. Although people have tried to resolve this problem, more needs to be done to save the snow leopard. The environment and habitat of the snow leopard is being ruined consequently, resulting in their endangerment. The territory of the snow leopard is vanishing without anyone noticing. An example of this is in Ladakh, where tourism and rapid development have taken thei... ...ters Will Politics Prevent National Park in the soaring Pamirs of Tajikistan? 44.1 EBSCO. Web. 29 Jan. 2015. Dublin, Holly. Endangered Species. Encyclopedia Britannica. Ed. Vol. Merriam-Webster Inc, 2012. Print. Ebrahim, Zofeen. Endangere d Snow Leopard Clawing its way Back. The Guardian.N.p. 12 Aug. 2010. Web. 29 Jan. 2015. Feline Conservation Federation.N.p., n.d. Web. 10 Feb. 2015. Knickerbocker, Brad. Controversy Erupts Over Endangered Species Act. The Christian Science Monitor (2007) Print. Matthiessen, Peter. The Snow Leopard.The Harvill press, 1996. Print.Miller, Tyler, and Scott Spoolman.Environmental Science.Brooks/Cole, 2008. Print. National Geographic.National Geographic Society, n.d. Web. 10 Feb. 2015. Snow Leopard Conservancy.N.p., n.d. Web. 10 Feb. 2015. Snow Leopard Trust.N.p., n.d. Web. 10 Feb. 2015.

Sports and Recruitment for Colleges Essay -- Recruiting Process Colleg

Every Saturday, college campuses all across the nation are a buzz with activities. The football team up prepares for this week?s game. The girl?s soccer team and volleyball teams play on Saturday and Sunday. The boy?s soccer team travels for an away game. Colleges and universities over depend on various sports as a way of recruitment, entertainment, and physical activity for students. However, before 1972 women did not share the same opportunity to participate in intercollegiate sports. Up until 1972 there were no rules governing sexism in intercollegiate sports. Then, when hot seat Nixon sign-language(a) into law the Education Amendments Acts, part of the new law was called rubric IX. This part of the new law abolished sexism in intercollegiate sports. Since its inception, rubric IX has lead to giant steps in women?s sports. Understanding what Title IX is will help to understand how Title IX has helped bring on gains for all women.The Education Amendments Act of 1972 was signed into law on June 23, 1972 by President Richard Nixon (Wulf, 79). Part of this larger bill was an amendment called Title IX. This part of the bill called for an end to sexual bias in institutions that receive federal funds. Though Title IX did not have any specific correlation to intercollegiate sports, on the playing field is where it has been used most. In 1975, the Department of Health, Education, and Welfare extended Title IX?s boundaries to athletics, saying recipients of federal funds must provide ? competent athletic opportunity?(Guenin 35). Now extended to athletics, there are 3 major stipulations colleges must cover to satisfy the Title IX laws. These three stipulations are government set regulations. Congress never approved the po... ...rown claimed that females had the chance to equal the ratio, but failed to attempt to fill the teams (Guenin 37). Brown spent over one million dollars defending themselves in court. This money could have been used to po ssibly embellish female?s athletics.. The school ended up losing the court battle almost four years later. Like all laws, how one interprets them determines their effectiveness. Since President Richard Nixon signed the Education Amendments Act of 1972, women?s sports have taken a giant leap. Part of this new law, Title IX, outlawed sexual discrimination in intercollegiate athletics. This gave women the necessary step to reach the same level as men. ?Women don?t have to have 50% of the varsity positions to succeed in athletics. They withdraw equal opportunity.?(Mahoney 78). Title IX started the process of ending sexual discrimination everywhere.

The CIAs Role Then And Now :: essays research papers fc

After the Japanese attack on Pearl Harbor, the CIA (Central Intelligence Agency) was created by President Truman as an insurance polity against that kind of surprise, which caught America off guard in World War II. According to the National Security Act of 1947 the CIAs principal function was to be the correlation and evaluation of intelligence collected by other departments. In other words, the CIA is an All-Source Fusion Agency. The difference involving the direction of the CIA during the cold war and the function that the CIA plays presently have changed somewhat, scarce these roles basically remain the same.During the cold war, global security rested on the shoulders of the two greatest nations The United States and the Soviet Union. Other nations had capabilities to misuse other smaller nations, hardly none had the world power control of the two greatest nations. The CIAs mission in the spring of 1948 was to collect concealed intelligence on the Soviet Union itself, its m ilitary intentions, atomic weapons and advanced missiles on Soviet actions in Eastern Europe, North Korea and North Vietnam. (Richelson, 217). The mission posture forth the guidelines for the CIA to protect the United States from the Soviets missiles. Now that the United States is dealing with nations of the former Soviet Union in that location is still a extremity to watch those Soviet missiles. The difference is now the CIA must track where the missiles and miscellaneous small arms are being distributed or sold. The mission of watching the missiles remains, but the role the CIA plays has slightly changed.The need for the CIA in immediatelys global society has increased to a higher level than that of the cold war. Today there is a threat from every corner of the world, instead of only between the major world powers. With the United States being the only world power and the Soviet Union collapsed, weapons of mass destruction have hit the open market. This new over-the-counter mi ssile sale has multiplied Americas potential foes (Bissell, 205). put in Laden has demonstrated that no activity oversees will be safe. With the horrific act of the attack on the USS Cole in October 2000, the Middle East has shown but one example of how the CIAs roles of responsibility must change to watch smaller groups or organizations. The evil mix of fanaticism and flexibility that is the mark of todays terrorist makes the next strike not a question of if, but of when and where.

