The parallels between The Crucible and the Rwanda Genocide...

The Parallels between The Crucible and The Rwanda Genocide The themes of justice, community and sacrifice in The Crucible are universal and can be identified in many modern events in history, including the Rwanda Genocide. The genocide in Rwanda and The Salem Witch Hunts in The Crucible have many striking similarities, primarily these are: the hunting down and killing of a group of people identified as being different, the mass killing of people for no valid reason and the taking of revenge on a whole group of people for the acts of one or more individuals of that group. Common to these two events is the ruthless hunting down of victims. The judges in The Crucible pressure Abigail and the girls for the names of possible witches. Their†¦show more content†¦The Hutu’s believe the Tutsi’s were trying to regain power. There was a long history of rivalry and violence between these two tribes and the killing of the president was the catalyst ignited the voracious flames of revenge. The Hutu’s began their manhunt to find and kill the Tutsi’s in revenge for the years of perceived oppression when the Tutsi’s ruled Rwanda. Like John Proctor in The Crucible, there too is a protagonist in the Rwanda Genocide – Paul Rusesabagina. They both display strength in standing up for what is right, they refuse to betray their friends and they both show great courage to do what is right, even if it means sacrificing themselves. In The Crucible, as things start to get out of hand, John takes it on himself to stand up to the authority and set things right. Even when standing up against the church places suspicion on him, John will not compromise his beliefs and fights for what he believes is right. This is the same fight Paul Rusesabagina undertakes. Paul refuses to fall into the violence and hatred between the Hutu’s and Tutsi’s. He questions the idea that Hutu’s are better than Tutsi’s. He himself, a Hutu, is married to a Tutsi and he will not let himself be threatened into changing his beliefs or into following what the other Hutu’s are doing. As a Hutu, Paul is expected to despise the Tutsi’s and to be a part of the violence and

Is Google Making Us Stupid - 933 Words

With the fast-paced development of technology, internet plays a more and more important role in our life. While acknowledging the convenience provided by the internet, Nicholas Carr expressed his concern that it negatively influenced our capability of deep reading and thinking in his article Is Google Making Us Stupid? Published in the 2008 issue of the Atlantic. However, there existed some weaknesses in his arguments due to the use of overstated pathos, inappropriate examples, and faulty logics, which to some extent hurt his persuasiveness. At the beginning of the passage, the writer tries to deliver his worries about the harmful impact imposed by computers on human minds, describing it as â€Å"shaping the process of thought† (315) and â€Å"chipping away a person’s capacity for concentration and contemplation† (315). The word â€Å"shape† and â€Å"chipping away† strongly imply that computers are constraining or even controlling our ways of thinking. For Nicholas, the computer seems to become a threat, distracting his attention and hindering him from contemplating. He attempts to appeal the same fear to the audience, which in fact works in the opposite way. Based on the readers’ previous experience, they could doubt whether computers are actually as powerful as the author presents or the author just overstates the damage of using the internet. Apparently, computer is significantly useful in almost every one’s life, yet its limit is also noticeable. It is just a tool for us to reach andShow MoreRelatedIs Google Making Us Stupid?1240 Words   |  5 Pagesone idea to be represented in many different ways. Both Nicholas Carr’s article â€Å"Is Google Making Us Stupid?† and M.T Anderson’s novel Feed, the broad idea of the relationship between humans and technology is portrayed. Carr’s article complains of how technology changes the way we think. Carr instigates the idea that we are losing our passion for learning as a result of the internet and search engines such as Google. These advancements, Carr proposes, lead to a world where our intelligence â€Å"flattensRead MoreIs Google Making Us Stupid1140 Words   |  5 PagesIs Google Making Us Stupid In the Atlantic Magazine, Nicholas Carr wrote an article, â€Å"Is Google Making Us Stupid?† Carr poses a good question about how the internet has affected our brain, by remapping the neural circuitry and reprogramming our memory. Carr states, â€Å"My mind isn’t going—so far as I can tell-but it’s changing. I’m not thinking the say way I used to think.† Carr went on farther, saying that he cannot read as long as he used to, his concentration starts to wonder after two or threeRead MoreIs Google Making Us Stupid?920 Words   |  4 Pagesa different perspective than that of Manuel Castells. In â€Å"Is Google Making Us Stupid?† Carr believes the Internet has taken the foundation out of learning, socializing and reading. Coupled with Manuel Castells, Nicholas Carr agrees that the Internet has been of good use in some cases (Wikipedia for the many hours of research conducted for its database that we access) but he also believes the Internet is slowly making him and us stupid. Carr says â€Å"My mind now expects to take in information the wayRead MoreIs Google Making Us Stupid?1548 Words   |  7 Pagesindependent will and creative imagination. These gives us the ultimate human freedom†¦. The power to choose, to respond, to change (Independence Quotes. Brainy Quote. Xplore. Web. 16 Nov. 2015.).† The Declaration of In dependence allows people to do whatever they please as long as it’s within the law, but Google is restraining what people can really do. It may not seem that a search engine can limit people, but one needs to think about the many things Google consists of that doesn’t allow people to chooseRead MoreIs Google Making Us Stupid?1048 Words   |  4 Pagesï » ¿Is Google making us stupid? Three authors weigh in One of the most common clichÃÆ' ©s is that the Internet has robbed us of our attention spans and impeded our ability to communicate effectively. Once we could write properly, now we only text. Google has made us lazy in terms of how we research and access data. However, is this true? In three major news publications, three major essayists have grappled with this question and come to completely different conclusions. Although the neurological evidenceRead MoreIs Google Making Us Stupid?879 Words   |  4 PagesAmerican writer, Nicholas G. Carr, in The Atlantic July/ August 2008 Issue titled â€Å"Is Google Making Us Stupid?† argues that the amount of time we spend online, especially google, has caused us to lose our minds by â€Å"tinkering† with our brains, â€Å"reprograming our memory,† and changing the way in which we process information. Carr’s purpose is to contribute to the idea that â€Å"Google† along with other online tools, is programi ng us to be less attentive and to the inhibition of our critical thinking skills. GuidedRead More`` Is Google Making Us Stupid?1384 Words   |  6 Pagestechnology is changing the way we access information; anything is accessible in mere seconds. This implementation has resulted in the most aware society of all time. Most information is just a quick and simple Google search away. An article, written by Nicholas Carr â€Å"Is Google Making Us Stupid? â€Å" in a 2008 issue for The Atlantic magazine, questioned the negative cognitive effects of the world wide web. Carr recognizes how much we rely on the internet and believes that humanity needs reform. AccordingRead MoreIs Google Making Us Stupid?1040 Words   |  5 Pagesquestion â€Å"Is Google Making Us Stupid?† This has set off a debate on the effects the internet is having on our brains. Obviously the internet is here to stay, but is it making us scatterbrained? Are we losing the ability to think deeply? Criticism of t he Web most often questions whether we are becoming more superficial and scattered in our thinking. In the July-August 2008 Atlantic magazine, Nicholas Carr published Is Google Making Us Stupid? (http://www.theatlantic.com/doc/200807/google). Like otherRead More`` Is Google Making Us Stupid?1505 Words   |  7 Pagescritically inspect both the positive and negative effects technology can have on development and cognition and all assert that technology is not as daunting as some make it out to be. However, some opinion based pieces such as Nicholas Carr’s â€Å"Is Google Making Us Stupid?† conclude that we should be apprehensive about technology advancing. The differences in outlook towards digital technology s future effect on the mind can best be seen in how authors view technology as a source of distraction, hypertextRead MoreIs Google Making Us Stupid?733 Words   |  3 Pages Nicholas Carrs article, â€Å"Is Google Making Us Stupid?† makes points that I agree with, although I find his sources to be questionable. The article discusses the effects that the Internet may be having on our ability to focus, the difference in knowledge that we now have, and our reliance on the Internet. The points that are made throughout Carrs article are very thought provoking but his sources make them seem invaluable. Carr discusses the effects that the Internet has on our minds and the way

Hofstede’s Cultural Dimension Model Samples †MyAssignmenthelp.com

Questions: 1.Describe how Hofstedes five cultural dimensions could be used to explain the situation at Lees Company? 2.Discuss what; is anything Lee could do to remain at the company but continue to work in a manner which he felt comfortable. Explain your reasons? 3.How can the Korean Manager deal with more individualistic employees without losing the competitive advantage of the talented workforce? Answers: Professor Hofstedes cultural dimension model is a clear way of understanding the cultural differences that exist in the society. Lees case study explains his challenging situation at work which when described using Hofstedes model appears to be a regular occurrence. 1.The Power Distance Index (PDI) is the kind of gap that exists and is also accepted between those with and without power. A high PDI is people have received the bridge created by power and understand their position in the hierarchical distribution (Luger (2009)) low PDI, on the other hand, comes in when there is the equal and widespread distribution of power exists, and members of the society cannot accept when it is shared unequally. Lee is an employee who is answerable to his manager and has to obey the commands from above for a healthy working environment. There is, therefore, a high PDI in the company as workers have no much say to the running andmanagement of the business (Al-Sharqwi (2004).) Individualism versus collectivism as the name suggests explains the ties people have towards each other in an individual society. A high IDV comes in when people work towards their responsibilities and end up having weak interpersonal communication. Collectivism, on the other hand, people stick with a group and work towards the benefit of everyone involved. Lee seems to have a high IDV as he works alone, completes the chores and that might be the reason as to why he started receiving an unfriendly response(Marcus 2004, June) Masculinity versus femininity exists with the distribution of responsibilities between men and women. A masculine society has the expectations that men should be strong and prosperous, and there is no overlap between their roles and those of women. A feminine society, on the other hand, has a serious duplication and women feel that physical strength can be overcome by the mental intellect (McDonough (2011)). Lee might have masculinity due to the way he works alone to complete his chores before everyone else and head out. Like a mentality in a working relationship might cause issues especially to the people who feel that work should be shared and consulted. Uncertainty Avoidance Index is another dimension that explains the different ways that people deal with anxiety. With a high Uncertainty avoidance, individuals in the society strive to make their lives predictable, and when they cannot control them, they end up putting their fate in a super power like God (Migliore 2011). On a low UAI however, individuals tend to live a relaxed and open life as there is no fear of the unknown. Lees case has a high UAI as he already predicts the future of his working career and that worries him a lot to the extent that he wants to resign. Indulgence versus Restraint usually explains the extent to which a society regulates the behavior of its people. A society based on high IVR allows for individual gratification where everyone is free to have fun and make their own choices. However, on a level IVR, the society regulates peoples behaviors by enforcing strict norms. Lees company maintains a level IVR as he is instructed to get rid of his casual look and follow all the rules that relate to the working environment (Pierenburg (2011)) 2.Considering the dimensions mentioned above, Lee can still maintain his current job and get comfortable. He should first change his perspective about work and observe the people close to him for information. It is clear that Korea is different from Australia in the way people conduct themselves as his behaviors seem to affect others in a negative way (Taras 2010). The power Index should be his first consideration whereby he should be humble and give his superiors all the respect they deserve. It is okay for him to question issues like the decisions made but respectfully to have his voice heard. The reason as to why he is giving good suggestions and none of them are getting implemented might be because of the way he relates to his superiors (Taras 2010) Collectiveness is again an important dimension to consider in working relationship because of a good relationship with the team maneuvers success. Lee should, therefore, involve his colleagues by asking for their views on his projects and engage them in making them feel useful. He should also consider making a personal relationship with each one of them to improve the relationship. The restraint dimension will also apply in this case, and he should try and fit in the group instead of standing out which makes him a target of hatred (Jones 2007). Some employees would like to dye their hair and wear casual jeans as Lee does, but it is not acceptable. When Lee does the opposite of everyone, then the others feel that he thinks of himself unique and thus the kind of treatment he receives. He can, however, suggest to themanagement on the acceptance of casual wear to give everyone an equal basis, and not Lee alone. 3.The Korean manager also has a role to play in ensuring that he can take control of his work force. Some employee like Lee work differently, and since their skills are required, thenmanagement should take all chances to maintain them (Wu 2006.)The manager can, for example, demonstrate to Lee, the importance of team work by comparing the quality of work from an individual and that produced by a group. Since the company requires great ideas in the sectors of finances, sales and marketing, expansion and other areas, then consultation is necessary. Lee should, therefore, be given valid reasons as to why working together brings success in any organizations (Marcus 2004, June) He should also make sure that the employee feels welcome in the environment to allow him to share with the rest of the team. Lee might be shying off from the group due to fear of ridicule and criticism. It is therefore good to encourage the team to receive a new employee and advise him according to the lifestyle of the organization. Hofstedes cultural dimensions are therefore applicable in our day to day activities depending on the perception of the society that everyone resides. Lees case study is a good explanation as to why people should try to understand each others perspective and work towards making everyone comfortable. A working relationship can only be satisfying if the views and ideas of each person are put into consideration. References Al-Sharqwi, SY (2004)., Hofstede's cultural dimensions and work-related values in Kuwait: implications for employment policy. Jones, ML 2007, Hofstede-culturally questionable?. Luger, E (2009), Hofsteede's Cultural Dimensions.,. Mu?nchenGRIN Verlag GmbH. Marcus, AABVJ 2004, June, A practical set of culture dimensions for global user-interface development. In Asia-Pacific Conference on Computer Human Interaction , 252261st edn, Springer, Berlin, Heidelberg. McDonough, S (2011), Connecting visual design and Hofstede's cultural dimensions: the United States, Latin America and Spain. , University of Central Florida. , Orlando, Fla,. Migliore, LA 2011, 'Relation between big five personality traits and Hofstede's cultural dimensions: Samples from the USA and India. ', An International Journal, vol 18(1), no. Cross Cultural Management: , pp. pp.38-54. Pierenburg, K (2011), Critical analysis of Hofstede's model of cultural dimensions to what extent are his findings reliable, valid and applicable to organisations in the 21st century?, Mu?nchen, GRIN Verlag GmbH. Taras, V,KBLASP, 2010, Examining the impact of Culture's consequences: a three-decade, multilevel, meta-analytic review of Hofstede's cultural value dimensions. Wu, M, 2006., 'Hofstede's cultural dimensions 30 years later: A study of Taiwan and the United States. ', vol 15(1), no. Intercultural Communication Studies, p. p.33.

