Amnesia essays

Amnesia essays Amnesia is often fabricated by television. They make it seem as though you bump your head and your life is nothing but a blur but in most cases this is only fiction. Amnesia is loss of memory but there are many different types. People who suffer from memory disorders are normally aware of it. It is normally caused by stroke, injury to the brain, surgery, encephalitis, and electroconvulsive therapy. Amnesia may also be caused by physical trauma, disease, infection, drug and alcohol abuse, or reduced blood flow to the brain. Principle symptom is inability to retain new information. The different types of amnesia are anterograde, retrograde, transient global amnesia, emotional/hysterical amnesia, lacunar amnesia, korsakoff syndrome, and posthypnotic amnesia. Antergrade is the inability to retain new information and normally follows brain trauma. Retrograde is the type of amnesia where a person can recall events after a trauma but not before. Transient global amnesia has no identifiable cause. Researchers suggest that migraines may be a cause. It consists of sudden forgetfulness and confusion and may last 30-60 minutes. Emotional/hysterical amnesia is a type of memory loss caused by psychological trauma. Lacunar amnesia is the inability to remember a specific event. Korsakoff syndrome is memory loss caused by alcoholism. Posthypnotic amnesia is the inability to remember events that occurred during hypnosis or information stored in long-term memory. As you can see, there are many different causes and types of amnesia. And most of the things that you hear are normally embellished. ...

What Football Ought to Be.

What Football Ought to Be. Free Online Research Papers They’re all still just people, playing the same exact game; football, for the same exact goal; to win a championship, for the same reason; uhh†¦no not for the same reasons. The reasons why each play the game is the main reason professional football has taken a backseat to collegiate football; because college football is what football ought to be. In professional football, you have many effects that take away from the game itself, whereas in college football you have the game, and the love for the game†¦and people see that. In 2005 the top paid player in the NFL was Michael Vick at $ 37.5 million. Sure, not every professional football player makes that much but they still make quite a bit (Who is the highest paid athlete†¦).The average salary in the NFL is approximately $1.18 million dollars a year, not bad considering someone with a job that pays six figures is considered rich. If that’s rich what does that make these guys? The worst part of this is that there are 57 players on a team†¦only about 35-40 actually get in the game (Howstuffworks *fact site).That means that the other 10-15 players are getting paid unbelievable figures for just looking good in uniform, I guess. Now don’t get me wrong it’s not the amount of money they make that deters fans from watching them, no, it’s the fact that some players aren’t happy making millions, upon millions of dollars. To me I can’t stand greed, especially greed for more when you’re already making more money then 95 percent of the people in America. In contrast to that, the highest paid college player is currently suspended†¦for getting paid. Training Camp is a staple of the National Football League, every year around the middle of July, camps begin to open, but that’s rarely the big news. No, it’s the most recent big name hold out, the players who now says they aren’t getting paid what they deserve and won’t step onto the field until they get it. The first thing wrong with that is who’s to say what they’re worth, especially when they’re already technically â€Å"worth† a hell of a lot more then any everyday worker in America. There are many examples of holdouts in the NFL and all of them happen the exact same way. The player and his agent decide they want more money, and then the player just doesn’s show up until their agent and the team’s front office work out a deal suitable to the player. The whole process is quite sickening when you actually sit down and think about it. In 2005, Terrell Owens and agent Drew Rosenhaus decided that the Philadel phia Eagles weren’t paying him enough; the previous year he earned about $9 million, so he held out from training camp. The Eagles organization did exactly what they should have done, nothing, they made Owens and Rosenhaus search for other ways out. To me that’s just unbelievable, the guy made $9 million and he wasn’t happy, just about any other person in America would be ecstatic to make even half of that, but he wasn’t (Beil). So, obviously pro football players are quite a different breed compared to collegiate football players. There is a reason the word student comes first in student-athlete. They go to school, they do homework, they take tests, and then they play football. That has got to be one of the toughest things to do, continue to work hard everyday in school and afterwards go and work as hard as they can at football. Without a doubt these people want to play football and they clearly love the game. What other reason could you give why they do what they do, because only a very, very few percentage of college players actually are drafted into the NFL and make lots of money. It’s not like football is their job, no, school is their job, and football is just their passion. The biggest positive about the student-athlete is players are subject to become academically ineligible. This ensures that they keep up their grades and don’t get too focused on just football, because school is the most important thing. That in itself sends a great message to the youth of America, especially the ones playing sports in high school and earlier. The NFL doesn’t influence the youth of America as much as the college does†¦at least not in the good ways. Although deep down the college game is a more pure form of football, that doesn’t always mean it’s more popular. It won’t be, it won’t ever be more watched than the NFL just because it’s the NFL. That means something apparently, but that doesn’t stop the hordes of fans making the switch over to the collegiate game. The 2006 Rose Bowl was the highest rated college football game since 1987 at 21.7 and total of 93,986 people attended the game. Not only that game had a huge turn-out, overall the average TV rating for the bowl season increased by 15 percent (BCSfootball TV Ratings). For college games that’s good because there is no chance they will be able to pass up the NFL’ s Super Bowl. Most consider the Super Bowl the biggest television event of the year. This past Super Bowl garnered 141.4 million viewers, second only to the 1981 series finale of M*A*S*H (Press). The NFL, unlike college football, is a television monster . You can’t escape it, they’ve cornered the televisoin market. They pretty much own Sunday’s and everybody waits for Monday night’s. It’s not because the NFL is more enjoyable to watch or because it’s the only game on. It’s because in NFL team’s budgets is a very big spot for marketing and television related media. Universities do not spend any money advertising their sports teams; you never see commercials on collegiate athletic programs, just their school as an academic instituition, that’s because they take the money and put it into their academics†¦.the thing that REALLY matters. To tell the truth college football will never, ever get the television ratings that the NFL gets. The NFL is a business. Their business†¦football, and they take it seriously, too seriously. The players get too greedy when it comes to their money and they let the business part of the game spill over into the actual game of football. When that happens it’s no longer just a game, the players are no longer playing for pride and love of the game. They’re playing for a paycheck, they’re playing for fame, and they’re playing for themselves. Those student-athletes playing college football, they don’t play for money, because they can’t get paid. They don’t play for fame, most play at schools no one’s ever heard of. They DO play for pride, they play for school pride. It’s their school, they’ll forever call it their school, and will want to leave a legacy. Everyday they go to class, do their work, and go to pra ctice. They play football for pure love of the game, they play because they want to, they play football because it is the greates team sport ever, and they know that. People notice that, everytime you watch a college game you can tell those kids love the game, but when someone watches an NFL game or hear news concerning a player you wonder. They wonder why they play the game, because it’s not for the same reasons the college players play, the real reasons you should play, which make college football what real football ought to be. Research Papers on What Football Ought to Be.The Hockey GameThe Effects of Illegal ImmigrationHip-Hop is ArtPersonal Experience with Teen PregnancyCapital PunishmentTwilight of the UAWMarketing of Lifeboy Soap A Unilever ProductResearch Process Part OneAnalysis of Ebay Expanding into AsiaLifes What Ifs

Product and Branding Strategies (Starbucks) Essay

Product and Branding Strategies (Starbucks) - Essay Example 2009) It is because of its high quality that the brand charges a high premium for its products. There are several other product attributes, other than the price and quality that contribute towards the image of the products offered under the brand name of â€Å"Starbucks†. Product Positioning Map Other product attributes of Starbucks coffee include taste, richness, features, design, style, innovation and customer service. These together combine to support the brand image. But for the product positioning map, there are two primary attributes that have been focused upon. The first attribute is the innovation and the second attribute is the customer service. Innovation is necessary for the positioning of the product because customer needs and wants change with time and the only way to meet the changing demand is through innovation. Customer service is also a primary aspect of positioning because it always adds value to the customers’ coffee experience at Starbucks. If innov ation is not present, then the brand might fail to serve its target market in the long run. It cannot come up with new products and cannot create demand of its new products which simply means that it will fail to make use of the opportunities available. Customer service on the other hand is a very important attribute that can help retaining the customers and attracting prospective. Consumers always want to go for the products that provide with the customer service. Starbucks incorporates both these primary attributes into its products. Starbucks specializes in gourmet coffee and there are several competitors that have entered the market of specialized coffee. These competitors include McDonald’s and Dunkin Donuts. The reason for choosing these competitors is that they do not charge as high a premium as does Starbucks though the product category is same. Starbucks heavily invests in its customer service because it believes that loyal customers are the backbone of its success a nd it is the most effective way of acquiring more loyal customers. For the attribute of innovation, Starbucks has made its own Research and Development team (R&D). The type and level of investment that Starbucks make in its R&D team is notable. It gives a lead to the brand but this gives a direction to the competitors as well because they can wait to imitate the products. Innovation at Starbucks and also the customer service are high. At McDonald’s customer service is high but innovation of the coffee product is low. Dunkin Donuts is low on both the attributes. It is low on the innovation attribute and also the customer service attribute. Following is the product positioning map of Starbucks with respect to its competitors. Customer Service High Starbucks McDonald’s Innovation Low High Dunkin Donuts Low Starbucks is present in the upper right corner of the product positioning map which means that it is both high in innovation and customer service. Similarly McDonaldâ⠂¬â„¢s is present in the upper left corner meaning that it is high in customer service but low in the attribute of innovation. And finally the Dunkin Donuts which is present in the lower left corner of the map, meaning that the coffee brand is both low on innovation and customer service. Brand Strategy in relation to the Target Market Starbucks’ target audience mainly comprises of the upscale coffee drinkers. Starbucks has a very well defined target audience. It has a target market in each age segment