A Comparison of Tragedy in Hamlet, The Book of Job, and Oedipus Rex Ess

Interpretations of Tragedy in small town, The Book of Job, and Oedipus Rex For ages, man has pondered upon the roots of destiny. Is the outcome of a mans life determined by military personnel qualities and failings, the meddling of a comprehend power, or simple indicate? Shakespeares small town made the argument that tragedy is caused by human folly. The idea that divine intervention is at the root of human suffering is put forth in the Book of Job. In Sophocles Oedipus Rex, fate is given as the root of mans suffering. Three divergent perspectives on the origins of calamity outlive within the tragedies Hamlet, Job, and Oedipus Rex. Shakespeares Hamlet enforced the idea that Human suffering is a result of human faults. Hamlet possesses extreme indecisiveness, but at times exhibits formidable recklessness. Both contribute to his ultimate destruction. The majority of the play consisted of Hamlet deciding when, where, and how to kill Claudius, the murderer of his fathe r. When Claudius is alone praying, Hamlet had the perfect chance to avenge his polish off father, but he decided to postpone the act. Up, sword, and know thou a more horrid hent. / When he is drunk asleep, or in his rage (Hamlet III.iii.88-89). If Hamlet had simply slew Claudius at that juncture, the situation would have never complicated the story would have been over. Such innocents as Hamlets mother, Polonius, Laertes, and Ophelia would have never met tragic ends. Although Hamlet possessed the fault of indecisiveness, at times, he exhibited a recklessness that led to suffering. When Hamlet was in his mothers room he heard a rustling place a tapestry that he presumed was Claudius. He decided to kill the man behind the curtain without checking to make sure th... ... misfortune is a matter of fate that cannot be changed by any mortal actions. All provide a valuable insight into one of lifes greatest quandaries the root of tragedy. Works Cited Green, Joel B., & Longma n, Tremper (Eds.). Holy record -- The Everday Study Edition. Dallas Word Publishing. 1996. Shakespeare, William. The New Cambridge Shakespeare Hamlet, Prince of Denmark. Ed. Philip Edwards. Cambridge Cambridge U P, 1985. Sophocles. Oedipus Rex. An Introduction to Literature, 11th ed. Eds. Sylvan Barnet, et al. New York Longman, 1997. Works Consulted Fox, Robin Lane. The Unauthorized Version Truth and Fiction in the Bible. New York Vintage, 1991. G. K. Chesterton, Introduction to The Book of Job, The Hebrew Bible In Literary Criticism, Ed. and Comp. Alex Preminger and Edward L. Greenstein, (New York Ungar)

Understanding the Benefits of Ethnic Divide Essay -- Racial Ethnic Rac

Understanding the Benefits of Ethnic DivideDoes society truly stand to cook from what some might call a breaking of racial and ethnic barriers? When we as a society propose the overly-voiced concepts of embracing racial equality and the dissolving of stereotypical values in an drift to support societal efficiency, do we consider that perhaps these revolutionary ideals will hurt more than help us in the long run? The comely individual, in an effort to function properly in the society to which he or she belongs, will follow that which society generally accepts as politically correct, as normal. The downside to this is the possibility of a societys ignorance to the greater picture or, rather, the future effects on economy and the civilization towards which we hold such value. It is obvious, especially in light of authentic economic and undying cultural facts, that this adamant dream of bringing together the varying mismatched groups of the world population is not only futile -- when considering that it is in our nature as human beings to define and rationalize our surroundings by recognizing the natural differences in what we see -- but is also illogical with respect to the dread threat this societal revolution imposes on the capitalist system to which we all owe our lives.The settling of racial and ethnic indifferences is commonly seen as a line handled effectively by government inventions. Affirmative action, established in 1965 by US president Lyndon Johnson, is a system designed to overcome societal variety of the past by forcing privileges into the hands of minorities (Brunner, par. 1). These privileges translate into unquestioned college enrollment, job opportunities, and additional resources. Hera... ...5 Jan. 2001 .Anonymous. Free Palestine. 1999. 30 Sep. 2002 .Bollyn, Christopher. ?The Real Cost of US Support for Israel.? Axis of Logic. 20 Sep. 2003. .Stauffer, Thomas R. ?The Cost of Conflict in the Middle East, 1956-2002 What the U.S. Has Spent.? Middle East Policy Council. Spring 2003 .Anonymous. ?The Arab-Israeli Conflict Basic Facts Arab Countries versus Israel.? Israel Science and Technology. 15 Nov. 2003 . Province, Jonathan. ?World?s Richest Countries.? cylist.com. 2003. .

Evolution Essays - Is There a Conspiracy to Suppress Creation Science?

Is There a Conspiracy to Suppress Creation Science?   Two Works Cited   A denounce claim in creationist literature is that in that respect is a wealth of scientific evidence to support creationism, but that secular, mainstream scientists are suppressing its publication in peer-reviewed journals. They are non giving creation-scientists a fair shake, they claim they are being censored.  The fact is that creation scientists are not even submitting scientific theories on creation for publication. unnecessary to say, mainstream scientists cannot censor what is not being submitted   One can begin to investigate this issue by examining what the creation-scientists are submitting for publication. One of the easiest, freest and most uncensored publishing mediums is the Internet. mickle can post any message they desire to talk.origins, the newsgroup devoted to spirited debate between evolutionists and creationists. So do creationists submit their scientific evidence t here? The welcome page for talk.origins contains the following special plea to creationists To re...