What Nonfiction Writers Can Learn From Fiction - The Writers For Hire

WHAT NONFICTION WRITERS CAN LEARN FROM FICTION Have you ever read a fiction book that you just couldn’t put down? The author probably used some techniques to make it a page-turner. The thing is, while fiction books are known for keeping people up all night because they have to get to the end, nothing says that a nonfiction book can’t be just as engrossing. But if you’re going to write a nonfiction book that people can’t put down, you’ll have to use some of the fiction techniques in your book. Is it possible to write a nonfiction page-turner? You bet. 10 Fiction Techniques You Should Use in Your Nonfiction Book Fiction writers are experts at keeping the reader interested and turning the page. Here are ten fiction writing tips that you can use to add some life and excitement to your nonfiction book. 1. Get Their Attention Immediately If you’re like me, you like to read the first sentence or paragraph of a fiction book before you decide whether or not to read it. If it catches your attention, there’s a good chance that you’ll like the book. But if it doesn’t, it may end up back on the shelf. So, why do so many nonfiction books start out flatlined? It’s likely because the author hasn’t yet figured out that grabbing the attention of the reader is just as important in nonfiction as it is in fiction. Let’s use some fiction opening line examples to learn how to surprise and delight our readers with this technique in nonfiction. Fiction Example #1 â€Å"Many years later, as he faced the firing squad, Colonel Aureliano Buendia was to remember that distant afternoon when his father took him to discover ice.† This line is from â€Å"One Hundred Years of Solitude,† written by Gabriel Garcia Marquez. When you read it, you’re instantly intrigued because: You know the character will face a firing squad and you want to know why. Is he a bad guy, or a good guy caught up in an unjust situation? The idea of someone discovering ice is intriguing. Why didn’t the character know about it before? Does he live someplace where ice doesn’t exist? Fiction Example #2 â€Å"Once upon a time, there was a woman who discovered she had turned into the wrong person.† This opening line is from Anne Tyler’s book, â€Å"Back When We Were Grownups.† It works because: The term, â€Å"Once upon a time is how fairytales typically begin, so it’s unusual for a modern novelHow did a woman suddenly discover she wasn’t who she wanted to be? What happened? Tell me more! As you can see, the authors who wrote these novels captured the reader’s attention from the first sentence. Chances are, that’s why the books have taken their places as great novels. Now, let’s look at an example of a great opening line from a nonfiction book: Nonfiction Example #1 â€Å"Tuesday, September 16, 2008, was the day after Lehman.† That line is from â€Å"Crashed,† by Adam Tooze. Why is it so powerful? The book details the account of the financial crash, and as soon as you read the opening line, you understand that it’s not going to be a boring book that you have to plow through. It starts the same way successful novels do: in the middle of a story. Nonfiction Example #2 â€Å"As the lights went out in Western Ukraine on Christmas Eve 2015, Andy Ozment had a queasy feeling.† This opening line is from a book called â€Å"The Perfect Weapon,† by David E. Sanger. Although you wouldn’t know it from the opening line, the book has the potential to be a little dull. It’s about cyber weapons and geopolitics. In fact, in the hands of another author, it could have been another dry read. But it became a bestseller. Here’s why this opening line works: It starts with a mystery. Why did the lights go out on Christmas Eve in Ukraine? And why would that make Ozment queasy?It makes you want to keep reading to find out what’s happening. As you can see, opening lines are just as important for nonfiction books as they are for fiction books. Does your book catch the reader’s attention right away? If not, you should probably rewrite it so it does. 2. Make Sure Your Table of Contents (TOC) Sells Your Book Have you ever scanned the TOC in a nonfiction book before you decide to read it? If you’re like most people, you have. And when we do that, we expect two things: for the contents of the book to flow in a logical order, and to find out what information the book holds. Your TOC should be arranged in an order that makes sense to your reader. If you’ve never created a TOC before, you can choose from the following prompts and write down at least ten ideas from the one you choose. Then decide how to arrange them to create your TOC in a way that makes sense to readers. Questions that readers may have about the topicProblems your readers have and how you will solve themGeneral topics you want to cover in the bookBenefits readers will realize from the book 3. Include Stories — Lots of Them Stories aren’t just for the opening line a nonfiction book. Take a cue from fiction writers and tell stories throughout your book to keep the reader engaged. This is appropriate for any topic. For instance, if you are writing a book about how to sew slipcovers for furniture, tell the stories of people who have done it successfully — and of those who failed at it. Use the stories to teach the reader and keep them turning those pages. If you can start each chapter with a big story and then include smaller stories in the subchapters, you’ll keep the reader engaged and moving along. 4. Write Tight so the Book Moves When an author is unsure of the direction of his book, he often adds fluff. Fluff is nonessential words that only serve to fill space. The use of fluff is death to a successful book — fiction or nonfiction. Instead, every word that you include in your book should matter. When you write tight sentences without a lot of unnecessary words, the reader will stay engaged and keep turning the pages. On the other hand, when you fill the pages with a lot of fluff, it weighs down the book and leads to reader dissatisfaction. Here’s an example: Tight writing: I poured dog food into Lucy’s bowl and watched her inhale it.Writing with fluff: I walked across the room and pulled out the bag of dog food from the cabinet. Then, I walked back across the room and poured some into Lucy’s bowl. She ate it really fast, and I stepped back in surprise. 5. Show Don’t Tell If you know anything about fiction writing, you know that you should never tell the reader what’s going on. Instead, you should always show them through the character’s actions. If you use the same technique in your nonfiction book, readers will enjoy it more. Here’s how it works: Telling: In 2010, my company had a horrible day because we suffered a loss in the tens of millions of dollars. I quickly called over my employees and told them that they needed to start looking for other jobs.Showing: It was 2010, and the day continued to spiral downward. After learning about the magnitude of the losses we’d incurred, I gathered my employees around me and broke the news that they should start looking elsewhere for employment. While it’s true that you have to â€Å"tell† sometimes in a nonfiction book, it will make your book stand out from the crowd if you also â€Å"show† the reader along the way. It breaks up the monotony and keeps them interested in what you have to say. 6. Give Them an Experience Have you ever read a book and as you got closer to the end, you dreaded the moment you read the last page? It happens a lot with fiction books, but some non-fiction books leave you with the same feeling. For instance, in Tim Feriss’ 4-Hour Workweek, the reader is transported to a life with little work and a whole lot of play. By the time you finish the book, you feel as if you’ve been on vacation somewhere in the tropics. And the book’s topic? Outsourcing. 7. Introduce Some Characters People relate to people, and if you’re going to write a successful nonfiction book, you will have to introduce some characters to your readers. They will want to spend some time with people who have experienced their problems and solved them. For instance, if you’re writing a book about dealing with the turbulent teenage years, introduce some parents and tell their stories. And if you tell more than one story about someone, they become a character in your book. The mom you introduce at the beginning of the book, who is having a difficult time dealing with her teenager can show up throughout the book as she progresses toward finding a solution. Your readers will get to know her as she travels the same path and reaches the solution they long for, and that will help them relate to her — and your book. 8. Don’t Forget the Questions Almost everyone who buys a nonfiction book has a question. And we can learn from our fiction friends how to go about answering them. Fiction writers use cliffhangers to keep an audience engaged. They talk about something but then leave the conclusion unanswered so readers will continue reading to find out how it ended. Nonfiction writers can ask questions of the reader — and then make them wait for the answer. It works just like a cliffhanger. For example, you can start your chapter with a story, and at the end of the story, ask a question. But instead of answering it right away, wait until the end of the chapter. People are hardwired to want answers to questions, and this method will keep them reading as one questions after another is asked — and later answered. 9. Go Deep If you go to Amazon and read the reviews for nonfiction books, one of the biggest complaints you’ll find (especially for indie-published books) is that the book only touches on the topic. Some nonfiction authors have a bad habit of only giving readers a portion of the answer they’re looking for. This is not the way to a successful book. Can you imagine a fiction writer telling only part of the story? Instead, you should dive deep into your subject matter and decide to write the most comprehensive book on the subject. When you’re creating your TOC, think of every question a reader may have and then set out to answer it. Take a look at all the bestselling nonfiction books and try to find one that only touches on the topic. Here’s a hint: you won’t find one. 10. You Need a Plot Finally, if you want to steal fiction writer’s best-kept secrets, here’s one you shouldn’t miss. Fiction books have a beginning, middle, and an end, and your book should, too. How you set this up is up to you, but once a reader reaches the end of the book, they should feel like the time they spent reading was well worth it. A nonfiction plot could look like this: Beginning: Set up the problem and explain why it’s so difficult to overcomeMiddle: Explain the various solutions to the problemEnd: Help the reader make the transition from problem to solution Let’s Start Writing Fiction writers shouldn’t have all the fun. Just because you’re writing a nonfiction book, that doesn’t mean you can’t use the time-proven techniques that fiction writers have perfected over the years. So, instead of writing a book that only relays the facts, why not write one that takes your readers on a journey? Here’s the truth: you’ll have more fun writing it, and your readers will have the pleasure of reading a nonfiction book that feels effortless and enjoyable. What’s not to love about that?