Article response paper Example | Topics and Well Written Essays - 750 words - 1

Response paper - Article Example They also point out the misconception that many scholars have on the relationship between L2 and L3 acquisition; L3 is not a continuation of L2 as they are independent of each other. As such, the authors highlight the reasons why L3/Ln must be analysed independent of their predecessors, L1 and L2. They also outline the differences between the factors, while specifying their individual and collective contributions to the study of language acquisition. How Article Relates To Previous Knowledge Up to until when I read the article, I was unaware of the existence of any differences in language acquisition; to me, learning a new language was the same process as the child first-language. However, the article outlines the differences in language acquisition clearly. Universal grammar, obtained from first language (L2), and previous linguistic knowledge affect the acquisition of adult third language (L3). Whereas there are controversies on the extent to which these factors affect adult acquis ition, there is a general agreement that experiences with L1 and L2 determine its path and ultimate attainment. The article also outlines how children acquire L2 using linguistic experiences from L1. Just like adults do, children form hypotheses about the second language that they are expected to learn. They use these hypotheses to form opinions and come up with techniques and methodologies that help them acquire second languages. The fact that children with L1 experience function, in a similar way as adults, means that L1 acquisition is often referred to as child language ineffectively. This is because it offers children an experience similar to that which L2 acquisition, referred to as adult acquisition, offers grown-ups. Some studies have revealed unexplainable characteristics in L3 that were not learnt in L1 or L2. It is, therefore, correct to deduce that universal grammar is available even at L3. This reinforces the argument that language acquisition is age independent; thereby discrediting the notion that L1 is ‘child first language’ and L2 and L3 as adult acquisition. When L2 learners decide to acquire new languages, whether through tutoring or naturally, they become L3 learners. At this level, they have more metalinguistic acquaintance and learning experience than at L2, increasing their proficiency and instructional experience. The article also brings out the fact that tests reveal that the effects of L1 and L2 on L3 depend on the relationships between the languages, as well as the typological proximity of the studies. This is determined by the level of similarity, or difference, between the L1 and L2 and the L3 acquisitions. For instance, studies showed that placing German as a constant L3, and English and French as alternative L1 and L2, L2 yielded stronger presence in L3, with English showing a stronger influence than French. This is in spite of English and French having very little similarity. This is indicative of the fact that the l anguage learnt as L2 has a greater impact on L3 than that used at L1. Other researches also revealed that no matter the languages, some instances of L1 will be transferred to L2, and in some cases, L3; on the other hand, L3 absorbs some features of L2 as well as L1. Three Concise Excerpts from Article i. †Ã¢â‚¬ ¦it is largely accepted that some level of transfer obtains and significantly alters the path and ultimate attainment potential of adult acquisition†

How Does Online Dating Work Research Paper Example | Topics and Well Written Essays - 750 words

How Does Online Dating Work - Research Paper Example The concept of online dating has many positive sides. It is a nice idea that the people living anywhere in the Globe come in front of you in the virtual space. It is natural among human beings to be in love. This basic instinct works out in everyone and they long to log in. it happens that many online dating sites are bogus. Latest researches put forward the fact that only about 5% of people who use Online Dating services in fact set up a relationship with someone they first make contact with. Only 10% of people who join Online Dating sites really get any replies. In the midst of all these uncertainties, the number of people using this service goes up at a rapid pace. Two out of every five single people between the ages of 24 and 50 use, or have used, Online Dating services (Orat, 2006). Think Before you start: No system is devoid of defects. The vast world of online dating has been a permanent headache for parents of teens and youngsters. The school children think it necessary to expand the expanse of their acquaintance as much as possible. It often misleads them to the world of crimes and sexual violence. Even the shiest kid finds it much stress-free to chat online. Consequently, the relationship crosses the ethical boundary affecting his/her day to day affairs. The one who logs in to an online dating website has an opportunity to view the personal information of its members. But, it is a leaning among people to write false information about them. Even an incomplete profile can lead one to misunderstand. Two out of every five single people between the ages of 24 and 50 use, or have used, Online Dating services (Orat, 2006). Think Before you start: No system is devoid of defects. The vast world of online dating has been a permanent headache for parents of teens and youngsters. The school children think it necessary to expand the expanse of their acquaintance as much as possible. It often misleads them to the world of crimes and sexual violence. Even the shiest kid finds it much stress-free to chat online. Consequently, the relationship crosses the ethical boundary affecting his/her day to day affairs. The one who logs in to an online dating website has an opportunity to view the personal information of its members. But, it is a leaning among people to write false information about them. They do it for just fun, but the one who views this take everything for granted and gets cheated. Even an incomplete profile can lead one to misunderstand. Without furnishing adequate personal data, it is very hard for one to move on in the field of online communication. Here, the users have to make use of maximum intelligence. Selecting the right one has been one of the major risk factors in online dating. It is a very difficult task for a person to opt for a good one among a large group of things. Here, one has many options to choose from. For a nice relationship, it is essential to pick the right one. Though most of the online dating services claim to be absolutely free, they are forced to pay some amount once they start using it. There are paid versions which eat up much of the pocket of the customers unknowingly.  