History of Women Running for President

History of Women Running for President The history of women running for president in the United States spans 140 years, but only in the last five years has a female candidate been taken seriously as a viable contender or come within reach of a major party nomination. Victoria Woodhull - Wall Streets First Female Broker The first woman to run for President of the United States was something of an anomaly since women did not yet have the right to vote - and wouldnt earn it for another 50 years. In 1870, 31-year-old Victoria Woodhull had already made a name for herself as Wall Streets first female stockbroker when she announced she would run for President in the New York Herald. According to her 1871 campaign bio written by fellow reformer Thomas Tilton, she did so mainly for the purpose of drawing public attention to the claims of woman to political equality with man. Concurrent with her presidential campaign, Woodhull also published a weekly newspaper, rose to prominence as a leading voice in the suffrage movement and launched a successful speaking career. Nominated by the Equal Rights Party to serve as their candidate, she went up against the incumbent Ulysses S. Grant and Democratic nominee Horace Greeley in the 1872 election. Unfortunately, Woodhull spent Election Eve behind bars, charged with using the U.S. mails to utter obscene publication, namely to distribute her newspapers exposà © of the infidelities of prominent clergyman Rev. Henry Ward Beecher and the indiscretions of Luther Challis, a stockbroker who allegedly seduced adolescent girls. Woodhull triumphed over the charges against her but lost her presidential bid. Belva Lockwood - First Female Attorney to Argue Before Supreme Court Described by the U.S. National Archives as the first woman to run a full-fledged campaign for the presidency of the United States, Belva Lockwood possessed an impressive list of credentials when she ran for president in 1884. Widowed at age 22 with a 3-year-old, she put herself through college, earned a law degree, became the first woman admitted to the bar of the Supreme Court and the first female attorney to argue a case before the nations high court. She ran for president to promote womens suffrage, telling reporters that although she couldnt vote, nothing in the Constitution prohibited a man from voting for her. Nearly 5,000 did. Undaunted by her loss, she ran again in 1888. Margaret Chase Smith - First Woman Elected to House and Senate The first woman to have her name put in for nomination for the presidency by a major political party did not envision a career in politics as a young woman. Margaret Chase had worked as a teacher, telephone operator, office manager for a woolen mill and newspaper staffer before she met and married local politician Clyde Harold Smith at age 32. Six years later he was elected to Congress and she managed his Washington office and worked on behalf of the Maine GOP. When he died of a heart condition in April 1940, Margaret Chase Smith won the special election to fill out his term and was re-elected to the House of Representatives, then was elected to the Senate in 1948 - the first female Senator elected on her own merits (not a widow/not previously appointed) and the first woman to serve in both chambers. She announced her presidential campaign in January 1964, saying, â€Å"I have few illusions and no money, but I’m staying for the finish.† According to the Women in Congress website, At the 1964 Republican Convention, she became the first woman to have her name put in for nomination for the presidency by a major political party. Receiving the support of just 27 delegates and losing the nomination to Senate colleague Barry Goldwater, it was a symbolic achievement. Shirley Chisholm - First Black Woman to Run for President Eight years later Rep. Shirley Chisholm (D-NY) launched her presidential campaign for the Democratic nomination on January 27, 1972, becoming the first African American woman to do so. Although she was as committed as any major party male candidate, her run - like Chase Smiths nomination - was largely seen as symbolic. Chisholm did not identify herself as the candidate of the womens movement of this country, although I am a woman, and I am equally proud of that. Instead, she saw herself as the candidate of the people of America and acknowledged my presence before you now symbolizes a new era in American political history. It was a new era in more ways than one, and Chisholms use of that word may have been deliberate. Her campaign paralleled an increasing push for passage of the ERA (Equal Rights Amendment) initially introduced in 1923 but newly invigorated by the growing womens movement. As a presidential candidate, Chisholm took a bold new approach that rejected tired and glib cliches and sought to bring a voice to the disenfranchised. In operating outside the rules of the old boys club of career politicians, Chisholm did not have the backing of the Democratic party or its most prominent liberals. Yet 151 votes were cast for her at the 1972 Democratic National Convention. Hillary Clinton - Most Successful Female Candidate The most well-known and successful female presidential candidate to date has been Hillary Clinton. The former First Lady and junior Senator from New York announced she was running for President on January 20, 2007, and entered the race as the frontrunner for the 2008 nomination - a position she held until Senator Barack Obama (D-Illinois) wrested it from her in late 2007/early 2008. Clintons candidacy stands in marked contrast to earlier bids for the White House by accomplished women who were prominent and respected but who had little chance of winning. Michelle Bachmann - First Female GOP Frontrunner By the time Michele Bachmann announced her intent to run for president in the 2012 election cycle, her campaign was neither farfetched nor a novelty thanks to this longstanding sisterhood of female candidates who had previously paved the way. In fact, the only female candidate in the GOP field took an early lead after winning the Iowa Straw Poll in August 2011. Yet Bachmann barely acknowledged the contributions of her political foremothers and seemed reluctant to publicly credit them with laying the foundation that made her own candidacy possible. Only when her campaign was in its final days did she acknowledge the need to elect strong women to positions of power and influence. Sources Kullmann, Susan. Legal Contender: Victoria C. Woodhull, The Womens Quarterly (Fall 1988), pp. 16-1, reprinted at Feministgeek.com.Margaret Chase Smith. Office of History and Preservation, Office of the Clerk, Women in Congress, 1917–2006. U.S. Government Printing Office, 2007. Retrieved January 10, 2012.Norgren, Jill. Belva Lockwood: Blazing the Trail for Women in Law. Prologue Magazine, Spring 2005, Vol. 37, No. 1 at www. archives.gov.Tilton, Theodore. Victoria C. Woodhull, A Biographical Sketch. The Golden Age, Tract No. 3, 1871. victoria-woodhull.com. Retrieved 10 January 2012.first woman to run for US President.

The Many Uses of Swipe

The Many Uses of Swipe The Many Uses of â€Å"Swipe† The Many Uses of â€Å"Swipe† By Maeve Maddox Ben writes: I have noticed the changing in usage of words. When I was growing up â€Å"to swipe a card† (credit cards were not around then) meant to steal it and now you see the term â€Å"swipe the customers card.† No one’s quite sure where this word swipe originated. It’s kin to sweep and swoop. All three words suggest a wide sweeping motion. They can be used as nouns or as verbs. A batter takes a swipe at the ball. (noun) A waiter swipes a table with a towel. (verb) A hawk swoops down on a chicken. (verb) Macduff, learning of the murder of his family, cries: All? What, All my pretty Chickens, and their Damme, At one fell swoope?† (noun) A housewife sweeps the steps. (verb) An opera diva sweeps onto the stage in a long gown. (verb) A card player makes a clean sweep of all the stakes. (noun) The compound noun sweepstakes, meaning â€Å"prize won in a race or contest† entered the language in 1773. An earlier form of the word, swepestake existed in Middle English with the meaning â€Å"one who sweeps or wins all the stakes in a game.† King Henry VII of England had a ship with that name. The verb sideswipe, â€Å"to strike with a glancing blow,† dates from 1917. Its most common use is in speaking of vehicles: His mother was sideswiped by a driver in a green pickup truck. Swipe with the meaning of â€Å"to steal† is a latecomer, dating from 1889. This meaning is said to have originated as theatrical slang used of actors stealing jokes or stage routines from one another. Like Ben, I would have thought, growing up, that â€Å"to swipe a card† meant to steal it. That sense of swipe is still current. Swipe meaning â€Å"to run a credit card† came into use in the 1990s. In practice there’s probably not much chance of confusing the two meanings because context will make the difference clear: I swiped my credit card. The clerk swiped my credit card. Somebody swiped my credit card. Another popular use of swipe in the expression â€Å"to take a swipe at† with the meaning â€Å"to criticize† or â€Å"to make a verbal attack on† or even, perhaps, as in the Google quotation below, â€Å"to threaten†: Lindsey Graham Takes Another Swipe At Glenn Beck Google Takes Another Swipe at Newspapers And Magazines With Fast Flip The Vampire Diaries takes a swipe at Stephenie Meyers Twilight The New Yorker takes a swipe at  everyone Clearly swipe is a word we like to use in a variety of contexts. My only suggestion is that I’d avoid using swipe as a synonym for â€Å"to steal† in a serious context. It’s acceptable enough when used in a non-larcenous context among friends: Who swiped the last donut? He was drinking, so I swiped his car keys. Used of real crimes of theft, it becomes a euphemism to soften a vicious act. For example, this headline about the two juveniles who stole weapons from a gun cabinet and went on to murder five people and wound ten others: School shooters swiped guns from unlocked rack and these: Criminals swipe cables to cash in on soaring value of scrap metal the victim left his building, which is near 75th Street, the night before only to return at 10 am to discover his vintage basketball cards, valued at $2,000, had been swiped. I see no reason to avoid the stronger and more precise word steal in such contexts. Want to improve your English in five minutes a day? Get a subscription and start receiving our writing tips and exercises daily! Keep learning! Browse the Vocabulary category, check our popular posts, or choose a related post below:Punctuating â€Å"So† at the Beginning of a Sentence"Have" vs "Having" in Certain Expressions50 Synonyms for "Song"

Micro Essay Example | Topics and Well Written Essays - 250 words - 1

Micro - Essay Example Since the company’s inception into business in 1982, it has grown massively through collaborating, internal development, and strategic acquisition with industry leaders. Throughout this growth, the company has expanded its technological expertise alongside greater understanding of their customer needs. In supporting its employees, the organization rewards and supports them through a program, â€Å"Total Reward†. In the program, there are comprehensive benefits, world-class training programs, recognition programs, international career opportunities, and employee health and wellness initiatives. On an ethical basis, it was wrong for Edmondson to have taken such steps as lying about his qualifications. It was unprofessional of him as a leader to be caught committing such acts as driving while intoxicated. The company to clear its name it should have made Edmondson apologize to the public after his apology to the board before his resignation. The situation affected the corporation investors, board of directors and top executives. There concerns for the board of directors and top executives were concerned whether the questions they were holding out about former CEO Edmondson would be one day answered to their gratification. On the other hand, the investors were concerned with why after Edmondson appointment as CEO the company struggled with lagging stock price and flat sales. The investors’ concerns were affecting the board of directors on their credibility in being able to assess the employees properly before carrying out promotions. The board’s decision was â€Å"tough† this because Edmondson had worked for the company over ten years and had created a good reputation towards all the company stakeholders prior to the newspaper story. Mr. Roberts described this situation as such because he believed that he had made the right choice in selecting, grooming, and mentoring Edmondson as his successor only for such a story to destroy all that

Stress Research Paper Example | Topics and Well Written Essays - 1250 words

Stress - Research Paper Example Some people worry too much, and this constant worrying about different problems leads the person to be uncomfortable and anxious. Fatigue and overwork can also have affects that cause stress. People might feel stressed out when they find out that they have worked for too long, but without a credible accomplishment, or when time isnt on their side and they fail to achieve what they had set out to do. If these problems reach a point where a person experiences stress, stress may lead to depression, among other consequences. Depression may also be brought upon by the person himself. If somebody failed at what he set out to do, he might not think of himself as highly as he did before and fail to achieve congruence. He might constantly blame himself for everything unpleasant in his life, and that causes the person to have a lack of self-confidence. This person might also be fearful and suspicious of himself and other people he interacts with. Depression itself has its own consequences and affects, and one of the most dangerous affects might lead the depressed person to commit suicide. The Japanese society is a fine example of how the chain of overwork, stress and depression all take part in causing a person to become suicidal. The typical Japanese workingman leaves in the morning for a full day of work until nightfall where he might go out with his co-workers then set out to take a late train back home where he sleeps late and wakes up for another morning. Among the Japanese working population, almost 63% work as employees in different companies. This means that more than half of the working force of Japan experiences almost the same working routine. This sort of lifestyle is very stressful and demanding, and causes a person to become exhausted and depressed. This kind of depression could lead to suicide, which is why Japan has one of the worlds

Dispostional Personality Theories Essay Example for Free

Dispostional Personality Theories Essay The two most common dispositional theories are Allport’s psychology of the individual theory and the trait and factor theory. Allport’s psychology of the individual theory emphasized that people are unique, even though they may share traits in common, and those unique qualities are what should be focused on. â€Å"More than any other personality theorist, Gordon Allport emphasized the uniqueness of the individual. He believed that attempts to describe people in terms of general traits rob them of their unique individuality†. In order to focus on the individuals uniqueness Allport felt that a broad theory is more useful than a narrow one and he would use information from different theorist in his research. For many years there has been much debate about how many traits actually have an effect on an individual’s personality. In recent years the majority of theorist have come to the conclusion that five is the magic number. Esyneck, McCrae, and Costa have focused their studies on the trait and facto theory and have done much research using standardized tests, clinical observations, and observations from friends and families of the individuals studied. â€Å"Trait and factor theories of personality are based on factor analysis, a procedure that assumes that human traits can be measured by correlational studies†. Each of these theories have different approaches to explaining an individual’s behavior. Both Allport’s psychology of the individual theory and the trait and factor theory have its own effect on individual personalities. Interpersonal relationships are influenced by each of these theories in its own way as well.

Ethical Issues Raised by Data Mining Essay -- Databases Technology Com

Ethical Issues Raised by Data Mining Data mining is the practice of gathering data from various sources and manipulating it to provide richer information than any of contributing sources is able to do alone or to produce previously unknown information. Businesses and governments share information that they have collected with the purpose of cross-referencing it to find out more information about the people tracked in their databases. Data mining has many benefits. Stores are able to stock merchandise that better reflects what customers want. When Victoria’s Secret started tracking user purchases they noticed that customers in Miami bought much more white lingerie than customers in other areas. As a result they began stocking more white products instead of uniformly stocking all stores benefiting both the store and the customer[i]. Another benefit is that it allows companies to consolidate data from many different sources so that more time can be spent analyzing data than finding it in the first place. This is useful for companies that have multiple financial systems and spend a lot of time trying to combine data into a more useful format rather than doing the actual analysis of the data. A more dramatic example is that some say that 9/11 could have been prevented if the FBI had better data mining tools to share and combine information from different offices[ii]. In addition to crime prevention and f inancial analysis the medical research community can use these techniques in medical research to identify trends and causes of disease. Along with the numerous benefits data mining also has a downside. Combining data from various sources can result in revealing information people would consider private and woul... ...ade Commision, The Fair Credit Reporting Act (Washington, DC: GPO, 2004) 46. [xiv] Tavani, Herman T., â€Å"Privacy and the Internet† Ethics and Technology Conference, Boston, MA, 5 June 1999. (Boston College Intellectual Property Forum, 2000) http://www.bc.edu/bc_org/avp/law/st_org/iptf/commentary/ [xv] D1 Consulting, Report on Double Click, 2003, University of Southern California, 7 June 2004 [xvi] Tavani, Herman T., â€Å"Privacy and the Internet† Ethics and Technology Conference, Boston, MA, 5 June 1999. (Boston College Intellectual Property Forum, 2000). [xvii]European Parliament, Official Journal of European Communities, Charter of Fundamental Rights of the European Union (Brussels, Belgium: 2000) 10. [xviii] Federal Trade Commission, Privacy Online: A Report to Congress (Washington, DC: GPO, 1998) 3.