History And Definition Of Depository Receipts Finance Essay

History And Definition Of Depository Receipts Finance Essay A DR is a type of negotiable (transferable) financial security traded on a local stock exchange but represents a security, usually in the form of equity, issued by a foreign, publicly-listed company. The DR, which is a physical certificate, allows investors to hold shares in equity of other countries. One of the most common types of DRs is the American depository receipt (ADR), which has been offering companies, investors and traders global investment opportunities since the 1920s. Since then, DRs have spread to other parts of the globe in the form of global depository receipts (GDRs). The other most common type of DRs are European DRs and International DRs. ADRs are typically traded on a US national stock exchange, such as the New York Stock Exchange (NYSE) or the American Stock Exchange, while GDRs are commonly listed on European stock exchanges such as the London Stock Exchange. Both ADRs and GDRs are usually denominated in US dollars, but can also be denominated in Euros. History of Depository Reciepts American Depositary Receipts have been introduced to the financial markets as early as April 29, 1927, when the investment bank J. P. Morgan launched the first-ever ADR program for the UKs Selfridges Provincial Stores Limited (now known as Selfridges plc.), a famous British retailer. Its creation was a response to a law passed in Britain, which prohibited British companies from registering shares overseas without a British-based transfer agent, and thus UK shares were not allowed physically to leave the UK.2 The ADR was listed on the New York Curb Exchange (predecessor to the American Stock Exchange.) The regulation of ADR changed its form in 1955, when the U.S. Securities and Exchange Commission (SEC) established the From S-12, necessary to register all depositary receipt programs. The Form S-12 was replaced by Form F-6 later, but the principles remained the same till today. Crucial novelties brought the new regulatory framework introduced by the SEC in 1985, which led to emergence of range of DR instruments, as we know it nowadays. Then the three different ADR programs were created, the Level I, II and III ADRs. This change was one of the impulses for revival of activity on the otherwise stagnant ADR market. In April 1990, a new instrument, referred to as Rule 144A was adopted, which gave rise to private placement depositary receipts, which were available only to qualified institutional buyers (QIBs). This type of DR programs gained its popularity quickly and it is very frequently employed today. The ADRs were originally constructed solely for the needs of American investors, who wanted to invest easily in non-US companies. After they had become popular in the United States, they extended gradually to other parts of the world (in the form of GDR, EDR or IDR). The greatest development of DRs has been recorded since 1989. In December 1990, Citibank introduced the first Global Depositary Receipt. Samsung Corporation, a Korean trading company, wanted to raise equity capital in the United States through a private placement, but also had a strong European investor base that it wanted to include in the offering. The GDRs allowed Samsung to raise capital in the US and Europe through one security issued simultaneously into both markets. In 1993, Swedish LM Ericsson raised capital through a rights offering in which ADDs were offered to both holders of ordinary shares and DR holders. The Ericsson ADDs represented subordinated debentures that are convertible into ordinary shares or DRs. German Daimler Benz AG became the first European Company to establish a Singapore depositary receipts program (SDRs) in May 1994. Types of Depositary Receipts American Depositary Receipts (ADR) Companies have a choice of four types of Depositary Receipt facilities: unsponsored and three levels of sponsored Depositary Receipts. Unsponsored Depositary Receipts are issued by one or more depositaries in response to market demand, but without a formal agreement with the company. Today, unsponsored Depositary Receipts are considered obsolete and, under most circumstances, are no longer established due to lack of control over the facility and its hidden costs. Sponsored Depositary Receipts are issued by one depositary appointed by the company under a Deposit Agreement or service contract. Sponsored Depositary Receipts offer control over the facility, the flexibility to list on a national exchange in the U.S. and the ability to raise capital. Sponsored Level I Depositary Receipts A sponsored Level I Depositary Receipt program is the simplest method for companies to access the U.S. and non-U.S. capital markets. Level I Depositary Receipts are traded in the U.S. over-the-counter (OTC) market and on some exchanges outside the United States. The company does not have to comply with U.S. Generally Accepted Accounting Principles (GAAP) or full Securities and Exchange Commission (SEC) disclosure. Essentially, a Sponsored Level I Depositary Receipt program allows companies to enjoy the benefits of a publicly traded security without changing its current reporting process. The Sponsored Level I Depositary Receipt market is the fastest growing segment of the Depositary Receipt business. Of the more than 1,600 Depositary Receipt programs currently trading, the vast majority of the sponsored programs are Level I facilities. In addition, because of the benefits investors receive by investing in Depositary Receipts, it is not unusual for a company with a Level I program to obtain 5% to 15% of its shareholder base in Depositary Receipt form. Many well-known multinational companies have established such programs including: Roche Holding, ANZ Bank, South African Brewery, Guinness, Cemex, Jardine Matheson Holding, Dresdner Bank, Mannesmann, RWE, CS Holding, Shiseido, Nestle, Rolls Royce, and Volkswagen to name a few. In addition, numerous companies such as RTZ, Elf Aquitaine, Glaxo Wellcome, Western Mining, Hanson, Medeva, Bank of Ireland, Astra, Telebrà ¡s and Ashanti Gold Fields Company Ltd. started with a Level I program and have upgraded to a Level II (Lis ting) or Level III (Offering) program. Sponsored Level II And III Depositary Receipts Companies that wish to either list their securities on an exchange in the U.S. or raise capital use sponsored Level II or III Depositary Receipts respectively. These types of Depositary Receipts can also be listed on some exchanges outside the United States. Each level requires different SEC registration and reporting, plus adherence to U.S. GAAP. The companies must also meet the listing requirements of the national exchange (New York Stock Exchange, American Stock Exchange) or NASDAQ, whichever it chooses. Each higher level of Depositary Receipt program generally increases the visibility and attractiveness of the Depositary Receipt. Private Placement (144A) Depositary Receipt In addition to the three levels of sponsored Depositary Receipt programs that trade publicly, a company can also access the U.S. and other markets outside the U.S. through a private placement of sponsored Depositary Receipts. Through the private placement of Depositary Receipts, a company can raise capital by placing Depositary Receipts with large institutional investors in the United States, avoiding SEC registration and to non-U.S. investors in reliance on Regulation S. A Level I program can be established alongside a 144A program. Global Depositary Receipts (GDR) GDRs are securities available in one or more markets outside the companys home country. (ADR is actually a type of GDR issued in the US, but because ADRs were developed much earlier than GDRs, they kept their denotation.) The basic advantage of the GDRs, compared to the ADRs, is that they allow the issuer to raise capital on two or more markets simultaneously, which increases his shareholder base. They gained popularity also due to the flexibility of their structure. GDR represents one or more (or fewer) shares in a company. The shares are held by the custody of the depositary bank in the home country. A GDR investor holds the same rights as the shareholders of ordinary shares, but typically without voting rights. Sometimes voting rights can be the executed by the depositary bank on behalf of the GDR holders. Mechanism DR Trade A Depositary Receipt is a negotiable security which represents the underlying securities (generally equity shares) of a non-U.S. company. Depositary Receipts facilitate U.S. investor purchases of non-U.S. securities and allow non-U.S. companies to have their stock trade in the United States by reducing or eliminating settlement delays, high transaction costs, and other potential inconveniences associated with international securities trading. Depositary Receipts are treated in the same manner as other U.S. securities for clearance, settlement, transfer, and ownership purposes. Depositary Receipts can also represent debt securities or preferred stock. The Depositary Receipt is issued by a U.S. depositary bank, such as The Bank of New York, when the underlying shares are deposited in a local custodian bank, usually by a broker who has purchased the shares in the open market. Once issued, these certificates may be freely traded in the U.S. over-the-counter market or, upon compliance with U.S. SEC regulations, on a national stock exchange. When the Depositary Receipt holder sells, the Depositary Receipt can either be sold to another U.S. investor or it can be canceled and the underlying shares can be sold to a non-U.S. investor. In the latter case, the Depositary Receipt certificate would be surrendered and the shares held with the local custodian bank would be released back into the home market and sold to a broker there. Additionally, the Depositary Receipt holder would be able to request delivery of the actual shares at any time. The Depositary Receipt certificate states the responsibilities of the depositary bank with respect to actions such as payment of dividends, voting at shareholder meetings, and handling of rights offerings. Depositary Receipts (DRs) in American or Global form (ADRs and GDRs, respectively) are used to facilitate cross-border trading and to raise capital in global equity offerings or for mergers and acquisitions to U.S. and non-U.S. investors. Demand For Depositary Receipts The demand by investors for Depositary Receipts has been growing between 30 to 40 percent annually, driven in large part by the increasing desire of retail and institutional investors to diversify their portfolios globally. Many of these investors typically do not, or cannot for various reasons, invest directly outside of the U.S. and, as a result, utilize Depositary Receipts as a means to diversify their portfolios. Many investors who do have the capabilities to invest outside the U.S. may prefer to utilize Depositary Receipts because of the convenience, enhanced liquidity and cost effectiveness Depositary Receipts offer as compared to purchasing and safekeeping ordinary shares in the home country. In many cases, a Depositary Receipt investment can save an investor up to 10-40 basis points annually as compared to all of the costs associated with trading and holding ordinary shares outside the United States. Issuance Depositary Receipts are issued or created when investors decide to invest in a non-U.S. company and contact their brokers to make a purchase. Brokers purchase the underlying ordinary shares and request that the shares be delivered to the depositary banks custodian in that country. The broker who initiated the transaction will convert the U.S. dollars received from the investor into the corresponding foreign currency and pay the local broker for the shares purchased. The shares are delivered to the custodian bank on the same day, the custodian notifies the depositary bank. Upon such notification, Depositary Receipts are issued and delivered to the initiating broker, who then delivers the Depositary Receipts evidencing the shares to the investor. Transfer (Intra-Market Trading) Once Depositary Receipts are issued, they are tradable in the United States and like other U.S. securities, they can be freely sold to other investors. Depositary Receipts may be sold to subsequent U.S. investors by simply transferring them from the existing Depositary Receipt holder (seller) to another Depositary Receipt holder (buyer); this is known as an intra-market transaction. An intra-market transaction is settled in the same manner as any other U.S. security purchase. Accordingly, the most important role of a depositary bank is that of Stock Transfer Agent and Registrar. It is therefore critical that the depositary bank maintain sophisticated stock transfer systems and operating capabilities. What are Indian Depository Receipts (IDRs)? IDRs are transferable securities to be listed on Indian stock exchanges in the form of depository receipts created by a Domestic Depository in India against the underlying equity shares of the issuing company which is incorporated outside India. As per the definition given in the Companies (Issue of Indian Depository Receipts) Rules, 2004, IDR is an instrument in the form of a Depository Receipt created by the Indian depository in India against the underlying equity shares of the issuing company. In an IDR, foreign companies would issue shares, to an Indian Depository (say National Security Depository Limited NSDL), which would in turn issue depository receipts to investors in India. The actual shares underlying the IDRs would be held by an Overseas Custodian, which shall authorise the Indian Depository to issue the IDRs. The IDRs would have following features: Overseas Custodian: Foreign bank having branches in India and requires approval from Finance Ministry for acting as custodian and Indian depository has to be registered with SEBI. Approvals for issue of IDRs : IDR issue will require approval from SEBI and application can be made for this purpose 90 days before the issue opening date. Listing : These IDRs would be listed on stock exchanges in India and would be freely transferable. Eligibility conditions for overseas companies to issue IDRs: Capital: The overseas company intending to issue IDRs should have paid up capital and free reserve of atleast $ 100 million. Sales turnover: It should have an average turnover of $ 500 million during the last three years. Profits/dividend : Such company should also have earned profits in the last 5 years and should have declared dividend of at least 10% each year during this period. Debt equity ratio : The pre-issue debt equity ratio of such company should not be more than 2:1. Extent of issue : The issue during a particular year should not exceed 15% of the paid up capital plus free reserves. Redemption : IDRs would not be redeemable into underlying equity shares before one year from date of issue. Denomination : IDRs would be denominated in Indian rupees, irrespective of the denomination of underlying shares. Benefits : In addition to other avenues, IDR is an additional investment opportunity for Indian investors for overseas investment. Taxation issues for Indian Depository Receipts (IDRs) Standard Chartered Bankss Indian Depository Receipts (IDR) issue may raise concerns relating to tax treatment, the draft red herring prospectus (DRHP) filed by the bank with SEBI said. The UK-based banks draft red herring prospectus was uploaded on the SEBIs website in end-March. The Income Tax Act and other regulations do not specifically refer to the taxation of IDRs. IDRs may therefore be taxed differently from ordinary listed shares issued by other companies in India, the prospectus said. In particular, income by way of capital gains may be subject to a higher rate of tax. The introduction of the Direct Tax Code from the next fiscal may also alter tax treatment of Indian Depository Receipts. The tax treatment in future may also vary depending on the provisions of the proposed Direct Taxes Code which is currently due to take effect from April 1, 2011, and which is only in draft form at this time, Standard Chartered PLC has mentioned among the possible risk factors. Economic development and volatility in the securities markets in other countries may cause the price of the IDRs to decline, the prospectus said. Any fluctuations that occur on the London Stock Exchange or the Hong Kong Stock Exchange that affect the price of the shares may affect the price and trading of the IDRs listed on the stock exchanges. Further, the draft red herring prospectus states to what extent IDRs are legal investments, whether they can be used as collateral for various types of borrowing, and whether there are other restrictions that apply to purchase or pledge of the Indian Depository Receipts. How are IDRs different from GDRs and ADRs? GDRs and ADRs are amongst the most common DRs. When the depository bank creating the depository receipt is in the US, the instruments are known as ADRs. Similarly, other depository receipts, based on the location of the depository bank creating them, have come into existence, such as the GDR, the European Depository Receipts, International Depository Receipts, etc. ADRs are traded on stock exchanges in the US, such as Nasdaq and NYSE, while GDRs are traded on the European exchanges, such as the London Stock Exchange. How will the IDRs be priced, and will cross-border trading be allowed? IDRs will be freely priced. However, in the IDR prospectus, the issue price will have to be justified as is done in the case of domestic equity issues. Each IDR will represent a certain number of shares of the foreign company. The shares will be listed in the home country. Normally, the DR can be exchanged for the underlying shares held by the custodian and sold in the home country and vice-versa. However, in the case of IDRs, automatic fungibility i.e. the quality of being capable of exchange or interchange is not permitted. What are the benefits of issuing IDRs to companies? Currently, there are over 2,000 Depositary Receipt programs for companies from over 70 countries. The establishment of a Depositary Receipt program offers numerous advantages to non-U.S.companies. The primary reasons to establish a Depositary Receipt program can be divided into two broad considerations: capital and commercial. Advantages Expanded market share through broadened and more diversified investor exposure with potentially greater liquidity. Enhanced visibility and image for the companys products, services and financial instruments in a marketplace outside its home country. Flexible mechanism for raising capital and a vehicle or currency for mergers and acquisitions. Enables employees of U.S. subsidiaries of non-U.S. companies to invest more easily in the parent company. Quotation in U.S. dollars and payment of dividends or interest in U.S. dollars. Diversification without many of the obstacles that mutual funds, pension funds and other institutions may have in purchasing and holding securities outside of their local market. Elimination of global custodian safekeeping charges, potentially saving Depositary Receipt investors up to 10 to 40 basis points annually. Familiar trade, clearance and settlement procedures. Competitive U.S. dollar/foreign exchange rate conversions for dividends and other cash distributions. Ability to acquire the underlying securities directly upon cancellation. Benefit for Investors They allow global investing opportunities without the risk of investing in unfamiliar markets, ensure more information and transparency and improve the breadth and depth of the market. Increasingly, investors aim to diversify their portfolios internationally. However, obstacles such as undependable settlements, costly currency conversions, unreliable custody services, poor information flow, unfamiliar market practices, confusing tax conventions and internal investment policy may discourage institutions and private investors from venturing outside their local market. Why will foreign companies issue IDRs? Any foreign company listed in its home country and satisfying the eligibility criteria can issue IDRs. Typically, companies with signifi-cant business in India, or an India focus, may find the IDR route advantageous. Similarly, the foreign entities of Indian companies may find it easier to raise money through IDRs for their business requirements abroad. Besides IDR there are several other ways to raise money from foreign markets Alternative Available Foreign Currency Convertible Bonds (FCCBs): FCCBs are bonds issued by Indian companies and subscribed to by a non-resident in foreign currency. They carry a fixed interest or coupon rate and are convertible into a certain number of ordinary shares at a preferred price. This equity component in a FCCB is an attractive feature for investors. Till conversion, the company has to pay interest in dollars and if the conversion option in not exercised, the redemption is also made in dollars. These bonds are listed and traded abroad. The interest rate is low  [1]  but the exchange risk is more in FCCBs as interest is payable in foreign currency. Hence, only companies with low debt equity ratios and large forex earnings potential opt for FCCBs. The scheme for issue of FCCBs was notified by the government in 1993 to allow companies easier access to foreign capital markets. Under the scheme, bonds up to $50 million are cleared automatically, those up to $100 million by the RBI and those above that by the finance ministry. The minimum maturity period for FCCBs is five years but there is no restriction on the time period for converting the FCCBs into shares. External Commercial Borrowings (ECBs): Indian corporate are permitted to raise finance through ECBs (or simply foreign loans) within the framework of the policies and procedures prescribed by the Government for financing infrastructure projects. ECBs include commercial bank loans; buyers/suppliers credit; borrowing from foreign collaborators, foreign equity holders; securitized instruments such as Floating Rate Notes (FRNs) and Fixed Rate Bonds (FRBs); credit from official export credit agencies and commercial borrowings from the private sector window of multilateral financial institutions such as the IFC, ADB and so on. While the ECB policy provides flexibility in borrowings consistent with maintenance of prudential limits for total external borrowings, its guiding principles are to keep borrowing maturities long, costs low and encourage infrastructure/core and export sectors financing, which are crucial for overall growth of the economy Since 1993, many of the firms have chosen to use the offshore primary market instead of the domestic primary market for raising resources. The factors that can be attributed to this behaviour are as follows. (i) The time involved in the entire public issue on the offshore primary market is shorter and the issue costs are also low as the book building procedure is adopted. (ii) FIIs prefer Euro issues as they do not have to register with the SEBI nor do they have to pay any capital gains tax on GDRs traded in the foreign exchanges. Moreover, arbitrage opportunities exist as GDRs are priced at a discount compared with their domestic price. (iii) Indian companies can collect a large volume of funds in foreign exchange from international markets than through domestic market. (iv) Projections of the GDP growth are very strong and consistent which have created a strong appetite for Indian paper in the overseas market. (v) An overseas issuance allows the company to get exposure to international investors, thereby increasing the visibility of Indian companies in the overseas market. Money Raising Instruments in India Qualified institutions placement (QIP): A designation of a securities issue given by the SEBI that allows an Indian-listed company to raise capital from its domestic markets without the need to submit any pre-issue filings to market regulators, which is lengthy and cumbersome affair. SEBI has issued guidelines for this relatively new Indian financing avenue on May 8, 2006. Prior to the innovation of the qualified institutional placement, there was concern from Indian market regulators and authorities that Indian companies were accessing international funding via issuing securities, such as American depository receipts (ADRs), in outside markets. This was seen as an undesirable export of the domestic equity market, so the QIP guidelines were introduced to encourage Indian companies to raise funds domestically instead of tapping overseas markets. QIP has emerged as a new fund raising investment for listed companies in India. The issue process is not only simple but can be completed speedily. QIP issue can be offered to a wider set of investors including Indian mutual funds, banks, insurance companies and FIIs. A company sells its shares to qualified institutional buyers (QIBs) on a discretionary basis with the two-week average price being the floor. In a QIP, unlike an IPO or PE investment, the window is shorter (four weeks) and money can be raised quickly. This rule came into being after SEBI changed the pricing formulae. Earlier, the pricing was based on the higher of the six-month or two-week average share price This turned out to be a dampener in a volatile market However, merchant bankers gave the feedback that the two-week average price often worked out to be higher than the current market price. As such, many investors were reluctant to take a mark-to-market loss on their books right from the start. Rights issues: In other words, it is the issue of new shares in which existing shareholders are given preemptive rights to subscribe to the new issue on a pro-rata basis. Such an issue is arranged by an investment bank or broker, which usually makes a commitment to take up its own books any rights that are not sold as part of the issue. The right is given in the form of an offer to existing shareholders to subscribe to a proportionate number of fresh, extra shares at a pre-determined price. In India rights market has been a favoured capital mobilizing route for the corporate sector. However, this market has shrunk significantly in India over the years. This is due to an absence of a trading platform for the post issue trading rights. Private placement: The direct sale of securities by a company to some select people or to institutional investors (financial institutions, corporates, banks, and high net worth individuals) is called private placement. In other words, private placement refers to the direct sale of newly issued securities by the issuer to a small number of investors through merchant bankers. Company law defined privately placed issue to be the one seeking subscription from 50 members. No prospectus is issued in private placement. Private placement covers equity shares, preference shares, and debentures  [2]  . It offers access to capital more quickly than the public issue and is quite inexpensive on account of the absence of various issue expenses. In recent years resource mobilization through private placement route has subdued. The reason is stricter regulations introduced by RBI and SEBI starting from early 2000s on private placements. When RBI found that banks and institutions had larger exposure in the private placement market, it has issued guidelines to banks and financial institutions for investment in such cases.  [3]   Comparison ADR/GDR Vs. QIP The First Wave of Indian Fundraising: QIPs Unitech set the QIP ball rolling on what is really the first major wave of Indias recent fund-raising jamboree. Indian companies raised US$24 billion in the April-June quarter of 2009, according to data from Delhi-based research firm Prime Database. Of this, 56% was raised in the last week of June, an indicator of the increasing tempo of action. According to Prime Database chairman Prithvi Haldea QIPs cornered over 96% of the total money mobilized during that quarter. Ten QIPs were issued, totaling US$22.5 billion. The leading issuers included Unitech (US$900 million) Indiabulls Real Estate (US$530 million) HDIL (US$330 million) Sobha Developers (US$100 million) Shree Renuka Sugars (US$100 million) PTC (US$100 million). Hong Kong-based Finance Asia magazine said in its headline that India has gone QIP crazy But as other instruments started gaining favor the QIP wave appeared to be weakening. The QIBs dont see a huge bargain any longer. When companies were relatively desperate for funds, they were offering prices that left a lot on the table for buyers. Unitech is a case in point. The first issue gave returns of 100% plus. A record Rs 34,100 crore were raised by the 51 QIPs made during the year 2009 According to a study by rating agency Crisil, most QIPs in 2009 were actually making losses for investors. The study used the prices on July 10, although the markets have improved since then. Still, says Crisil, as of that date, if you leave out the first Unitech issue, the total return on all QIPs was a negative 12%. As per head of equities at CRISIL We expect raising capital through the QIP route may slow down significantly, He further explains that the significant run up in stock prices before the Union Budget made QIP deals unattractive. The reason being that shrewd investors made their decisions based on company fundamentals and there was no reason to believe that the inherent fundamentals of most companies which queued up for QIPs have changed materially. Not all QIPs have been successful. GMR Infrastructure received its shareholders permission to raise up to US$1 billion through this route. According to merchant bankers, it came to the market with an offering of US$500 million, then reduced both the size of the offering and the price in the face of a tepid response, and finally withdrew altogether. However, according to Haldea, several more QIPs including Hindalco, Cairn Energy, GVK Power, HDFC, JSW Steel, Essar Oil, Parsvanath and Omaxe are waiting in the wings, looking to raise more than US$12 billion. QIPs could become attractive again if the market falls or if companies start offering large discounts, investment experts say. Increased Activity for ADR/GDR The slowdown in the QIP wave does not mean that foreign investors who, as in the Unitech issue, were the principal buyers have lost interest in India. In fact, the reverse could be true. Indian fundraising has now embarked on its second wave through American Depository Receipts (ADRs) and Global Depository Receipts (GDRs). (ADRs are foreign stock stand-ins traded in U.S. exchanges but not counted as foreign stock holdings. A U.S. bank buys the shares on a foreign market and trades a claim on those shares. Many U.S. investors are attracted to ADRs because these securities may meet accounting and reporting standards that are more stringent than