America’s Working Poor Response

Tens of millions of men and women in America struggle because they are stressed out about not making enough money even though they are working as hard as possible. In her book Nickel and Dimmed, Journalist, Barbara Rehiring writes about her research working as a minimum wage employee attempting to get by in Americas tough economy, she describes in depth the struggles that the minimum wage workers suffer through and she witnesses them first hand as she goes under cover and works these Jobs herself.Middle class Jobs are being replaced by low income bobs, the people in these Jobs are referred to as â€Å"the working poor†,and are not able to make ends meet at the end of the month. People in America working minimum wage Jobs struggle on a daily bases to get by, this causes them anxiety due to their lack of a health care plan, living situations, and injuries that occur at work. Health insurance premiums are rising and some employers no longer offer this benefit, the low wage worker s are the ones that are particularly affected by this major issue.Employees without health coverage, are unable to get preventative care r proper treatment for an illness, may become sicker later on. In chapter one of her book â€Å"Serving in Florida† Rehiring describes her co worker Sail's situation, â€Å"Gall, for example,†¦ Is supposed to be on the company health plan by now, but they claim they have lost her application form and to be beginning the paper work all over again. So she spends $9 a pop for pills to control the migraines she wouldn't have, she insist, If her estrogen supplements were covered. (27) Without the company behind them, employees will end up paying more for Individual health coverage than their employers would have paid to put them on group coverage. Similar to Rehearing's situation, Morgan Spurious and his flange Alex attempt to survive 30 days living of a minimum wage salary, as n the TV episode â€Å"30 days: Minimum Wage†. In the ep isode there Is a scene where Splotch's hand Is Injured and swollen because of the manual labor he is doing. Due to the lack of medical Insurance he chooses to try out a free clinic provided by the community for the low Income families Instead of the emergency room.Once he Is there he realizes that getting checked by a doctor wont e so easy since there Is so many people In line and the clinic only takes the first twenty. He then has to resort to the emergency room where he Is charged more that he can afford to pay because of his low Income. Even though the communities attempt to help the working poor, not everyone Is available to take advantage of the benefits. While there Is no easy solution to the problem of health Insurance, It Is obvious that leaving employees on their own to find Insurance, rather than Glenn them the benefit of group rates, Is not the solution.America's Working Poor Response By carpenter kook â€Å"Serving in Florida† Rehiring describes her co worker Sail 's situation, â€Å"Gail, for she spends $9 a pop for pills to control the migraines she wouldn't have, she insist, if employees will end up paying more for individual health coverage than their there is a scene where Splotch's hand is injured and swollen because of the manual labor he is doing. Due to the lack of medical insurance he chooses to try out a free clinic provided by the community for the low income families instead of the emergency room.Once he is there he realizes that getting checked by a doctor wont e so easy since there is so many people in line and the clinic only takes the first twenty. He then has to resort to the emergency room where he is charged more that he can afford to pay because of his low income. Even though the communities attempt to help the working poor, not everyone is available to take advantage of the benefits. While there is no easy solution to the problem of health insurance, it is obvious that leaving employees on their own to find insurance, r ather than giving them the benefit of group rates, is not the solution.

Communication Memo

|To: |Dana Donnley, Director of Employee Communication. | |From: |Rey, Employee Communication Manager. | |Date: |March, 8th 2013. | |Ref: |Confidential: Employee Communication Strategy | | |Proposal for the Whirlpool Corporation Employee | | |Wellness Program. | | | | . Background. Whirlpool Corporation (hereinafter the â€Å"Company†) is facing financial problems, and therefore has decided to lower the insurance benefits expenses of its employees. As stated in the Bain & Company’s memorandum dated February 28th 2013, there is a direct correlation between the amount of money spent by the Company on insurance benefits and their wellness. Not only that, but also having healthier employees boosts their productiveness.As a consequence, the Company has included within its Human Resources strategy to offer and persuade its employees (and their spouses) to get in the headquarters a free mini-physical test, denominated the Employee Wellness Program, whereby the height, weight, blood pressure, and vital signs of the employees are measured (the â€Å"EWP†). This means only a routine exam that tests various bodily functions and reflexes, giving as an aftermath a diagnostic of the employee’s general condition.As a result of such test several diseases can be detected in their early stages, giving the employee the advantage of an early treatment, and the company its savings on insurance benefits payments. Whirlpool Corporation is heavily Unionized as a consequence of a responsible leadership of its authorities. 2. Query. You have consulted me in order to draw and structure strategy that the Company should carry out in order to communicate the employees the aforementioned EWP. 3. Response:We propose a multistep strategy that takes fully advantage of the prestige of the Company’s Union, and involves it directly to inform and persuade employees to perform the medical test. Also, main concerns should be specifically addressed, such as the confi dential matter of the information, its propose, and the fact that taking the medical test is voluntary. 4. Foundations of the Response: From a Human Resources standpoint the EWP should be managed carefully to avoid that the employees (and the Union) get confused regarding the real intention of it. In general terms, the communication should be simple, forceful and straightforward.However, some issues should be specially addressed, in order to avoid confusions. These are: 1. The Test is Voluntary. It should be pointed out that the medical test is voluntary, since employees could otherwise interpret it as a coercive measure by the Company. 2. Scope and Benefits of the Test. The communication should also explain the scope of the test, so the employees are sure what to expect when they take it. Also its benefits should be mentioned. 3. Confidentiality of the Information. In spite of being arguments against it[1], I am convinced that this point should be specifically addressed in the comm unication.There should not be doubt about it within the workforce. Also, a mention to the Professional Secrecy legal obligation should be done to reinforce the Company’s commitment to respect it. Hence, the only person to get the result of the test is the employee itself (therefore the Company does not get the information). 4. Use and Propose of the Information. It should also be pointed out that the only purpose of making such medical test is to get a diagnostic of the employee’s general condition for his own benefit and use. . Meeting with the Union. I believe that the Union’s prestige within the vast majority of the employees should be taken advantage of. Therefore, Union leaders should be called for a meeting and deeply informed about the EWP. In such meeting, special emphasis should be given in order to highlight the medical benefits for the employees that the EWP could have. Also, the Company should argue therein, that the only purpose of the meeting is to inform the Union and address its doubts and concerns. 6. Role of the Union.Having performed an informative meeting with the Union, I assume that it will have a very active role informing employees without any request from the Company whatsoever. In fact, for many employees, the Union has more credibility than management. Hence, by involving the Union with the communication, it will be the primary source of calm for many of the employees. In addition, it could advise employees of any legal consequence of a misuse of such information by the Company, which would have strong costs for it (could be considered an abusive dismissal). 7. The Test is Free.This should be explicit within the communication. 8. Spouses of Employees. As stated above, the EWP also includes the spouses of employees. However, in the communication to be delivered, no reference should be made in such regard, since it could be interpreted as intrusive. Therefore, only for those who accept taking the test a verbal exte nsion of the invitation should be performed to their spouses. 9. Formality of the Communication. I advise you to communicate the EWP to the employees via e-mail, since by communicating it by a more formal mean would only give this issue more significance that it has. 10. Further Details.It also should be address specifically that if anyone has any doubt or wants further information about the medical test, should contact either someone at the Human Resources department or at the Union. 11. Other Factors Taken into Consideration. Intimate employee information and its use are of critical importance to maintain an excellent employee-employer relationship. Not only that, but also their productivity is at risk if the message is misunderstood or the information is misused. In that regard, the confidence that the Company has built over the years with its employees can be destroyed in days, if the situation is not managed properly.I remain at your disposal for any further information that yo u may deem necessary. Yours truly, Rey. Employee Communication Manager. ———————– [1] It could be argued that by specifically addressing that the information will remain confidential could provoke a concern on employees, that otherwise would not be concerned. Nevertheless, we doubt that this would be the situation in the majority of the cases. We are convinced that most of the employees would be concerned about the topic, if a commitment of the Company declaring that information confidential were not made.

Misgiving Essays - Poetry, Literature, Culture, Robert Frost

Misgiving Essays - Poetry, Literature, Culture, Robert Frost Misgiving Robert Frosts poem Misgiving exposes how one should experiencelife. He shows this through by comparing the blowing of leaves freely to thefree-will of an individual. This poem creates a new way of viewing life.Frost develops this through three major points, symbolism, imagery, andmeaning. Frosts establishes his first symbolism through the blowing of the leavesin the wind. It seems as though he is comparing himself to the leaves. Inthe poem the leaves are experiencing movement and moving about freelyand he is comparing himself wanting to experience the same thing. By himwanting to experience free-will in his life he clearly uses a leave and astem to show his symbolism of his desire. The most pleasant image in the poem is when he compares himself to theleaves and wanting to be able to move around as they do. In the secondstanza, Frost explains how deeply he wants to fly and at times he seeks asheltering wall for comfort and shelter. The third stanza completes the firstpart of the poem. The visual imagery here was the reluctant whirl and onlyevoked how he liked going through it but couldnt explain why notknowing where it would take him but only as long as it did. The meaning of which Frost portrays himself to b free as the leaves isbecause he does not want to become stagnant. He wants to experiencewhatever life has to offer, whether it is good or bad. To him theimportant thing is the knowledge and experience gained from the wholeevent. In the third stanza. When the leaves go back to where they werecan be compared to an individual in society. Most people are half-asleepmost of the time, but want to keep up with life experiences. Maybe theydidnt get anywhere but the knowledge and experience that was learnedwas the most important aspect gained. This poem indeed establishes symbolism, imagery and meaning. It isuseful for an individual to read in order to be aware and knowledgeableof experiences they may have had in their lives and to appreciate thefree-will each and e veryone of us are given.

Bond Energy Definition in Chemistry

Bond Energy Definition in Chemistry Bond energy (E)Â  is defined as the amount of energy required to break apart a mole of molecules into its component atoms. It is a measure of the strength of a chemical bond. Bond energy is also known as bond enthalpy (H) or simply as bond strength. Bond Energy Explained Bond energy is based on an average of bond dissociation values for species in the gas phase, typically at a temperature of 298 Kelvin. It may be found by measuring or calculating the enthalpy change of breaking a molecule into its component atoms and ions and dividing the value by the number of chemical bonds. For example, the enthalpy change of breaking methane (CH4) into a carbon atom and four hydrogen ions, divided by four (the number of C-H) bonds, yields the bond energy. Bond energy is not the same thing as bond-dissociation energy. Bond energy values are an average of the bond-dissociation energies within a molecule. Breaking subsequent bonds requires a different amount of energy.

Keynesianism Research Paper Example | Topics and Well Written Essays - 1000 words

Keynesianism - Research Paper Example Estimated to be worth about $787 billion, the stimulus issued by the Obama administration was to save over 90,000 jobs (Calmes, 2009). The stimulus was broken down to $288 billion, allocated to tax cuts, $224 billion for unemployment benefits, education and healthcare, and $275 billion for job creation through grants and loans from government. The main aim of the plan was to restore confidence in the economy and to spur economic growth given the monetary policy had failed to save the situation. It was also to bring confidence by reducing bonuses to senior executives whose companies had received TARP funds. According to Williams and Calabrese (2013), in a scientific society, there are about four types of theories: descriptive, explanatory and predictive, instrumental and normative. Descriptive and explanatory theories can be categorized under positive while the other two are grouped under prescriptive or normative. Descriptive theories can be said to be forerunners of explanatory theories as they tend to find how different constructs are interrelated. These may include core elements, characteristics, relationships, or dimensions. They are meant to set stage for explanation and prediction. Explanatory theory on the other hand gives insights on what caused an outcome in way that it can be observed. Predictions come in as a test of explanations. instrumentals depend on predictions, they work on the fact that if something occurs, another thing will occur as a result. The Obama Stimulus was positive in nature. It focused on the actual facts on the ground as opposed to general assumptions. At the time of its launch, unemployment rate was at 9%, and to solve this, the government allocated $275 billion for job creationin since monetary policy had failed to bear concrete fruits. This plan was also based on normative theories as it determined how the economy behaved within a time frame of ten years. Within this

REFLECTIONS ON YOUR JOURNAL AND THE COURSE part 2 Coursework

REFLECTIONS ON YOUR JOURNAL AND THE COURSE part 2 - Coursework Example Discrimination is another problem facing American working citizens. Workers in USA undergo discriminations based on age, gender and physical status. Employees from the global societies of today suffer the same problem of discriminations depicted lowering the quality of performance at the workplace. The government should enact strict policies to protect the working citizens from such exploitation that reduces the quality of service delivery leading to under exploitation of human labor. According to Barboza’s report, Apple Corporation is one company that exposes its workers to hostile working environment. My thinking about exposure to hostile working conditions as a contributing factor to unemployment remains the same after witnessing a reputable corporation like Apple exposing employees to the same conditions. The future of the American citizens is not promising despite the formation of various trade unions and retirement acts. Corrupt government officials embezzle pension scheme funds rendering the systems unreliable for the American