japan :: essays research papers

In the year 710, the first permanent Japanese capital was established in Nara, a city modelled after the Chinese capital. Large Buddhist monasteries were built in the new capital. The monasteries quickly gained such strong political influence that, in order to protect the position of the emperor and central government, the capital was moved to Nagaoka in 784, and finally to Heian (Kyoto) in 794 where it should remain for over one thousand years. One characteristic of the Nara and Heian periods is a gradual decline of Chinese influence, which, nevertheless, remained strong. Many of the imported ideas were gradually "Japanized". In order to meet particular Japanese needs, several governmental offices were established in addition to the government system, which was copied after the Chinese model, for example. In the arts too, native Japanese movements became increasingly popular. The development of the Kana syllables made the creation of actual Japanese literature possible. Several new Buddhist sects that were imported from China during the Heian period, were also "Japanized". Among the worst failures of the Taika reforms were the land and taxation reforms: High taxes resulted in the impoverishment of many farmers who then had to sell their properties and became tenants of larger landowners. Furthermore, many aristocrats and the Buddhist monasteries succeeded in achieving tax immunity. As a result, the state income decreased, and over the centuries, the political power steadily shifted from the central government to the large independent landowners. The Fujiwara family controlled the political scene of the Heian period over several centuries through strategic intermarriages with the imperial family and by occupying all the important political offices in Kyoto and the major provinces. The power of the clan reached its peak with Fujiwara Michinaga in the year 1016. After Michinaga, however, the ability of the Fujiwara leaders began to decline, and public order could not be maintained. Many landowners hired samurai for the protection of their properties. That is how the military class became more and more influential, especially in Eastern Japan. The Fujiwara supremacy came to an end in 1068 when the new emperor Go-Sanjo was determined to rule the country by himself, and the Fujiwara failed to control him. In the year 1086 Go-Sanjo abdicated but continued to rule from behind the political stage. This new form of government was called Insei government. Insei emperors exerted political power from 1086 until 1156 when Taira Kiyomori became the new leader of Japan.