Hooks law Lab Report Example | Topics and Well Written Essays - 500 words

Hooks law - Lab Report Example The magnitude of this restoring force is directly proportional to the stretch in the relation below. From the relation it is evident that if a plot of F as a function of ∆ l has a linear proportion. This provides confirmation that the spring conforms to Hookes Law and enables us to find k mathematically. (Sears, 1981) The objective of this experiment is to study the behavior of ordinary springs in static and dynamic situations. We will determine the spring constant,  k , (K which is the stiffness of the spring), for an individual spring using both Hookes Law and the properties of an oscillating spring system. Figure 2 indicates that for forces greater than about 4.5N (notice intercept of best fit), there is a linear relation between force and extension. For small loads such a relationship fails, since the fit curve does not intercept the y axis at zero. It is assumed that this is caused by an initial "set" in the spring which requires some initial load to overcome. This is apparent if one stretches the spring manually and then releases it. It seems to snap shut at the last moment. These were used to plot the line on the graph. The slope of the line, ignoring loads of less than 4.5N, was found to be 147.36 N/m. From Equation 1, we see that we need to multiply this quantity by g to calculate a value for the spring constant of k = 217.4  ± 1.8 N/m. A graph of force versus the magnitude of displacement resulted in the expected straight line in the range of forces examined and is consistent with Hooke’s law. The slope of this line, 147.36 N/m, is the spring constant, which agrees with value found by taking the average of the calculated spring constant. The intercept for the best fit straight line intersects close to the origin, which is also consistent with Hooke’s law. The potential sources of error in this experiment are due to the precision of the location measurement using the meter rule and the accuracy of the slotted masses used. The meter

Reflective Account of Child GSA

Reflective Account of Child GSA Recently in our house in the month of May this year a young boy has joined as a day student. I will refer to him as Jake in this reflective account (this is not his real name and all relevant information/personal data regarding exact time of the movement has been changed in order to comply with the CSA Confidentiality Policy). When Jake first came to the house he of course came as a trial period and he has been accompanied by two other care workers from his former placement/school who knew him very well. This was a transition for him and also for us. His placement with our house was a two day a week. These two days were spread apart into Mondays and Fridays. In order to assess his needs I believe it is required intensive observation. The information provided from his previous school, parents and care workers/social worker it is very important but I believe that working hands on with him will allow a better understanding and I could make a proper evaluation of his needs according to the new environment and settings that he is currently surrounded by. When a new student enters our house, everyones vigilance/attention and my own it is much higher in order to understand his needs, to assess him and fully understand him as an individual. I believe that everyone it is unique in their own way and to fully assess someone it takes a lot of care, understanding and information in order to take the right decisions for that person and provide the best care /therapeutic program so that they can grow and develop furthermore. Jake is a very outspoken young man, knows what he wants and has grown a lot in the last months in independence and is more able to deal with changes than when he has first arrived to our house. As an initial assessment it has been taking into consideration all the information gathered from his previous care plans, statements from care workers, discussion with his parents and most importantly by talking to Jake and finding out what he thinks and wants to do. CSA uses a series of therapies and therapeutic activities and they are as follows: therapeutic art, music, speech, movement, riding, play, massage, foot bath and counselling. Every child and young adult that is attending school or it is part of a placement with CSA has the available support to benefit from all these activities. These therapeutic activities happen as a one to one situation unless stated otherwise in the child or young persons care plan. CSA has also a range of workshops available to every student that is in the community. They are as follows: metal, pottery, candle, weaver, felting, green woodwork and garden workshop. These workshops help with the increase of creativity, independence and self esteem which gives the students an incredible sense of achieving once they hold their creations into their own hands and not only also during the creative process. Discussing with Jake, I quickly found out that he likes video games and that he is very technological. Jake is also a very good communicator which helped me understand quicker what and how I should approach a development care plan and properly assess his needs. Also by reading and asking about him from multiple sources provided but not only, especially through daily observation and working with Jake has been equally important. At the beginning like I said his trial period consisted in showing him around the house, estate, programmes and workshops. He got to know everyone else from the house residents, day students and co-workers. He has been accompanied for the first month by other two staff members from his previous school and by me. The input from his parents, the information from his school, reading his previous care plan and the information from previous staff who has worked with Jake has helped me assess and better understand Jakes needs. Jake though has been the one who helped the most in order for us to provide the best care plan and fulfil his needs. After each day that Jake spends with us it has been recorded in a diary which has helped me make his care plan and his individual risk assessment. They are all kept in the office in his personal file. After his arrival to the house there are 28 days in which I have to provide his care plan and the intended approach. Working with my colleagues, the craft masters, parents, former care workers from his previous school and with Jakes input I was able to make his care plan. Speaking with everyone involved gives me a better understanding of the whole situation and gives me the opportunity to take the best decisions. After doing so I made sure that everyone from the house who was involved in his care was aware, read, understood and that we all stand together on a common ground and take the same approach. These have been done through multiple meetings regarding Jake with all the personal that was involved in his care. All observations, assessments and reviews are recorded in his personal file and it is kept in the office of the house and the main office of CSA. Each time he was with us has been documented and recorded his progress in his personal diary which is up to date. His personal file also includes a few incident reports. The first few times that Jake was with us, actually the first two he was outgoing and very communicative. In order to asses a childs needs according to the Children (Scotland) Act 1995 under section 24 it is primordial that it is looked upon at the child needs and it is equally important that it is looked at also at the ability of the carer in order to provide the care. Both parties are actually being assessed by the Council in order to provide the best care and the most relevant support that it is needed. Meeting this need for Jake, gives us great responsibility in order to bring his development further. When his transition started with the CSA and the house for Jake it has been done through the proper channels. For example: Permission from his family in order to gather information that will allow us to understand and create a plan in order to meet up his needs, the discussions in the meetings regarding the assessment and most importantly a one to one get to know the child in a safe environment and space are the basic approach that gave us an insight. After all this a copy of the assessment it is handed over to the family once all this is finalized. As a general background Jake is a 7*(not his real age) year old young man and he has been struggling with accessing his education since nursery. He has been diagnosis with ASD and ADHD. When he feels that he is under pressure he has a tendency to present aggressive and violent behaviour. He is also a very chatty young man. After a period of trial which consisted of Jake being in our house on Mondays and Fridays there has been a review concerning Jakes updates which was all about his adaptability to the new settings and if we were going on the right track regarding his development and needs. Clearly something needed to be changed if I wanted that this process to work out. Asking my colleagues and the craft masters about what and how I should best support his needs. An idea came that if these would have to work the space between Mondays to Friday should change. The decision was consulted with his parents and with all staff of our house that Jake will attend every day of the week for a shorter period of time in order to make a difference. I find this method to be very efficient and it has been proven with another student of our house and clearly worked. Less time during the day but on a scale that will include the whole week. Also during this review because of all the disturbing behaviour he was engaging when he was picked up by the taxi and his previous care workers, I decided that this will stop and he should be picked up by his mum or different taxi driver and staff. His mum agreed. After all this changes Jake has shown a lot of more calm and ease to be with us. He started to engage more in the house and with his co-workers and he started to attend more and more workshops that he has dismissed previously. He had at the beginning a two to one co-worker and now after six months he has progressed to a one to one co-worker. There are times still when he acts out but he has also learned to have a time out or a break when he needs it. The staff is focusing on the positive behaviour rather than the bad one and once Jake was calm and ready to listen everything has been explained to him. Everyone from the co-workers does the same thing and we all stand together on a common ground in order to help Jake. Once the plan is set out, everyone is to care it out accordingly. When a set of practice are respected and applicable by everyone in the team as an united front this has proven to give tremendous results in the care of the child/young persons needs. As positive child behaviour methods and techniques CSA, uses a series of behavioural techniques which have been specified on page A of this paper. Through art, baking and always teaching them to ask nicely and to say thank you when they expect something to happen. Counselling and trying to make them understand is also a method that CSA uses which has been very effective with Jake. And lastly the consequences for example when they have less than a great day has been proven to be as equally effective when used as a united front. At home it has been agreed that they should use similar techniques when Jake becomes a little bit less aware/unsettled. For example to keep his bedroom tidy, no video games after 10 and so on. In order to keep and maintain a positive outcome but most importantly a positive behaviour Jake has agreed that he when overwhelmed will take a break/time out in order to collect his thoughts where he will not feel pressure from staff in order to attend the next activity for example. In our weekly meeting we discuss and evaluate all sides. Everyone gets the chance to speak and to offer an opinion, support for the work. Once things are discussed especially on improvements and how to best support that positive behaviour within the program I take the decision to sustain or to cancel something that it is less than that. For example Jake didnt want to have snack with everyone else so instead was offered to have a picnic outside together with 2 other co-workers and another student which seemed to make Jake very happy. This has been later integrated in his program because of the positive impact it had on Jake.

Management Essay -- essays research papers

In order to perform the functions of management and to assume multiple roles, managers must be skilled. Robert Katz identified three managerial skills that are essential to successful management: technical, human, and conceptual*. Technical skill involves process or technique knowledge and proficiency. Managers use the processes, techniques and tools of a specific area. Human skill involves the ability to interact effectively with people. Managers interact and cooperate with employees. Conceptual skill involves the formulation of ideas. Managers understand abstract relationships, develop ideas, and solve problems creatively. Thus, technical skill deals with things, human skill concerns people, and conceptual skill has to do with ideas. A manager's level in the organization determines the relative importance of possessing technical, human, and conceptual skills. Top level managers need conceptual skills in order to view the organization as a whole. Conceptual skills are used in planning and dealing with ideas and abstractions. Supervisors need technical skills to manage their area of specialty. All levels of management need human skills in order to interact and communicate with other people successfully As the pace of change accelerates and diverse technologies converge, new global industries are being created (for example, telecommunications). Technological change alters the fundamental structure of firms and calls for new organizational approaches and management skills. O... Management Essay -- essays research papers In order to perform the functions of management and to assume multiple roles, managers must be skilled. Robert Katz identified three managerial skills that are essential to successful management: technical, human, and conceptual*. Technical skill involves process or technique knowledge and proficiency. Managers use the processes, techniques and tools of a specific area. Human skill involves the ability to interact effectively with people. Managers interact and cooperate with employees. Conceptual skill involves the formulation of ideas. Managers understand abstract relationships, develop ideas, and solve problems creatively. Thus, technical skill deals with things, human skill concerns people, and conceptual skill has to do with ideas. A manager's level in the organization determines the relative importance of possessing technical, human, and conceptual skills. Top level managers need conceptual skills in order to view the organization as a whole. Conceptual skills are used in planning and dealing with ideas and abstractions. Supervisors need technical skills to manage their area of specialty. All levels of management need human skills in order to interact and communicate with other people successfully As the pace of change accelerates and diverse technologies converge, new global industries are being created (for example, telecommunications). Technological change alters the fundamental structure of firms and calls for new organizational approaches and management skills. O...

Study on Mutual Funds

OBJECTIVE OF THE STUDY The main objective of the present study to understand how mutual funds function in India. Specifically the study seeks to answer the following question: 1. What is the present status of mutual funds industry in India? How does it compare with mutual funds in foreign countries? 2. How mutual funds operate to create value for their investors? 3. What consideration an investors should keep in mind while making investment in mutual funds? 4. What is the regulatory frame work for mutual funds in India? 5. What are the problems faced by mutual funds industry in India & what are its future prospects? RESEARCH DESIGN & METHADOLOGY The Present study has been completed on the basis of secondary data colleted from internet and from various books, publicity materials and brochures issued by various mutual funds co. Reference has also been made to the regulations issued by securities and exchange board of India in regard to mutual funds. The data and the resource material so collected have been analysed within the frame work of 5 sections each focusing on a particular questions the study seeks to answer. PLAN OF THE STUDY The Study has been completed within the frame work of five sections. The Section wise plan is as follows:- I. PRESENT STATUS OF MUTUAL FUND INDUSTRY II. OPERATION OF MUTUAL FUNDS III. INVESTMENT CRITERIA IV. REGULATORY FRAME WORK OF MUTUAL FUNDS V. PROBLEMS AND PROSPECTUS I PRESENT STATUS OF MUTUAL FUNDS IN INDIAN CAPITAL MARKET Retail investors usually want to participate in the capital market, but due to paucity of funds, lack of expertise knowledge and limited risk-bearing capital, they have limited access to capital market. Mutual funds provide a mechanism that helps the retail investors enter the capital market. the mutual funds manage their funds for maximum gain with minimum risk and in the most professional way and work as agent for growth and stability of capital market. Till 1964, there were no mutual funds in India. In 1963, UTI Act, 1963 was enacted for the establishment of first mutual fund. The UTI launched its first scheme, US-64; in1964 which later became the most popular unit scheme in India. In1987, the RBI issued guidelines for bank-sponsored mutual funds. The evolution of mutual funds in India is consisting of different phases as follows: PHASE I: History of mutual funds started in India in 1964 when the first mutual fund in the name of Unit Trust of India was established in July 1964. UTI launched its first scheme US-64 which eventually became the most popular scheme and could accumulate the largest corpus. After 1964, it started several other schemes also. Till 1987, UTI remained the synonym for mutual fund in India. It was a sole player and gathered shape of monolithic mutual fund with millions of investors in several schemes. PHASE II: In 1987, the Government allowed the public sector banks to establish mutual funds. SBI Mutual Fund in 1987. Other mutual funds to follow suit were Canbank Mutual Fund (1987), PNB Mutual Fund (1989), IndBank Mutual Fund (1989), LIC Mutual Fund (1989), GIC Mutual Fund (1990), etc. The position continued till 1992 and other mutual funds were also established. PHASE III: There was a historical change in 1993 when the government allowed private sector mutual funds also. The first mutual fund in the private sector was Kothari Pioneer. Thereafter, in 1994, the foreign mutual funds were also allowed to operate schemes in India, and Morgan Stanley was the first foreign mutual fund in India whose initial issue of units was overwhelmingly subscribed by the investors. In 1992, SEBI was established and it issued guidelines for the working and supervision of mutual funds. PHASE IV: In 1966 a need was felt for the modification of SEBI (Mutual Funds) Regulations. On the basis of ‘Mutual Funds-2000’ Report, SEBI framed new Regulations in 1996. There have been several amalgamations of mutual funds. After 1996, a number of foreign mutual funds as well as Indian mutual funds have been established. At the end of march 2004, there were 33 mutual funds and Assets Under Management of Rs 1,39,616 crores. After 1996, mutual funds have become very popular among retail investors. The increase in number of mutual funds and their schemes speak of the underlying strength of the investors’ confidence in them. As in April, 2005, there were 28 mutual funds operating in India. Some of the mutual funds operating in India at present are as follows (in alphabetical order): ABN AmroDSP Merril LynchJM Sahara Bank of Beroda Escorts Kotak Mahindra SBI Benchmark Fidelity LIC Standard Chartered Birls Sunlife Franklin Tempelton Morgan Sundarum Canbank HDFC Principal Tata Cholamandalam HSBC Prudential Tauras Deutsche ING Vysya Reliance UTI A large number of mutual funds have intensified competition and led go to product innovation. Each of these mutual funds has a number of schemes operating with different features and characteristics. There are more than 500 schemes in operation at present. II OPERATION OF MUTUAL FUNDS A mutual fund is a financial intermediary which acts as an instrument of investment. It collects funds from different investors to a common pool of investible funds and then invests these funds in a wide variety of investment opportunities. Small investors who are unable to participate in capital market, can access the stock market through the medium of mutual funds which can manage their funds for maximizing return. The investment may be diversified to spread risk and to ensure a good return (dividend or capital gain or both) to the investors. The mutual funds employ professional experts and investment consultants to conduct investment analysis and then select the portfolio of securities where the funds are to be invested. Thus, a mutual fund is a pool of funds contributed by individual investors having common investment preferences. FEATURES AND CHRACTERISTICS OF MUTUAL FUNDS A mutual fund is a financial intermediary and works as an investment company. It has distinct features and characteristics which differentiate it from other financial intermediaries. Some of the features of mutual funds are: (i) Mutual fund is a pool of financial resources. Investors bring their individual funds together. Sometimes, the funds which otherwise may not come for investment in the capital market, are invested through mutual funds. (ii)Mutual funds are professionally managed. The resources collected by mutual funds are managed by professionals and experts in investment. These professionals can undertake specialized investment analysis such as fundamental analysis, technical analysis, etc. , which are not otherwise expected on the part of individual investors. (iii)Mutual fund is an indirect investing. The individual investors invest in the mutual funds which in turn invest in the shares, debentures and other securities in the capital market. The proportionate funds given by an investor are represented by the units of mutual fund. Investors own these units. The shares, debentures are owned by the mutual fund. Investors have no direct claim on these securities. In case of closure or liquidation of the proceeds of these securities are proportionally distributed among the unitholders. (iv)Investment in mutual fund in not borrowing-lending relationship. Investors do not lend money to the mutual fund. Consequently, the investors have to share the gains or losses of operations of the mutual fund. (v)Mutual fund is a representative of investors. The mutual funds collect the funds from investors under a particular investment scheme. as a representative, the mutual fund has to invest these funds as per the designated scheme only. MECHANISM OF MUTUAL FUND OPERATIONS A mutual fund represents pooled savings/funds of individual investors. Professional managers of the mutual fund invest these funds in different types of securities. They have to take different decisions from time to time. The revenue returns may be distributed by the mutual funds to the unitholders. Capital appreciation in the mutual funds also belong to the investors. MUTUAL FUND SCHEMES One of the main objectives of mutual funds is to provide better returns to investors at minimum risk. Mutual funds issue units to the investors in proportion to the funds contributed by the investors. The income of the funds are shared by the investors in the proportion to the number of units held. These mutual funds offer different types of schemes from time to time to attract investors and to take care of their needs, on the basis of nature of investment, type of operations and type of income distribution. Mutual funds may launch different schemes to offer one or more of the following: (a)Regular and steady flow of income, (b)High capital appreciation, c)Capital appreciation and regular return,and (d)Return with tax benefits. There are different ways in which various mutual fund schemes can be classified. Following shows the classification of mutual fund schemes with reference to schemes being offered in India: 1. On the basis of Life Span. (a) Close-ended Schemes (b) Open-ended Schemes 2. On the basis of Income Mode (a) Income schemes (b) Growth schemes 3. On the basis of Portfoli o (a) Equity schemes (b) Debt schemes (c) Balanced schemes 4. On the basis of Maturity of Securities (a)Capital Market Schemes (b)Money market Schemes 5. On the basis of Sectors Different Sectoral Schemes 6. On the basis of Load (a) Load Schemes (b)No Load Schemes 7. Special Schemes: (a) Index Schemes (b)Offshore Schemes (c) Gilt Securities Schemes (d) Exchange Traded Funds (ETF) (e) Fund of Funds. Some of these schemes have been explained below: OPEN-ENDED AND CLOSE-ENDED MUTUAL FUNDS SCHEMES As per SEBI Regulations, 1996, open-ended scheme means a scheme of mutual fund which offers units for sale without specifying any duration for redemption. On the other hand, close-ended scheme is one in which the period of redemption is specified. The open-ended mutual fund scheme sells and repurchases the units of mutual fund on a continuous basis. Any investor can become a member (by purchasing units) or can exit (by selling these units back to the mutual fund). These sales and repurchases of units take place at a price called Net Assets Value (NAV) which is calculated periodically on the basis of the market value of the portfolio of the mutual fund. The sale and repurchase prices are announced by the mutual fund on a periodic basis. The Unit Scheme-1964 (US-64) was an open-ended mutual fund scheme. The essential feature of open-ended scheme is the liquidity. On the other hand, close-ended mutual fund scheme is only one in which the limited number of units are sold to investors during a specified period only. Thereafter, any transaction in these units can take place only in secondary market, ie, the stock exchanges. So, after the initial public offering, the mutual fund goes out of the picture and subsequent sale and purchase take place among the investors. The market price of the units of a closed-ended mutual fund scheme is determined by the market forces of demand and supply. The liquidity to investors provided by the market. However, all the closed-ended mutual fund schemes are redeemable at the end of a specified period when all the investment of the scheme are sold and the proceeds are distributed among the unit holders on a proportionate basis. There are several close-ended schemes such as Master Share Scheme of the UTI. INCOME FUND AND GROWTH FUND The mutual funds are called income funds when they promise a regular and/or guaranteed return in the form of dividends to the investors. For example, UTI launched several Monthly Income Schemes. The portfolio of these schemes is usually consisting of fixed income investments such as bonds, debentures, etc. The income schemes are also known as dividend schemes. These schemes are ideal for investors who need or seek intermediate cash flows in the form of dividend payment. A growth fund scheme is one which offers capital appreciation as well as a variable dividend opportunity to the investors. The investors may get dividend income from the mutual fund on a regular basis and the capital appreciation is available in the form of increase in market price. Growth schemes are good and suitable for investors having long-term investment perspective. In addition, there may also be income-cum-growth (hybrid funds) where the investor may be offered fixed incomes as well as growth opportunities. An example of a growth fund is UTI Growth and Value Fund which is an open-ended equity oriented scheme. The objective is to seek capital appreciation by making investments primarily in listed securities of Indian companies. A variant of income fund is known as Dividend Yield Fund. These invest funds in shares of those companies that pay high dividends. In addition, any appreciation of share price adds or subtracts investors return. DOMESTIC FUNDS AND OFF-SHORE FUNDS The domestic funds schemes are those which are open for subscription by the investors of the country of origin only. Most of the mutual funds launched in India are domestic mutual funds. The off-shore mutual funds bring funds (in the form of foreign exchange) to the capital market. At present, several off-shore mutual fund schemes have been floated in India. Ind Bank Off-Shore Mutual Fund, 1993 and Common Wealth Equity Mutual Fund, 1993 are examples of off-shore mutual fund schemes. TAX-SAVING SCHEMES These mutual fund schemes are designed to avail tax exemptions and concessions to the investors. These schemes help individual investors in their tax planning. CANPEP MEP 1994, PNB-ELSS were some of the tax-savings schemes. These schemes are also known as Equity-linked savings schemes were entitled to tax benefit under Section 88 of the Income Tax Act. Recently, private sector mutual funds have also launched these schemes such as HDFC Tax Plan, KP Tax Shields, etc. MONEY MARKET MUTUAL FUNDS (MMMF) SEBI Regulations, 1996 define an MMMF, as one which has been set up with the objective of investing in money market investments which include commercial papers, commercial bills, ‘T-Bills, etc. The funds collected by these mutual funds are invested exclusively in money market instruments. Money market mutual funds are a part of short-term pooling arrangement of funds. These are open-end funds. These funds are very liquid and risk free because of nature of their investments. MMMF provide better returns than short-term bank deposits and are often considered to be good alternative to bank deposits. The Reserve Bank of India has announced Guidelines for money market mutual fund in April 1992. However, at present, the MMMF are also regulated under SEBI Regulations, 1996. SPECIALISED SECTOR FUNDS Sector funds schemes are those under which the funds are planned to be invested in a particular region, industry or sector. For example, Pharma (D) Scheme of Franklin Templeton Mutual Fund, Technology Company Scheme of DSP Merill Lynch Mutual Fund, Banking (D) of Reliance Mutual Fund are some specialised sector schemes of mutual funds. INDEX SCHEMES In this case, the funds collected by the mutual funds are invested in the shares forming the Stock Exchange Index. These funds are also known as growth funds. The funds are allocated o the basis of proportionate weight of different shares in the underlying Index. For example, Nifty Index Scheme of UTI Mutual Fund, Index Fund (Sensex) of Tata Mutual Fund, Index Fund (D) of Principal Mutual Fund are Index Schemes. There are 13 Index Funds which use S & P CNX NIFTY as the underlying index. EQUITY FUNDS SCHEMES Under these schemes, the funds are invested primarily in equity shares only. The equity fund schemes are high on the risk scale as the share prices are volatile. These funds try to reduce the risk by diversifying the investments in different types of shares. If invested rationally and properly, these schemes may give high returns commensurate with risk taken. The choice of investee companies is made by the mutual fund. These schemes may be income schemes or growth schemes. Fidelity Equity Fund is an open ended equity growth scheme with the objective of generating long term capital growth from a diversified portfolio of equity and equity-related securities (95%) and Money Market Instrument (5%). DEBT FUNDS SCHEMES In case of debt funds, the collected funds are invested in debt securities. A variant of debt funds schemes may be in the form of government securities funds scheme wherein the funds are invested in government securities only. Debt schemes are generally income scheme. A debt fund scheme is an ideal option for investors who are averse to risk which is associated wit equity schemes. BALANCED FUNDS A balanced fund provides both growth and regular incomes as these schemes invest both in debts