International Journal of Accounting and Financial Essay

ABSTRACT The role of Indian mutual fund industry as significant financial service in financial market has really been noteworthy. In fact, the mutual fund industry has emerged as an important segment of financial market of India, especially in channelizing the savings of millions of individuals into the investment in equity and debt instruments. Mutual funds are seemingly the easiest and the least stressful way to invest in the stock market. Quiet a large amount of money has been invested in mutual funds during the past few years. Any investor would like to invest in a reputed Mutual Fund organization. Mutual funds are financial intermediaries concerned with mobilizing savings of those who have surplus and the canalization of these savings in those avenues where there is a demand for funds. These intermediaries employ their resources in such a manner as to provide combined benefits of low risk, steady return, high liquidity and capital appreciation through diversification and expert management. Reforms in the  Indian economic system and the opening up of the economy have been the reasons for the tremendous growth in the Indian capital market. This study analyzes the impact of different demographic variables on the attitude of investors towards mutual funds. Apart from this, it also focuses on the benefits delivered by mutual funds to investors. To this end, 200 respondents of Solapur City, having different demographic profiles were surveyed. The study reveals that the majority of investors have still not formed any attitude towards mutual fund investments. KEYWORDS: Mutual Fund, Investors, Solapur City INTRODUCTION Mutual fund is a pool of money collected from investors and is invested according to certain investment options. A mutual fund is a trust that pools the saving of a no. of investors who share a common financial goal. A mutual fund is created when investors put their money together. It is, therefore, a pool of investor’s fund. The money thus collected is then invested in capital market instruments such as shares, debentures and other securities. The income earned through these investments and the capital appreciations realized are shared by its unit holders in proportion to the no. of units owned by them. The most important characteristics of a fund are that the contributors and the beneficiaries of the fund are the same class of people namely the investors. The term mutual fund means the investors contribute to the pool and also benefit from the pool. The pool of funds held mutually by investors is the mutual fund. A mutual fund business is to invest the funds thus collected according to the wishes of the investors who created the pool. Usually the investor’s appoint professional investment managers create a product and offer it for investment to the investors. This project represents a share in the pool and pre status investment  Pritam P. Kothari & Shivganga C. Mindargi  objectives. Thus, a mutual fund is the most suitable investment for a common man as it offers an opportunity to invest in a diversified, professionally managed basket of securities at relatively low cost. EVOLUTION OF INDIAN MUTUAL FUND INDUSTRY The formation of Unit Trust of India marked the evolution of the Indian mutual fund industry in the year 1963. The primary objective at that time was to attract the small investors and it was made possible through the collective efforts of the Government of India and the Reserve Bank of India. The history of mutual fund industry in India can be better understood divided into following phases: Establishment and Growth of Unit Trust of India – 1964-87 Unit Trust of India enjoyed complete monopoly when it was established in the year 1963 by an act of Parliament. UTI was set up by the Reserve Bank of India and it continued to operate under the regulatory control of the RBI until the two were de-linked in 1978 and the entire control was transferred in the hands of Industrial Development Bank of India (IDBI). UTI launched its first scheme in 1964, named as Unit Scheme 1964 (US-64), which attracted the largest number of investors in any single investment scheme over the years. UTI launched more innovative schemes in 1970s and 80s to suit the needs of different investors. It launched ULIP in 1971, six more schemes between 1981-84, Children’s Gift Growth Fund and India Fund (India’s first offshore fund) in 1986, Mastershare (Inida’s first equity diversified scheme) in 1987 and Monthly Income Schemes (offering assured returns) during 1990s. By the end of 1987, UTI’s assets under management grew ten times to Rs 6700 crores. Entry of Public Sector Funds – 1987-1993 The Indian mutual fund industry witnessed a number of public sector players entering the market in the year 1987. In November 1987, SBI Mutual Fund from the State Bank of India became the first non-UTI mutual fund in India. SBI Mutual Fund was later followed by Canbank Mutual Fund, LIC Mutual Fund, Indian Bank Mutual Fund, Bank of India Mutual Fund, GIC Mutual Fund and PNB Mutual Fund. By 1993, the assets under management of the industry increased seven times to Rs. 47,004 crores. However, UTI remained to be the leader with about 80% market share. 1992-93 UTI Public Sector Total Amount Mobilised 11,057 1,964 13,021 Assets Under Management 38,247 8,757 47,004 Mobilisation as % of Gross Domestic Savings 5.20% 0.90% 6.10% Emergence of Private Secor Funds – 1993-96 The permission given to private sector funds including foreign fund management companies (most of them entering through joint ventures with Indian promoters) to enter the mutal fund industry in 1993, provided a wide range of choice to investors and more competition in the industry. Private funds introduced innovative products, investment techniques and investor-servicing technology. By 1994-95, about 11 private sector funds had launched their schemes. Growth and SEBI Regulation – 1996-2004 The mutual fund industry witnessed robust growth and stricter regulation from the SEBI after the year 1996. The mobilization of funds and the number of players operating in the industry reached new heights as investors started showing more interest in mutual funds. A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City Investors’ interests were safeguarded by SEBI and the Government offered tax benefits to the investors in order to encourage them. SEBI (Mutual Funds) Regulations, 1996 was introduced by SEBI that set uniform standards for all mutual funds in India. The Union Budget in 1999 exempted all dividend incomes in the hands of investors from income tax. Various Investor Awareness Programmes were launched during this phase, both by SEBI and AMFI, with an objective to educate investors and make them informed about the mutual fund industry. Growth and Consolidation – 2004 Onwards The industry has also witnessed several mergers and acquisitions recently, examples of which are acquisition of schemes of Alliance Mutual Fund by Birla Sun Life, Sun F&C Mutual Fund and PNB Mutual Fund by Principal Mutual Fund. Simultaneously, more international mutual fund players have entered India like Fidelity, Franklin Templeton Mutual Fund etc. There were 29 funds as at the end of March 2006. This is a continuing phase of growth of the industry through consolidation and entry of new international and private sector players. Indian mutual fund industry reached Rs 1,50,537 crore by March 2004. It is estimated that by 2010 March-end, the total assets of all scheduled commercial banks should be Rs 40,90,000 crore. The annual composite rate of growth is expected 13.4% during the rest of the decade. In the last 5 years there is an annual growth rate of 9%. According to the current growth rate, by year 2010, Mutual fund  India assets will be double FEATURES THOSE INVESTORS LIKE IN MUTUAL FUND If mutual funds are emerging as the favorite investment vehicle it is because of the many advantages. They have over other forms and avenues of investing parties for the investors who has limited resources available in terms of Capital and ability to carry out detailed reserves and market monitoring. These are the major advantages offered by mutual fund to all investors: Professional Management Mutual Funds provide the services of experienced and skilled professionals, backed by a dedicated investment research team that analyses the performance and prospects of companies and selects suitable investments to achieve the objectives of the scheme. Diversification Mutual Funds invest in a number of companies across a broad cross-section of industries and sectors. This diversification reduces the risk because seldom do all stocks decline at the same time and in the same proportion. You achieve this diversification through a Mutual Fund with far less money than you can do on your own. Convenient Administration Investing in a Mutual Fund reduces paperwork and helps you avoid many problems such as bad deliveries, delayed payments and follow up with brokers and companies. Mutual Funds save your time and make investing easy and convenient. Return Potential Over a medium to long-term, Mutual Funds have the potential to provide a higher return as they invest in a diversified basket of selected securities. Pritam P. Kothari & Shivganga C. Mindargi Low Costs Mutual Funds are a relatively less expensive way to invest compared to directly investing in the capital markets because the benefits of scale in brokerage, custodial and other fees translate into lower costs for investors Liquidity In open-end schemes, the investor gets the money back promptly at net asset value related prices from the Mutual Fund. In closed-end schemes, the units can be sold on a stock exchange at the prevailing market price or the investor can avail of the facility of direct repurchase at NAV related prices by the Mutual Fund Transparency You get regular information on the value of your investment in addition to disclosure on the specific investments made by your scheme, the proportion invested in each class of assets and the fund managers investment strategy and outlook Flexibility Through features such as regular investment plans, regular withdrawal plans and dividend reinvestment plans, you can systematically invest or withdraw funds according to your needs and convenience Affordability Investors individually may lack sufficient funds to invest in high-grade stocks. A mutual fund because of its large corpus allows even a small investor to take the benefit of its investment strategy. Well Regulated All Mutual Funds are registered with SEBI and they function within the provisions of strict regulations designed to protect the interests of investors. The operations of Mutual Funds are regularly monitored by SEBI. DISADVANTAGES OF MUTUAL FUNDS Above I have mentioned the various advantages of Mutual Funds but it also suffers from a lot of drawbacks as the market is volatile and it is ever affected by national as well as international factors, these days we can see that crude oil prices in International market has become an important factor  in determining the market movement. Here are some disadvantages as cited by me and by survey: Fluctuating Returns Mutual funds are like many other investments without a guaranteed return: there is always the possibility that the value of your mutual fund will depreciate. Unlike fixed-income products, such as bonds and Treasury bills, mutual funds experience price fluctuations along with the stocks that make up the fund. When deciding on a particular fund to buy, you need to research the risks involved – just because a professional manager is looking after the fund, that doesn’t mean the performance will be always good Diversification Although diversification is one of the keys to successful investing, many mutual fund investors tend to over diversify. The idea of diversification is to reduce the risks associated with holding a single security; over diversification (also known as diversification) occurs when investors acquire many funds that are highly related and, as a result, don’t get A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City the risk reducing benefits of diversification. At the other extreme, just because you own mutual funds doesn’t mean you are automatically diversified. For example, a fund that invests only in a particular industry or region is still relatively risky. For example: Sect oral Funds Cash and More Cash As you know already, mutual funds pool money from thousands of investors, so everyday investors are putting money into the fund as well as withdrawing investments. To maintain liquidity and the capacity to accommodate withdrawals, funds typically have to keep a large portion of their portfolios as cash. Having ample cash is great for liquidity, but money  sitting around as cash is not working for you and thus is not very advantageous. Costs Mutual funds provide investors with professional management, but it comes at a cost. Funds will typically have a range of different fees that reduce the overall payout. In mutual funds, the fees are classified into two categories: shareholder fees and annual operating fees. The shareholder fees, in the forms of loads and redemption fees are paid directly by shareholders purchasing or selling the funds. The annual fund operating fees are charged as an annual percentage – usually ranging from 1-3%. These fees are assessed to mutual fund investors regardless of the performance of the fund. As you can imagine, in years when the fund doesn’t make money, these fees only magnify losses. Figure 1: Structure of Mutual Fund A mutual is a set up in the form of trust, which has sponsor, trustee, assets management company (AMC) and custodian. Sponsor is the person who acts alone or in combination with another body corporate and establishes a mutual fund. Sponsor must contribute at least 40% of the net worth of the investment managed and meet the eligibility criteria prescribed under the Securities and Exchange Board of India (Mutual Funds) regulations, 1996. The sponsor is not responsible or liable for any loss or shortfall resulting from the operation of the schemes beyond the initial contribution made by it towards setting up of Mutual Fund. The Mutual Fund is constituted as a trust in accordance with the provisions of the Indian Trusts Act, 1882 by the Sponsor. Trustee is usually a company (corporate body) or a board of trustees (body of individuals). The main responsibility of the trustee is to safeguard the interest of the unit holders and also ensure that AMC functions in the interest of investors’ and in accordance with the Securities and Exchange Board of India (Mutual Fund) Regulations 1996 the provisions of the Trust deed and the offer Document of the respective schemes. The AMC is appointed by the Trustees Pritam P. Kothari & Shivganga C. Mindargi as the investment Manager of the Mutual Fund. The AMC is required to be approved by SEBI to act as an asset management company of the Mutual Fund. The AMC if so authorized by the Trust Deed appoints the Registrar and Transfer Agent to agent the mutual fund. The registrar processes the application form, redemption requests and dispatches account statements to the unit holders. The Registrar and Transfer agent also handles communications with investors’ and updates investor records. REVIEW OF LITERATURE Lenard et., al. (2003) empirically investigated investor’s attitudes toward mutual funds. The results indicate that the decision to switch funds within a fund family is affected by investor’s attitude towards risk, current asset allocation, investment losses, investment mix, capital base of the fund age, initial fund performance, investment mix, fund and portfolio diversification. The study reported that these factors are crucial to be considered before switching funds regardless of whether they invest in non-employer plans or in