and equity instruments in the proportion as disclosed in the offer document. These schemes are appropriate for investors who look for moderate growth. The NAV of these schemes are likely to be less volatile than the pure equity funds. GILT FUNDS The funds of these schemes are invested exclusively in government securities. These funds are low return and low risk and popular among the risk averse investors. Some of the gilt funds operating in India are Gilt Plus (Birla Sunlife Mutual Fund), Gilt Investment (Cholamandalum Mutual Fund), FT Gilt (Franklin Templeton Mutual Fund), Gilt long-term (HDFC Mutual Fund), Gilt Treasury (Prudential ICICI Mutual Fund), etc. SCHEMES BASED ON MARKET CAPITALIZATION In recent past, mutual funds in India have launched several schemes with a focus on market capitalization of companies. For example, UTI Large Cap Fund, UTI Small-Cap Fund, Chola Multi-Cap Fund, HDFC Premier Multi-Cap Fund, etc. are schemes based on market capitalization. It may be noted that the classification between large, small and mid-cap is arbitrary and can vary from market to market. In India, the National Stock Exchange defines mid-cap companies as those having average 6-months market capitalization between Rs. 75 crores to Rs. 750 crores. In Case of multi-cap or flexi-cap schemes, the investments ar e made across companies with different market capitalization-large, small or mid. LOAN AND NO-LOAN FUNDS A load fund is one that charges a % of NAV (Net Assets Value) as entry or exit fees. Whenever an investor buys or sells the units, a fee is charged by the fund to meet the administrative expenses. On the other hand, a no-loan fund is one which does not charge any fees for entry or exit. In case of no-loan fund, all transactions of sale and repurchase of units are done at NAV while in case of load funds, the repurchase is made at a price less than NAV and sale is made at a price more than NAV. FUND OF FUNDS A fund of funds scheme means a scheme that invests primarily in other schemes of same mutual fund or other mutual funds. Benchmark Mutual Fund has started a FOF under the name of FOF Junior BeES. EXCHANGE TRADED FUNDS Exchange Traded Funds (ETFs) refers to basket of securities that are tradeable at a stock exchange. They are somewhat similar to Index Fund Schemes. The ETFs are so called because they are listed on a stock exchange and are traded as any other listed security. So, ETFs have characteristics of open-ended mutual funds as well as that of listed shares. ETFs do not sell their units directly to the investors. Rather, a security firm creates an ETF by depositing a portfolio of shares in line with an Index selected. The security firm creates units against this portfolio of shares. These units are sold to the retail investors. So, the ETF has portfolio of shares as well as a liability towards the holders of ETF units. ETFs are different from Mutual Funds in the sense that ETF units are not sold to the public for cash. Instead, the Asset Management Company that sponsors the ETF (fund) takes the shares of companies comprising the index from various categories of investors like authorized participants, large investors and institutions. In turn, it issue them a large block of ETF units. Since dividend may have accumulated for the stocks at any point in time, a cash component to that extent is also taken from such investors. In other words, a large block of ETF units called a â€Å"Creation Unit† is exchanged for a â€Å"Portfolio Deposit† of stocks and â€Å"Cash Component†. The number of outstanding ETF units is not limited, as with traditional mutual funds. It may increase if investors deposit shares to create ETF units; or it may reduce on a day if some ETF holders remeed their ETF units for the underlying shares. These transactions are conducted by sending creation/ redemption instructions to the Fund. In case of mutual funds, the portfolio of the investments made under the scheme may change, but in case of ETF, this is not so, because the ETF portfolio created once does not change. The market value of the units of ETF changes in line with the Index automatically. The funds managers are not required to actively manage the portfolio resulting in lower expense level of the fund. Consequently, the NAV of the ETF would be higher than the NAV of the Index Fund with the same portfolio. As the ETFs are listed on a stock exchange, they provide a lot of liquidity and price is determined by the demand and supply forces and the market value of the shares held. As opposed to ETF, the sale/ purchase prices of the units of a mutual fund are based on the NAV. A comparison of ETF, Open-ended funds and close-ended funds has been presented in table below: 1. Parameter Open-ended Fund (OEF) Closed-ended Fund (CEF) Exchange Traded Fund (ETF) Find Size Flexible Fixed Flexible 2. NAV Daily Daily Real Time 3. Liquidity Provider Fund itself Stock Market Stock Market/Fund itself 4. Sale price At NAV plus load, if any Significant Premium/Discount to NAV Very close to actual NAV of Scheme 5. Availability Fund itself Through Exchange where listed Through Exchange where listed/ fund itself. 6. Portfolio Disclosure Monthly Monthly Daily/Real-time ETFs have edge over the ordinary mutual funds. In case of latter, an investor cannot take the benefit of intra-day movement of price of shares because the mutual fund units can be traded at the closing NAV based rate. However, the performance of ETF is based on the underlying index and ETF can be traded through out the day taking benefit of intra-day movement in price. In India, several ETFs, have been created so for. Bench Mark Mutual Fund has created 5 ETFs. 1. Liquid BeES 2. Nifty BeES 3. Nifty Junior BeES 4. Bank BeES, and 5. FOF Junior BeES All these 5 ETFs are listed and traded at the capital market segment of the NSE. Prudential ICICI Mutual Fund has launched SPICE which tracks the Sensex. It combines features of both open-ended scheme and exchange traded share. It is listed at Mumbai Stock Exchange and can be traded in a lot of one unit. Value of one SPICE is 1/100 of the Sensex value. UTI Mutual Funds has launched SUNDERS, which is also listed at Mumbai Stock Exchange. Certain ETFs traded at American Stock Exchange are QUBES (Representing NASDAQ-100), SPIDERS (representing S&P 500), DIAMONDS (Representing Dow Jones Industrial Average), etc. NET ASSETS VALUE (NAV) OF A MUTUAL FUND Investors are the owners of the mutual fund. Funds collected under a particular scheme are invested in different securities. So the ownership interest of the unit holders is represented by these securities. Net Assets Value (NAV) refers to the ownership interest per unit of the mutual fund, i. . , NAV refers to the amount which a unit holder would receive per unit if the scheme is closed. NAV is represented as follows: An amount of Rs. 50,00,000 has been collected by a mutual fund by the issue of 5,00,000 units of Rs. 10 each. The amount has been invested in different securities. The market value of these securities at present is Rs. 56,00,000 and the mutual fund has a liability of Rs. 4, 50,000 in respect of expenses, etc. The NAV of the fund is: The units of an open-ended mutual fund scheme are sold and purchased by the mutual fund at a price based on NAV. The NAV of a mutual fund scheme is calculated by dividing the net assets of the scheme by the number of outstanding units under that scheme on the date of valuation. SEBI Regulations, 1996 provide that while determining the price of the units, the mutual fund has to ensure that the repurchase price is not lower than 93% of the NAV and the selling price is not higher than 107% of the NAV. Further that the difference between the selling price and the repurchase price shall not exceed 7%, calculated on the selling price of the units. The NAV varies from time to time and is published in newspapers so as to enable the nvestors to know the value of their investments. SEBI Regulations, 1996 require that the NAV of a mutual fund scheme shall be calculated and published at least in two daily newspapers at an interval of not exceeding one week. III INVESTMENT CRITERIA MAKING THE INVESTMENT DECISION Ones main considerations as an investor, besides choosing which vehicles are right, lie in the a reas of risk management, taxes and inflation, and asset allocation. In order to reach your financial objectives, you must choose from diverse investment alternative – all of which vary greatly in the degree and type of risk and potential return. The key to developing a sound portfolio is to strike the right balance between potential reward and risk, based on your financial objectives, financial situation and investment style. We’ve all heard the expression, â€Å"Nothing ventured, nothing gained. † Perhaps nowhere does this maxim hold truer than in the financial markets, where pursuing potentially higher returns means accepting higher levels of risk. Before you venture anything, you should determine your personal level of risk tolerance, given your needs and goals. To do this, you should familiarize yourself with the various kinds of risk and how they affect different types of investments. THE MANY OF FACES OF RISK Risk is the possibility that one may lose some or all of his investment in real terms, or that his investment may not increase in value. Several factors may influence the amount of risk one can comfortably accept, including ones age, family situation, income, time horizon and financial goals. When investing, one faces the following key risks: †¢Market Risk: This is the possibility that an investment (e. g. , a stock) will decline in value. As a result, if you sold the investment, you would receive less than what you initially paid for it. †¢Credit Risk: This is the possibility that the issuer of an investment (e. g. , a corporate bond) may not live up to its financial obligations. A default by the issuer could mean that you lose your invested capital and the expected interest payments. †¢Inflation Risk: This is the possibility that the value of a long-term asset (e. g. , a government bond) may not grow enough to keep up with inflation, reducing your purchasing power as a result. †¢Reinvestment Risk: This is the possibility that interest rates will fall as an investment (e. . , a bond) matures. If this occurs, you may be unable to reinvest matured assets at the rate of return you were accustomed to receiving. This type of risk also applies to reinvesting the coupon payments received from bonds and other fixed-income payments. †¢Liquidity Risk: This is the possibility that you will be unable to liquid ate an asset (e. g. , real estate) when you want and at the price you want. As a result, you may be forced to retain the asset or accept less than you wanted for the sake of liquidity. †¢National, International, and Political Risk: The possibility that a country’s government will suddenly change its policies. Events such as wars, embargos, coups, and the appointments of individuals with unfavorable economic policies can impact the financial markets, especially concerning investments related to that country. Possible results changes in tax structures and changes in bond or stock ratings. †¢Economic Risk: The risk that the economy will suffer a downturn as a whole. Such an event generally affects all the financial markets across the board, from product prices to the job market. †¢Industry Risk: The risk that a specific industry will suffer a downturn. Often, industries related to the one that experiences problems will suffer as well. Tax Risk: The risk that high taxes will make investments less profitable for both businesses and investors. Businesses that have no pay expand or improve. Investments that carry heavy tax baggage generally lead to lower dividends for an investor. How Much Risk Is Right? The amount of risk that is right depends upon person to person. To determine the r isk comfort level, one may ask this himself: Am I willing to tolerate greater volatility for potentially higher returns from my investments, or do I place more emphasis on quality, with less risk? Several factors may influence the amount of risk one can comfortably accept in ones portfolio, including: †¢Age †¢Family situation †¢Income †¢Financial goals In addition, the markets evolve and ones personal goals will inevitably change with time. One of the best ways to keep ones investments on target is to meet with financial professional regularly. In these meetings, the investor and his financial professional can discuss the investment objectives, determine the individual risk tolerance level and help to understand the various risks associated with an investment. The financial professional can also help an investor build a portfolio that has the potential to provide the highest returns consistent with the amount of risk one wish to assume. HOW TO CHOOSE WHICH RISKS TO TAKE? Whenever one considers a new investment, he may wish to ask his financial professional the following questions: †¢What types of risk are involved? Once the financial professional has explained the risks, one must ask how he or she can help to manage or minimize the different kinds or risk for the investment one is considering. Not all kinds of risk will apply to every investment. †¢What could happen to the principal in a â€Å"worst-case† scenario? The financial professional can explain how diversifying ones portfolio can help mitigate the effect of a downturn in any one market or industry. For example, assume you invested in the stock of a highly speculative biotechnology company. The stock’s trading price could fall substantially if the company’s only product fails to get FDA approval or is shown to be inferior to a competitor’s product. Spreading ones money across different asset classes – stocks, fixed – income investments, and cash equivalents – could help one manage the risk better than investing all his funds in this one stock. †¢How will adding this investment to the holdings help to manage the portfolio’s overall risk? Managing market risk through a balance of financial assets in ones portfolio is a significant component of long-ter m investment success. Ideally, ones portfolio should offer a measure of protection during inevitable market downturns and be positioned for opportunity when markets heat up. In addition to risk there are other factors also which need to be considered before investing, as stated below: INFLATION: Inflation taxes are two factors always on the minds of investors. Inflation is the persistent increase in the cost of goods and services, and the reason why the same loaf of bread that costs you $1. 00 today will probably cost you $1. 05 next year. For your purchasing power to grow in â€Å"real† terms, your returns must outpace the inflation rate. TAXES: Additionally, taxes must be a consideration. There are investments available that are both taxable and tax-free; others are tax-deferred or tax-deductible. The differences are significant, but not as dizzying as they seem. ASSET ALLOCATION: Asset allocation refers to the diversification of your portfolio across all the different classes of assets. The goal of effective asset allocation is to develop an appropriate mix of investments based on your specific investment objectives that maximizes performance potential with an acceptable level of investment risk. The goal is more consistent returns, lower volatility and a greater chance of achieving financial objectives. SELECTION OF A MUTUAL FUNDS There are thousands of funds to choose from, but there are some general guidelines that can help you choose a fund. †¢Define your investment time horizon and financial goals. Meeting a long-term goal (e. g. , starting a college fund for a newborn) will require different investments than in meeting a short-term goal (e. g. , accumulating money to purchase a car). †¢Understand your risk tolerance and the risk of different mutual funds. Risk tolerance is based on your comfort level in the fluctuation of price, which will affect your investment principal. Once this is determined, you can match fund types that have historically shown commensurate price movement. Keep in mind, however, that past performance is no guarantee of future results. †¢Combine your goals, time horizon and risk tolerance and find a fund category that matches these objectives. This will help in deciding what types of funds you may want to consider. You will find that there are still many funds to choose from within a specific category. Your prudential financial professional will be able to perform a comparative analysis of the individual funds to find the most appropriate choice. Check with your tax advisor prior to investing in a tax-exempt or tax-managed fund. Match the term of the investment to the time you expect to keep it invested. Money you may need right away (for example, if your car breaks down) should be in a money market account. Money you will not need until your retire in decades (or for a newborn’s college education) should be in longer- term investments, such as stock or bond funds. Putting money you will need soon in stocks risks having to sell them when the market is low and missing out on the rebound. Expenses matter over the long term, and of course, cheaper is usually better. You can find the expense ratio in the prospectus. Expense ratios are critical in index funds, which seek to match the market. Actively managed funds need to pay the manager, so they usually have a higher expense ratio. Sector funds often make the â€Å"best fund† lists you see every year. The problem is that it is usually a different sector each year. Also, some sectors are vulnerable to industry-wide events (airlines do come to mind). Avoid making these a large part of your portfolio. Closed-end funds often sell at a discount to the value of their holdings. You can sometimes get extra return by buying these in the market. Hedge fund managers love this trick. This also implies that buying them at the original issue is usually a bad idea, since the price will often drop immediately. Mutual funds often make taxable distributions near the end of the year. If you plan to invest money in the fund in a taxable account, check the fund company’s website to see when they plan to pay the dividend; you may prefer to wait until afterwards if it is coming up soon. Research. Read the prospectus, or as much of it as you can stand. It should tell you what these strangers can do with your money, among other vital topics. Check the return and risk of a fund against its peers with similar investment objectives, and against the index most closely associated with it. Be sure to pay attention to performance over both the long-term and the short-term. A fund that gained 53% over a 1-yr. period (which is impressive), but only 11% over a 5-yr. period should raise some suspicion, as that would imply that the returns on four out of those five years were actually very low (if not straight losses) as 11% compounded over 5 years is only 68%. Diversification can reduce risk. Most people should own some stocks, some bonds, and some cash. Some of the stocks, at least, should be foreign. You might not get as much diversification as you think if all your funds are with the same management company, since there is often a common source of research and recommendations. The same is true if you have multiple funds with the same profile or investing strategy; these will rise and fall together. Too many funds, on the other hand, will give you about the same effect as an index fund, except your expenses will be higher. Buying individual stocks exposes you to company-specific risks, and if you buy a large number of stocks the commissions may cost more than a fund will. The compounding effect is your best friend. A little money invested for a long time equals a lot of money later. The decision to invest in a mutual fund is one you have to make on your own. However, when you try to choose an investment, it’s usually best to seek the guidance of an investment representative. Why? Consider that there are more mutual funds than there are stocks listed on the New York Stock Exchange. While many of these funds share the same objectives, no two are exactly alike. Similarly, as an investor, your goals are unique. An investment representative can help you determine the fund that’s right for you. A mutual fund investor has more options than ever before – stock, bond, and money market funds to satisfy all outlooks, from the most conservative to the most venturesome. Generally speaking, in investment management, intelligently assumed risk creates the opportunity for greater returns. †¢A money market mutual fund aims for current income at minimal risk. †¢A municipal bond mutual fund aims for current tax-free income. †¢Government income funds aim for current income with principal security. †¢Corporate bond funds aim for a high rate of current income. †¢An income fund aims for a higher rate of current income. A balanced fund aims for current income with some capital appreciation. †¢Growth and income funds offer the possibility of more growth than a balanced fund, but probably less income. †¢A growth fund aims for the accumulation of capital, with little or no current income. †¢Aggressive growth funds offer the prospect of maximum capi tal appreciation, with more than average risk. In addition, specialized funds are available – for instance, those that invest only in certain geographic regions or in certain sectors or industries (like health care, technology, or energy). There are even funds that have adopted certain social objectives or that follow specific investment philosophies. For more complete information, including charges and expenses, obtain the mutual fund’s prospectus. Read it carefully before you invest or send money. The Securities and Exchange Commission (SEC) requires every open-mutual fund (where the fund’s managers issue new shares on demand) to provide you with a copy of its prospectus before – or coinciding with – a purchase of shares. A prospectus is a key source of information regarding a mutual fund and often is the best place to start when you are considering investing in one. It will describe the fund’s objectives, risks, and operations. TURNOVER Turnover is a measure of the amount of securities that are bought and sold, usually in a year, and usually expressed as a percentage of net asset value. It shows how actively managed the fund is. A caveat is that this value is sometimes calculated as the value of all transactions (buying, selling) divided by 2; i. e. , the fund counts one security sold and another one bought as one â€Å"transaction†. This makes the turnover look half as high as would be according to the standard measure. Turnover generally has tax consequences for a fund, which are passed through to investors. In particular, when selling an investment from its portfolio, a fund may realize a capital gain, which will ultimately be distributed to investors as taxable income. The very process of buying and selling securities also has its own costs, such as brokerage commissions, which are borne by the fund’s shareholders. The Dalbar Inc. consultancy studied stock mutual fund returns over the period from 1984 to 2000. Dalbar found that the average stock fund returned 14 percent; during that same period, the typical mutual fund investor had a 5. percent return. This finding has made both â€Å"personal turnover† (buying and selling mutual funds) and â€Å"professional turnover† (buying mutual funds with a turnover above perhaps 5%) unattractive to some people. IV REGULATORY FRAME-WORK OF MUTUAL FUNDS Immediately after its constitution, SEBI issued the Mutual Fund Regulations in 1993. However, with the growth of mutual funds, it was imperative that they should follow prepared a ‘Mutual Fund 2000 Report’ and on the basis of this report, it prepared more stringent and comprehensive regulations in 1996, known as SEBI (Mutual Fund) Regulations, 1996. ince then, there have been number of amendments in Regulations, 1996. Besides, SEBI has also issued several guidelines in respect of working of mutual funds. Some of the provisions of the SEBI (Mutual Fund) Regulations, 1996 (as amended from time to time) have been summarized hereunder: 1. The sponsor, who wants to establish a mutual fund, should have a sound track record and a general reputation of fairness and integrity, i. e. , must be in business of financial services for 5 years, and must have contributed at least 40% of the net worth of the Asset Management Company. 2. A mutual fund is constituted in form of trust. The trust shall incorporate an Asset Management Company (AMC). The trustees shall ensure that the AMC has been managing the schemes independently of other activities. 3. Two-thirds of the trustees shall be independent persons and not be associated with the sponsor. 4. The trustees shall ensure that activities of the AMC are in accordance with the Regulations, 1996. 5. The trust shall periodically review the investors’ complaints received and shall be redressed by the AMC. 6. The mutual fund shall appoint a custodian to carry out the custodial services for the schemes. The sponsor or its associates shall no have 50% or more of the share capital of the custodian. 7. No scheme shall be launched by the AMC unless the offer document contains disclosures which are adequate in order to enable the investors to make informed investment decisions. 8. Advertisement in respect of every scheme shall be in conformity with the Advertisement Code. 9. Every close-ended scheme shall be listed at a recognized stock exchange, or there will be a repurchase facility. 10. The close-ended schemes may be converted into open-ended schemes under certain conditions. A close-ended scheme may be allowed to be rolled over if necessary disclosures about NAV, etc. , are made to the unit holders. 11. In case of over-subscription for a new scheme, the applicants applying for upto 5,000 units shall be allotted full. The refund to applicants, if any, shall be made within 6 weeks from the data of closure of the list. 12. No guaranteed return shall be provided in a scheme, unless such return is fully guaranteed by the sponsor or the AMC. 13. An open-ended scheme shall be would up after the expiration of the mixed period, or in case, 75% of the nit holders decide so, after repaying the amount due to the unit holders. 14. The money collected under any scheme shall be invested only in transferable securities in money market or capital market or private placed debts or securitized debts. 15. The mutual fund shall not borrow any money except to meet temporary liquidity needs and borrowing, if any, need not be more than 20% of NAV of the scheme, and for period o f less than 6 months. 16. The funds of a scheme shall not be used in option trading or a carry forward transaction. However, derivatives can be traded by a mutual fund at a recognized stock exchange for portfolio balancing. 7. A mutual fund can enter into underwriting agreement. 18. NAV for each scheme shall be calculated by dividing the total assets of the scheme by the number of outstanding units. The NAV of the scheme shall be published in two daily newspapers at interval of not exceeding one week. 19. In case of open-ended schemes, the repurchase and sale price shall be published at least once a week. 20. The mutual fund shall ensure that the repurchase price of a unit is not less than 93% of NAV and the sale price is not more than 107% of NAV. In case of close-ended schemes, the repurchase price shall not be less than 95% of the NAV. 1. The AMC may charge the mutual fund with investment and advisory fees as per rates prescribed in the Regulations. The issue expenses and redempt ion expenses of a scheme shall not exceed the limits given in the Regulations. 22. The mutual funds are required to raise at least Rs. 20 crores or Rs. 50 crores (for close-ended and open-ended schemes respectively) or 60% of the target amount, otherwise the entire subscription be refunded. Each scheme should have a minimum of 20 investors and not single investor should account for more than 25% of the corpus of the scheme. 23. The unquoted debt instruments shall not exceed 10% in case of growth funds and 40% in case of income funds. 24. Investment in one company under any scheme should be restricted to 5% of the corpus of the scheme. Under all schemes, the investment in one company should be restricted to 5% of the paid-up capital of the company. Total investment in all securities (debts and shares) in one company shall be restricted to 10% of the corpus of the mutual fund. 25. Funds under the same AMC mutual not be lent or invest from one scheme to another, unless the funds are transferred at the prevailing market price. 26. All mutual fund must distribute a minimum of 905 of their profits in any given year. The e3arnings must be segregated as current income, short-term capital gain and long-term capital gain. 27. Trading by mutual funds shall be restricted to hedging and portfolio balancing purposes only. The securities held shall be marked to market by the AMC to ensure full coverage of the investments made in derivative products. 28. Mutual funds are permitted to participate in the Securities Lending Scheme of SEBI under certain guidelines. 29. Mutual funds are allowed to invest in ADRs/GDRs issued by Indian companies. They can also invest in foreign securities under certain conditions and within limits. 30. Mutual funds can also invest up to 10% their funds in equity of listed overseas companies which have a shareholding of at least 10% in an Indian company listed on a recognized stock exchange. 31. The AMC and the trustees are required to review and disclose the performance of their schemes. They are also required to disclose the performance of the benchmark indices. Any of the following indices may be selected for this purpose: BSE Sensex, S&P CNX Nifty, BSE 100, BSE 200 or S&P CNX Nifty 500. 32. Several Guidelines have been prescribed in respect of Advertisement to be issued by mutual funds. Any advertisement, communication, sales literature, or presentation, etc. , should not be misleading. 33. Detailed guidelines are prescribed for valuation of investments. For this purpose, the investments are classified into traded, thinly traded and non-traded investments. 34. Guidelines for identification and provisioning for NPA are also provided. For this purpose, an asset is NPA if the principal/ interest is not received for one quarter. On NPA, no interest shall be accrued. If any interest is already accrued, it shall be provided. A provision @ 10%, 20% or 25% of the book value of NPA is required depending upon the period for which it is NPA. 35. A mutual fund and the AMC shall, before the expiry of 1 month from the close of half year, shall publish its financial results in respect of that half year. MUTUAL FUND INVESTMENT AND INVESTORS’ PROTECTION IN INDIA In case of mutual funds, small investors park their funds in expectation of a suitable return and safety of their funds. Mutual funds take decisions on behalf of the investors. There is a relationship of trust between the mutual fund and the investors. Market regulators should take a cognizance of this fact. The interest of the investors should be protected by framing a comprehensive set of regulatory provision. As the first mutual fund in India, the UTI was created as a statutory body under the UTI Act, the relevant provision regarding investment policies, etc. were all given in the UTI Act itself. However, the position changed after 1992 with the constitution of SEBI. The basic objective of SEBI is to â€Å"protect the interest of the investors in securities and to promote the development of, and to regulate, the securities market and for matters connected therewith or incidental therewith. So, the regulation of mutual funds activities was make a matter under purview of SEBI. SEBI issued the Mutual Fund Guidelines, 1993 as a first attempt to provide for a regulatory framework to give directions to the functioning of mutual funds and to protect the interest of the mutual funds investors. Keeping in view the changing scenario, SEBI issued a new set of Mutual Funds Guidelines in 1996. A detailed list of the provisions of Guidelines, 1996 is already given in this chapter. Some other provision specifically dealing with investors protection are: (i)Each mutual fund must be registered with SEBI. The sponsor must have a sound track record and experience in financial services of at least 5 years. (ii)Number of terms and conditions have been provided in respect of Asset Management Company (AMC). The Directors of the AMC should here adequate professional experience in finance and financial services. (iii)The custodian of the mutual fund should also be approved and registered with SEBI. (iv)No mutual fund scheme can be launched unless approved with the trustees. (v)Minimum and Maximum amount to be raised under the scheme should be notified. (vi)Lot of disclosures are required in respect of the scheme in the prospectus. vii)No scheme with a guaranteed return can be issued unless such return is guaranteed by the AMC or the sponsor. (viii)Periodic report in respect of each of the scheme is to be published. Any information that has an adverse bearing on the investment should also be disclosed. (ix)There are investment norms provided for mutual fund investment with a view to contain t he investment risk. Investors’ interest is protected by prohibiting mutual funds from excessive risk exposure. (x)SEBI can impose several types of monetary penalties for violations of SEBI Regulations and Guidelines.