both employer and non-employer plans. Bollen (2006) studied the dynamics of investor fund flows in a sample of socially screened equity mutual funds and compared the relation between annual fund flows & lagged performance in SR funds to the same relation in a matched sample of conventional funds. The result revealed that the extra-financial SR attribute serves to dampen the rate at which SR investors trade mutual funds. The study noted that the differences between SR funds and their conventional counterparts are robust over time and persist as funds age. The study found that the preferences of SR investors may be represented by conditional multi-attribute utility function (especially when SR funds deliver positive returns). The study remarked that mutual fund companies can expect SR investors to be more loyal than investors in ordinary funds. Walia and Kiran (2009) studied investor’s risk and return perception towards mutual funds. The study examined investor’s perception towards risk involved in mutual funds, return from mutual funds in comparison to other financial avenues, transparency and disclosure practices. The study investigated  problems of investors encountered with due to unprofessional services of mutual funds. The study found that majority of individual investors doesn’t consider mutual funds as highly risky investment. In fact on a ranking scale it is considered to be on higher side when compared with other financial avenues. The study also reported that significant relationship of interdependence exists between income level of investors and their perception for investment returns from mutual funds investment. Saini et., al. (2011) analyzed investor’s behavior, investors’ opinion and perception relating to various issues like type of mutual fund scheme, its objective, role of financial advisors / brokers, sources of information, deficiencies in the provision of services, investors’ opinion relating to factors that attract them to invest in mutual and challenges before the Indian mutual fund industry etc. The study found that investors seek for liquidity, simplicity in offer documents, online trading, regular updates through SMS and stringent follow up of provisions laid by AMFI. Singh (2012) conducted an empirical study of Indian investors and observed that most of the respondents do not have much awareness about the various function of mutual funds and they are bit confused regarding investment in mutual funds. The study found that some demographic factors like gender, income and level of education have their significant impact over the attitude towards mutual funds. On the contrary age and occupation have not been found influencing the investor’s attitude. The study noticed that return potential and liquidity have been perceived to be most lucrative benefits of investment in mutual funds and the same are followed by flexibility, transparency and affordability. STATEMENT OF THE PROBLEM Mutual funds have their drawbacks and may not be for everyone. No investment is risk free. If the entire stock market declines in value, the value of mutual fund shares will go down as well, no matter how balanced the portfolio. A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City Investors encounter fewer risks when they invest in mutual funds than when they buy and sell stocks on their own. However, anyone who invests through a mutual fund runs the risk of losing money. All funds charge administrative fees to cover their day-to-day expenses. Some funds also charge sales commissions or â€Å"loads† to compensate brokers, financial consultants, or financial planners. When he invests in a mutual fund, they depend on the fund’s manager to make the right decisions regarding the fund’s portfolio. If the invests in Index Funds, they foregoes management risk, because these funds do not employ managers. Though these are the problems in the investment of mutual funds, in the recent days most of the investors preferred to invest their funds on mutual funds. In this background, the research has made an attempt to study the investors’ preference for mutual funds in Solapur City. LIMITATIONS OF THE STUDY The present study is based upon the results of survey conducted on 200 mutual fund investors. The implications of the study are subject to the limitations of sample size, psychological and emotional characteristics of surveyed population. SCOPE OF THE STUDY This paper provides Future of Mutual Funds industry information as well as awareness level amongst people for Mutual Funds. Also this project report of Mutual Funds gives an outlook to management as to how the mutual funds are performing in the current market situation as a result what may be the future of this industry. This paper on mutual funds is informative the students who want to understand and undertake assignments in the industry. This study also facilitates the general people who can understand the importance and explore the new option for investment in Mutual Funds. Different financial institutions provide services that are both complementary to and competitive with each other. A well built financial system directly contributes to the growth of the country. RESEARCH METHODOLOGY This study is descriptive in nature based on survey method. The study aims at finding out the attitude of the investors towards investment in mutual funds in Solapur city. This study was based mainly on primary sources. The primary data was collected from the investors of mutual funds with help of the questionnaire. The secondary data were collected from the books, records and journals. By adopting convenience sampling, 200 respondents were selected for this study. The essential data were collected with the help of questionnaire. The data collected from the period of January 2011 to April 2011. DATA ANALYSIS AND INTERPRETATION Figure: 2 Showing Pattern of Investment Pritam P. Kothari & Shivganga C. Mindargi From above figure it is clear that 75% investors are invested in open ended schemes where as 15% invested in closed ended schemes in mutual fund. Figure: 3 Reason for Investment in Mutual Fund From above figure it is clear that and 42% investors say that they invested money in mutual fund for tax assumption. 33% investors say that they invested money in mutual fund for higher returns. 16% investors say that they invested money in mutual fund for value creation in fund. 9% investors say that they invested money in mutual fund for other reason. Figure: 4 Showing the Reason of Investors that not Invested Money in Mutual Fund From above figure is clear that 50% investors say that they not interested to invest money in mutual fund. 33% investors say that they have imperfect knowledge in mutual fund, so they are not invested. 8.5% investors say that they invested in govt. bond. 8.5% investors has other reason so they not invested money in mutual fund. Figure: 5 Showing Type of Investment Investors Should be Preferred A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City From above figure it is clear that investors invest money in fixed deposits. 15 25% investors invest money in gold/real estates. 17% investors invest money in mutual fund. 8% investors invest money in bond/debentures. Remaining 17% investors invest money in shares. Figure: 6 Showing Returns Investor get from their Investment From above figure it is clear that 70% investors are gaining 5-15% returns from their investment. 23% are gaining 15-30% returns from their investment. 5% investors are gaining 30-45% returns from their investment. Remaining only 2% investors is gaining above 45% returns from their investment. Figure: 7 Showing Duration of Investment From above it is clear 80% investors are dealing in short term duration whereas 20% investors are dealing in long term duration. Figure: 8 Showing the Investors Experience in Mutual Fund Pritam P. Kothari & Shivganga C. Mindargi From above figure it is clear that 73% investors say that they are having bad experience in mutual fund. 12% investors say that they are having good experience in mutual fund. Remaining 15% investors say that their experience is ok. FINDINGS AND SUGGESTIONS Findings †¢The trend for investment is changing rapidly besides the traditional pattern of investment and people today they are ready to undertake risk and also bear the volatility of changing mutual fund market scenario. †¢This shows that people with Middle Income Group are more attractive this market and are ready to bear the risk. †¢It is observed that 75% investors have invested open ended schemes that they want higher returns on their investment rather than investing in closed ended schemes in mutual fund. †¢It is observed that 42% investors have invested money for tax assumption.33% investors have invested money for higher returns in their investment.16% investors have invested money for value creation in fund. And remaining 9% investors have invested money for other reason. †¢It is observed that 50% investors have not interested to invest money in mutual fund.33% investors have imperfect knowledge so they not invested money in mutual fund.9% investors find govt. securities bond is better that’s way they not invested money in mutual fund. And remaining 8% investors have other reason so they not invested money in mutual fund. †¢It is observed that more businessmen were inclined towards investing in current account. The ladies were inclined to invest their money in Gold and jewelleries. Service class people and retired class people prefer more saving and fixed deposits People with high income. †¢It is observed that 70% investors have invested to getting returns in the range of 5-15% which shows in short span of time they are getting good returns and more than expectations. †¢It is observed that 80% investors have invested in short term duration which indicates the investors have not ready to invest in long term period due to various risks associated with long term duration of investment. †¢On asking how they get knowledge of mutual fund a large number of them attributed to print media. Even banks today follow the role of the investment advisors. Very few get any information from the e-media or Hence, AMCs must increase the awareness about their product through Electronic media (TVs, Cables, Radios etc.) as well as and should not just constrained itself to the print advertisement those who do not read newspaper. SUGGESTIONS Investor’s Point of View The question that entire customer, irrespective of the age group and financial status, think of is- Are mutual funds are a safe option? What makes them safe? The basis of mutual fund industry’s safety is the way the business is defined and regulation of law. Since the mutual fund invests in the capital market instruments, so proper knowledge is essential. Hence the essential requirement is well informed seller and equally informed buyer who  understands and helped them to understand the product (here we can say the capital market and the money market instruments) is the essential preconditions. A Study of Investors Attitude towards Mutual Fund with Special Reference to Inversotrs in Solapur City Being Prudent Investor One Should †¢Ask one’s agent to give details of different schemes and match the appropriate ones. †¢Go to the company records or the fund house regarding any queries if one is not satisfied by the agents. †¢Investors should always keep an eye on the performance of the scheme and other good schemes as well which are available in the market for the closed comparison. †¢Never invest blindly in the investments before going through the fact sheets, annual reports etc. of the company. Since, according to the Guidelines of SEBI The AMCs are bound to disclose all the relevant data that is necessary for the investment purpose of investors. Company’s (Mutual Fund Companies) Point of View  Following measures can be taken by the company for getting higher investments in the mutual fund schemes: †¢Educate the agents or the salesmen properly so that they can take up the queries of the customer effectively. †¢Set up separate customer care divisions where the customers can anytime pose their query, regarding the scheme or the current NAV etc. These customer care units can work out in accordance with the requirements of the customer and facilitates them to choose the scheme that suits their financial status. †¢Conduct seminars or programs about mutual fund where every information about the product is outlined including the risk factor associated with the different classes of assets. †¢Brokers should reduce the brokerage charges for intra day and delivery based so that the investor can save more amounts to generate extra investment for the investor as well as for the Mutual Fund companies. †¢Mutual Fund companies should try to increase the promotion and advertisement strategies for awareness of Mutual fund in solapur city. CONCLUSIONS The mutual fund industry is growing at a tremendous pace. A large number of plans have come up from different financial resources. With the stock markets oaring the investors are attracted towards these schemes. Only a small segment of the investors still in Mutual Funds and the main source  sources of information still are the financial advisors followed by advertisements in different media. The Indian investors generally invest over period of 2-3 years. Also there is a tendency to invest in fixed deposits due to the security attached to it. In order to excel and make mutual funds a success, companies still need to create awareness and understand the psyche of the Indian customer. REFERENCES Agapova, Anna, 2011, „The Role of Money Market Mutual Funds in Mutual Fund Families , Journal of Applied ‟ 1. Finance, Vol. 21, Issue. 1, pp. 87-102. Agarwal, Vikas; Boyson, Nicole M.; Naik, Narayan Y, 2009, „Hedge Funds for Retail Investors? An Examination of Hedged Mutual Funds , Journal of Financial & Quantitative Analysis, Vol. 44, Issue 2, pp. 273-305. ‟ 2. 12 Pritam P. Kothari & Shivganga C. Mindargi 3. A. Vennila, R. Nandhagopal(2012) â€Å"Investors’ Preference towards Mutual Funds in Coimbatore City European Journal of Social Sciences ISSN 1450-2267 Vol.29 No.1 (2012), pp. 115-125 4. Binod Kumar Singh (2011) â€Å"A Study on Investors’ Attitude towards Mutual Funds as an Investment Option† JOURNAL OF ASIAN BUSINESS STRATEGY, VOL. 1(2): 8-15 5. Badrinath, S.G & Gubellini, S, (2011), „On the characteristics and performance of long-short, market-neutral and bear mutual funds , Journal of Banking & Finance, Vol. 35 Issue 7, pp.1762-1776. ‟ 6. Dranikoff L, Koller, T. and Schneider, A, â€Å"Divestiture: Strategy’s Missing Link†, Harvard Business Review, May 2002, 80 (5). 7. Dr.Nishi Sharma (2009) â€Å"Indian Inverstors Perception towards mutual funds† Business Management Dynamics Vol.2, No.2, Aug 2012, pp.01-09 8. Gil-Bazo, Javier; Ruiz & Verd, Pablo, 2009, „The Relation between Price and Performance in the Mutual Fund Industry , Journal of Finance, Vol. 64, Issue 5, pp. 2153-2183. ‟ 9. Hansen M and Nohria N, â€Å"What’s your Strategy for Managing Knowledge?† Harvard Business Review, MarchApril, 1999, 77 (2).1 10. Journal of Marketing, 32 (October), 65-68, 1968. 11. Rajeswari, T.R., and V.E. RamaMoorthy, 2001, An Empirical Study on Factors Influencing the Mutual Fund Scheme Selection by Retail Investors . Retrieved on May 2010 < http://www.utiicm .com/Cmc/PDFs/ ‟ 2001/rajeswari.pdf>. 12. Singh, Chander, 2004, „Performance of mutual funds in India – an empirical evidence , ICFAI journal of applied ‟ finance December, pp. 81-98. 13. Subbash C. Jain, â€Å"Marketing Planning and Strategy†, South Western College Publishing, Sixth Edition, 2000. 14. Singh, B. K. and Jha, A.K. 2009, „An empirical study on awareness & acceptability of mutual fund , Regional ‟ Student s Conference, ICWAI, pp. 49-55. ‟ 15. Winer, C. Strategic Thinking: An executive Perspective, Upper Saddle River, Prentice Hall, 2000

The Major Strengths of Formulation Styles for the Problem Identification As Presented in Different Companies

The Major Strengths of Formulation Styles for the Problem Identification As Presented in Different Companies Depending on the nature and character of the problem as well as circumstances involved, different decision making models can be implemented. Each of the presented companies makes use of one style to solve problems that dominates over the others, which creates a number of obstacles.Advertising We will write a custom essay sample on The Major Strengths of Formulation Styles for the Problem Identification As Presented in Different Companies specifically for you for only $16.05 $11/page Learn More Hence, Ericson, AT T, an Panther Expedite support a bottom-to-top decision making models where the primary importance is attached to lower layers of the managerial level. In this respect, the problem identification here is heavily impacted by the customers’ needs and requests. The main strength of this style consists in greater opportunities to meet the customer’s demands and in increasing employees’ involvement in this process. Active participati on in collective and democratic decision making process imposes greater responsibility on the employees making them more accountable for the production process. In contrast, a top-to-bottom decision making model imposes more duties and obligations on the managerial personnel that should participate more actively in all stages of problem identification and solution search. Having a center for problem solving contributes to a more intense coordination between departments. This is typical of autocratic decision making style, as presented in Cumulus Media and Panther Expedite where all decisions and procedures should be passed trough the managerial centers. The Major Weaknesses of Problem Identification and Formulation Styles to Solve Problems as Presented in Different Companies A hierarchical model of decision making, as presented in Ericson Managed Services and Cumulus Media, has certain gaps in terms of coordination between the departmental managers. Lack of horizontal coordination c reates certain problems leading to failure to perform certain duties and obligations. This problem identification styles requires a manager to consider all chains and stages of providing a particular solution. Absence of at leas one link in a chain can present a great challenge for a company. The same concerns Panther Expedite where excessive control of the center deprives departmental managers of certain rights and responsibilities. Autocratic decision making is also included into the list but because of other concerns. Hence, decision from the top can be executed by the managers from lower layers, which can create misbalances of coordination between the departments. In general, all styles of decision making can be successfully implemented if they are applied to a particular problem and circumstance. More importantly, it is much more preferable to use a mixed model of decision making to meet constantly changing demands of the customers.Advertising Looking for essay on busin ess economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More

Andrew Jackson Essays (1182 words) - Andrew Jackson, Free Essays

Andrew Jackson Essays (1182 words) - Andrew Jackson, Free Essays Andrew Jackson Born to Irish immigrants on March 15, 1767, Andrew Jackson was to become the first "rags to riches" President the country had ever seen. He grew up in South Carolina and fought in the Revolutionary War at only thirteen. His entire immediate family, parents and siblings, died as a cause of the war, whether it was being killed in battle or death from disease. He went on to serve two terms as the seventh President of the U.S., leaving behind a legacy of administrative policy and even his own democratic philosophy. The Second Bank of the United States was founded in Philadelphia in 1816. It was mainly a Republican project and a response to the expiration of the First U.S. Bank's charter. It was created as a safe place for federal funds, and because state banks were seen as insufficient for handling financial needs. Currency differed by state, counterfeit money was everywhere, and state banks often issued notes without any gold or silver, the only trusted currency, to back them up. The bank was not met everywhere on friendly terms.. Maryland, in an effort to destroy the Baltimore branch, passed laws to heavily tax it, but the Supreme Court removed those laws, strengthening the central federal power. The Second Bank's charter expired during Jackson's administration in 1836. Most people were distrustful of the bank, as it had enormous power to ruin state banks and was basically unresponsive to the people's needs. It had powerful political influence also, and was completely controlled by one man, the President Nicholas Biddle. The rechartering was scheduled by the bank-influenced Congress to coincide with the 1832 Presidential campaign and election, in which Jackson would be running for a second term. The purpose was to gather up public pressure to have him pass the charter in order to gain reelection. However, Jackson was a bit more principled than that, and vetoed the bill. Congress was unable to override his veto. The rechartering then became Jackson's most important issue in running for President. He said it went further than just allowing a bank - it symbolized special privileges and economic power. The plan to give the bank influence over the entire country's government completely backfired as Jackson was reelected. He took proper steps to make sure the bank would never have the same powers or influence again. He took federal money out of the bank to distribute it in trustworthy state chartered banks. With no money to hold it up, the Second U.S. Bank collapsed and disappeared. With Jackson shutting down the bank, he showed his tolerance for the supreme power of the constitution and financially restricted government. One could go so far as to say that human rights were involved because Biddle gave the common people a hard time about loans and interest rates. Jackson was pushing for the people of this country! Indian Removal was Jackson's policy for making room for white settlers between the Appalachian Mountains and the Mississippi River. The Indian culture was told to either assimilate or move west. Any formalized rituals became illegal, as did tribal councils or any Indian attempt to set laws for themselves, as they had in the past. They were now forced to abide by white laws and culture. Jackson was looking to expand commerce, population, and agriculture. He saw it in the west, a vast supply of land and economic improvement. His attitude towards the Indians can consistently enough be seen back in the War of 1812, as not only did he slaughter them in battle but stole the land of those who had fought with him. But he could tolerate the Indians, if they were civilized enough, so by giving the Indians individual rights to property he also gave them the basis for Western capitalism. His ideas on Indian Removal did become a legacy of administrative policy, at least for some time, after he left office. His successor, President Martin van Buren, removed thousands of Indians and pushed them westward. Those allowed to stay in their original homes were small, select groups such as the Iroquois Confederation in New York or those who agreed to abide by white law. Any of those who willfully went out west were promised land and financial

Summary of TWA Flight 800 Accident Essay Example | Topics and Well Written Essays - 500 words

Summary of TWA Flight 800 Accident - Essay Example The plane exploded approximately 10 minutes after takeoff , and all 230 were killed, with the plane considered to be ‘destroyed’, breaking up into pieces and crashing into the Atlantic Ocean. The ‘why’ of the accident is harder to determine, as many conspiracy theories have come to life in the almost 15 years since the accident. The official cause listed by the National Transportation Safety Board (NTSB) was one of â€Å"fuel tank failure†, stating that the center wing fuel tank exploded. Though no concrete cause was determined for the explosion, most speculate that it was a short circuit of the wiring outside the fuel tank, which then led to a chain reaction and breaking up of the airplane when the fuel ignited. After the TWA Flight 800 accident, measures were taken to prevent another accident from occurring like this one. The post-accident report of the NTSB focused on safety issues, stating that a contributing factor was the fact that there was a h eat source beneath the fuel tank with no way to cool that source, as well as no way to prevent the vapors that were given off by the fuel tank from igniting. In 1997, extensive tests were done to measure fuel output in conditions similar to Flight 800, as well as measure the temperature of the fuel and determine if it was flammable at those temperatures.

Co-sleeping is natural Research Paper Example | Topics and Well Written Essays - 750 words

Co-sleeping is natural - Research Paper Example Therefore co-sleeping is a standard practice in most parts of the world. Co-sleeping involved bed-sharing amongst infants as well and room-sharing is also based on the same tangents (Petr 2004). At times, co-sleeping is linked very closely with the ailments and health issues that children might have and thus it is best for the parents to be close to their young ones. The close proximity that co-sleeping brings with it is something that one can understand within the thick of things. There are different views on co-sleeping with regards to these healthcare professionals. Some suggest that bed-sharing techniques are against ethical standards and must not be taught to the young ones. Its effectiveness is also questioned at times but generally co-sleeping amongst parents and their young ones who are just babies is not discouraged at all (O’Mara 2007). This is a matter of immense debate because co-sleeping brings together the child with his/her parents and gives him/her the safety and security that is derived through co-sleeping. Some of the advantages related with co-sleeping include the fact that mothers get to sleep more through this phenomenon and breastfeeding than any other way. It is very effective in preventing the sudden infant death syndrome (SIDS). Stress hormones are very less in mothers and the babies who are involved in co-sleeping with their mothers balance this stress hormone cortisol where this control plays a vital part in the healthy growth regimes of the baby (Stearns 1996). There is a good amount of research done which suggests that co-sleeping is effective for the babies and their mothers and that there are more regular heart rhythms as well as less long pauses in breathing patterns when compared to the babies who sleep alone (Carskadon 2002). Co-sleeping is effective when parents are more vigilant about their kids. They must know that their